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GUEST OBSERVATION
Over the weekend the Andrews government announced a tax on foreign investment in Victorian real estate. This includes a 3% Stamp Duty surcharge and a 0.5% Land Tax premium. On top of the $5,000 foreign investment fee announced by the Federal government, this will add some much needed balance between those looking for housing and those wanting an investment.
However, we wait with baited breath for the devil in the detail. The one sure winners are Australian property investors who will enjoy less competition from foreign investors. A national property spruiker is currently touring the nation a seminar beckoning investors to enjoy their ‘unfair advantage’. Such a move by Andrews will do nothing to unwind local investor advantage.
In fact, this ‘reform’ may add further benefit to Australian investors. Whilst the policy announcement allows New Zealand citizens and those with permanent residency to enjoy their unfair advantage, we are yet to see the detail on Real Estate Investment Trusts (REITs) and property syndicates. Will foreigners be able to invest in local investment entities if under say a 20% capital threshold? REITs are already benefitting from the <a href="https://www.prosper.org.au/2015/02/24/the-foreign-investment-future/" target="_blank">Significant Investment Visa</a> program.
We are pleased to see<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-05-02/foreign-home-buyers-set-to-pay-higher-taxes-in-victoria/6439650" target="_blank"> Treasurer Tim Pallas stating: </a>
“We think it’s inherently unfair on Victorians for foreign purchasers to take the gains of owning property in Victoria through the services and infrastructure that Victorians pay over an extended period of time without contributing their fair share,”
This implies it is bad for foreigners to <a href="https://www.prosper.org.au/georgist-glossary#Unearned%20Income" target="_blank">make money in their sleep</a>, but perfectly acceptable for Victoria’s elite to do so. Hypocrisy we say!
An upfront Stamp Duty will curb some demand but established foreign investors will see this as requiring even greater capital gains to justify investments. This may extenuate the number of vacant properties and the investment window held. It could also see further cuts in quality product by foreign developers.
The Andrews government did have the common sense to include a Land Tax component to the impositions on foreign investment. Whilst the new 3% stamp duty on a $600,000 home will add some $18,000 to a foreign investment, the 0.5% increase in Land Tax is minimal. For the same home, that equates to an extra $1750 imposition.
If Andrews was serious he would have reversed the tax imposition with a minor Stamp Duty increase and a major Land Tax increase. This would put pressure on foreign investments to be leased out or on-sold quickly, adding to supply. A higher Stamp Duty does the opposite by slowing turnover. Buyers will hold a property until the $18,000 in stamp duty plus their desired capital gain is achieved. Charging $1750 in Land Tax will do little to alter investment behaviour at just 10% of possible rental income. With capital gains running at $40,000 – $60,000 per annum, a $1750 charge is minimal. We will be very interested to see if the new change affects auction clearance rates and off-the-plan sales.
With foreign investments doubling in the last five years and hitting some 20% of purchases nationally in 2014, a policy move was needed to protect our sovereignty. Well done Treasurer Pallas for admitting Victorian taxpayers need a return on investment for their public infrastructure. If only we could extend that concern to the immense capital gains those owning real estate near <a href="https://www.prosper.org.au/2015/04/30/value-capture-for-victoria/" target="_blank">the new Melbourne Metro loop will enjoy.</a> That would reflect the ‘fair go for all’ mantra Australians live by. To meet this, Andrews must go further by demonstrating the exponential wealth delivered by property is bad for the economy, whether for a foreign or local investor.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
This article first appeared on Prosper's website.
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KarlFitzgerald-5HzVbxHhJb

