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The single tower development on Russell Street been approved by the Brisbane City Council after numerous delays.
<a href="https://olympiaonrussell.com.au" target="_blank">Olympia on Russell</a> is a joint venture between Girdis Group and the Greek Orthodox Community Church of St George Street South Brisbane.
The project has been held up in the approval process, with <a href="https://www.brisbanetimes.com.au/queensland/greek-communitys-traditional-home-under-threat-20130506-2j3jh" target="_blank">some controversy over the destruction of the Hellenic House</a> on the site.
After 18 months, the project has now been approved.
The $40 million development in in Brisbane's West End will have 65 one, two and three bedroom apartments, starting from $380,000. The most expensive apartment will be priced at $1,135,000.
According to Place Projects, who are marketing the properties, at least 42 contracts have been issued for the development.
Place Project's Syd Walker said South Brisbane "has the potential to outgrow all other inner-city Brisbane suburbs over the next 20 years".
"The market is in hot demand at the moment and we predicted strong interest from the start," said Walker.
"The extraordinary levels of interest achieved for the development shows the demand for a quality, boutique product located in the South Brisbane precinct. South Brisbane is home to all the economic and demographic drivers required to achieve long term capital growth, and we know that the rental demand for this new development is set to be unprecedented."
There will be 18 one bedroom apartments, 39 two bedroom apartments and eight three bedroom apartments available to purchase in Olympia on Russell. Their sizes will range from 54 square metres to 151 square metres.
Developer Girdis Group is Brisbane based and has been specialising in property development and asset management since 1958. The group is headed by Nick Girdis, a former dentist, and has completed more than 100 projects.The project was designed by architects Cameron Chilsolm &amp; Nichols.
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jrichardson-uRX5hFdKfN

Brisbane's Olympia on Russell apartments receive development approval

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A house in the Northern Territory's Herbert has been named the "distressed property of the week" by SQM Research managing director Louis Christopher.
<a href="https://www.realestate.com.au/property-house-nt-herbert-118742631" target="_blank">42 Koro Road</a>, which is currently under contract, is located near Humpty Doo town centre. The five acre property includes a pool and gazebo, and was listed with a price guide of $720,000 before it was under contract. The house has four bedrooms and two bathrooms.
"This house in Darwin has been slashed by $60,000," wrote Christopher in an <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a> newsletter.
"It was on the market for $780,000 in December last year and the owners are now aiming to draw buyers with this big discount. The property is located 40 minutes from the Darwin CBD and the price reduction reflects downward pressure on house prices in the city following the commodities downturn. 
"The SQM Weekly Asking Prices Index shows asking house prices have fallen 3.9% over the year to March 25 while asking unit prices are down 6.4%. So, for those who are cashed up and ready to go, there are some bargains in Darwin right now and no doubt, there are more to come." 
 
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Herbert, NT home Louis Christopher's distressed property of the week

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A family from Shanghai has paid the lucky sum of $8,888,888 for the Melbourne CBD freehold at 415 Collins Street.
The four level freestanding office and retail building is located near the corner of Collins Street and Market Street.
<a href="https://www.smh.com.au/business/property/collins-street-building-sells-for-the-right-number-20150326-1m8cb0" target="_blank">Fairfax reports</a> that more than 200 people attended the auction at the foot of the heritage listed building, but the bidding came down to two buyers of Chinese origin.
Bidding began at $5 million for the property, which had a sub $10 million price guide and a reserve of $6.3 million.
In total, 12 buyers reportedly made 51 bids. The locally based bidders, who eventually lost out on the property, made a $8,884,000 bid, but auctioneer Philip Kingston urged the bidders to reach $8,888,888 – eight is a traditionally lucky number for some Chinese people.
The winning $8,888,888 bid was made by the Shanghai-based Ry family.
The sale was marketed by CBRE agents Josh Rutman, Mark Wizel and Lewis Tong. Three investors, Phil Mehrtens, Ted Yencken and Wayne Judson, paid $2.28 million for the 750 square metre property in 1999. The three investors are all associated with construction firm Probuild. Mehrtens is the founder, Judson is a former Probuild business partner and Yencken is a director. Previously, the building had sold for $6.2 million 1990.
The partially vacant property sold yesterday at 2.2% yield. The Reserve Bank recently <a href="/expert-insights/investing/watch-your-yields-rba-warns-as-commercial-property-risks-rise">sounded a warning on commercial property investment</a>, saying: "Although the Australian banking system's exposure to the commercial property sector declined following the global financial crisis, and the recent lending has not increased its share of banks' domestic assets, risks in this area appear to be building."
The Sherlock Holmes Inn is currently located in the basement of 415 Collins Street. The heritage listed building, known as as both Rochelle House and Evans house, was constructed in 1929 as a mixed use building for Thomas Evans, a canvas goods retailer. Designed by Hare Alder Peck &amp; Lacey, the building has a distinctive terracotta detailing in the Moderne style.
An office on the building's first level is currently available to lease, at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501489035" target="_blank">$291 per square metre</a> including all outgoings.
 
