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Credit card debt will jump 2% in January, following a Christmas consumer spending binge, financial comparison website Rate City predicts.
It predicts credit card providers will earn an extra $10.7 million in credit card interest payments over January.
It says the average credit card interest rate is around 17%.
“On average, January is the month where Aussies stack on the most credit card debt and it’s a good bet they’ll be higher again in January 2014 – for a start, there are over 200,000 more credit cards on issue than there were last Christmas,” Alex Parsons, chief of RateCity.com.au says.
“Interest rates on credit cards remain very high at around 17% on average, and range up to 22.99%, so consumers who carry debt should look at switching to get a better deal.”
<a target="_blank" href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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awalsh-7Ub9EypybQ

Credit card debt to jump 2% in January

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Premier Campbell Newman turned the first sod on the new Toowoomba Ring Road today.
The Victoria Street extension is the final link in Toowoomba’s Outer Circulating Road system and involves the construction of a new four-lane road to connect Victoria and Russell Streets with Chalk Drive and Ruthven Street.
“Construction of a new Toowoomba ring road will better protect the CBD from floods and make it easier to get from one side of the city to the other,” Newman says.
“The Toowoomba Regional Council will receive $45 million and a further $5 million for flood mitigation works on the West Creek Railway Bridge through our Government’s landmark Royalties for the Regions program.”
It should be open to traffic by the end of 2014.
Flood mitigation measures include the construction of a three span bridge and widening of the creek channels in the area.
The Outer Circulating Road Victoria Street extension project includes
•             A new four lane sub-arterial road extending Victoria Street from Russell Street through Queensland Rail land to connect with the Chalk Drive-Ruthven Street intersection, including a major three span bridge over the West and East creeks;
•             An upgrade of the Russell-Victoria Street intersection, including an upgrade of the existing Russell Street drainage structure;
•             An upgrade of the Ruthven Street-Chalk Drive intersection and an upgrade of West Creek channel; and
•             Widened shoulders for cyclists, and a separate footpath for pedestrians on the new section.
 
<a target="_blank" href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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Toowoomba ring road construction starts

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Overseas Asian buyers in the Gold Coast accounted for a quarter of all sales in October for Ray White Surfers Paradise, clocking up $21.5 million over 46 sales.
Most buyers came from China with additional interest from Malaysia and Singapore.
Most sales were close to universities and schools or central to tourist hubs of Surfers Paradise and Broadbeach.
The group is currently in negotiations for a further $200 million in sales to Asian buyers, including a number of development sites.
Chief of Ray White Surfers Paradise Andrew Bell says the lifestyle of the Gold Coast attracted Asian buyers ahead of cities like Brisbane.
“Lifestyle is also a factor and is probably the main reason the Gold Coast is outstripping Brisbane’s performance in attracting Asian buyers,” Bell says
“A large proportion of Asian buyers also invest with a view to sending their children here to attend university, college or an English language institution.
“Many Australians mistakenly think Asian buyers will pay a premium for property which is rarely the case, but the great benefit to sellers is they are cash purchasers who aren’t dependent on bank finance or valuations.”
There were a number of sales to Asian buyers in high-end developments including the loss-machines <a href="https://www.propertyobserver.com.au/queensland/hilton-surfers-paradise-resale-price-collapse-for-but-one-exiting-property-investor/2013082164115">Hilton Surfers Paradise</a> and <a href="https://www.propertyobserver.com.au/news/poor-fortune-for-those-who-went-to-the-oracle-on-the-gold-coast/2013082664548">Oracle</a> as well as The Glades at Robina and The Address at Sanctuary Cove.
RELATED READING: <a target="_blank" href="https://www.propertyobserver.com.au/news/why-australia-must-deepen-its-asian-investment-relationships/2013112366455">Why Australia must deepen its Asian investment relationships</a><a target="_parent" href="/news"> Asian investors keen on Australian inner-city units: Peter Chittenden</a>
awalsh@propertyobserver.com.au 
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Asian buyers make up a quarter of buyers in Gold Coast