Foreign investment curbs benefit Australian investors: Karl Fiztgerald

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GUEST OBSERVATION
The Abbott government’s lurch at a foreign investment fee to fund the Foreign Investment Review Board (FIRB) will be a minor inconvenience. 
“There is significant global evidence from recent times including Canada, Singapore and Hong Kong where these types of taxes on foreign investment have been totally counterproductive, caused significant corrections within the markets and harmed the construction industry” CBRE residential projects chairman Justin Brown was quoeted as saying in the <a href="https://www.afr.com/p/national/politics/foreign_property_buyers_to_pay_approval_TnnDgOvoNycdqw7V5urAAN" target="_blank">AFR</a>.
The response from the real estate sector has been typical. 
Whilst we are supportive of some traction towards the taxation of excessive real estate profits, the 1% charge will mean little in comparison to last year's capital gains.
As outlined in <a href="https://www.prosper.org.au/2015/02/24/the-foreign-investment-future/" target="_blank">the foreign investment future</a>, the average $3,375,000 FIRB approved investments last year would pay a foreign investment fee of $33,750. The capital gains were running at $229,500. Such a fee will not break the bank.
In that same post I mentioned how effective Singapore’s foreign investment fee of 18% was in maintaining the public interest – low land prices. The property lobby have convinced the news cycle that rising property prices are a good thing. They are if you are a property seller or a bank. For the public this means rising debts and thus interest payments.
We do however see merit in the commentary of Ray White chairman Brian White in comparing such a charge as a stamp-duty like charge. Such a foreign investment fee will curb some demand, impeding turnover.
However, it is likely to be minor as the above capital gains to foreign investment fee comparison demonstrates. Treasurer Hockey was adamant the fee was purely an administrative one so that the FIRB could do its job.
Only $200 million is needed yearly to fund an expanded FIRB. <a href="https://www.firb.gov.au/content/default.asp" target="_blank">Will we get a new website for that?</a> The relative size of such fundraising is again minor to the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0" target="_blank">$418 billion in land price increases in the 13-14 year.</a>
After a minor skirmish, we expect this will have little imposition on the global land bubble. The fact it is set at a much lower rate than Hong Kong and Singapore ensures global investors will still be set upon buying up locations of inspiring natural beauty.
If the government knew what they were doing, a Federal Land Value Tax would be reimposed nearly <a href="https://en.wikipedia.org/wiki/Australian_Taxation_Office#History" target="_blank">100 years since our first federal tax was announced</a>. Accompanying this would be a significant 5-10% income tax deduction and a doubling of the pension. The LVT would curb speculative foreign investment, reigniting the Australian creative spirit alongside lower land prices and a lower tax burden for all.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
This article first appeared on Prosper's website.
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Foreign investment fee will only be a minor inconvenience: Karl Fitzgerald

