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Historically low interest rates are driving signs of an improving residential market, according to Lend Lease which just posted a 10% increase in statutory profits for the year to $551.6 million.
It has construction backlog revenue of $17.3 billion and $15.0 billion of funds under management. The estimated end value of its development pipeline is $37.4 billion – the largest in the company’s history.
“While the market outlook presents challenges, the depth of our pipeline provides Lend Lease with significant earnings visibility and a platform for a strong growth trajectory over the next three years,” the newly reappointed Steven McCann said in a statement.
It says the domestic environment is challenging but says there are early signs of an improving residential market given low interest rates.
“(The) Australian interest rate environment should provide more favourable outlook for residential markets,” Lend Lease said in its results.
It says it had increased residential enquiry levels as well as strong pre-sales at key urban regeneration projects.
It made progress on six major projects in Australia during the 2012-2013 financial year.
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awalsh-7Ub9EypybQ

Residential recovery under way as Lend Lease posts 10% profit increase

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Auction clearance rates have been bouyed by investor activity at record levels in Sydney, contributing also to strong quarterly price growth, according to the latest housing market report from Australian Property Monitors.
<img height="337" width="470" src="/images/stories/2013/08/sydney-aug-26-chart-one.jpg" alt="sydney-aug-26-chart-one">
“The Sydney housing market continues to track at record levels, with the July auction clearance rate at 75.9% - the highest ever recorded for that month and the second highest monthly rate on record,” the report by Australian Property Monitor senior economist, Dr Andrew Wilson says.
“Seller activity is responding to strong clearance rates, with Sydney auction listings in July 16.4% higher when compared to July last year.
“Sydney house prices are unsurprisingly on the rise as buyer competition for properties intensifies. The Sydney median house price rose by 2.7% over the June quarter, which was the highest quarterly rise recorded since March 2012. Sydney house prices increased by 4.2% over the first half of 2013, and were up a total of 6.7% over the whole financial year.
“Investor activity continues to be a significant contributor to the Sydney housing market, with latest ABS lending data for New South Wales showing investors at record levels, and contributing to more than half of national home loan commitments.”
<img height="303" width="470" src="/images/stories/2013/08/sydney-aug-26-chart-two.jpg" alt="sydney-aug-26-chart-two">
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Sydney auction clearance rates soaring: APM's 2006-2013 chart

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CUA has dropped interest rates on its three year fixed rate home loan from 4.89% to 4.79%.
Its comparison rate is now 5.29%.
CUA’s Jason Murray says the product is now the equal lowest rate in the market and 30 basis points lower than the lowest rate offered by the big four banks on an equivalent product.
“The market is fiercely competitive at the moment and as a result, it’s an ideal time for Australians to shop around for a great deal on their home loan,” Murray says.
According to CUA, over the three year fixed rate term of a $300,000 loan, paying principal and interest, its three year fixed rate home loan at 4.79% could save homebuyers $43 per month – or $1,551 in interest payable over the full term of the loan (three years), when compared to the average rate of the big four banks' equivalents.
On June 26 <a href="/news">CUA cut the rate by 10 basis points</a> to 4.89%.
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CUA cuts three year fixed rate to 4.79%

