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There were 845 sales in Perth this week, and 38 of them were in the northern Perth suburb of Highgate, according to the Real Estate Institute of Western Australia. There were 779 sales the same week last year and just 526 the same week last year. 
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Perth records 845 sales this week, with Highgate most actively traded suburb: REIWA

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<div>As Property Observer celebrates its first anniversary, we look back on some of the biggest numbers that made property news in the past year.</div>
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<div><a href="https://www.propertyobserver.com.au/south-australia/adelaide-mistakenly-overlooked-by-investors-as-projects-get-under-way-terry-ryder/2012041154211" target="_blank"><img src="/images/stories/50b.gif"></a></div>
<div>The approximate value of mining projects <a href="https://www.propertyobserver.com.au/south-australia/adelaide-mistakenly-overlooked-by-investors-as-projects-get-under-way-terry-ryder/2012041154211" target="_blank">currently under way in South Australia</a>, according to Hotspotting.com.au director Terry Ryder. Ryder says the state is Australia's most under-rated economy and could be a good prospect for investors.</div>
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<div><a title="Melbourne office sales" href="https://www.propertyobserver.com.au/news/melbourne-office-sales-to-reach-%242-billion-in-2011-colliers/2011072750932" target="_self"><img src="/images/stories/2bill.jpg"></a></div>
<div>The <a title="Melbourne office sales to reach $2 billion" href="https://www.propertyobserver.com.au/news/melbourne-office-sales-to-reach-%242-billion-in-2011-colliers/2011072750932" target="_blank">sales volume expected for Melbourne offices in 2011</a>, according to Colliers. “The reasons for Melbourne being the hottest office market in Australia will not change overnight. The fundamentals of our economy are very healthy and the medium-term forecast for office rental growth in the CBD is very strong,” says Nick Rathgeber, director of institutional investment services at Colliers.</div>
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<div><a href="https://www.propertyobserver.com.au/residential/leonardo-dicaprio-gets-his-sydney-tennis-court-for-gatsby-shoot/2011083151370" target="_blank"><img src="/images/stories/10k.jpg"></a></div>
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<div>The amount per week actor <a title="Leonardo DiCaprio" href="https://www.propertyobserver.com.au/residential/leonardo-dicaprio-gets-his-sydney-tennis-court-for-gatsby-shoot/2011083151370" target="_blank">Leonardo DiCaprio paid per week to rent a property in Vaucluse </a>while he filmed the titular role in Baz Luhrmann's adaptation of The Great Gatsby in Sydney.</div>
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<div><a href="https://www.propertyobserver.com.au/residential/chinese-appetite-for-gold-coast-property-soars-to-record-highs-in-2010-11-colliers/2012012353056" target="_blank"><img src="/images/stories/66point9.jpg"></a></div>
<div>The amount of money that <a href="https://www.propertyobserver.com.au/residential/chinese-appetite-for-gold-coast-property-soars-to-record-highs-in-2010-11-colliers/2012012353056" target="_blank">offshore Chinese buyers spent on Gold Coast property during the 2010-11 financial year</a>. Chinese buyers accounted for nearly a third of foreign purchases of Queensland residential real estate during the 2010-11 financial year</div>
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<div><a href="https://www.propertyobserver.com.au/residential/incredible-prediction-of-australian-property-bloodbath-excites-twitter/2012012053102" target="_self"><img src="/images/stories/60.jpg"></a></div>
<div>The amount by which American<a href="https://www.propertyobserver.com.au/residential/incredible-prediction-of-australian-property-bloodbath-excites-twitter/2012012053102" target="_blank"> self-described "real estate expert" Jordan Wirsz predicts Australian house prices will fall</a> in the next five years. Prominent property doom commentator Steve Keen expressed ironic relief via Twitter that another analyst has forecast even worse tidings than his longstanding forecast for the Australian property market.</div>
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<div><a href="https://www.propertyobserver.com.au/residential/harry-triguboffs-six-steps-to-apartment-affordability-%E2%80%93-starting-with-more-high-rise/2012041754326" target="_blank"><img src="/images/stories/12.gif"></a></div>
