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Mortgage holders have been warned of two illegal tax avoidance schemes being offered by unscrupulous promoters that could result in tax deductions being cancelled and penalties being imposed.
The home loan schemes are included in examples that form part of the ATO’s new guide 'Investigating tax-effective arrangements', which aims to help borrowers “recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them”.
The ATO warns of a tax avoidance scheme being promoted as a<a target="_blank" href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=8&amp;H8"> 'mortgage management'</a> plan, which involves refinancing your home loan.
“In this arrangement, a tax scheme promoter offers you a means of creating deductible interest payments, equivalent to your home loan interest payments, using the existing equity in your home to obtain additional loans for the purpose of claiming investment deductions.
“This is a scheme because there is no real investment and the dominant purpose of the arrangement is to reduce your assessable income by claiming deductions you are not entitled to,” says the ATO, which warns of “significant commercial risks if you enter into these types of arrangements”.
“Shares in the promoter company may not deliver a reasonable return or be worth far less than you anticipate," says the ATO.
The second property-related tax avoidance scheme is a <a target="_blank" href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=11&amp;H11">‘home loan unit trust arrangement’.</a>
“In this arrangement, a promoter claims they can make your home loan interest payments tax deductible.
"Using a unit trust the scheme promoter sets you up to borrow funds to purchase a property. You then live in the property and pay rent to the unit trust at market rates which the trust declares as taxable income.
“The trust claims associated expenses and interest charges as deductions against the rental income and you claim a tax deduction for the interest payments on the borrowing.
“This is a scheme because it involves getting a tax benefit from borrowings for private expenses - your home.
“You would not be entitled to claim the interest payments as deductions and you risk having to pay penalties and interest,” says the ATO.
The ATO warns: “When we identify arrangements where the promised tax benefit isn't available under the law, the arrangement is deemed to be a tax avoidance scheme. As a result, tax deductions for the arrangement are disallowed and participants face potential penalties.
“Tax schemes aren't limited to the 'too good to be true' type of arrangement. They can be more sophisticated than many people realise. Schemes can be complex arrangements that are offered to you by some advisers with claims the availability of tax benefits is confirmed by genuine experts."
The ATO is also warning investors about <a target="_blank" href="/news">illegal SMSF rental property scheme</a>. The guide can be read <a target="_blank" href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=1&amp;H1">online</a> or <a href="https://www.ato.gov.au/atp/content.aspx?menuid=0&amp;doc=/content/00268505.htm&amp;page=1&amp;H1">downloaded as a PDF document</a>.</body></html>

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ATO warns on home loan tax avoidance schemes

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NSW will be the epicentre of a housing construction recovery in 2013 following years of underperformance, according to the latest Business Outlook report from Deloitte Access Economics.