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There are 10 regions in Australia where the property market is still declining, according to Herron Todd White’s latest monthly report.
The 10 regions are across the ACT, New South Wales, Victoria, and the Northern Territory, but mostly Tasmania and Queensland.
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0">
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<tr height="20">
<td height="20" width="163">Region</td>
<td width="113">State</td>
</tr>
<tr height="20">
<td height="20">Canberra/Queanbeyan (h)</td>
<td>ACT</td>
</tr>
<tr height="20">
<td height="20">Canberra/Queanbeyan (u)</td>
<td>ACT</td>
</tr>
<tr height="20">
<td height="20">Wagga Wagga (h)</td>
<td>NSW</td>
</tr>
<tr height="20">
<td height="20">Wagga Wagga (u)</td>
<td>NSW</td>
</tr>
<tr height="20">
<td height="20">Shepparton (h)</td>
<td>VIC</td>
</tr>
<tr height="20">
<td height="20">Burnie/Davenport (h)</td>
<td>TAS</td>
</tr>
<tr height="20">
<td height="20">Burnie/Davenport (u)</td>
<td>TAS</td>
</tr>
<tr height="20">
<td height="20">Hobart (h)</td>
<td>TAS</td>
</tr>
<tr height="20">
<td height="20">Hobart (u)</td>
<td>TAS</td>
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<td height="20">Launceston (h)</td>
<td>TAS</td>
</tr>
<tr height="20">
<td height="20">Launceston (u)</td>
<td>TAS</td>
</tr>
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<td height="20">Emerald (h)</td>
<td>QLD</td>
</tr>
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<td height="20">Emerald (u)</td>
<td>QLD</td>
</tr>
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<td height="20">Gladstone (h)</td>
<td>QLD</td>
</tr>
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<td height="20">Gladstone (u)</td>
<td>QLD</td>
</tr>
<tr height="20">
<td height="20">Gold Coast (h)</td>
<td>QLD</td>
</tr>
<tr height="20">
<td height="20">Gold Coast (u)</td>
<td>QLD</td>
</tr>
<tr height="20">
<td height="20">Alice Springs (h)</td>
<td>NT</td>
</tr>
</tbody>
</table>
Source: Herron Todd White
"The Gladstone residential market continues to ease with declining prices still evident which have been decreasing since November 2011. This has been seen across all residential market sectors including vacant land, residential units and dwellings," the report says.
"From October 2010 to November 2011 Gladstone and surrounding areas had experienced strong growth in the residential property sector. This was due to strong investor sentiment after the announcement of the EIS approvals for three LNG projects in Gladstone.
The construction workforce required for completion of these projects is currently at peak levels. 
Subsequently the demand for accommodation has eased significantly with supply currently outweighing demand in the residential property sector. This is putting downward pressure on prices while supply is continuing to increase. 
Local buyers are coming back into the market as prices are decreasing and becoming more affordable. 
"The buyers are first home owners as well as home owners upgrading. Interstate investors are still active however, interest has slowed significantly. There is potential for further market correction while supply is increasing in the proposed new product which will continue for at least another 12 months."
 
<hr>
 Photo courtesy of Diego Molla/flickr.
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Gladstone among the 10 property markets in decline: Herron Todd White

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Melbourne's median house price remains 1.4% below its previous peak of around $561,000 in June 2010, according to Australian Property Monitors’ quarterly housing market report.
Its median price as of the end of the June quarter is $553,447, up 5% over the three months to record the strongest price growth of all the capital cities.
“Melbourne’s housing market continues to record solid to strong results, with buyer activity spread relatively evenly through most regions, price brackets and buyer types,” the report says.
“Auction clearance rates in Melbourne have continued to average close to 70%, which is the highest since the boom period of 2009 and 2010. Seller activity is also rising in Melbourne, with auction listings 9% higher in July 2013 compared to July 2012."
“Melbourne recorded the highest house price growth of all the capitals over the June quarter, increasing by 5% – the best result since March 2010. Melbourne house prices increased by 5.7% over the first half of 2012, and are up by 6.1% over the 2013 financial year."
“Despite strong recent growth, Melbourne’s median house price remains nearly 2% below its previous price peak recorded in June 2010."
“Despite a resilient performance so far this year, the outlook for the local Melbourne economy remains mixed, with the jobless rate expected to rise through the remainder of 2013. This is unlikely to affect the housing market in the short-term, with the market likely to be boosted by the upcoming spring selling season,” the APM report stated.
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Melbourne's price growth strongest of all capital cities, but below previous peak: APM