<div>The minimum number of stories a new development in inner Melbourne or Sydney should have, <a href="https://www.propertyobserver.com.au/residential/harry-triguboffs-six-steps-to-apartment-affordability-%E2%80%93-starting-with-more-high-rise/2012041754326" target="_blank">according to Meriton boss Harry Triguboff</a>. "In inner-city areas we need to recognise that five-to six-storey apartments are uneconomical," Triguboff says.</div>
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<div><a href="https://www.propertyobserver.com.au/residential/melbourne-housing-market-on-the-wrong-side-of-the-ledger-residex-boss-john-edwards/2012041954363" target="_blank"><img src="/images/stories/70percent.gif"></a></div>
<div>The<a href="https://www.propertyobserver.com.au/residential/melbourne-housing-market-on-the-wrong-side-of-the-ledger-residex-boss-john-edwards/2012041954363" target="_blank"> amount of overhang of stock in Melbourne</a>, the largest stock overhang of any capital in Australia, according to Residex boss John Edwards. “I’m worried about Victoria,” he says.</div>
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<div>The number of consecutive months house prices have fallen to May, according to the ABS. "The odds are that the rate of decline will accelerate in the next year," <a href="https://www.propertyobserver.com.au/residential/abs-figures-show-australia-s-housing-price-bubble-is-bursting-steve-keen/2012050254514" target="_blank">says economist Steve Keen</a>, who sees the ABS figures as a sign that Australia's housing bubble is bursting.</div>
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<div><a href="https://www.propertyobserver.com.au/economy/federal-budget2012-tax-breaks-for-green-buildings-dumped/2012050854605" target="_blank"><img src="/images/stories/405m.gif"></a></div>
<div>The amount of money the federal government will save in the next four years by <a href="https://www.propertyobserver.com.au/economy/federal-budget2012-tax-breaks-for-green-buildings-dumped/2012050854605" target="_blank">axing green buildings tax breaks </a>in the federal budget. The scheme had never come into effect, being shut down before it began.</div>
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<div><a href="https://www.propertyobserver.com.au/new-south-wales/1st-fleet-s-stephen-brown-owns-just-one-thousandth-of-his-%2416-million-harbourfront-watson-bay-property-listing/2012051354676" target="_blank"><img src="/images/stories/1over1000.gif"></a></div>
<div>The amount of equity that <a href="https://www.propertyobserver.com.au/new-south-wales/1st-fleet-s-stephen-brown-owns-just-one-thousandth-of-his-%2416-million-harbourfront-watson-bay-property-listing/2012051354676" target="_blank">1st Fleet boss Stephen Brown has in his Sydney Harbour home</a>, which is on the market with $16 million price hopes. His wife, Corrine, holding the remaining 999/1,000 equity.</div>
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<div><a href="https://www.propertyobserver.com.au/industry-news/rolls-royce-lifestyle-over-for-refund-founder-wayne-ormond-as-creditors-to-investigate-if-company-traded-insolvent/2012052354812" target="_self"><img src="/images/stories/3.gif"></a></div>
<div>The number of <a href="https://www.propertyobserver.com.au/industry-news/rolls-royce-lifestyle-over-for-refund-founder-wayne-ormond-as-creditors-to-investigate-if-company-traded-insolvent/2012052354812" target="_blank">Rolls-Royces that Refund Home Loans founder Wayne Ormond owned in the past</a>. He says they have all been disposed of or repossessed.</div>
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<div><a href="https://www.propertyobserver.com.au/developments/lend-leases-docklands-project-forte-will-be-worlds-tallest-residential-timber-building/2012052554840" target="_blank"><img src="/images/stories/2012/05/10.gif"></a></div>
<div>The number of storeys <a href="https://www.propertyobserver.com.au/developments/lend-leases-docklands-project-forte-will-be-worlds-tallest-residential-timber-building/2012052554840" target="_blank">planned for Lend Lease development Forté</a>. It will be the world's tallest timber residential building. The building will rise to 32 metres and will be built with prefabricated wooden panels made from cross-laminated timber (CLT) and will feature 23 apartments.</div>
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The 12 must-know property numbers of the last financial year

