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Property developer Australand has denied claims it ranks among Australia's leading residential landbankers – a claim made after a study of housing lots around Australia undertaken by activist website, Prosper.
The property developer had less than 8.5 years of supply compared with 19.2 years estimated by Prosper, Australand advised Property Observer who sought a response from all seven leading developers.
The overall claim of land banking went un-rebutted by the six other publicly listed developers.
Prosper claimed Australian land developers were holding onto land and thereby keeping or pushing up residential land prices.
Using data from the company annual reports, <a href="https://www.prosper.org.au/2012/12/06/englobo-2/" target="_blank">Prosper's study</a> endeavoured to calculate total lots held by developers divided by the amount sold over a recent twelve month period to arrive at their conclusion.
Prosper concludes that “this selfishness can be changed by astute application of land tax. Broadacre land zoned residential ought be taxed as if it were already in use.” 
However their approach - which found an average of 18.4 years of supply per developer - was labelled as overly simplistic by industry participants.
The McKell Institute advised Property Observer that they had endeavoured to undertake a similar study but concluded they couldn't get access to all the requisite data to make conclusions with confidence.
“I would not know where to start in picking this apart - the land development industry is far, far more complex than this simplistic analysis suggests!!!” commented one industry expert.
“The subject at hand - affordable land supply - involves a significant and complex matrix of issues such as regulatory intervention, delivery timeframes, and infrastructure coordination…not to mention commercial realities including financing, costs and risks.” the Housing Industry of Australia (HIA) chief economist, Harley Dale told Property Observer.
Australand was the only developer to actually rebut the figures in the Prosper article, while Stockland gave a response on the complexities of development.
The amended figures received were quite different to Prosper's as the lots sold were 2,536 as opposed to 1108 as mentioned in the article which severely effected the calculation of years of supply and as a result Australand had around 8.5 years of supply compared with 19.2 as claimed by Prosper.
Stockland gave Property Observer a brief response outlining the complexities of development and the time required to ensure a project is completed at a high standard. The Peet spokesperson said the "issue is quite a complicated one."
“As part of our approach to developing sustainable residential communities, we schedule development to ensure local private and public infrastructure, including transport, telecommunications, energy and water supply is available to meet the growing numbers of residents in each community.” Stockland representative.
Lend Lease had no opinion on the matter, and the remaining developers did not offer any response.
Following the late 2012 publication of the article by Prosper the claim of landbanking did not prompt any response from the seven developers to Prosper.
“The nil response from developers and real estate lobbyists was an insight in itself… their silence in response to this was deafening,“ commented David Collyer, the author of the Prosper article.
Prosper argue that taxing rezoned ready to sell land would speed up the turnover of land from paddock to subdivision.
But Angie Zigomanis from BIS Shrapnel told Property Observer "a land tax for zoned land may also encourage developers to turn over their land quicker if they are holding zoned land. If more land is forced onto the market in a corridor, then it could also result in price competition.”
However, Mr. Zigomanis believe there may be some “unintended consequences” as developers would delay rezoning land to save on tax, potentially placing supply pressures and driving up prices.
"It is clear that the topic of land banking is far more complex than the Prosper article defines it.
"Simply resolving the issue with higher taxes will only increase the cost of the development, which in turn is passed onto the purchaser.
"In circumstances where developers are competing on price, it could impact on the type and quality of the product being offered,” commented Mr Zigmomanis.
Colin Keane at Research4 says any high level of supply did not suggest that developers were holding back producing new lots, but rather have continued to produce more land parcels in the face of weakening sales.
He says the current lower than expected sale rate has nothing to do with supply levels but more to do with an array of issues impacting on price, location of supply, drivers of demand and production capability.
"Taking the price issue, some would say that the industry is experiencing lower sale rates because the price is too high.
"The price points for land is a factor in deterring potential customers, however to blame it on “land banking” would once again be inaccurate."
Keane maintains the volume of land under control by the major developers is small - and not enough to influence pricing strategy across the market.
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Residential developers landbanking denial