Deloitte is forecasting a 9.7% rise in private housing investment in NSW in 2013-14 followed by annual rises of 9.3%, 8.4% and 11.1% in the three subsequent years to 2016-17.
This lift in housing construction, which should “comfortably outperform the size and speed of the national recovery”, is expected to drive an overall improvement in the state’s economy.
Click to enlarge
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“New South Wales’ housing sector is expected to see some good news – which will be something of a welcome change for a perennial underperformer," says Deloitte.
“In the main that is due to lower mortgage rates, with the latter expected to work their usual magic, but it also helps that land release is expected to accelerate, and that while rental vacancy rates have increased, they are still signalling a need for new housing stock.
“Moreover, while we note the news on the population front has been less than impressive, it is still true that overall population growth in NSW is improving.
“That won’t generate a massive housing recovery, but NSW’s performance should better than in other states, if only because its housing construction sector has been so weak for so long,” says Deloitte.
Other good news includes job growth lifting from early 2012 lows, nearly full hotels due to healthy numbers of business travellers and a "pretty full" NSW Government’s capital spending agenda is pretty full with investment in roads and railway and on the commercial front, projects like Barangaroo and the redevelopment of the Sydney Convention Centre at Darling Harbour.
It isn’t all positive news in the NSW property market with Deloitte noting that rental vacancy rates are climbing, while approvals for renovation work remain in the doldrums.
The recover in housing construction in NSW is part of a national recovery sparked by lower interest rates.
Alongside housing construction, Deloitte also expects a recovery in the retail sector from the second half of 2013 onwards as the mining boom “hurtles towards a peak” in 2013.
Howerver, it says the Australian dollar is “still giving manufacturing a Chinese burn, and the news also remains modest in both tourism and international education” - all key non-mining sectorst that need to life to take up the slack from mining investment peaking.
As a result, the report anticipates that lower interest rates are set to linger.
Looking at the other states , the report has favourable economic expectations for WA, Queensland (though not completely out of the woods) and the Northern Territory, with more modest expectations for Victoria and the ACT and gloomy ones for Tasmania and South Australia.
Victoria, Deloitte says, is more dependent on the Australian dollar (where as NSW is interest rate sensitive) meaning a recovery is further off with the state's economy losing a little momentum in 2013.
And while the report says interest rates are expected to also have a positive impact on housing construction in the state, it notes that Victoria’s housing construction sector is “no longer the 400 pound gorilla that it was for some years”.
“The key albatross on the outlook is simply this state’s past successes in housing activity – which means it hasn’t got anything like the pent-up demand evident in some other key states.
“As we have often noted, that leaves the overall housing construction outlook in this state projected to be solid enough, just somewhat less impressive than it is for other parts of the country,” says Deloitte
Rate cuts and accelerating population gains are expected to spell “rather better news in the housing construction sector in Queensland” while Deloitte says in WA leading indicators of housing construction activity have been “showering sparks all over the dragway as they accelerate after a period of slowdown”.
The biggest problem facing the national economy is the “Godzilla-like “strength of Australian dollar, which Deloitte says remains a problem for job prospects in a range of sectors and which is acting against a welcome pick up in migrant numbers.
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NSW to lead national housing construction recovery: Deloitte

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A former Western Sydney mortgage broker who sought to gain approvals for mortgages worth $3 million using false information and documents has been convicted of 10 offences under the National Consumer Credit Protection Act 2009 (National Credit Act).
Daniel Nguyen, of Panania, pleaded guilty to 10 offences in September 2012 including providing false information and documents to banks to secure approvals for home loans totalling more than $3 million over a five month period.
At the time of the offences Nguyen was the sole director and sole employee of M.A.I Pacific Pty Ltd (trading as MAI Home Loans) in Bankstown.
The Sydney District Court imposed a two-year good behaviour bond on Nguyen
The conviction of Nguyen is the first under new national consumer credit protection legislation.
The loans Nguyen was involved in attempting to secure ranged from $112,000 to $536,900.00, with the average being approximately $350,000. Only one loan of $532,000 was approved.
In making the order, the court, among other things, took into consideration Nguyen’s level of cooperation with ASIC’s investigation, his good character and history and his remorse for acting dishonestly in this case. ASIC Commissioner Peter Kell says brokers must familiarise themselves with their obligations under the National Credit Act. ‘They should know the law, read our guidance and seek additional or external advice if they feel they need it,’ says Kell The Commonwealth Director of Public Prosecutions prosecuted the matter. 
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Sydney mortgage broker convicted for using false documents to seek $3 million in mortgage approvals