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More than 22% of residential properties in Southbank and 11% in Docklands are potentially vacant, according to a survey which monitors water usage.
Across Melbourne there are more than 75,000 potentially vacant properties, according to a report commissioned by social justice organisation Prosper.
Data from Melbourne’s water retailers show 4.4% of Melbourne properties used an average of less than 50 litres of water a day and 0.9% consumed no water for the 2012/2013 financial year.
In July last year a similar report found a vacancy rate of 5.9%. Then Essendon North and Docklands were the most vacant suburbs.
The average resident used 161 litres per day over the same period 2012/13 and the average household used approximately 419 litres per day.
“Landlords have an incentive to withhold properties from the rental market as they profit from rising capital values rather than from long-term rental income,” the report titled Speculative Vacancies in Melbourne 2013 says.
“A substantial land value tax would blunt capital appreciation and serve as a withholding cost, shifting the incentive to profit from rental income rather than capital gain.”
The report says a water leak could be enough to push a property above the cut-off point of 50 litres.
Occupied properties with very low water usage (such as single tenants who frequently travel), properties on the market (both rental and sale), and serviced apartments may dip below the threshold.
But these are counter-balanced by apartment blocks using a single water metre which would hide many unoccupied properties.
The report calls into question the figures published by the Real Estate Institute of Victoria.
“The REIV uses a fragmentary and unreliable rental dataset to calculate vacancy rates. The methodological issues provide, at best, inaccurate findings, and, at worst, severely understated vacancy rates,” it says.
<a target="_blank" href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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Water usage reveals high vacancy rates in Southbank and Docklands

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House sizes increased half a percent a year since 2001, five times the rate of apartments, according to RP Data.
The average area of a new house across Australia increased from 227.50 square metres to 241.10 square metres from 2001 to 2013.
<img alt="housesizes" height="288" width="470" src="/images/stories/2013/11/18/housesizes.jpg">
Over the same period the average floor area for apartments and townhouses increased from 132.6 square metres to 133.9 square metres – an annual growth rate of 0.1%.
But according to data released earlier this week by the Australian Bureau of Statistics the average floor area of a new home is now starting to fall.
Since 2008 the average floor area of a new house has fallen from 247.7 square metres to 241.1 square metres.
The average size of other new residential properties peaked much earlier in 2004 at 143.4 square metres and has since fallen to 133.9 square metres.
RP Data research analyst Cameron Kusher says the fall comes from escalating vacant land costs, smaller lot sizes and affordability pressures.
“The result of escalating prices and a reduction in land area is that buyers pay a lot more and in return, get significantly less land. This is highlighted by the fact that the median rate square metre of vacant land has lifted from just $86 per square metre in 2000-01 to $361.40 square metre in 2012-13 (an increase of 12.7% per annum),” Kusher says.
“As vacant land costs continue to increase, it is no wonder that the size of new houses has started to reduce. The cost of buying or building a new house is becoming restrictive. In response developers and builders are reducing lot and house sizes in order to provide houses at more affordable price points.”
<a target="_blank" href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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House sizes falling after decade-long rise

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Leighton Properties has sold a North Sydney development site to Singaporean investment group Suntec Real Estate Investment Trust for $413.19 million.
Leighton Group will take a head lease over 76% of the office space at 177 Pacific Highway, a 30-storey 40,000 square metre commercial development.
The deal was negotiated by Paul Noonan and Simon Storry of Jones Lang LaSalle and Josh Cullen and Richard Butler of CBRE.
It’s the first major commercial development in North Sydney in six years in an area increasingly dominated by residential conversions.
Leighton are aiming for a five star Green Star and five star NABERS energy rating.
“It is a strategic fit with Suntec REIT’s portfolio of high quality commercial assets. We are excited about partnering with Leighton on this project which will be their corporate headquarters in Sydney. We look forward to its completion in early 2016,” Suntec REIT chief Yeo See Kiat says.
Suntec REIT is Singapore’s second largest listed SREIT by asset under management.
Suntec’s current portfolio includes ccommercial properties in Suntec City, Park Mall, a one-third interest in One Raffles Quay and one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.
Leighton Holdings chief Hamish Tyrwhitt says the site was keenly sought after by local and international buyers.
“(The sale) is testament to the building’s design and it is in line with our strategy to align with key investors and efficiently use our capital through pre-selling developments,” Tyrwhitt says.
<a href="mailto:awalsh@propertyobserver.com.au" target="_blank">awalsh@propertyobserver.com.au</a>
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Leighton Properties sells North Sydney site to Singaporeans for $413 million