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24 Kamilaroi Road, Gunnedah, NSW, 2380
<img src="/images/stories/2012/06/kamilaroi.jpg" width="470">
This could be a two-in one investment, with two two-bedroom units on one title. They are both recently renovated and are rented out for $200 each. The tenants are on month-to-month leases, and Gunnedah First National agent Mike Brady says they could return $240 per week. The property is close to downtown Gunnedah, and both units include their own carports. 
Brady<a target="_blank" href="https://www.firstnational.com.au/?pageCall=property&amp;propertyID=2068000&amp;realestate=24_Kamilaroi_Road_GUNNEDAH_NSW_2380"> is marketing the property</a> with price hopes of $360,000 plus, and if it sells for $360,000 that would secure an investor a gross rental yield of 5.8% at its current rental, below the gross indicative yield of 6.3% for Gunnedah units, according to RP Data. If both units were rented at $240, that would secure an investor a gross rental yield of 6.9% The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
The median unit price in Gunnedah fell 2.9% in the past year, according to RP Data.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $4,000 and over five years to be $9,000.
The property will be open for inspection Saturday, June 9 at 10am and will go to auction Thursday, July 12 at 4pm.
For more about prices and yields in Gunnedah, see the RP Data suburb page.
For another investment prospect open for inspection this weekend, see page 2.
 
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2 Tattler Court, Point Cook, VIC, 3030
<img width="470" src="/images/stories/2012/06/tattler.jpg">
The tenants of this four-bedroom Poink Cook house are paying $320 per week and are on a lease until April 2013. The property is close to Sanctuary Lakes Shopping Centre, schools, parks and public transport and is at the end of a quiet cul-de-sac. 
Little Residential agent Mark Clayton <a target="_blank" href="https://www.littleresidential.com.au/Buying/Search/Detail.aspx?id=JWI3509&amp;wlid=1d98757c-1181-4cb5-ad8a-b521af2d38dd">is marketing the property</a> with price hopes of $370,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 5.8%. This is significantly above the indicative gross rental yield for Point Cook houses of 4.2%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $10,000 and over five years to be $31,000.
The property will be open for inspection Saturday, June 9 at 10am and will go to auction Saturday, June 16 at 11.30am.
For more information about prices and yields in <a target="_blank" href="/news">Point Cook, see the RP Data suburb page.</a>
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Friday form guide: Yields of up to 6.9% in Gunnedah

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Sixteen months in the planning, Ultimo project Trieste is the latest inner-city apartment block to hit the market, possibly just in time for last-minute purchasers to buy a property under $600,000 before the government’s stamp duty exemption ends on July 30.
<img src="/images/stories/2012/06/trieste1.jpg">
The eight-storey, 124-apartment complex will include a mix of one-, two- and three-bedroom apartments, with one-bedroom units starting from $455,000. Under the <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863" target="_blank">NSW government’s home builders’ bonus</a>, buyers will pay no stamp duty on properties purchased before June 30 this year. It is open to owner-occupiers and investors.
<img width="470" src="/images/stories/2012/06/trieste2.jpg">
The development will launch to VIPs the weekend of June 16 and is within walking distance of Chinatown, Sydney CBD and Darling Harbour. Developer EDG Capital is encouraging residents to walk or bike, as the development will have just 35 car spaces.
<img src="/images/stories/2012/06/trieste3.jpg">
The project is being marketed by Savills agents Nigel Napoli and Peter Coulton.
<img src="/images/stories/2012/06/trieste4.jpg">
Savills expects that buyers will embrace its new project, even though those at the more affordable end of the market will have just a few weeks to make up their minds in order to secure the government’s bonus.
<img src="/images/stories/2012/06/trieste5.jpg">
“The project team has spent the past 12 months meticulously planning every detail of the building and interiors to ensure that Trieste is truly a world-class project,” says Coulton. “We are excited about the upcoming launch and with the level of demand for this location.
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“Trieste is set to be our most successful launch this year.”
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Many of the larger apartments will have “postcard views” of Sydney CBD, Savills says.
<img src="/images/stories/2012/06/trieste8.jpg">
The developer bought the 1,515-square-metre site, which included a commercial building, in early 2011 for $16.75 million.
The project has been designed by Candalepas Associates to allow for maximum light and air flow and to capitalise on “postcard views of Sydney CBD”.
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Ultimo project Trieste could appeal to sub-$600,000 buyers before June 30 government grant deadline