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GUEST OBSERVATION
With Sydney’s clearance rate hitting 87% on the weekend and a modest three bedroom weatherboard homes selling for $1.36 million, (some 40 minutes commute from the CBD), concerns over the role of speculative investment continue.
The ‘golden ticket’ to fast track residential status, the Significant Investment Visa (SIV), has seen <a href="https://news.domain.com.au/domain/real-estate-news/significant-investor-visa-approvals-increase-fivefold-in-a-year-20150220-13kkzr" target="_blank">a five-fold increase in applications</a> over the last year. This program has attracted$3.2 billion in investments. Direct investments in real estate are not recognised as a qualifying factor.
The federal government has expanded such incentives with the Premium Investment Visa, developed for those willing to make a $15 million investment in non-real estate related investments. We commend the government for recognising further investment in real estate undermines the competitiveness delivered by lower land prices.
However the carefully worded statement by Minister Robb <a href="https://trademinister.gov.au/releases/Pages/2014/ar_mr_141017.aspx" target="_blank">announcing the Premium Investment Visas said</a>:
"Minister for Trade and Investment Andrew Robb said that direct investment in residential real estate would not be a complying investment under the government’s proposed new Premium Investor Visa (PIV)."
Repeat – ‘no direct investment in real estate’. This implies real estate investment trusts (REITs) and other managed investments into real estate are allowed, encouraging both the further centralisation of economic power and additional investments in land. Those in the finance and real estate sectors will be delighted.
The chair of the parliamentary inquiry into foreign investment, Kelly O’Dwyer, said <a href="https://www.kellyodwyer.com.au/housing-supply-affordability-and-investment-address-to-the-committee-for-economic-development-of-australia/" target="_blank">in a speech last week:</a>
"Non resident foreign investors, while they can purchase new dwellings cannot generally purchase existing dwellings.
"Applications to purchase new dwellings are therefore generally granted, while applications to purchase existing homes are only granted if the purchaser is a temporary resident.
"So who is a temporary resident and what are the rules? Temporary residents in Australia, that is those people who have a visa to reside in Australia for over 12 months, are allowed to purchase an existing dwelling as a home but they must divest that home within three months of leaving the country at the expiry of their visa...
"The Committee found that there were loopholes in the current framework – that far from penalising individuals who made illegal purchases, in some instances it rewarded them.
"Let me give you an example. If a non-resident foreign person purchased an existing home this would be contrary to the rules. Just as it would be if that non-resident foreign person purchased multiple existing homes.
"Under the current regime, if FIRB found out and successfully divested that person of those properties – and those properties had appreciated in value from the time of purchase to the time of sale, that non-resident foreign investor would get to keep the windfall gain.
"Clearly this loophole needs to be closed."
Finally a recognition of windfall gains! If the naturally rising value of land is not fit for unlicensed foreign investors, does that mean in time the public will question all windfalls as <a href="https://www.prosper.org.au/georgist-glossary#Unearned%20Income" target="_blank">Unearned Income</a>? If the community creates that value through their development, their existence, shouldn’t they too benefit? O’Dwyer continues:
"All foreign investors in residential real estate must apply for approval from the FIRB prior to purchase.
"According to the most recent FIRB statistics, last financial year, FIRB approved foreign investment into residential property of around $34 billion, double the $17 billion approved during 2012-13.
"Much of this investment is concentrated in the Melbourne and Sydney markets. Approximately 80% of total investment is attributable to new property, which at over $27 billion 2013-14 is 170% higher than 2012-13.
"The total number of established property approvals for 2013-14 is nearly 8,000 as compared to just over 5,000 for 2012-13."
The 8,000 approved foreign investments averaged $3,375,000 – with totals up 170%!
We fear the foreign investment ‘tightening’ further elaborated on in O’Dwyer’s speech will do little to stem the tide of international capital.The capital gain on a $3,375,000 investment at the national average of 6.8% for the last year equated to $229,500 (<a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0" target="_blank">ABS 8 Capital Cities</a>). A $1,500 application fee for purchases limited to new stock only, alongside the rigmarole of applying via the Foreign Investment Review Board, will do little when such large amounts are being invested on average.
If the windfall gains for an illegal foreign investor are to be forfeited to the government, then why not all such capital gains? The conflict between sovereignty and savvy investment is mounting in the eyes of <a href="https://www.prosper.org.au/2015/02/19/the-rotting-fruits-of-a-100-year-old-trend/" target="_blank">the speculative onslaught</a>. Foreign investment is a direct challenge to the control of national resources.
Singapore has taken <a href="https://www.smh.com.au/business/a-highendproperty-collapse-in-singapore-20150219-13jkf5#ixzz3ScPhbzcR" target="_blank">a more direct approach</a>.
As progressive as that is, refinement is needed. A <a href="https://www.prosper.org.au/2012/10/02/council-rating-subsidies/" target="_blank">property tax penalises improvements</a> – install solar or renovate and you are penalised under this perverted system. This is not productive. The tax should focus on land values. Rising locational land values are the trigger for property price increases, so that is where the focus need be. The <a href="https://www.iras.gov.sg/irasHome/page04.aspx?id=2094" target="_blank">Singaporean property tax does the opposite, by not including any land value</a>. This will encourage run down properties (accompanied by generous depreciation allowances no doubt).
It must be noted Singapore has also imposed additional measures limiting debts to income ratios.
Despite the property tax shortfalls, Singaporean property prices fell 4% last year, with further falls to come. After a close election with foreign investment a major election issue, we hope the political elite can hold their nerve in the face of the predictable vested interests backlash. Perhaps the recent five year extension of <a href="https://www.bloomberg.com/news/articles/2015-02-23/singapore-to-extend-tax-breaks-for-property-trusts-by-five-years" target="_blank">the tax amnesty on REIT foreign earnings</a> is a payback for such reform.
For Australia, the much vaunted housing supply mantra is being undermined by foreign investment in new homes. New re-zonings are being snapped up off the plan as a safehaven to park money. The mobility of capital is set to increase alongside technology, ensuring the commodification of housing escalates as the global housing marketplace matures. Housing supply alone cannot keep up with international demand for a commodity returning (barely taxed) huge capital gains.
<a href="https://www.prosper.org.au/wp-content/uploads/2014/11/Speculative_Vacancies-2014_final.pdf" target="_blank">Our recent report</a> highlights the underutilised nature of many prime locations. It is important this measure expands to other cities to help the public understand just how extensive speculative holdings of housing are becoming. Then perhaps a more vocal political opposition will develop.
Until the unearned incomes in real estate are more highly taxed, the pressures on those trying to find a place to live will continue to grow.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
This article first appeared on Prosper's website.
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Foreign investment is a direct challenge to the control of national resources: Karl Fitzgerald