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Brisbane house prices have remained relatively steady over 2012, according to the latest quarterly median house price data released by the Real Estate Institute of Queensland (REIQ).
Median house prices are up 0.4% in the December 2012 quarter to $510,000.
This is the second consecutive quarterly increase for Brisbane house prices.
REIQ chief executive Anton Kardash says the latest quarterly result demonstrates that the second half of 2012 was one of improvement.
“This is the second consecutive quarter where the market has exceeded expectations,” he says.
“Historically the December quarter is quieter than the September quarter - and we did have a very strong September quarter last year – but what these figures are showing us is that buyers continue to be more active than the year before.”
The volume of houses sold in Queensland is up 8%, year-on-year.
“There is no doubt that the Queensland market is improving due to the low interest rate environment, increasing confidence levels, an element of pent-up demand, as well as a more settled economic outlook here and overseas,” Kardash says.
“Upgrader suburbs in Brisbane did particularly well over the period, with many buyers taking advantage of low interest rates to make their move,” he says.
“Unfortunately, however, the numbers of first-home buyers active in the Queensland market continues to trend down following the removal of the first-home owners’ grant in October last year.”
One of the better-performing Brisbane suburbs over the quarter was Ashgrove, where median house prices jumped 11.9% in the quarter to end the year 3.2% up on 2011 at $755,000.
Bracken Ridge also finished the year strong, with median house prices up 13.9% for the quarter and 2.7% for the year to $428,750.
The median house price in the suburb of Nundah is $631,250 in December, up 9.8% for the December quarter and 9% for the year.
The median Brisbane house price fell 0.4% over 2012 from $512,000 in the December quarter 2011.
In the December quarter of 2011 the median Brisbane house price fell 0.2% to $499,000.
Photo by bertknot, courtesy of Flickr
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Brisbane house prices steady in 2012: REIQ

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Investor confidence has returned to the long-troubled NSW pub sector, according to CBRE.
CBRE sold or placed under contract around $40 million worth of pubs over the Christmas/New Year period with a further $30 million worth of hotels is to be offered to the market in coming weeks.
CBRE Hotels will soon commence marketing four high profile properties: the Bristol Retro Arms in the Sydney CBD,The Welcome Hotel at Rozelle in Sydney, the Banjo Paterson at Jindabyne and the Swansea Hotel at Lake Macquarie. 
"We have certainly noticed a shift in buyers and sellers attitudes as well as that of other stakeholders, including banks, who have a renewed appetite to lend on well-located properties with established trading histories," says’ CBRE’s Joel Fisher said. 
"This is expected to aid a continued recovery in the market and underpin a pick-up in sales activity over the next 12-24 months."
The Hotels team at CBRE has associated the recent uptick to “historically low interest rates and the perception that legislative risks have been watered down… Enabling purchasers to make more considered and educated decisions about both their investments and current valuations.”
The Banjo Paterson Inn in Jindabyne will be listed by CBRE and is expected to generate considerable interest due to last year’s strong ski season.

“The hotel offers its own microbrewery as well as a successful adjoining motel and there is future upside via a current DA (development approval) for a residential redevelopment of the property.”

Also on the market, The Welcome Hotel – located in Rozelle, Sydney’s inner west, is expected to gain significant interest as it is regarded as one of the best hotels in NSW by the SMH Good Pub Food Guide.

“The hotel has a strong established trading record and offers significant upside potential, which will help underpin buyer interest.” 

“A significant draw card for purchasers will be the fact that the property is positioned to capitalise on Sydney’s increasing inner city population base, with a range of high density residential projects proposed in the surrounding suburbs,” Fisher says.
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Sydney CBD pubs listed for sale as confidence and investors returns to sector

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Chatswood's office vacancy rates has fallen to its lowest level in over five years, according to the Property Council of Australia's (PCA) latest Office Market Report.
The vacancy rate in Chatswood fell nearly 5 percentage points in the six months to January, as it tightened from 13.7% to 8.9%. This was as a result of net absorption of 13,662 square metres in the period.
The declining Chatswood vacancy rate helped push the overall vacancy rate on the North Shore down from 9.4% to 9% in the six months to January 2013 -  its lowest level since July 2007. 
“Strong demand in Chatswood has helped fuel the cut in vacancy rates across the North Shore,” says Property Council NSW, executive director, Glenn Byres. 
Vacancies rose in the two other key North Shore markets.
In North Sydney they rose from 7.4% to 7.8% and in Crows Nest / St Leonards they increased from 10.7% to 12%.
Supply levels in Crows Nest / St Leonards increased with the addition of 16,320 square metres of office space in the period.
“New supply totalling 17,694 square metres hit the market in the past six months, 2,323 square metres of stock was withdrawn – and net absorption increased by 18,995 square metres.
"There is only 350 square metres of stock is due to enter the North Shore market in 2013, followed by a further 4,400 square metres of new stock in 2014," Byres says.
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Chatswood office vacancy rate at lowest in five years