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Gross rental yields have decreased to the point where it’s cheaper to rent than to buy this year according to SQM’s latest index, which measures implied gross rental yields.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/11/15/sqm-nov-15-chart-big.gif" rel="shadowbox"><img src="/images/stories/2013/11/15/sqm-nov-15-chart-small.gif"></a>
The new index looks at rents before costs such as agent fees, council fees, maintenance and taxes divided into the median sale price for the locality.
It finds there has been a moderate decline in yields for houses over the course of this year while unit rental yields have remained stable.
In Sydney rental yields have been falling as house prices rapidly increase.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/11/15/sqm-nov-15-chart-two-big.gif" rel="shadowbox"><img src="/images/stories/2013/11/15/sqm-nov-15-chart-two-small.gif"></a>
Rental yields for houses in Sydney is about 3.7%, and 4.5% for units.
“They are actually very tight yields and would suggest to us that in Sydney at least, it’s cheaper to rent right now than to buy when just considering year one cash flows,” SQM’s Louis Christopher says.
Darwin has the highest capital city yields with yields for both houses and units at 5.5%.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/11/15/sqm-nov-15-chart-three-big.gif" rel="shadowbox"><img src="/images/stories/2013/11/15/sqm-nov-15-chart-three-small.gif"></a>
“Yields in Darwin may well rise in the future as right now we are recording rising rents for that city, while it seems dwelling prices have stalled of late,” Christopher says.
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Cheaper to rent than to buy in Sydney: SQM

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The Victorian government has allocated $250,000 to assist the City of Wodonga’s plan for the Leneva-Baranduda growth corridor.
Wodonga hopes to build houses for an additional 35,000 people, with 14,000 new homes. It also hopes to create 6000 jobs in the area.
The extra funding pay for the structure planning of the  Leneva growth area and the implementation of a new urban growth  zone for the area.
“The Leneva growth corridor will support economic growth and development  in the region and greatly assist in supporting the commercial development  of Wodonga’s CBD, where there is already a major urban renewal project  underway,” Minister for Planning Matthew Guy said.
The growth area will eventually link the urban areas of Wodonga to Baranduda.
Member for Benambra Bill Tilley said development of the Leneva growth corridor is vital to maintaining a strong local construction and development sector and local job growth.
“As the local member of parliament, I am proud to see that this government  is doing all it can to continue strong growth and demand in our local  construction and development sectors which is central to maintaining a  strong and competitive local economy.”
 
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Victorian government injects $250,000 into Wodonga growth area planning

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The four most discounted properties in Australia were in Queensland this week, according to SQM Research.
A dilapidated three bedroom outer Ipswich Queenslander is this week’s most discounted property.
It comes on 1.49 hectares of land and backs onto the Bremer river which overflowed in 2011 and flooded the house.
Agent Tony Tran from Ray White Darra says it would cost $20,000 to bring it up to a liveable condition and the true value of the property lies in land and river frontage. The address is <a href="https://www.realestate.com.au/property-house-qld-bundamba-111116347" target="_blank">22 White Street Bundamba</a> (pictured below).
It’s currently priced at $249,000 – a discount of 41% from its original listing price 461 days ago.
{yoogallery src=[images/stories/2013/11/15/bun]}
 
Next is a two bedroom house at <a href="https://www.realestate.com.au/property-house-qld-lamb+island-112206275" target="_blank">4 Edgewater Place Lamb Island</a> (pictured below).
Originally priced at $425,000 three years ago it’s now priced at $249,000 – also a discount of 41%.
{yoogallery src=[images/stories/2013/11/15/lamb]}
 
Next is the nearby three-bedroom house with a spa at <a href="https://www.realestate.com.au/property-house-qld-lamb+island-104666603" target="_blank">79 Perulpa Drive Lamb Island</a> (pictured below).
It comes with views over Moreton Bay.
Originally priced at $499,000 three years ago it is now at $298,000 – a 40% discount.
{yoogallery src=[images/stories/2013/11/15/lamb2]}
 