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GUEST OBSERVATION
The new Victorian Andrews government has lost no time putting its stamp on the future shape of Melbourne, funding the planning stage of the Melbourne Metro Rail tunnel – while fretting about the $9 billion cost.
Victoria can fund this vital connection, lifting train speeds and frequency throughout the network.
Land prices along this route will soar and government is entitled to use some of this to fund the project through value capture.
People forget 30% of the Melbourne underground loop was funded by a special city levy on land values from 1963. The Melbourne Underground Rail Loop Authority ensured city land owners shared a small portion of benefits they gained from the project. There is no reason we can’t do this again.
There are <a href="https://www.prosper.org.au/26p/" target="_blank">very good studies</a> that prove the merit of this approach. In London, the recent Jubilee rail line delivered £13 billion in windfall gains to landowners within 1,000 yards of the eleven new rail stations. Construction costs were just £3.5 billion.
The rise in land values directly attributable to this civic improvement was enough to pay for the rail link <a href="https://www.propertyobserver.com.au/https://www.transportblog.com/archives/000344" target="_blank">nearly four times over</a>.
The ALP referred directly to land value capture to fund the removal of level crossings in its <a href="https://www.danielandrews.com.au/wp-content/uploads/2013/11/Victorian-Labors-Project-10000.pdf" target="_blank">Project 10,000 </a>election manifesto. It is economically sound, fair to taxpayers and, in practice, drives powerful infrastructure improvement by recycling investment funds.
Doubts remain as to whether the roads-biased Abbott government will assist this vital Victorian rail project. There is more than enough embedded in land values to fund the cross-city rail – with or without federal help.
After mentioning the soft option of tolling drivers, which has <a href="https://www.prosper.org.au/2014/04/11/superannuation-the-next-sacrificial-lamb-in-failed-infrastructure-model/" target="_blank">failed spectacularly as a financing mechanism in NSW and QLD</a>, an article <a href="https://www.theage.com.au/victoria/toll-motorists-to-pay-for-rail-tunnel-expert-says-20141210-124azo" target="_blank">in The Age </a>recently quoted the RACV’s Bryan Negus:
"RACV public policy head Brian Negus said tolling level crossings would be impractical.
"He said some on Labor’s list could be removed in a public-private partnership, with the private sector given development rights around the rail line.
"'If you remove six or seven together in one package and put those out to the private sector in a value capture arrangement with government funding as well, that’s a good way of trying to deliver them,' he said."
With <a href="https://www.smh.com.au/it-pro/rash-financial-deals-dilute-philanthropy-20121223-2btp6" target="_blank">the cost of Public Private partnerships continuing to rise</a>, one wonders when a Labor government will ever question them? From <a href="https://www.smh.com.au/comment/why-tunnel-vision-will-cost-all-victorians-big-time-20130623-2oq8h" target="_blank">the cost of finance at 2% above government financing</a>, the public interest is immediately at a disadvantage.
Then there is the incredible cost per train station. The Wyndham Vale and Tarneit stations are rumoured to have cost $50 million each. These are jaw dropping costs, for which the developer paid nothing to see his land values skyrocket. But the millennium falcon of train stations – the Williams Landing station – tops them all at $110 million (including overpasses). The size of these costs ensures the government mustutilise the most efficient form of revenue raising possible. Under the current arrangements, the public will recognise such immense infrastructure projects as nothing more than <a href="https://www.earthsharing.org.au/2014/12/the-code-to-housing-wastage/" target="_blank">developer welfare</a>.
The academic with the lead quote in the article almost got it right:
"Speaking this week on a panel organised by Engineers Australia, Professor Stanley of the Institute of Transport and Logistics Studies said the revenue could go into a transport fund that would help the government deliver a long-term plan for Melbourne.
"'The general principle is you identify who the beneficiaries are from implementing public policy initiatives and ask them to make a contribution, and the people who are going to benefit from this are the motor vehicle users who get a better run,' he later told Fairfax Media."
But Professor Stanley looks only at the users – the car drivers. The real beneficiaries are the surrounding land owners. Some property valuers estimate the value of a train station adds $70,000 to each property within walking distance. A sway of <a href="https://www.prosper.org.au/26p/" target="_blank">high level reports</a> have pointed to the use of a fairer infrastructure financing system.
Former Prosper Australia President Robert McAlpine was a Melbourne City Council bureaucrat who played a significant role in ensuring surrounding land owners to the City Loop paid something back to the community to say thanks for the new service – and the windfall gains. However, today landowners scream poor when they have to pay even 2% of the benefits back.
But alas we face the usual battle: One real estate industry figure said imposing such a special levy on land along the route would be met with spirited opposition from property groups.
The tenor of the first few comments accompanying the article suggest the people have had enough.
With the new Victorian government introducing the <a href="https://www.vic.gov.au/contactsandservices/directory/?ea0_lfz149_120.&amp;roleWithSubordinates&amp;d8469aeb-74d4-4051-acac-e822b89ac64d" target="_blank">Ministry of Equality</a>, this policy innovation is a vital step forward.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
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A special levy on land values would fund the Melbourne Metro Rail