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An opportunity has arisen for private investors and self-managed super funds to purchase the premises of a Bank of Melbourne retail outlet offering a potential yield of 6.8%. 
The bank branch, located at 297 Wyndham Street in the Shepparton CBD is close to retail premises tenanted by Westpac, Commonwealth Bank, ANZ, Gloria Jeans and Rivers stores. 
It is expected to fetch around $600,000.
Recently refurbished, the property is leased to The Bank of Melbourne at $40,979 per annum for five years with two further five year renewal options with fixed annual rent increases of 3%. 
Zoned business 1, this property has a total land area of 270 square metres and building area of approximately 150 square metres including five metres of street frontage to Wyndham Street.
It is being marketed by Raoul Holderhead and Jamie Perlinger from Burgess Rawson. 
Bank branches proved popular with investors last year with Burgess Rawson selling 12 of them on yields ranging from 5.75% to in excess of 8%.
Prices ranged from just $202,000 paid for a Bendigo Bank branch in Elmore on a yield of 6.6% to $5.9 million paid for the Commonwealth Bank branch in Balmain in inner Sydney, also on a yield of 6.6%. 
“Banks have emerged from a period of rationalisation and are increasingly viewed as stable long term covenants that occupy prime retail locations,” says Burgess Rawson. 
“Furthermore banks appear to be shoring up strategic locations and committing to longer lease terms.” 
A less than two hour drive from Melbourne, Shepparton is located within The Goulburn Valley, which is known as the food bowl of Australia.  
The property will be auctioned as part of the Burgess Rawson investment portfolio auction on February 27.
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Shepparton Bank of Melbourne branch listed for auction with $600,000 expectations

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<div>South Australia took the prize for the most expensive house last week with the sale of 4-6 Delamere Avenue, Netherby.</div>
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<div>Quoted between $2.65 million and $2.75 million, the 1950s house fetched $2.7 million on the weekend.</div>
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<div>Selling for just $20,000 more than 6 English Place, Kew, Victoria – the Netherby property was the highest price paid in the country last week, according to sales notified to RP Data.</div>
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<div>Listed by Harcourts Brock Williams, the four-bedroom house has a tennis court, an indoor swimming pool and consists of two titles over 2380 square metres.</div>
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<div>The house is located within walking distance to Mercedes College with close proximity to popular shopping precincts, sporting facilities and the CBD. The property last traded at $347,500 in 2000.</div>
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Most expensive sales
1. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/4_delamere_avenue_netherby_sa_5062/10162069" target="_blank">4-6 Delamere Avenue, Netherby, SA, 5062</a>, four-bedroom house, sold on February 8 by Harcourts Brock Williams for $2.7 million
2. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/6_english_place_kew_vic_3101/16062950" target="_blank">6 English Place, Kew, VIC, 3101</a>, four-bedroom house, sold on February 6 by Kew Main Drive for $2.68 million
3. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/6_moule_avenue_brighton_vic_3186/10016736" target="_blank">6 Moule Avenue, Brighton, VIC, 3186</a>, five-bedroom house, sold at auction on February 9 by Greg Hocking City Residential for $2.55 million
4. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/31_high_street_strathfield_nsw_2135/6485381" target="_blank">31 High Street, Strathfield, NSW, 2135</a>, five-bedroom house, sold at auction on February 9 by Devine Real Estate for $2.027 million
5. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/102_allinga_avenue_glenunga_sa_5064/9641545" target="_blank">102 Allinga Avenue, Glenunga, SA, 5064</a>, four-bedroom house, sold at auction on February 9 by Harcourts Brock Williams for $1.91 million
6. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/2_whitehall_road_kenthurst_nsw_2156/3297726" target="_blank">2 Whitehall Road, Kenthurst, NSW, 2156</a>, five-bedroom house, sold at auction on February 9 by Richardson &amp; Wrench Kenthurst for $1.79 million
7. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/88_lord_street_richmond_vic_3121/12740171" target="_blank">88 Lord Street, Richmond, VIC, 3121</a>, four-bedroom house, sold at auction on February 9 by Jellis Craig Richmond for $1.61 million
8. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/20_wyoming_avenue_oatlands_nsw_2117/5147198" target="_blank">20 Wyoming Avenue, Oatlands, NSW, 2117</a>, five-bedroom house, sold at auction on February 9 by McGrath Estate Agents for $1.55 million
9. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/212_george_bass_drive_lilli_pilli_nsw_2536/3754046" target="_blank">212 George Bass Drive, Lilli Pilli, NSW, 2536</a>, five-bedroom house, sold prior to auction on February 9 by Elders Batemans Bay for $1.428 million
10. <a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property-overview/82_oatley_avenue_oatley_nsw_2223/5154485" target="_blank">82 Oatley Avenue, Oatley, NSW, 2223</a>, five-bedroom house, sold at auction on February 9 by PRD Nationwide Harvey Oatley for $1.375 million
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Adelaide's Netherby takes the prize for week's top sale: RP Data 