Next is <a href="https://www.realestate.com.au/property-house-qld-doolandella-115195015" target="_blank">38 Cloverdale Road Doolandella</a> (pictured below) –a four bedroom house.
It has 1.34 hectares of land, two bathrooms, two car ports, and a big shed.
Nine months ago it was priced at $1.65 million but that’s been reduced by 39% to $1 million.
{yoogallery src=[images/stories/2013/11/15/don]}
 
And fifth is <a href="https://www.realestate.com.au/property-house-nsw-copacabana-114538531" target="_blank">61 Vista Avenue in Copacabana</a> (pictured below) near Woy Woy.
According to SQM Research it was initially listed for $1.79 million eight months ago and was this week listed at $1.1 million –a difference of 39%. It has since sold.
{yoogallery src=[images/stories/2013/11/15/cop]}
 
Property Observer notes the listing is divided in two sections, <a href="https://www.domain.com.au/Property/Sold/House/NSW/Copacabana/?adid=2010302238">one with a house</a> and <a href="https://www.realestate.com.au/property-house-nsw-copacabana-114538531">one with a granny flat</a>, which may account for the price difference.
{module Which of the top five most discounted properties represents the best buying opportunity?}
Top 10 most discounted properties nationwide
<table border="0" cellpadding="0" cellspacing="0" style="width: 470px;">
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<col width="179">
<col width="113">
<col width="64">
<col width="83">
<col width="81" span="2">
<col width="64">
<col width="98">
</colgroup>
<tbody>
<tr height="35">
<td height="35" width="179">Address</td>
<td width="113">Suburb</td>
<td width="64">Postcode</td>
<td width="81">Initial price</td>
<td width="81">Now asking</td>
<td width="64">Reduction</td>
<td width="98">Days on Mkt</td>
</tr>
<tr height="21">
<td height="21"><a target="_blank" href="https://www.realestate.com.au/property-house-qld-bundamba-111116347">22 White Street</a></td>
<td>Bundamba</td>
<td align="right" width="64">4304</td>
<td align="right" width="81">$425,000</td>
<td align="right" width="81">$250,000</td>
<td align="right" width="64">41%</td>
<td align="right" width="98">461</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.realestate.com.au/property-house-qld-lamb+island-112206275">4 Edgewater Pl</a></td>
<td>Lamb Island</td>
<td align="right" width="64">4184</td>
<td align="right" width="81">$425,000</td>
<td align="right" width="81">$249,000</td>
<td align="right" width="64">41%</td>
<td align="right" width="98">1190</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.realestate.com.au/property-house-qld-lamb+island-104666603">79 Perulpa Dve</a></td>
<td>Lamb Island</td>
<td align="right" width="64">4184</td>
<td align="right" width="81">$499,000</td>
<td align="right" width="81">$298,000</td>
<td align="right" width="64">40%</td>
<td align="right" width="98">1176</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.realestate.com.au/property-house-qld-doolandella-115195015">38 Cloverdale Road</a></td>
<td>Doolandella</td>
<td align="right" width="64">4077</td>
<td align="right" width="81">$1,650,000</td>
<td align="right" width="81">$1,000,000</td>
<td align="right" width="64">39%</td>
<td align="right" width="98">266</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.domain.com.au/Property/Sold/House/NSW/Copacabana/?adid=2010302238">61 Vista Avenue</a></td>
<td>Copacabana</td>
<td align="right" width="64">2251</td>
<td align="right" width="81">$1,790,000</td>
<td align="right" width="81">$1,100,000</td>
<td align="right" width="64">39%</td>
<td align="right" width="98">245</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.toop.com.au/details.asp?id=14586">Lot 106 Starrs Gully Road</a></td>
<td>One Tree Hill</td>
<td align="right" width="64">5114</td>
<td align="right" width="81">$2,200,000</td>
<td align="right" width="81">$1,390,000</td>
<td align="right" width="64">37%</td>
<td align="right" width="98">791</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Penthouse/NSW/Bondi-Junction/?adid=2008805959">69/267 - 269 Oxford St</a></td>
<td>Bondi Junction</td>
<td align="right" width="64">2022</td>
<td align="right" width="81">$2,500,000</td>
<td align="right" width="81">$1,650,000</td>
<td align="right" width="64">34%</td>
<td align="right" width="98">994</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.realestateview.com.au/Real-Estate/157-milleara-road-keilor-east/Property-Details-buy-residential-3989721">157 Milleara Road</a></td>
<td>Keilor East</td>
<td align="right" width="64">3033</td>
<td align="right" width="81">$448,000</td>
<td align="right" width="81">$296,000</td>
<td align="right" width="64">34%</td>
<td align="right" width="98">531</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.domain.com.au/Property/?adid=2008522518">134 Bay Road</a></td>
<td>Berowra Waters</td>
<td align="right" width="64">2082</td>
<td align="right" width="81">$1,199,000</td>
<td align="right" width="81">$795,000</td>
<td align="right" width="64">34%</td>
<td align="right" width="98">1169</td>
</tr>
<tr height="20">
<td height="20"><a target="_blank" href="https://www.domain.com.au/Property/?adid=2009224257">55 William Street</a></td>
<td>Sedan</td>
<td align="right" width="64">5353</td>
<td align="right" width="81">$165,000</td>
<td align="right" width="81">$109,500</td>
<td align="right" width="64">34%</td>
<td align="right" width="98">784</td>
</tr>
</tbody>
</table>
<a href="mailto:awalsh@propertyobserver.com.au" target="_blank">awalsh@propertyobserver.com.au</a>
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Queensland dominates list of most discounted properties