Australia’s housing debate has rarely been more urgent. The National Housing Supply and Affordability Council forecasts the country could fall around 262,000 homes short of housing needs by 2029, underscoring the scale of the challenge facing planners, governments and developers.

In response, much of the conversation has centred on high-density towers around transport corridors and strategic centres.

Diversified developer Coronation Property, while also focused on well-located, strategic sites, is incorporating an arguably underutilised typology, the terrace.

Difficult to integrate into true high-rise developments, terraces have become a defining feature of Coronation’s lower-rise portfolio, including projects in Ashbury and Erskineville. <a href="https://www.apartments.com.au/buildings/ashbury-terraces-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a> places a stronger emphasis on this housing type, forming part of a broader community mix.

At its Erskineville development, <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, terraces are more limited, with just a handful&nbsp;included within the wider, predominantly apartment-led precinct, one of the first developments to launch in Erskineville in several years.

[smartcode_project:default project_id=135149 project_image_fid=368392]

Terrace residents at Lillian benefit from many of the same advantages as apartment owners, the lock-up-and-leave lifestyle and access to shared amenities like the rooftop wellness space, but with significantly more space.

Spanning multiple levels, the terraces also feature front and rear courtyards, providing direct access to the central landscaped gardens within the precinct.

<h3 data-end="212" data-section-id="1n97jye" data-start="191">The terrace model</h3>

Terrace housing has long been part of Australia’s urban fabric. From Paddington and Surry Hills to Glebe and Annandale, rows of terrace homes have shaped neighbourhood streets, offering a housing form that sits between detached houses and apartments.

The contemporary terrace, however, addresses many of the limitations of older designs, where narrow staircases and constrained layouts often compromised liveability.

[smartcode_project:default project_id=135149 project_image_fid=368157]

“Terraces represent one of the city’s most intelligent housing models,” says Joe Nahas, Managing Director of Coronation Property.

“They deliver density without losing the human scale that makes neighbourhoods liveable. In many ways, they provide a bridge between the Sydney we know and the Sydney we need to build. If Sydney is going to grow well, it can’t rely on towers alone.”

<hr data-end="1090" data-start="1087" />
<h3 data-end="1124" data-section-id="1a7l0gw" data-start="1092">The evolution of the terrace</h3>

That thinking has shaped Coronation’s approach at Ashbury Terraces, where the terrace typology has been reinterpreted for modern living.

Designed by SJB, the project recently received recognition at the 2026 Better Future World Design Awards, acknowledging its architectural clarity and response to the surrounding suburban context.

SJB Director Adam Haddow says the intent was to evolve a familiar housing form rather than reinvent it.

“The terrace is one of Sydney’s most familiar housing forms, so our approach at Ashbury was to reinterpret that typology in a contemporary way,” Haddow says.

