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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

Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

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The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

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“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

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From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

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Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Edward Quinn

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