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Queensland-based bank Suncorp financed 6.1% of all first-home buyer loans arranged by AFG mortgage brokers over December, according to new AFG figures.
It was the top-ranked lender outside the major banks with nearly 40% of all first-home buyer home loans processed in December either financed by the Commonwealth Bank or its subsidiary Bankwest, the latest AFG’s quarterly Competition Index shows.
Second on the non-major bank list was AFG’s own mortgage products, which accounted for 5% of all first-home buyer loans, up from 1.9% at the start of the year.
The other non-major bank lenders to appeal to first-home buyers were WA government-owned lender KeyStart with 4.9% of the market, recording the “most dynamic performance among non-major lenders” growing market share from just 0.1% in January.
ING Direct (2.1%) and South Australian government lender Homestart (1.1%) were the only other non-major bank lenders to pick up more than 1% of the first-home buyer market.
According to the index, the CBA accounted for 29.6% and Bankwest for 9.3% of all first home loans in December with the major banks taking 77.5% of the first-home buyer mortgage market.
The Commonwealth Bank’s success with first-home buyers has helped it pick up overall mortgage market share, which has risen from 17.4% in January to 20.7%
Despite accounting for nearly one in 10 first-home buyer home loans in December, Bankwest’s share of the total mortgage market has fallen from 7% to 4.2% over the past 12 months.
AFG bills itself as Australia’s largest mortgage broker, with its brokers writing one in 10 home loans in Australia.
NON MAJOR LENDER MARKET SHARE FIRST HOME BUYERS DECEMBER

Suncorp 6.1%

AFG 5.0%

ING 2.1%

Citibank 0.7% -

Macquarie 0.2%

Circle 0.2%

AMP 0.4% -

ME Bank 0.8%

Liberty 0.4%

Pepper 0.1%

Homestart 1.1%

Wide Bay 0.8%

Adelaide 0.1%

Heritage 0.3%

Rock 0.1%

Keystart 4.9%

Other 0.3%

All Non 22.5%

 
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Suncorp ranks as top non-major bank first-home buyer lender as Commonwealth Bank grabs lion’s share of market: AFG

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Residential land sales fell 17.8% over the September quarter of 2012 following three successive quarters of rising sales.
The latest HIA-RP Data Residential Land Report records around 12,000 residential lots sold over the quarter.
Putting this in to context, this is less than half the peak in lot sales achieved three years ago when there were just under 25,000 lot sales recorded over the September 2009 quarter.
Despite the fall, the weighted median residential land value in Australia increased by 3.8% over the quarter to $197,807. This value was 4.2% higher when compared to the same period in 2011
HIA chief economist Harley Dale says despite the fall in the September quarter, the volume of sales was still 14.9% higher than the record low set a year earlier.
The median value of residential land in capital cities increased by 5.1% in the September 2012 quarter to $225,795 - 6% higher than in the September 2011 quarter.
The median value for regional Australia was $155,214 in the September 2012 quarter. This represents a quarterly rise of 0.8% and a 0.2% increase compared with the same period in 2011.
“It is encouraging that land sales in a majority of markets have lifted off the depths plunged in 2011. However, this latest update highlights the uncertainty around whether the new home building sector can mount a recovery that is both sustainable and of the magnitude Australia’s population and economy require,” says Dale.
“Overall, residential land sales, a key leading indicator of housing starts, signal a rocky road for any new home building recovery in 2013.”
“One catalyst for the emergence of a strong new home building recovery would be the reduction in the cost of new housing, including serviceable land, which is brought about by disproportionately high and inefficient levels of taxation.
“This requires bold and decisive policy reform across all levels of government, action which consistently fails to occur to the detriment of a more productive and efficient economy,” he says.
According to RP Data’s research director Tim Lawless, the September results highlight the recovery in the vacant land market remains a fragile one.
“After consistent increases in the number of vacant land sales over the past three quarters, the lower September result is a stark reminder that consumers remain very price sensitive and cautious about their household finances,” says Lawless.
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Residential land sales fall 17.8% in fragile September quarter but values hold firm: HIA/RP Data