“The homes are designed to sit comfortably within the existing neighbourhood while introducing more light, landscape and shared spaces that support modern living.”

Ashbury Terraces combines terraces, apartments and penthouses across a series of low-rise buildings, integrating contemporary architecture with landscaped communal spaces and resident amenity.

That same typology is now being carried into Coronation’s Lillian development in Erskineville, where a smaller number of terraces sit within a predominantly apartment-led precinct.

<hr data-end="2269" data-start="2266" />
<h3 data-end="2289" data-section-id="cazuws" data-start="2271">Buyer response</h3>

Coronation’s decision to include terraces at Lillian was informed by strong buyer feedback from Ashbury Terraces, where purchasers were drawn to the flexibility and scale the housing type offers.

One resident, Sweta Pursem, purchased a terrace as a single buyer, citing its long-term versatility.

“As a single buyer, it might seem surprising that I chose a terrace over an apartment, but I was thinking long term,” Pursem says.

“The terraces are incredibly versatile, catering to a range of lifestyles while still offering the space and privacy of a house.”

For Pursem, the multi-level layout provides a level of functionality not typically found in apartment living.

“Having a separate living area from the bedroom and home office makes everyday living feel both functional and comfortable. When friends and family come to visit, the layout gives a sense of privacy while still feeling open and spacious.”

Her terrace also supports a more connected, lifestyle-driven way of living.

“I love entertaining, and the courtyard is ideal for relaxed weekend drinks with friends. I tend to use each level differently throughout the day, it creates a natural rhythm between work, downtime and entertaining, which I didn’t have in apartment living.”

Ashbury Terraces is now complete and ready to move in, while Lillian in Erskineville is under construction and expected to welcome residents in mid-2027.

Joel Robinson

Coronation champions terraces as a key piece of Sydney’s housing mix

Private equity real estate firm Conquest has entered into a $220 million partnership with Woolworths’ development arm, Fabcot, to deliver its long-awaited Waterloo project on Bourke Street.

The Bourke Street development was first flagged by Fabcot back in 2021 as part of its push into Sydney’s residential market. However, progress has since stalled, with no activity on site amid a number of design revisions in consultation with the City of Sydney.

<a href="https://www.apartments.com.au/developers/conquest">Conquest</a>, which is actively planning more than $6 billion worth of new developments, predominantly mixed-use precincts, is now set to move the project forward.

The current plans include between 110 and 120 apartments across two buildings designed by Bates Smart at <a href="https://www.apartments.com.au/new-apartments/923-935-bourke-street-waterloo-nsw-2017">923 Bourke Street</a>. The scheme will incorporate a portion of apartments reserved for key workers, alongside premium commercial space at ground level, including a full-line Woolworths supermarket.

Construction is expected to commence in the second half of 2026.

Michael&nbsp;Akaawi, CEO of Conquest, said the partnership reflects the firm’s commitment to "convenience-led" urban renewal."

"We are preparing to commence construction in the second half of this year," Akaawi says.

"Along with Woolworths, we look forward to delivering the first major supermarket to the growing Waterloo community, integrated with premium new apartments and specialty retail shops. Our focus is on creating a seamless lifestyle hub where essential services are at the doorstep, saving residents time and enhancing their quality of life."&nbsp;

<img alt="Conquest" data-entity-type="file" data-entity-uuid="d8beee83-ef9b-446b-a3b3-1e2fe596512b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-01%20at%2011.08.46%E2%80%AFAM.png?VersionId=raYhGepiLUJfx4InLPRRJduA3ftDJ_kS" />

The news comes just a week after Conquest went to the NSW Government to upsize its plans for Castlecrag's Quadrangle Shopping Centre.

Conquest purchased the site for just shy of $70 million last year, with existing plans in place for a mixed-use residential and retail precinct comprising 38 luxury apartments.

Those plans have now been significantly expanded, with the developer lodging a State Significant Development Application with the NSW Government’s Housing Delivery Authority for 150 apartments across two 11-storey buildings. The apartments will sit above a four-storey podium, incorporating specialty retail tenancies and five levels of basement car parking, on the 5,166 sqm site at&nbsp;<a href="https://www.apartments.com.au/new-apartments/100-edinburgh-road-castlecrag-nsw-2068">100 Edinburgh Road</a>.