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Chinese buyer snaps up 415 Collins Street for lucky $8,888,888

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Even if they are struggling to buy a house, Generation Y may have more of an impact on the property market than they think.
While many presume a link between the proximity of train stations and property values, research firm Onthehouse believes that the positive impact of railway infrastructure on property prices is amplified by the presence of so-called 'millennials'.
According to Onthehouse's research, suburbs with a train station generally recorded capital growth rates above the Sydney region's 10 year average. However, suburbs where the median age of residents was below 37 years – the national average – showed a stronger relationship between train stations and price growth.
In Lidcombe, for example, properties within a kilometre of Lidcombe station are valued 2.1% higher than those more than a kilometre from the station, according to Onthehouse. Eliza Owen, Onthehouse market analyst, noted that the suburb has a median age of 33, and more than 22% of the workforce are professionals.
Click to open in a new window:
<a href="/images/2015/03/27/graph.JPG" target="_blank"><img src="/images/2015/03/27/graph.JPG" alt=""></a>
"Lidcombe is a great example of how millennials are driving up the change in property values in suburbs that have train stations," Owen said.
Onthehouse has picked seven suburbs to watch, based on upcoming rail construction. By 2019, planned railway developments will connect the north western suburbs to the Chatswood line.
<a href="/images/2015/03/27/table-mar-27-one.jpg" target="_blank"><img src="/images/2015/03/27/table-mar-27-one.jpg" alt=""></a>
Source: Onthehouse.com.au
According to Owen, the new stations set for the seven suburbs will allow younger residents to access the CBD, and will create thousands of jobs.
"In Kellyville, the building and maintenance of the station, increased dwelling construction and new commercial establishments are expected to create over 3,000 jobs in the area. Whereas in Kingsford, where one third of the residents fall between 20-29 years old, the light rail is expected to be popular with young people and students travelling to the city for entertainment and work outside of study hours," she said.
The house at <a href="https://www.realestate.com.au/property-house-nsw-kellyville-119208983" target="_blank">28 Ikara Avenue in Kellyville</a> sold for $920,000 earlier this month. The three bedroom house on a 696 square metre plot has polished floorboards throughout and ducted air conditioning. Less than two years ago, in September 2012, the house sold for $580,000, reflecting 58.6% price growth in two years.
In mid July last year, it was advertised to rent at $550 per week. Assuming the rent has remained the same, the house sold at a 3.1% yield.
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Sydney's seven suburbs to watch guided by rail and millennials: Onthehouse