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As time runs out for property buyers to secure NSW state government incentives, some developers are bringing their projects forward – and others even beginning marketing before they have development application approval from the local council.
Moorgate Property’s Rockpool (pictured below), which is on the former Prince Henry Hospital site in the Sydney suburb of Little Bay Cove, is one such project that's hit the market this month.
<img src="/images/stories/2012/06/rockpool1.jpg">
NG Farah agent Peter Goulding told Property Observer Rockpool was due to launch later this year but the development was brought forward so buyers could take advantage of the <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863" target="_blank">NSW government’s home builders’ bonus</a>, which exempts buyers from stamp duty on new properties under $600,000. The exemption is open to all buyers, both owner-occupiers and investors.
About 60% of the 73 units in the building will be under this threshold.
<img src="/images/stories/2012/06/rockpool3.jpg">
“The building has been engineered to provide a large volume of lower priced product, for the market place to obtain the full benefit of the government stamp duty concessions which expire on the 30th June 2012,” says NG Farah agent Dennis Vertzayias.
<img src="/images/stories/2012/06/rockpool4.jpg">
Rockpool will comprise one- and two-bedroom apartments. One-bedroom apartments start from $465,000, and one-bedroom apartments with studies start from $475,000. The two-bedroom offerings start from $579,000, with $650,000 the starting price for two-bedroom units with studies. 


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<img src="/images/stories/2012/06/rockpool5.jpg">
“This will allow first-home buyers, astute investors, and even second-home buyers the opportunity for affordable housing in a brand-new development in one of Sydney’s most rapidly developing locations, so close to the city centre,” says Vertzayias.
<img src="/images/stories/2012/06/rockpool6.jpg">
Goulding says the building has been approved under the master plan for the Prince Henry Hospital site, but it has not secured final development approval from Randwick Council. He says the developer expects approval in September or October this year.
The original hospital that sat on the 85-hectare site dates back to the 1880, and by the time the renamed Prince Henry Hospital was decommissioned in 2001, it had sprawled out to 60 buildings. The NSW government and developer Stockland announced a plan to transform the site into a $400 million development in 2004. The community is now home to more than 600 households.
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Another project brought to market before receiving development approval is Harbour Mill (pictured above and below), to be built on the former Edwin Davey Flour Mill site in Pyrmont.
<img src="/images/stories/2012/05/harbourmill1.jpg">
Developer Ceerose bought the 3,100-square-metre site last year, but the sale is yet to officially settle, according to a land title search. The previous developer Mike Boulos, who had intended to build a seven-storey mixed-use development on the site, never had his plans came to fruition. Boulos had bought the site in 1996 for $3.38 million.
Sydney City Council was pleased at Ceerose’s competition to find a design for the long dormant, but high profile site. The winning design by Grimshaw Architects - which includes much of the heritage façade of the former flour mill - has not yet officially been approved. The DA is before the council now, and approval is expected later this month.
Another Sydney development that has been marketed without receiving the final sign-off from council is Oceania Property’s Bay Residences (pictured below). Oceania bought the Double Bay site for $20.5 million in January 2011, with the site having previously traded at $15 million in 2007.
<img src="/images/stories/bayresidences.jpg">
It had planned to build a luxury development of just eight units and secured approval from Woollahra Council for the project, but failed to generate any interest from buyers. The developer went back to the drawing board and reconfigured the project into 21 smaller one- and two-bedroom units, lodging a section 96 alteration application with the council. The 21-unit Bay Residences has been brought to market, but council approval is still pending.
“The councillors and council staff I’ve spoken to are very supportive of the changes because it will mean more residents will now be able to live in Double Bay,” says Nico Wijarto Tjen, a director of Oceania Property, “and the new apartment mix will also mean younger residents.”
<img width="470" src="/images/stories/2012/06/haroldpark.jpg">
Developer Mirvac is yet to receive final greenlight from Sydney City Council for its Harold Park development in Glebe (pictured above), but is expectant of doing so shortly.
The City of Sydney set out a prescriptive local environment plan (LEP) for the site following detailed consultations, and Mirvac has signed a voluntary planning agreement with the council for Harold Park.
Mirvac began marketing of Harold Park late last year prior to obtaining final development consent in the confidence that its plans were fully compliant with the Harold Park LEP which establishes the parameters for permissible height and density. The LEP has been approved and gazetted by the NSW Government.
The NSW Government rezoned Harold Park from open space to mixed use residential late last year paving the way for Mirvac to progress its Stage 1 development application which is the masterplan DA.
Marketing of Stage 1, consisting of 296 apartments and terraces, began in late 2011 as Mirvac was aware of a pent-up demand for its apartments and terraces.
"The enthusiastic response to the launch in November and subsequent sales have exceeded all our expectations," a spokesman said.
As part of the agreement, Mirvac is dedicating 3.8 hectares (or 35% of the site) to public parkland and will contribute $8.25 million to public open space. The developer will also hand over 1,000 square metres to the City of Sydney to accommodate affordable and seniors’ housing.
Mirvac hopes to start work on the site in August, but that is contingent upon receiving Sydney City Council approval in the interim.
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Sydney developers in bigger rush than buyers as projects come to market without final DA as June 30 deadline looms