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Fears the federal government would impose greater taxes on superannuants over 60 have been allayed.
Prime Minister Julia Gillard said the government had no plans to introduce taxes <a target="_blank" href="https://www.propertyobserver.com.au/news/tax-industry-welcomes-over-60s-superanuation-clarfication/2013020759212">on superannuation payments for over 60s.</a>
“The government reaffirms that it will never remove tax-free superannuation payments for the over 60s,” she told Parliament.
The prosect was raised earlier this year given the government needs to seeks new ways to pay for spending promises.
It was suggested the $1.5 trillion Australian industry could have been on top of the list to fund the promises.
It has been estimated $32 billion worth of tax concessions are derived annually by superannuants.
Last May the government lifted the tax on superannuation contributions for Australians earning more than $300,000.
The government currently has a 15% tax rate on super contributions and earnings.
 
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Tax-free superannuation payments for the over 60s to remain: Julia Gillard

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The valuation of all Pittwater property dropped 4.7% over the past three years, according to the NSW Valuer-General.
Landowners in the Pittwater local government area (LGA) were recently issued with the fresh individual valuations used for ratings purposes and land tax charges.
As at July 1, 2012 Pittwater’s 2012 valuation program consisted of 20,257 properties, up from 20,150 in July 1, 2009.
The Valuer General concluded property values in the Pittwater municipality have generally decreased in the three-year period since the last valuation program was conducted.
“The total land value of the Pittwater LGA as at 1 July 2012 was approximately $17.97 billion. This is an overall decrease from the total land value of $18.81 billion determined as at 1 July 2009,” says Valuer-General Phillip Western.
But residential land values had generally remained steady in the period, with the moderate falls occuring in waterfront, prestige and holiday market land in areas such as Palm Beach, Whale Beach and the western foreshore of Pittwater, according to the NSW Valuer General.
But one example given by the Valuer General of residential values in Alexander Road, Avalon have slightly decreased by 5.5% as typical prices in 2010 were $697,000 for 682 square metres.  In the latest valuations, Alexander Road had typical values of $660,000 for the same size property.
 
Commercial land values have remained steady with the exception of land in Avalon and Palm Beach which showed a slight increase in value.   Typical values in Barrenjoey Road Newport were $1.3 million for 556 square metres in 2010 and $1.38 million on 556 square metres in 2012.  This is an increase of 6% over three years. 
 
Parts of Narrambeen stood out, showing moderate increases in commercial land values.
 
Industrial and rural residential land also remained steady with notable increases in value in Mona Vale and non-urban values in Ingleside.
 
Jubilee Ave in Warriewood saw an increase in general industrial values as the sale of a property in 2010 represented $552 per square metre and in 2012, $588 per square metre.
 
A typical rural land value in 2010 was $841,000 for 2,605 square metres in Laurel Road West, Ingleside – compared with $930,000 in 2012, an increase of 10.5%.
 