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Cloud nine has floated over to Brunswick West with a house selling for 41.4% more than the pre-auction price guide, continuing a trend of properties selling above their price guides.
Melbourne auction prices are still hovering around 10% to 11% above their pre-auction price guides.
Auction price results from the past two weeks were consistent with the previous three weeks that followed the July school holidays.
A Property Observer analysis of 47 auction sales in the August 18 and August 11 weekends found 45 of them sold for more than the price bracket indicated by their price guides.
Those 45 sales sold for an average of 10.4% more than the upper bracket of the price guide – slightly down from 11% in the previous survey.
A slightly greater proportion of properties sold for more than 10% above the price bracket – 18 out of the 47 sales compared to 25 of 68 sales in the previous period under review.
A <a href="https://www.nelsonalexander.com.au/properties/buying/brunswick-west-43-smith-street" target="_blank">three bedroom home</a> at 43 Smith Street in Brunswick West (pictured below) sold for $1.018 million despite a pre-auction price guide of $660,000 to $720,000.
{yoogallery src=[images/stories/2013/08/aug23brun]}
Buyer's agent Catherine Cashmore said interest in the property was unprecedented. A valuation prior to auction put it at $850,000 and the first bid of $740,000 was more than the reserve. There were more than five bidders on the corner block California bungalow. 
"Prices in the area are being pushed 10% to 20% above reseves. We assessed that in the current market it could worth $850,000. The first bid put it straight on the market," Cashmore told Property Observer.
"The agent did the right thing. The reserve wasn’t too far from his range. We'd anticipated $850,000 but at $950,000 there were still three bidders, over $1 million there were two.
"The price was far above what could be justified by any comparable or any previous sale.
"You could have had a developer who’d assessed that he could make his margins on it.
"But if it’s the classic buyer putting down a deposits of 20% and borrowing 80% you'd have to ask if the valuer will rubber stamp it."
It was sold by Nelson Alexander agents John Matthews and Jillian Brooke.
The next greatest disparity was a four bedroom weatherboard house at <a target="_blank" href="https://www.jelliscraig.com.au/property/RINGWOOD-25-Kendall-Street/5809549/">25 Kendall Street in Ringwood</a> (pictured below) which sold for $761,000 despite a price guide of $540,000 to $590,000 - a difference of 29%. 
{yoogallery src=[images/stories/2013/08/aug23rich2]}
It was sold by Jellis Craig agents Daniel Bullen and Stephen Le Get.
Of the 47 auctions analysed just two sold for the indicated price guide.
Homes in the sub $600,000 bracket were closer to their price guides than other brackets, selling for an average of 5.44% more.
Homes in the $600,000 to $1 million bracket sold for 12.3% more than price guides.
And homes in the $1 million plus bracket sold for 20% above price guides.
Cashmore says a lot of bidders at auctions enter in a testosterone fuelled competition to win the property, only coming to their senses after the auction.
"When you bid for a property and get caught in a battle you don’t get a chance to step back and think rationally. One of the reason advocates try to go down prior to auction is even though you pay a slight premium when the agent calls around the other buyers to ask if they want to put down a counter offer they have a chance to sit  down and think," Cashmore says
"Most of the buyers have done their homework and they can think reasonably about what it’s worth and what they want to pay. When you’re caught up in an auction there’s a pseudo endowment psychology. It's almost as if you own it already."
The auction results analysed in the survey are taken from <a target="_blank" href="https://www.nationalpropertybuyers.com.au/">National Property Buyers</a> who attend auctions of properties they deem to be investment grade.
The price quotes are received as close as possible to the auction date to avoid step quoting practices, the buyers agency notes.
Meanwhile RP Data's Cameron Kusher notes an inevitable interest rate rise could spell the end of a rebound in the Melbourne housing market.
Melbourne house values have increased 3.4% over the past  financial year – compared to a decrease of 6.6% the previous year – a recovery that Kusher puts down to low interest rates.
“But my concern is how this rebound can be sustained, particularly once mortgage rates start to rise,” Kusher wrote in the Herald Sun recently.
“I struggle to see how the recent increase in home values is based on sound market fundamentals. Values have risen across the city virtually unabated, bar a fall in 2008 and 2011, since 1996, which has stretched affordability.
“While unemployment remains relatively low, as do mortgage rates, if there is a shift higher in either it could have an adverse impact on Melbourne home values”
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As durability of the rebound is questioned, Melbourne auction prices still selling 10% above pre-auction price guide

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Many properties under the National Rental Affordability Scheme have had valuation concerns leading to borrowing hurdles but mortgage brokers suggest there are still opportunites.
There have been <a target="_blank" href="/news">concerns that NRAS properties are overpriced </a>because of the exorbitant commissions charged by property spruikers.
“But some of the NRAS properties are legitimate. There’s a mixture out there,” says Colin Rice, a Perth-based mortgage broker who’s dealt with several NRAS sales.
On many of the sales he’s dealt with the bank valuations accord with the asking price for the property.
He brokered finance on a Footscray property which was initially valued off-the-plan at the $499,000. The investor then paid $499,500 – the price it was valued at upon completion.
“The bank value and what the client actually paid was the same. That’s a good thing. It’s hard to say what the valuer went on. It’s possible the valuer didn’t know it was an NRAS property or maybe they just went on face value,” Rice says.
In September 2012 Rice brokered finance on an NRAS property in Petrie in Moreton, Bay Queensland. It was purchased at $331,000 but the bank valued the property at $310,000 – a significant shortfall but not enough to dissuade the buyer.
“I assume he proceeded because of the tax benefits of owning an NRAS property,” Rice says.
“The valuer did make note it was in a declining market at the time.”
And he brokered for an NRAS property in Manly West which was valued at $410,000 of-the-plan and $420,000 on completion. It was purchased for $430,000.
“There was an improvement in the valuation. I don’t know if there was a rise in the market or if it was undervalued in the first instance.”
“It’s is a common assumption the valuers assume there’s been a large commission which is automatically taken off the value.”
But in each instance the sale proceeded without too much of a set-back from financing issues.
Early teething issues with banks seem to have passed and any difference in valuation is made up in equity from another property.
“Initially I think the banks were a bit hesitant because they didn’t know quite how it all worked and the legalities but now they have their head around it most of the banks will do NRAS.
“They don’t have an issue with it, you just have to disclose to the banks it’s an NRAS property.
“They just look at the overall exposure of the clients. If it’s on the mark then the banks are happy. I haven’t had  any that have been declined because it’s NRAS. Not at all.”
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Brokers find NRAS opportunities that accord with lender valuations