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North Fitzroy development Graphite is more than half-sold three weeks after it launched in mid-May as first-home buyers secure apartments for under $600,000 before the Victorian government’s first-home buyer bonus ends on June 30.
<img src="/images/stories/2012/06/graphite1.jpg">
<a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">The bonus provides $13,000</a> – in addition to the federal government’s $7,000 – for first-home buyers who purchase property under the $600,000 threshold before June 30.
BPM Construction Group’s Graphite will comprise 46 one- and two-bedroom apartments, with prices starting from $359,500 for one-bedrooms and $530,000 for two-bedders. Some 37 are priced below the $600,000 threshold. 
<img src="/images/stories/2012/06/graphite2.jpg">
The colour palette will match its name, with greys and neutral tones used in the external and internal designs.
Interior designer Mim Design director Mim Fanning says the colours and materaials of timber, concrete and metal are designed to complement the Fitzroy North surrounds.
<img src="/images/stories/2012/06/graphite3.jpg">
“Graphite apartments have been planned to create the feeling of being large units – but at the same time they are very compact and fitting for their inner city address,” Fanning says.
“The interior finishes meld the sophistication and lighting of a gallery, the luxury and authenticity of restaurant kitchen and the warm, homely feel of a local café.”
<img src="/images/stories/2012/06/graphite4.jpg">
The median unit price in North Fitzroy is $457,500, according to RP Data, and the median unit price has fallen 23.6% in the past year.
In keeping with the green recent trend towards sustainable transport, all of the apartments in Graphite will come with bike parking spaces, though only some will have car spaces.
Construction is due to begin in early 2013 and be completed in mid-2014.
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North Fitzroy development Graphite appeals to first-home buyers as government bonus deadline looms

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SQM Research has expanded its normal list of the most discounted homes in Australia from 10 to 20, demonstrating the wide variety of localities where vendors are offering deep discounts in order to secure sales. The majority of the properties on the list are houses, not units, with SQM saying houses are not faring as well on the market and requiring deeper discounts. 
The most discounted property in Australia is 27 Shaws Pocket Road in Cedars Creek, Queensland, and the vendor is now willing to sell the property for $699,000, a 41% discount on its original price hopes. It was last sold in 1996 for $225,000, according to RP Data. 
Coming in at number 20 is 309 Scarborough Beach Road in the Perth suburb of Woodlands. When the property came on the market in early 2010 the vendor had hoped for $1.1 million but is now willing to settle for $750,000, a 32% price reduction. 
The property at 1302 Birkdale Place in Magenta, on the NSW central coast, has been on the market for the longest, at 1,432 days, or almost four years. Vendors of 47a Burns Crescent in the Sydney suburb of Chiswick have been the quickest to offer a deep discount, as the property has only been on the market for 77 days and has had its price hopes reduced by 35%. 
"As you can see, there is a wide range of properties from various locations, with Victoria and the ACT being the only state and territory with no homes on this week's list," says SQM director Louis Christopher.
"What sticks out on this list and many of our other themed top 10 is that the majority of massively discounted properties are houses, rather than units. It does seem that in general, houses are faring worse than units at the moment. This could be because units are more affordable and it is easier to assess fair value due to their more standardised attributes." 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">1</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009160249">27 Shaws Pocket Road, Cedar Creek, Queensland, 4207 </a>
On the market since: August 15, 2011
Initial asking price: $1.19 million
Current asking price: $699,000
Reduction: 41%
Days on market: 280
 
