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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

Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

[smartcode_project:default project_id=135546 project_image_fid=363515]

The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

[smartcode_project:default project_id=135546 project_image_fid=363509]

“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

[smartcode_project:default project_id=135546 project_image_fid=363514]

&nbsp;

Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

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Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

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Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

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Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

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The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

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Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

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The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

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Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

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“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

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Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

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There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

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Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

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The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

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Edward Quinn

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