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SQM Research's top 10 most discounted properties list shows the homes around the country that have been untouched by any recent growth in our property markets.
The 10 homes just can't seem to budge, despite price cuts and months – sometimes years, on the market.
One property that can't seem to secure a buyer is <a href="https://www.realestate.com.au/property-house-nsw-oberon-112406507" target="_blank">118 Queen Street in Oberon</a>, New South Wales.
The modest one bedroom house on a 585 square metre plot is now priced at $149,000, after a 50% price cut. The Blue Mountains house has been on the market for 800 days, according to SQM Research, although CoreLogic RP Data places the home's current campaign at 1011 days long.
<a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a>'s top 10 most discounted properties:
<ol>
<li>1/35 Empire Drive, Kincumber, NSW Initial listing price: $889,000 Now asking: $400,000 Reduction: 55% Days on market: 366 
</li>
<li>2 Louisa Street, Ranelagh, Tas Initial listing price: $2 million Now asking: $995,000 Reduction: 50% Days on market: 730 
</li>
<li>118 Queen Street, Oberon, NSW Initial listing price: $299,000 Now asking: $149,000 Reduction: 50% Days on market: 800 
</li>
<li>202-204 Gymea Bay Road, Gymea Bay, NSW Initial listing price: $1.8 million Now asking: $900,000 Reduction: 50% Days on market: 100 
</li>
<li>6 Gatumba Street, Myora, Dunwich, QLD Initial listing price: $1.5 million Now asking: $825,000 Reduction: 45% Days on market: 247 
</li>
<li>8/109 Mitchell Street, Brunswick, Vic Initial listing price: $670,000 Now asking: $390,000 Reduction: 42% Days on market: 156 
</li>
<li>114 Attfield Street, Maddington, WA Initial listing price: $629,950 Now asking: $385,000 Reduction: 39% Days on market: 499 
</li>
<li>292 Carabooda Road, Carabooda, WA Initial listing price: $1.65 million Now asking: $1,032,000 Reduction: 37% Days on market: 581 
</li>
<li>1 Dunraven Court, Sydenham, Vic Initial listing price: $780,000 Now asking: $490,000 Reduction: 37% Days on market: 317 
</li>
<li>219 Bernard Road North, Carabooda, WA Initial listing price: $3.5 million Now asking: $2,272,000 Reduction: 35% Days on market: 581</li>
</ol>
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Oberon, NSW home on the market for over two years: SQM Research's top 10 most discounted list

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Thornbury tied Reservoir as the busiest Melbourne suburb for auctions last weekend, according to CoreLogic RP Data.
Both northern suburbs had 21 auctions scheduled on the weekend of 21 March.
<a href="https://www.realestate.com.au/property-house-vic-thornbury-119173103" target="_blank">99 Hutton Street</a> (pictured above) was one of the homes auctioned in Thornbury last weekend. The Californian style period house sold for $1.15 million through Nelson Alexander's Grant Leonard and Peter Egan.
The three bedroom, one bathroom house has timber flooring throughout and is set on a deep plot, with a garage, shed and cubby house at the back of the property. At $1.15 milion, the home is valued above the suburb's median price of $827,500 (as of February, according to CoreLogic RP Data).
<a href="/news">Thornbury's median price </a>has been gradually increasing since 2011 as the suburb gentrifies. CoreLogic RP Data recorded a 15% growth in Thornbury's median house price over 2014, after 5% growth the year prior.
While Thornbury is largely associated with period cottages, the suburb is increasingly offering renovated or new contemporary homes. <a href="https://www.realestate.com.au/property-house-vic-thornbury-119179815" target="_blank">195 Gooch Street</a> (pictured below) also sold at auction this weekend, for $820,000.
<img src="/images/2015/03/27/thornbury%20mar%2027%20two.jpg" alt="">
The three bedroom, two bathroom contemporary home is brand new, and has open plan living areas with glass doors opening onto a north facing courtyard. Each of the bedrooms has built in robes, and one includes city views. The house sold through Michael Divito and Gino De Iesi of Barry Plant Northcote.
The two bedroom townhouse at <a href="https://www.domain.com.au/property/sold/house/vic/thornbury/?adid=2011800315" target="_blank">6/42 Swift Street in Thornbury</a> (pictured below) sold on Saturday 21 March through Gino De Iesi and Luke Brizzi of Barry Plant Northcote for $567,500.
<img src="/images/2015/03/27/thornbury%20mar%2027%20three.jpg" alt="">
The new residence, one in a block of six, was designed by Cornetta Partners Architects. Another in the block, <a href="https://www.barryplant.com.au/property/208341/1-42-swift-street-thornbury/" target="_blank">1/42 Swift Street</a> (pictured below), is currently listed for sale.
<img src="/images/2015/03/27/thornbury%20mar%2027%20four.jpg" alt="">
CoreLogic RP Data recorded Thornbury's median unit price as $285,000 for February 2015, but the previous month it was at $460,00. The suburb's unit prices were up 3.9% over 2014, after 13.9% growth in 2013.
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Thornbury's busy auction weekend