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<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106542744">11 Pyrites Road (via Nairne), Brukunga, SA, 5252</a>
On the market since: May 23, 2010
Initial asking price: $253,000
Current asking price: $155,000
Reduction: 39%
Days on market: 727
 
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<h2 style="font-size: 18px; line-height: 21px; text-align: left;">3</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008435199">502 Tarni Court, Port Adelaide, SA, 5015</a> 
On the market since: January 28,2010
Initial asking price: $725,000
Current asking price: $450,000
Reduction: 38%
Days on market: 693
 
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<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105812631">1892 Stapylton Jacobs Well Road, Jacobs Well, Queensland, 4208</a>
On the market since: July 12, 2009
Initial asking price: $515,000
Current asking price: $320,000
Reduction: 38%
Days on market: 1,042
 
 
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<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488" target="_blank">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
On the market since: January 16, 2011
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
Days on market: 490
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106211228" target="_blank">15 Gretel, Two Rocks, WA, 6037</a> (pictured)
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 875
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">7</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007736307" target="_blank">26a Paling Street, Thornleigh, NSW, 2120</a>
On the market since: May 16, 2009
Initial asking price: $1.1 million
Current asking price: $700,000
Reduction: 36%
Days on market: 1,099
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,432
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008590367">21 Fox Avenuem White Beach, Tasmania, 7184</a>
On the market since: September 27, 2010
Initial asking price: $170,000
Current asking price: $110,000
Reduction: 35%
Days on market: 603
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105464925">99 Lowanna Way, Armadale, WA, 6112</a>
On the market since: April 1, 2009
Initial asking price: $1.85 million
Current asking price: $1.2 million
Reduction: 35%
Days on market: 1,144
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">11</h2>
<a href="https://www.realestate.com.au/property-house-nsw-chiswick-109782261" target="_blank">47a Burns Crescent, Chiswick, NSW, 2046</a>
On the market since: March 3, 2012
Initial asking price: $3 million
Current asking price: $1.95 million
Reduction: 35%
Days on market: 77
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">12</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2009417474" target="_blank">320 Redbank Plains Road, Bellbird Park, Queensland, 4300</a>
On the market since: December 19, 2011
Initial asking price: $1,499,000
Current asking price: $975,000
Reduction: 35%
Days on market: 154
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">13</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106358770" target="_blank">27 Light Avenue, Munno Para West, WA, 5115</a>
On the market since: February 27, 2010
Initial asking price: $482,687
Current asking price: $319,000
Reduction: 34%
Days on market: 812
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">14</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107430484">319 West Coast Drive, Trigg, WA, 6029</a>
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 861
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">15</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106977238" target="_blank">618/ 85 -89 The Entrance Road, The Entrance, NSW, 2261</a>
On the market since: November 13, 2010
Initial asking price: $299,000
Current asking price: $199,000
Reduction: 33%
Days on market: 553
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">16</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D109729176" target="_blank">12 Underwood Street, Wakerley, Queensland, 4154</a>
On the market since: March 3, 2012
Initial asking price: $675,000
Current asking price: $450,000
Reduction: 33%
Days on market: 77
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">17</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D7361321" target="_blank">890 Chinner Road, Lake Bennett, NT, 0822</a>
On the market since: October 29, 2011
Initial asking price: $579,000
Current asking price: $390,000
Reduction: 33%
Days on market: 203
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">18</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008640526" target="_blank">13/30 Gayundah Esplanade, Woody Point, Queensland, 4019</a>
On the market since: October 24, 2010
Initial asking price: $590,000
Current asking price: $399,000
Reduction: 32%
Days on market: 574
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">19</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2006781491" target="_blank">22 Beach Street, White Beach, Tasmania, 7184</a>
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $170,000
Reduction: 32%
Days on market: 1,421
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">20</h2>
309 Scarborough Beach Road, Woodlands, WA, 6018
On the market since: February 7, 2010
Initial asking price: $1.1 million
Current asking price: $750,000
Reduction: 32%
Days on market: 832
SQM Research also offers a list of the <a title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Houses, not units, require most discounting: SQM Research