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Buyer’s agent Miriam Sandkuhler, founder of <a target="_blank" href="https://www.propertymavens.com.au/" rel="nofollow" style="font-size: 14px;">Property Mavens</a>, says many early-stage investors don’t understand their risk profile when they start building their folio. Sandkuhler was a finalist for the 2013 REIV Buyer’s Agent of the Year.
She says more risk adverse clients should avoid off-the-plan properties, as well as student or holiday accommodation.
{qtube vid:=m3cXd9A1li0}
“People don’t understand their tolerance to risk in terms of the type of return they’re going to get,” Sandkuhler told Property Observer for the 'How the experts buy' series.
“A high risk profile person would be someone who’s prepared to develop a property or renovate. Someone who’s more conservative and low risk is someone who’s otherwise more likely to leave their money in the bank or pay for a property in cash because they don’t like debt.”
She says buying off the plans comes fraught with risk.
“They’re to do with whether the developer gets financing, whether they’re a good builder, time frames of the development,” she says.
“It depends on the zoning of the property, if you have student accommodation or short stay accommodation that can have a level of risk.
“It means that the market from a resale point of view is a lot smaller and from a lending or a finance point of view you may not be able to borrow as much money so you’ll have to have a much bigger deposit to get into it.”
She says many investors are enticed by the idea of having as big a property portfolio as possible.
“Having multiple properties you have to manage multiple properties and there are maintenance issues that come with that.”
“If all you need are six really really good properties of a certain value then that’s all you need.”
 