Conquest has been increasingly active in the development space in recent years. The group acquired the&nbsp;<a href="https://www.apartments.com.au/developments/eastlakes-nsw-2018">Eastlakes</a>&nbsp;Shopping Centre redevelopment, where it plans to deliver more than 1,000 apartments above a new retail precinct, and has also lodged a $900 million State Significant Development Application for a&nbsp;<a href="https://www.apartments.com.au/news/nsw/conquest-unveils-900m-stanmore-village-vision-for-landmark-inner-west-site">mixed-use precinct in Stanmore</a>.

Conquest partners with Woolworths to deliver mixed-use Waterloo project

A shift away from Sydney’s industrial past has left parts of the inner south defined by contrast, brick warehouses repurposed into dining precincts, former factory streets softened by landscaping and pedestrian activity.

Rosebery is one of those suburbs. Over the past decade, it has undergone significant gentrification, anchored by The Cannery, which has helped reposition the area as one of the inner city’s most sought-after lifestyle pockets.

What hasn’t kept pace with that transformation is new residential supply, which has remained relatively limited. Builder-developer Deicorp identified that gap early, securing a site in 2019 and delivering what is now one of the suburb’s most architecturally distinctive developments.

To realise the vision, Deicorp engaged Candalepas Associates to design The Rothschild, a project that is immediately recognisable from the street.

Completed in 2025, The Rothschild comprises two buildings across Rothschild and Mentmore Avenues, delivering 176 apartments. The development replaces a former industrial site, retaining a material and structural dialogue with its past while introducing a more resolved residential framework. The scale is deliberate but not monolithic, broken into forms that engage both street frontages, with retail at ground level and two levels of basement parking below.

[smartcode_project:default project_id=106843 project_image_fid=221665]

From the street, the architectural intent is clear. Off-form concrete columns run through the façade, establishing a repeated structural rhythm that gives the building its visual weight. These are paired with deep-set arches and sections of exposed brickwork, creating a layered elevation that reads less like a typical apartment block and more like a reinterpretation of industrial architecture.

The material palette is intentionally restrained, with concrete left exposed and brick used to define mass rather than decoration. The result is a building that stands out through proportion and repetition, rather than height or glazing.

This approach continues internally. A central landscaped courtyard sits between the two buildings, anchored by an olive grove that acts as both a visual and spatial focal point. Rather than functioning as residual space, the courtyard is designed as a shared ground plane, where circulation paths, seating areas and planting come together to create a usable communal environment. Its positioning allows natural light to penetrate deep into the site while maintaining separation between residences.

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Within the apartments, the planning follows a clear and functional logic. Entry points lead directly into open-plan living areas, with kitchens positioned as central elements alongside dining and lounge spaces. These zones extend to balconies or external openings, maintaining a visual connection to either the courtyard or the street.

Kitchens prioritise practicality, with generous bench space, ample storage and European appliances configured for everyday use. Bedrooms are typically set back from the main living areas, creating quieter zones within each residence, with separation achieved through layout rather than material change. Bathrooms are compact but efficient, incorporating mirrored cabinetry and integrated storage to maximise space. Across all residences, the emphasis is on clarity of movement and functional planning.

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At ground level, retail and hospitality uses extend the building’s presence beyond its residential function. A café or restaurant space, alongside communal amenities such as a music room and rooftop areas, positions the development as part of a broader urban network rather than a standalone project. These shared spaces reinforce a lifestyle where the building operates as an extension of the surrounding neighbourhood.

Rosebery’s proximity to Green Square, The Cannery and nearby parklands supports this model of living, where much of daily life is within walking distance. The Rothschild sits comfortably within that network, contributing to the streetscape through its distinctive architecture, while internally organising space around light, structure and communal use.

The Rothschild is now complete and ready to move in, with limited residences remaining.

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The Rothschild reinterprets Rosebery’s industrial DNA into residential form

KTQ has unveiled&nbsp;<a href="https://www.apartments.com.au/new-apartments/casilia-16-marine-parade-coolangatta-qld-4225">Casilia</a>, the final residential release within the Kirra Point precinct which really kicked off the boom in the area back in 2019.