“Typical residential land values as at 1 July 2012 were: 
• 683 square metres at Alexander Road, Avalon valued at $660,000 
• 696 square metres at Allington Crescent, Elanora Heights valued at $565,000 
• 828 square metres at Bilkurra Avenue, Bilgola valued at $560,000 
• 696 square metres at Alameda Way, Warriewood valued at $529,000 
• 696 square metres at Jeanette Avenue, Mona Vale valued at $645,000  
• 702 square metres at Lanyon Place, Newport valued at $680,000 
• 930 square metres at Pacific Road, Palm Beach valued at $1,450,000 
• 784 square metres at Dress Circle Road, Avalon valued at $649,000. 
 
“Typical commercial land values as at 1 July 2012 were: 
• 734 square metres at Barrenjoey Road, Palm Beach valued at $1,070,000 
• 556 square metres at Barrenjoey Road, Newport valued at $1,380,000 
• 240 square metres at Old Barrenjoey Road, Avalon valued at $1,070,000 
• 462 square metres at Waratah Street, Mona Vale valued at $1,590,000 
• 879 square metres at Bowling Green Lane, Avalon valued at $1,380,000 
• 204 square metres at Pittwater Road, Narrabeen valued at $525,000. 
 
“Typical industrial land values as at 1 July 2012 were: 
• 860 square metres at Darley Street, Mona Vale valued at $970,000 
• 697 square metres at Garden Street, North Narrabeen valued at $550,000 
• 1,921 square metres at Jubilee Avenue, Warriewood valued at $1,130,000. 
 
“Typical rural residential land values as at 1 July 2012 were: 
• 2 hectares at Dendrobium Crescent, Elanora Heights valued at $1,950,000 
• 2,605 square metres at Laurel Road, Ingleside valued at $930,000 
• 5,229 square metres at Minkara Road, Bayview valued at $1,080,000. 
 
Mr Western said landowners wishing to know more about their land value or the land 
valuation system could call toll free on 1800 110 038 or visit the Land and Property 
Information website at <a href="https://www.lpi.nsw.gov.au/valuation">www.lpi.nsw.gov.au/valuation</a>. 
 
 
 
 
 
 
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Pittwater valuations dip 4.7%

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Serviced apartment group Quest has announced plans to build ten new apartment buildings in NSW by 2014. 
These are in addition to three new properties that will open in Queensland, one in outer Melbourne, one in regional Victoria and another in the Adelaide CBD this year. 
New serviced apartments will be built in Albury, Shellharbour, Nowra, Orange and Liverpool with five further locations yet to be revealed. 
The announcement was made by Quest chairman Paul Constantinou alongside NSW premier Barry O’Farrell at the opening of the group’s latest property at Sydney Olympic Park. 
The increase in accommodation will be aimed at extended-stay business travellers. 
The new buildings will increase Quests total stock of rooms by over 70%, taking pressure off existing apartments targeting business travellers of four or more nights per stay. 
“This investment follows the increasing need by business travellers for accommodation in the State’s regional and suburban hubs where traditional accommodation options are no longer meeting their needs,” says Constantinou. 
“This year, we will commence construction at five new locations - in Albury, Shellharbour, Nowra, Orange and Liverpool. We will continue this expansion, with another five properties to commence in the following year.”
 Quest currently has 21 properties in NSW, providing accommodation to approximately 120,000 extended stay business travellers. 
On completion of these projects, Quest aims to have a total of 2,365 rooms in NSW hosting around 200,000 travellers annually. 
Quest will build serviced apartments in regional areas where the NSW government is spending on infrastructure. 
“Quest is building properties in areas where there has been significant investment in public and private infrastructure such as roads and rail, hospitals, educational institutions and retail precincts.” 
“This commitment to investment in thriving regional and suburban locations across NSW demonstrates business confidence in long term growth across the State,” said O'Farrell. 
The group has been active in recent years with its expansionary plans.
In July last year, Quest agreed  to lease all <a href="https://www.propertyobserver.com.au/leisure/quest-to-operate-131-serviced-apartments-in-kyren-groups-%24100-million-adelaide-cbd-development/2012072655740" target="_blank">131 apartments</a> that form the residential component of the Kyren Group's $100 million mixed-use building in the Adelaide CBD. 
In May last year Quest signed a lease with the Deague family’s Asian Pacific Group for a $50 million refurbishment of the <a href="https://www.propertyobserver.com.au/leisure/quest-to-operate-serviced-apartments-in-rothelowman-designed-frankston-property/2012050854596">Peninsula Centre in Frankston</a>.  This project consists of 81 serviced apartments within the 150 apartment building, to be completed in early 2013.
Established in 1988, Quest currently has 140 properties across Australia, New Zealand and Fiji.
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Quest to build 10 new serviced apartment buildings in NSW over next two years