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The prestige market was somewhat subdued this week, with no sales cracking the $3 million mark, according to RP Data.
A five-bedroom 1930s Kew property that sold prior to auction for $2,836,000 was the top sale of the week. It was marketed by Marshall White agent Walter Dodich, who says it has been “stylishly renovated and updated to accommodate the demands of a contemporary lifestyle”.
The home, on an 1,190-square-metre block, last sold in 1999 for an undisclosed price.  
<img src="/images/stories/2012/06/william.jpg">
The second most expensive sale of the week was the three-bedroom penthouse of the Montage building in Double Bay with harbour views (pictured above). It sold for $2.75 million.
1. 4 Royston Court, Kew, VIC, 3101, five-bedroom house, sold before auction on June 2 by Marshall White Real Estate for $2,836,000
2. 45/51 William Street, Double Bay, NSW, 2028, three-bedroom unit, sold on June 1 by Di Jones Real Estate Woollahra for $2.75 million
3. 92 Morris Street, Williamstown, VIC, 3016, four-bedroom house, sold at auction on June  2 by Williams Real Estate for $2,692,000
4. 687 Park Street, Brunswick, VIC, 3054, five-bedroom house, sold at auction on June 2 by Peter Markovic Real Estate Fitzroy for $2.65 million
5. 14 Bangalla Street, Warrawee, NSW, 2074, six-bedroom house, sold before auction on May 31 by L J Hooker Wahroonga for $2.56 million
6. 19 Yanko Avenue, Bronte, NSW, 2024, five-bedroom house, sold before auction on June 2 by Raine &amp; Horne Double Bay for $2.5 million
7. 86 Stanhope Street, Malvern, VIC, 3144, three-bedroom house, sold at auction on June 2 by R T Edgar Toorak for $2,405,000
8. 46 Burns Crescent, Chiswick, NSW, 2046, four-bedroom house, sold at auction on June 2 by Raine &amp; Horne Concord for $2,401,000
9. 4 Goldsack Street, Glen Osmond, SA, 5064, four-bedroom house, sold at auction on May 30 by Smallacombe Real Estate Burnside for $2.4 million
10. 12 Saywell Street, Chatswood, NSW, 2067, five-bedroom house, sold at auction on June 2 by Shead Property for $2.28 million
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No $3 million sales, with five-bedroom Kew home top sale of the week: RP Data

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G7, 199 Pyrmont Street, Pyrmont, NSW, 2009
<img src="/images/stories/pyrmont1.jpg">
The tenants of this two-bedroom Pyrmont apartment are paying $730 per week and are on a lease until September this year. Within the Casino Gardens building, the apartment includes an internatl laundry, and the building has a swimming pool and gym. It is within easy walking distance of Darling Harbour and the CBD. The property sold to an investor on Friday, June 1, before its scheduled auction on June 2 for $590,000. This secured the investor a gross rental yield of 6.4%, significantly above the indicative gross rental yield for Pyrmont units of 5.1%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. Kho and Lee Property Group agent Sami Yildiz gave pre-sale price hopes in the "early $600,000s".
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $12,000 and over five years to be $42,000.
The median unit price in Pyrmont fell by 4.3% in the past year, according to RP Data.
For more about prices and yields in Pyrmont, see the RP Data suburb page.
 
<hr class="system-pagebreak">
27 Main Road, Neerim South, VIC, 3831
<img src="/images/stories/neerimsouth.jpg">
An investor bought this three-bedroom house for $224,000 at its weekend auction. The current tenants are friends with the vendors and are paying significantly below-market rent of $170 per week. They are on a lease until December, but listing agent Pauline Soutar of Harcourts says market rent for the house would be about $250 or $260 per week. The house is on a large 1,115-square-metre block and is within walking distance of shops and transport.
The sale price reflects a gross rental yield of 4% at its current rental, or potentially 6% if it is later rented out for $260 per week. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
Soutar suggested pre-auction price hopes of $230,000 plus.  
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,000 and over five years to be $6,000.
The median house price in Neerim South fell 11.5% in the past year, according to RP Data.
For more about prices and yields in Neerim South, see the RP Data suburb page.
 