The final stage comprises&nbsp;87 residences and marks the culmination of a long-term, family-led vision for Kirra Point, as the precinct moves toward completion in tandem with the development.

Around $100 million in sales have been achieved already, close to 35 per cent of the residences secured ahead of launch. There have been a significant number of buyers returning from the first stage of the development, Miles Residences, securing another property within Kirra Point.

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Selling agent Tim Keenan from Keenan Byrne said the response reflects both the scarcity of the offering and Kirra’s growing reputation as a premium coastal market.

“This is effectively Kirra’s final act, the last release within what has become one of the Southern Gold Coast’s most tightly held beachfront precincts,” Keenan said.

“We’ve seen exceptionally strong pre-sale interest, from VIP waitlists through to off-market enquiry, which speaks to both the quality of the product and the confidence buyers have in the precinct. What’s particularly compelling is the number of buyers returning from Miles, either upgrading or investing again, which is a strong signal of how the precinct has been received."

Keenan adds that at the same time, north-facing beachfront remains exceptionally rare in Australia, limited to places like Noosa, Byron and Kirra, which is underpinning long-term value.

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Positioned along one of Australia’s few true north-facing beaches, Casilia offers a mix of two and three-bedroom residences with pricing ranging from $1.87 million to $7.15 million and two exclusive penthouses. Residences are oriented to capture varying outlooks, from uninterrupted Pacific Ocean views across Kirra Beach to hinterland vistas, with upper levels and shared amenity taking in sweeping perspectives along the Gold Coast coastline.

At rooftop level, a north-facing pool deck captures expansive, uninterrupted views over Kirra Beach and north towards Surface Paradise. The space incorporates a heated resort-style pool, mineral spa, sun lounges and a covered BBQ cantina.

Buyer profiles are broad, typically aged between 40 and 70, with a strong skew toward second-home ownership, drawn by a combination of lifestyle, relative value, proximity to Gold Coast Airport and lower congestion compared to more established markets such as Byron Bay and Noosa.

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The project is being delivered by <a href="https://www.apartments.com.au/developers/ktq-group">KTQ Group</a>, a family-owned Australian property group with a diverse portfolio spanning residential, hospitality and commercial developments. The group has delivered a number of notable projects across sectors, including the award-winning Elements of Byron resort, demonstrating its depth of experience across both hospitality and residential development.

Known for its long-term approach to place-making, KTQ Group retains a vested interest in its projects, often holding assets within its portfolio, which has also helped build trust among buyers and reinforced confidence in both the vision and delivery certainty of the precinct.

“Casilia represents the final opportunity to secure a residence within Kirra Point and brings to market the last release within our long-term vision for the precinct," KTQ Group's Jeremy Holmes said.

"Kirra Point has been more than a decade in the making, and that timeframe reflects the care behind each decision, it takes listening, balance and vision to arrive at something that feels right for the location.

“Our approach has always been to deliver Kirra Point as a destination in its own right, a connected coastal neighbourhood integrating residential, hospitality and wellness, rather than a standalone project. It’s a vision that respects place, pace and permanence, and contributes to a sense of community that feels authentic to Kirra.”

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Once complete, the Kirra Point masterplan will incorporate a mix of dining establishments, bars and cafés, alongside the Kirra Point Health Club and a future 91-room independent resort hotel, creating a walkable, integrated lifestyle precinct.

Architecutue and interiors at Casilia have been designed by the experienced design houses of <a href="https://www.apartments.com.au/architects/little-boat-projects">Little Boat Projects</a> and O’Neil Architecture &amp; Interior Design, The design moves beyond the conventional coastal apartments, instead taking cues &nbsp;from the surrounding landscape - layering natural materials, soft curves and warm textures to create spaces that respond to light, airflow and the rhythms of coastal living.

Residences are designed with an array of floorplates, generous proportions and intuitive flow, while at ground level Casilia connects into the broader precinct, where future laneways, retail and hospitality offerings will contribute to a neighbourhood defined as much by how people live day-to-day as its beachfront position.

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The final residential release within the Kirra Point masterplan is set to launch, as strong pre-sales signal sustained demand for the Southern Gold Coast

A decade in the making: KTQ launches Casilia at Kirra Point

South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

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Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

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Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

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The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

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Karl Fitzgerald

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