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A Fairhaven holiday house has sold for $3 million before its scheduled Easter Sunday auction.
The double storey home at <a href="https://www.realestateview.com.au/Real-Estate/lialeeta-road-fairhaven/Property-Details-sold-residential-8401114" target="_blank">Lialeeta Road</a> was listed with $2.75 million to $3 million price expectations by Marty Maher and Mim Atkinson of Great Ocean Properties Aireys Inlet.
While Maher says there is often strong interest in the tightly held holiday homes in Aireys Inlet, the Lialeeta Road house is "certainly a standout property".
"There have only been a handful of $3 million plus sales in the area," says Maher.
The home's location, with easy access to the Fairhaven Surf Lifesaving Club, along with its clifftop position, set it apart from other properties in the area.
The vendors had held the property, used as a holiday home, for 19 years. The three bedroom house on a 920 square metre parcel was renovated in 2010, with timber featuring prominently.
"It had quite a lot of people looking through it, but affordability is an issue at that end," says Maher.
Ultimately, there were two interested parties, with buyers from Melbourne making the $3 million offer pre-auction and securing the property. It will be used as a holiday home.
Its auction was to be one of a number Victorian coastal properties going under the hammer on the traditionally quiet <a href="/news/vic/two-aireys-inlet-homes-among-coastal-victorian-easter-auctions">Easter long weekend</a>.
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Fairhaven clifftop house sells for $3 million before Easter auction