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Buyers agent Patrick Bright says he would avoid properties being sold under the National Rental Affordability Scheme which have seller commission fees set too high.
Bright says NRAS properties should be valued lower than what they are being sold at.
“I wouldn't touch an NRAS property for several reasons. And yes the valuations should be a lot lower,” Bright tweeted.
Property Observer noted banks have been <a href="/news">refusing to lend on some NRAS</a> properties saying they are overpriced given hefty spruiker fees – some say as much as $25,000.
“$25,000 for an intro to a developer is in my opinion a complete rip off and it’s just being passed onto the buyer,” Bright wrote on linkedin in further comments on the Property Observer article.
“(I would) love to see a planner justify how that would be putting your client’s interests ahead of your own.
“I am sure the FPA (Financial Planning Association of Australia) would come up with an argument though as they have done pretty well to water down FOFA (Future of Financial Advice reforms) from what it should have and could have been. As per usual lobbyists get to the pollies and the public continue to suffer.”
Property commentator Margaret Lomas recently write that <a href="https://www.propertyobserver.com.au/western-australia/is-there-really-government-income-guaranteed-housing-ask-margaret/2013081464151" target="_blank">re-sellers can receive a $25,000 plus commission</a> to sell NRAS properties which inflate the price.
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NRAS properties overpriced: Buyers agent Patrick Bright

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The Hilton development in Surfers Paradise will go down in history as one of the worst loss-making Gold Coast high rises for property investors, with virtually every initial off-the-plan apartment buyer losing money.
Property Observer has found 40 of 41 apartments in the ill-fated development, resold  at big losses. Just one of the original buyers managed to resell an apartment at an increased price – a measly $5000 extra after six years.
Some of the worst losses were at the prestige end. Unit 2205 originally sold in June 2012 for $2.435 million. It then sold six months later for $1.675 million –a loss of $760,000.
Unit 2305 originally sold off the plan in 2006 for $2.465 million. It then resold in May 2012 for $1.725 million – a loss of $740,000.
Unit 23202 originally sold in June 2012 for $1.9 million but resold in February this year for $1.3 million – a loss of $600,000.
And unit 3401 originally sold off the plan for $1.81 million in 2006 and then for $1.3 million in April 2012, a loss of $510,000.
But it’s not just early investor who lost money. Investors who bought as recently as 2012 have lost significant sums of money.
Unit 3603 sold in June 2012 for $1.116 million, and sold four months later for a $121,000 loss.
And unit 3201 sold in July 2012 for $950,000 and resold in April this year at a $35,000 loss.
The only original buyer to sell at a higher price waited six years before selling. They bought the three bedroom apartment at unit 3204 in 2007 for $1.295 million, selling at $1.3 million in February this year – a $5000 return.
<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/stories/2012/12/hiltonsurfers.jpg" alt="hiltonsurfers" width="470" height="346">
Just one apartment remains unsold in the Boulevard Tower and seven in the Orchid tower with slashed prices attracting a surge of buyers in the past year.
The Boulevard tower has 186 units made up of one, two and three bedroom apartments.
The 57-level Orchid Tower houses the 169-room Hilton Hotel and 224 apartments.
In 2007, off-the-plan apartments were priced from $594,000 for one-bedroom units to $1 million-plus for two-bedroom units with study.
The developers are now selling the last eight remaining apartments. Three Sixty was recently marketing a two bedroom, two bathroom unit on the 25th floor which was being sold for $1.025 million but is now priced at $785,000.
A two bedroom, two bathroom unit on the 10th floor was being sold at $935,000 but is now being sold for $705,000. And a two bedroom, two bathroom unit on the third floor which was being marketed at $799,000 is now being sold for $665,000.
Peter Malady, managing director of 360 Project Marketing - the group marketing the remaining eight units -  says units are being discounted by as much as 36% from their original asking prices.
Buyers from all around the world have been snapping up apartments now - coming from China, South East Asia, New Zealand, domestic and local.
Malady says most of the buyers have been investors but with some owner occupiers.
Construction started on the $700 million project in early 2008 but was halted later that year when it was crippled by debt and funding issues. By September, developers Raptis Group were under the administration of Deloitte who with the backing of ANZ managed to restart construction with the help of Brookfield Multiplex in 2009.
The Boulevard Tower was finished in late-2010 and the whole project officially opened on September 14 after the Orchid tower was completed.
Raptis bought the site, formerly the Dolphin Arcade, for $59.3 million in 2005 from Villa World, which had bought it for $32.7 million in 2002.
Construction of the hotel was triggered by increased tourism from China and India.
In July 2012 it was reported 101 buyers were being sued by ANZ after failing to settle on their apartments.
"Out of the 410 apartments we’d sold about 385 of but at settlement time a number of clients weren't in a position to settle. Valuations had moved not only in the Gold Coast Hilton project but also family homes," Malady told Property Observer.
Malady says there was a recent surge in sales.
"It’s been strong this year, absolutely and reasonably last year. There’s no supply here on the Gold Coast. There’s limited supply left in the three supers towers - Soul, Oracle and Hilton." 
There has been more than $54 million in apartment sales this year.
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Hilton Surfers Paradise resale price collapse for all but one exiting property investor