Transcript
My name is Miriam Sandkuhler. I’m the founder of <a target="_blank" href="https://www.propertymavens.com.au/?">Property Mavens</a> which is a specialist property advisory firm. I’m an accredited property advisor and a licensed estate agent. And I basically work with investors to ensure they buy the right type of property for the right reasons.
People don’t necessarily know their tolerance to risk in relation to the type of return they’re going to get. Some people are much more conservative with investing than others. Some have got quite a low to moderate risk profile whereas other are higher risk profile. An example of a high risk profile individual is someone is prepared to develop a property or renovate.
Someone who’s more conservative or low risk is someone who might otherwise like to leave their money in the bank or they might like to pay for a property in cash because they don’t like debt or they might want to something very simple.
For example, if you don’t know your risk profile then it’s very easy to buy the wrong property for you profile for all the right reasons. If you don’t the type of risk attached to the type of property that you buy it’s also very easy to make a mistake.
If you buy off the plan there are a lot risks associated with that and they’re to do with very the developer gets the lending, whether or not it’s a good builder, time frames of the development. There a number of different areas. The market can go up and down. And we’ve seen a lot of that where people are settling on properties where it’s worth less than the contract price.
There are so many variables and so many risks associated with buying off the plan that most people aren’t informed off because obviously that’s not necessarily brought to light when people are purchasing in that manner.
Someone with a low risk profile probably doesn’t want to buy a development site. They may not want to buy an off-the-plan. When you understand your risk profile and you understand the risk of the property then you can make a better informed decision.
Alistair: What other properties do you think are higher risk profile?
So for example it depends on the zoning of the property. IF you have student accommodation, or short term or resort style accommodation that can have a level of risk because what it inherently means is from the market point of view the resale value is a lot smaller. It also means from a lending or finance point of view you may not be able to borrow as much money so you’ll have to have a much bigger deposit to get into it. The returns on that type of investment can be affected by the type of property it is.
Buying property is not simple. I know most people want an easy solution. It’s a little bit like going to the doctor for a headache and wanting a pill when in fact what they probably need is surgery.
So when you invest in property it’s easy to sign a contract but the process of understanding about what makes a good investment grade property and how to match that to your risk profile and having a plan in place all of those things are quite complex and they do take time and they take investigation.
I’ll often deal with clients who want to buy property but they have no clear reason as to what they want it to do. So they know it’s kind of the in thing and that’s what you do but they don’t know what the end result is. If you don’t have a plan it’s a little bit like trying to build a house without a set of plans. There’s no foundation from which to build the rest of the structure around. Having a documented plan is knowing how old am I now, when do I think I want to retire, how many years away is that. What sort of lifestyle do I want? If I want a $100,000 income it’s needing to calculate I have x number of years to accrue that. So what’s the process to get that and how many properties do I need to buy and how often do I need to buy them to meet my specific requirement. Part of that process is, I know everyone if out there spruiking buy 10 properties in 10 years. It’s not about how many properties you have. Obviously with having, multiple properties you have to manage multiple properties and there are maintenance issues that come with having multiple properties. So it’s about having a tailored plan specific to your individual needs. If all you need are six really really good properties of a certain value then that’s all you need. Unless you just endlessly want to keep going for the sake of it. Not everyone needs to have 10 or 20 or 200 properties, it’s not necessarily about that.
It’s understanding what is that asset going to do for you, what do you need it to do for you. And making sure that you’ve got a foundation or a documented strategy you can then implement and you can then measure back to that strategy. Every year you can see are you on target for that strategy, how far do we have to go so what do we need to do, when do we need to do it and monitoring that as you go.
It’s imperative to never ever sign your name to anything. Even if you have a three day cooling off, from a cautionary point of view you still want to get that looked at before you put pen to paper because there’s complexity around that. It’s law, you’re signing a legally binding contract and if you have haven’t had a lawyer or conveyance point out to you areas of risk or consideration then you’re leaving yourself vulnerable.
Again buying property is complex, you’re dealing with real estate law and legislation. If as a lay person you don’t have a really good understanding of real estate law then it’s possible to easily make mistakes that cost you money. You’re talking about needing to understand from an accounting and tax point of view before you start, how you need to structure a property; even before a name gets put on paper you need proper tax and accounting advice. Same with can you afford the property, you want to be seeing a mortgage broker who can look at your situation and work out what options are available to you and how many options there are in the market place that can help you.
The other thing is understanding that you need to be doing building and pest inspections s that before you buy the property at auction you understand the structural condition of it. There might be issues where’s the repairs or work that needs to be done so if you’ve got $20,000 worth of work on a property you need to factor that in when you’re buying or bidding on a property, you need to keep that in the back of your mind. Or at least allow for it.
If you buy a property and it’s not auction but private treaty, same thing, you want to be putting a condition in there that’s a building and pest inspection but it’s written in the favour of the buyer, not in the favour of the seller.
<a target="_blank" href="mailto:awalsh@propertyobserver.com.au">awalsh@propertyobserver.com.au</a>
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Common investor mistakes when building a portfolio: How the experts buy with Miriam Sandkuhler

<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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“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.

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[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.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

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.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

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.

[smartcode_project:default project_id=152737 project_image_fid=377675]

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.

[smartcode_project:default project_id=152737 project_image_fid=377685]

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.

[smartcode_project:default project_id=152737 project_image_fid=377680]

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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