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Townsville's residential property market is currently at the "start of recovery phase", according to Herron Todd White's March Month in Review report.
The northern Queensland city was once touted as a hotspot, with both Australian Property Investor and Your Investment Property <a href="/expert-insights/buying/of-15-000-suburbs-21-rise-to-the-top-as-worth-a-look-for-investors">both naming Townsville</a> in their annual respective Hot 100 and Top 100 lists in 2011. But a sharp economic downturn quelled enthusiasm for Townsville's property market as unemployment rose.
Now, the valuation firm Herron Todd White is cautiously optimistic about the market. The real estate agency predicts that the recent interest rate cut is unlikely to have a great affect on the sluggish market.
"Over the past 12 months on the back of record low interest rates and subdued market conditions, activity remained slow and we believe that the most recent cuts in interest rates will provide little stimulation at a local level with economic factors still being the main driver of our market," says the report.
However, the agency advises that it is currently "a good time to buy" in Townsville, given low median prices and low interest rates. According to the Real Estate Institute of Queensland (REIQ), Townsville's median house price was down 5.6% in the September quarter to $340,000, with a 27% increase in sales activity.
<a href="https://www.realestate.com.au/property-house-qld-bohle+plains-118955947" target="_blank">5 Fulford Annex</a>, in the outer eastern Townsville suburb of Bohle Plains, sold for $331,000 earlier this month. The three bedroom house on a 520 square metre corner plot overlooks parklands and comes with a garden shed and side access (pictured below).
<img src="/images/2015/03/26/bohle%20plains%20mar%2025%20one.jpg" alt="">
The vendors made a loss on the sale, paying $350,000 in November 2011. They attempted to sell it once before, in early 2014. The property spent 61 days on the market, with its asking price reduced to $355,000, before the vendors pulled the listing. When it returned to the market in late January this year, its price guide had dropped further, to $349,000.
The house had been used as an investment property, and was last advertised to rent at $340 per week, in April 2014. Assuming the rent has remained constant, the property sold at a yield of 5.1%.
While the vendors of <a href="https://www.realestate.com.au/property-house-qld-kelso-118785147" target="_blank">17 Janelle Street in Kelso</a> (pictured below) did not make a price loss on the sale of the house, its growth has been subdued over their nine years of ownership.
<img src="/images/2015/03/26/kelso%20mar%2025%20one.jpg" alt="">
They paid $310,000 for the four bedroom, two bathroom house in 2006. It sold for $322,000 in January this year, reflecting just 3.9% price growth in nine years.
In the September quarter of 2014, units and townhouses had a median price of $251,750, down 6.8% from the previous period. Units did not see the escalation in sales activity that Townsville's house market did in the same period, with sales activity down 6.8% for the quarter.
The price of <a href="https://www.realestate.com.au/property-apartment-qld-south+townsville-118434571" target="_blank">402/2 Dibs Street in South Townsville</a> has steadily declined since it was purchased in June 2007 for $355,000. When investors bought the property in September 2011, they paid just $300,000 – a 15.5% price drop. At its sale earlier this month, it traded for $255,000 – down another 15% from its 2011 price and $100,000, or 28%, from its 2007 price.
<img src="/images/2015/03/26/townsville%20mar%2025%20one.jpg" alt="">
Its advertised rent has also dropped, from $400 per week throughout 2013 to $350 per week in May 2014. At that rental rate, it sold at a 7.1% yield.
The "economic factors" cited by the Herron Todd White report include "lingering high unemployment levels" and doubts over job security, which continue to hinder the market despite surrounding "positive vibes". While Townsville is widely regarded as being less exposed to volatile single-industries as some other regional Queensland towns, its economy still suffered last year over a range of industries. Data released in July 2014 showed Townsville had the highest unemployment rate in Queensland, at 10.5%. At the time, regional economist <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-07-18/townsville-records-qlds-highest-jobless-rate/5606418" target="_blank">Colin Dwyer told the ABC</a> there were many factors contributing to the poor employment factors:
"That is more likely to be ... structural issues within the regional economy and that's likely to be in the areas of construction, likely to be in the areas of transport, likely to be in the areas of mining and also agriculture, so it's not a single item that's contributing to the high unemployment rate," Dwyer said.
In September, Local Government, Community Recovery and Resilience Minister <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-09-19/townsville-jobs-disappear-amid-perfect-storm-of-economic-factors/5751132" target="_blank">David Crisafulli told the ABC</a> that the economy was suffering under a "perfect storm" of factors.
Since then, Townsville's economy appears to have improved, perhaps indicating the beginning of a recovery, as identified by Herron Todd White. Figures released in February show Townsville's unemployment rate is now at 8.0%, with areas like Cairns and Mackay showing weaker employment figures.
As for Townsville buyers most likely to benefit from the current "depressed market" and low interest rates, Herron Todd White believes it is those who already have money saved, including investors. According to the REIQ, though the Townsville rental market remained "weak", with a 4.7% vacancy rate, it was steady, while vacancy rates in many other Queensland regions, including Cairns, were increasing.
Currently, this three bedroom Queenslander in Garbutt, at <a href="https://www.realestate.com.au/property-house-qld-garbutt-408504651" target="_blank">45 Chandler Street</a>, is being offered with the first week rent free (pictured below).
<img src="/images/2015/03/26/garbutt%20mar%2025%20one.jpg" alt="">
The advertised rent for this investment property has decreased from $575 per week in December 2010 to $500 per week in September 2012, down to the currently advertised $450 per week.
The owners paid $461,000 for the house in 2008. If they can secure a tenant at the currently advertised rate, it will reflect a rental yield of 5.07%. In 2010, it was yielding 6.49%.
SQM Research has tracked an escalation in Garbutt's vacancy rate from mid-2012.
<img src="/images/2015/03/25/Picture%2022.png" alt="">
<img src="/images/2015/03/25/Picture%2023.png" alt="">
While low interest rates currently on offer may entice some investors, Herron Todd White observe that it's the local economy, not interest rates, which will have the biggest effect on Townsville's recovering market.
"Overall the impact of low interest rates is not currently having any dramatic impact on the market, and until our local economic conditions improve, this is likely to remain the status quo", reads the report.
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High unemployment "remains a restraint" for Townsville market: Herron Todd White