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The Block All Stars maintained its audience during its second airing on Tuesday night, again just falling short of 1 million viewers.
But The Block was again trumped by Channel Seven in the early evening timeslot when just over 2.12 million watched My Kitchen Rules. It was also narrowly beaten by Home &amp; Away in the 7pm timeslot.
The Block had 952,000 viewers on Tuesday night, down a tad on its 959,000 viewers on Monday night.
There was a slight fall too in viewers for MKR, which rated 2.22 million on Monday night.
Home &amp; Away had 977,000 viewers on Tuesday night.
Excluding news and current affairs shows, The Block All Stars was a steady fifth overall in the night's ratings, behind MKR, Packed to the Rafters, Big Bang Theory and Home &amp; Away.
The Block lost some viewers on Tuesday night viewers in Melbourne, with a dip of 10% – or 38,000 Melburnians – with 316,000 tuned in.
Sydney lost 6% of its viewers to be 233,000 viewers. But The Block numbers were buoyed by Brisbane, Perth and Adelaide all increasing their audiences.
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The Block maintains its audience, despite slight Melbourne turnoff

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Joel Robinson

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

<img alt="Trielle at Yarra's Edge, Docklands" data-entity-type="file" data-entity-uuid="c00be724-b0f1-47c0-afed-54f829870704" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerus%20sub-penthouse.png?VersionId=Uktd61kpLSqNjwJeDFs7IaZ3xgLlDQmu" />

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

<a href="https://www.apartments.com.au/developers/jwland-development">JWLand</a>’s De Burgh, the final residential release within the Northbourne Village precinct in Lyneham, is nearing completion just as the Federal Government’s Home Guarantee Scheme prepares for its most significant expansion to date.&nbsp;

From October 2025, the scheme will allow first home buyers to enter the market with just a five per cent deposit and no lenders mortgage insurance (LMI), removing some of the most common barriers to ownership.

With <a href="https://www.apartments.com.au/new-apartments/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a> on track for residents to move in by late spring 2025, the timing creates a strong opportunity for first home buyers seeking brand-new apartments in Canberra’s sought-after Inner North.&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=212888]

The project delivers 350 residences across two buildings, with layouts ranging from compact studios through to one, two, and three-bedroom apartments.

JWLand has tailored the development for long-term liveability, integrating natural light, privacy and outdoor space into each home. Ground-floor residences feature private courtyards, while upper levels benefit from generous balconies.

Kitchens are fitted with Fisher &amp; Paykel appliances, and all apartments include ducted reverse-cycle air conditioning with smartphone app control for lighting and climate.&nbsp;

Shared resident facilities include a rooftop garden, gym, lounge and parcel lockers, alongside landscaped green space within the precinct.

[smartcode_project:default project_id=139989 project_image_fid=267376]

For buyers, the expanded Home Guarantee Scheme removes income caps and introduces unlimited places, making it more accessible than ever. With most De Burgh apartments priced under $1 million, they fall well within the updated eligibility thresholds.

The policy changes provide first home buyers with greater certainty and a smoother path to finance. Combined with the quality and location of De Burgh, the expanded scheme is expected to draw a new wave of buyers to Canberra’s Inner North.

Residents will benefit from the project’s central setting, just 600 metres from the light rail and three kilometres from Canberra’s CBD. The precinct is bordered by the <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands and sits within easy reach of cafes, restaurants, schools and the ANU.

With completion scheduled for late 2025, De Burgh is set to be among the first major apartment projects to meet the expanded scheme head-on, offering first-time buyers a realistic pathway to ownership in one of Canberra’s most connected neighbourhoods.

[smartcode_project_cta:default project_id=139989]

Edward Quinn

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