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John McGrath says one of the most attractive traits of Sydney’s Barangaroo development is its green credentials.
“One of the coolest things about Barangaroo is its plan to be Australia’s first large-scale carbon neutral community – in fact, the aim is to make it the first of its size in the world to be climate positive,” McGrath wrote on Switzer.
“Sustainability has been a major factor in the masterplan, which includes a harbour cooling system, a recycled water service that will deliver 60 Olympic pools of recycled water to the CBD per year; a waste recycling service; and 6,000 square metres of solar panels.”
He says the $6 billion Lend Lease development will reinvigorate the city but will also lead to many commercial developments being transformed into residential towers.  Major commercial tenants in the project will be Westpac, KPMG and Lend Lease – the group developing the site.
“As Barangaroo attracts the city’s best commercial tenants, this will probably result in some older commercial buildings in the CBD being redeveloped into residential apartments, as demand from commercial tenants declines.”
“This isn’t a bad thing as there are plenty of buyers who are keen to live in Sydney’s CBD. Executives love new apartments and living in the CBD means they’re close to work as well as all the great entertainment and lifestyle amenities the city has to offer.
“Downsizers are a group of buyers increasingly heading to the CBD, as many Sydneysiders refuse the seachange option in favour of New-York style living close to all the action.”
The development hopes to have 96% of all people heading there arriving by public transport, bicycle or by foot.
The 22 hectare former container port will hold 23,000 workers will house up to 1,500 residents living in 800 apartments.
It will also be home to James Packers' new $1.4 billion casino which McGrath says will attract high net worth Asian visitors.
Barangaroo South – the first of three areas at Barangaroo will open in 2015 and will host apartments and three commercial towers.
The six hectare Headland Park will open in mid-2015 and will have waterfront promenade, native gardens and cultural spaces.
And Central Barangaroo’s preliminary plans include large public spaces, cultural and civic components and further commercial development.
Some <a target="_blank" href="https://www.propertyobserver.com.au/developments/harbourfront-barangaroo-apartment-developments-stoke-significant-anticipatory-interest/2013080863814">5000-plus enquiries by prospective buyers</a> have emerged for the first luxury apartments at Barangaroo South.
There are just the 159 off the plan apartment offerings in the first two buildings which are due for completion by late 2015.
The two low-rise buildings, the Alexander and Anadara, are the first two residential instalments of a master plan that will eventually include 800 apartments at Barangaroo South.
But they don’t come cheap starting at $1 million for a one-bedroom apartment.
The two-storey penthouse on the northern wing of the Anadara building, known as The Cloud, is expected to fetch more than $10 million.
 
 
 
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John McGrath's sights set on sustainability at Barangaroo 

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

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Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

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MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Alistair Walsh

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