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A family home designed by architect Michael Suttor has sold for $5.85 million after 24 years of ownership.
The four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-woollahra-118040975" target="_blank">8 Wallaroy Road, Woollahra</a> sold at auction through Georgia Cleary of Bradfield Cleary Double Bay. The first bidder, who eventually secured the home, placed the opening $5 million bid. The house was declared for sale at $5.65 million.
With an outdoor entertaining area by Annie Wilkes, the double storey home includes multiple formal and informal living areas. Each of the four bedrooms have built in robes, while there is an additional fifth bedroom or library space. The house also includes a wine cellar and a solar heated pool.
CoreLogic RP Data named the home the most expensive to sell in the past week, with the data house not including the sale of <a href="/expert-insights/buying/sandringhams-7-8-million-versace-inspired-trophy-home-tops-sydneys-weekend-auctions">Sandringham's $7.8 million Versace-inspired mansion</a>.
CoreLogic RP Data's top 10 sales of the week ending 23 March:
<ol>
<li>8 Wallaroy Road, Woollahra, NSW, 2025, four-bedroom house, sold at auction on March 17 by Bradfield Cleary Real Estate for $5.85 million</li>
<li>15 Tamarama Marine Drive, Bronte, NSW, 2024, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $4.51 million</li>
<li>15 Tusculum Street, Potts Point, NSW, 2011, three-bedroom house, sold on March 17 by McGrath Estate Agents for $3.5 million</li>
<li>3 Stack Street, Balmain East, NSW, 2041, four-bedroom house, sold prior to auction on March 20 by Cobden &amp; Hayson Balmain for $3.275 million</li>
<li>70 Carabella Street, Kirribilli, NSW, 2061, three-bedroom house, sold at auction on March 21 by Belle Property Neutral Bay for $3.2 million</li>
<li>32 Cutler Road, Clontarf, NSW, 2093, four-bedroom house, sold on March 20 by L J Hooker Balgowlah for $3.1 million</li>
<li>8 Slade Avenue, Lindfield, NSW, 2070, four-bedroom house, sold at auction on March 21 by McGrath Estate Agents for $3.095 million</li>
<li>16 Alfred Street, Bronte, NSW, 2024, five-bedroom house, sold prior to auction on March 18 by McGrath Estate Agents for $3 million</li>
<li>35 Gellibrand Street, Kew, VIC, 3101, five-bedroom house, sold at auction on March 21 by R T Edgar Hawthorn for $3 million</li>
<li>67 Crows Nest Road, Waverton, NSW, 2060, four-bedroom house, sold prior to auction on March 21 by L J Hooker Milsons Point for $2.925 million</li>
</ol>
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Michael Suttor designed Woollahra house sells for $5.85 million

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Auctioneer David Wood of hockingstuart Albert Park is set to return to The Block this season to sell Charlotte and Josh's apartment.
Mark Konishi of hockingstuart South Yarra is the listing agent.
Wood's greatest success on The Block so far came when he auctioned off Steve and Chantelle's winning apartment on The Block Fans v Faves. The Albert Park apartment in the former Dux Theatre sold for $2.47 million, a record price for the show.
Steve and Chantelle, dubbed the season's "renovation rookies", pocketed the $636,000 above-reserve "profit", along with a $100,000 prize.
At the time, Wood told Property Observer that he would be "delighted" to return to the show.
However, he didn't make an appearance last season, on The Block Glasshouse, where two teams only sold their apartments for a disappointing $10,000 above reserve.
Previously, he appeared on <a href="/news/agents-back-at-the-block-hockingstuart-set-to-sell-in-the-block-albert-park">The Block Sky High</a>, auctioning Trixie and Johnno's penthouse apartment at 142 Park Street, which sold for $1,605,000.
Charlotte and Josh, a chippy and food stylist from Manly in New South Wales, won the show's most recent room reveal with their en suite. The black and white tiled room featured a timber vanity, double black and white sinks, and white plantation shutters.
According to <a href="https://www.propertyobserver.com.au/https://www.therealestateconversation.com.au/2015/03/24/the-blocks-first-apartment-auction/1427198400" target="_blank">The Real Estate Conversation</a>, Josh and Charlotte's apartment will be listed with a price guide of $1.4 million on 30 March. The property will be open for inspection on April 11 and 12.
Meanwhile, it appears returning couple Darren and Deanne are considering careers in property development. The <a href="https://www.dailymail.co.uk/wires/aap/article-3007202/The-Block-double-Ds-eye-renovation-career" target="_blank">Daily Mail</a> reports that Darren Jolly is hoping to become a registered builder, while Deanne has been "inundated with requests" for her redecorating services from both commercial and individual clients. She also told AAP that she has been considering future television appearances.
 
 
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David Wood of hockingstuart to auction Charlotte and Josh's The Block Triple Threat apartment

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Jessie Richardson

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