<hr class="system-pagebreak">
 
27 Grace Street, Cabramatta, NSW, 2166
<img src="/images/stories/graceave.jpg">
In the popular Sydney suburb of Cabramatta, this three-bedroom house is on 658 square metres and is close to Cabramatta high school. The $400 a week lease has expired, but LJ Hooker agent Patrick Yeung says the tenant is keen to stay on and that $400 per week is market rent for the area. The property was passed in at an undisclosed price at its weekend auction
Yeung<a target="_blank" href="https://www.ljhooker.com.au/442F8S"> gave pre-auction price hopes of</a> $380,000 plus, and if it sells for that price that would secure an investor a gross rental yield of 5.5%, well above the indicative gross rental yield of 4.1% for Cabramatta houses, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
Yeung recently sold a nearby property for $435,000 that was in much worse condition but in a better location than the Grace Street property. The tenants in that house paid $330 per week. The median asking rent for Cabramatta houses is $380 per week.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $4,000 and over five years to be $10,000.
For more about prices and yields in <a target="_blank" href="/news">Cabramatta, see the RP Data suburb page</a>.
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Investor form guide wrap: Investor snaps up gross yield of 6.4% in Pyrmont

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About 60% of the apartments in Sekisui House’s development St Tropez have been sold about two months after the development came onto the market in late March.
<img src="/images/stories/2012/06/sttropez4.jpg">
St Tropez is the last and the most prestige development in Sekisui’s The Waterfront project at Wentworth Point, about 16 kilometres from Sydney CBD.
The developer has sold 93 of the 154 one-, two- and three-bedroom apartments thus far. There will be 32 one-bedroom apartments, which will range from 50 to 67 square metres and will start from $425,000. The 91 two-bedroom apartments will start from $575,000 and will range from 78 to 100 square metres. The 31 three-bedroom apartments, which start from $800,000, will be between 111 and 187 square metres.
<img src="/images/stories/2012/06/sttropez2.jpg">
Of those that have sold, 60 are under the <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">NSW government's $600,000 threshold for the home builder's bonus</a>, which exempts investors and owner-occupiers from stamp duty on properties under this price point. The bonus expires on July 1. There is just one apartment, a one-bedroom unit, remaining for under $600,000.
<img src="/images/stories/2012/06/sttropez3.jpg">
Wentworth Point is a relatively new suburb, having been officially named in October 2011 and now home to about 5,000 residents. The suburb was formerly part of Homebush Bay and is adjacent to the suburb of Olympic Park. The median sale price for apartments in Wentworth Point is $478,000, and the median price went up 5.1% in the past year, according to RP Data. The median asking rent is $490 per week, and the indicative gross rental yield for Wentworth Point apartments is 5.3%.
<img src="/images/stories/2012/06/sttropez1.jpg">
“The Waterfront has become very well known, with residents in surrounding suburbs and many – even some existing residents within the immediate community - have been waiting for their chance to buy into St Tropez,” says Paul Wainwright, Sekisui house sales and marketing operations.
Wainwright says St Tropez appeals to both owner-occupiers and investors.
“Rental vacancy sits at less than 2% in this area, so interest from investors has always been strong. But buyers looking for the prestige of a waterfront apartment to call home are also making their move. They know this is their last chance,” he says.
Sekisui House is also behind <a href="https://www.propertyobserver.com.au/land/environmentally-minded-buyers-snap-up-sekisui-s-western-sydney-project-the-hermitage-perhaps-drawn-by-satoyama/2012030753713">The Hermitage</a>, a master-planned community in the brand-new Sydney suburb of Gledswood Hill, and<a href="https://www.propertyobserver.com.au/new-south-wales/time-running-out-for-stamp-duty-free-purchases-at-sydneys-central-park/2012030653714"> Central Park</a>, in partnership with Frasers, in Chippendale.
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Almost all sub-$600,000 units in Wentworth Point development St Tropez sold as NSW build bonus deadline looms

<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.

&nbsp;

[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.

&nbsp;

[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.

&nbsp;

[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.

<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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[smartcode_project_cta:default project_id=152737]

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Cassidy Knowlton

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