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Adelaide-based mortgage fund and lender Angas Securities has revealed that a third of its loans are now in arrears.
It comes just days after Brisbane mortgage lender Wickham Securities collapsed with $30 million of retiree funds at risk and following the high-profile collapses of debenture-funded mortgage lenders Banksia and Provident Capital last year.
Around 2500 small investors have invested in Angas Securities' debenture fund, which offers returns from 7.5% to 8% and principally lends the money on at high interest rates as commercial property loans.
Angas heavily advertised its debenture products on the radio.
Its latest fixed interest prospectus issued in December, which offers 350 million first ranking securities at $1 each and an annual rate of return of 7.5%, reveals that as of December 2012 it had a loan book worth $229 million with the proportion of loans 90 days in arrears or more tripling in the past six months to $72.3 million.
Around $33 million of these loans are more than a year in arrears.
Loans range in size from $2 million to a $9 million loan, which defaulted in June last year.
The company recently broadcast advertisements on Alan Jones’ 2GB show seeking new investors, reported The Australian.
Angus executive chairman Andrew Luckhurst-Smith told the paper the company was comfortable with its arrears levels due to its conservative lending criteria and had no concerns about recoverability and neither would its auditors, Deloitte Touche Tohmatsu, listed on the prospectus.
The largest loan in the Angas portfolio comprises three mortgages totalling $25.25 million over a “prestigious rural/residential property along with collateral security over harbourside apartments in Sydney”.
Angas says the loan is paid up in terms of interest until December 31, 2012
The second biggest loan is a $21.4 million loan to a “Perth based builder and property developer, with a range of distinct residential, commercial and retail properties providing security”
“The principal activity of Angas is to provide short term loan finance fully secured by registered first mortgages over real property,” reads the prospectus.
First mortgage advances do not exceed maximum loan to valuation ratios of 70% for residential, industrial and commercial loans and 50% for rural loans.
The minimum investment is $10,000 with a maximum of $5 million.
The prospectus warns that “investors may not be able to recover all or part of the principal funds invested in the issue or any fixed interest attaching to these”.
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Adelaide mortgage fund Angas Securities reports a third of loans more than three months in arrears

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The huge competitive advantage the four major banks already enjoy in the mortgage market is being boosted by borrowers getting ahead on their mortgage repayments.
On average more than one in two (56%) borrowers who have their loan with a major bank are ahead on their mortgage repayments, according to research by Morningstar.
A large proportion of these would be variable-rate mortgage holders who have continued to pay off their loan at the same amount, despite interest rates falling since November 2011.
The Commonwealth Bank, Australia’s largest mortgage lender, has the most diligent borrowers with more than two-thirds (69%) ahead on their mortgage repayments.
Second best is Westpac (59%) followed by ANZ (49%) with NAB the laggard at 45%.
“Recent interest rate cuts will increase home loan prepayment rates and provide the banks with an even stronger buffer against future loan loss risks,” says Morningstar financial services and property market analyst David Ellis, who compiled the report.
The latest quarterly ING Direct Financial Wellbeing index also found around one in two households (49%) are ahead on mortgage repayments - the highest proportion since the bank began tracking this figure in mid-2010.
The proportion of households ahead with their repayments is highest in Queensland (58%) and Victoria (57%).
The survey, based on an early January Galaxy Research online survey of over a 1,000 households, also found that 93% of home owners are ‘comfortable’ with their loan, with 64% saying they are ‘very’ comfortable - the highest level since tracking began.
The Morningstar report also looked at loan to value (LVR) ratios of the major banks, which are in a range from 44% to 56%, indicating most borrowers have built up strong financial buffers.
The Commonwealth Bank again rates highest on this measure with an impressive loan to value (LVR) ratio of just 44% with NAB the highest at 56%.
In addition, Morningstar found that the mortgage books of the major banks are also being boosted by improving arrears rates.
“Arrears rates continue to improve with home loan 90-plus day arrears trending down from a four bank average of 0.61% of the total loans outstanding at September 2011 to 0.52% at September 2012,” says Ellis.
All of these factors – borrowers’ propensity to get ahead on mortgage repayments, low LVRs and declining arrears – will provide insulation in the unlikely event of a significant financial shock.
Ellis says a sharp deterioration in credit quality is the major risk to earnings growth, particularly if the economy slides into recession, but ranks as a low possibility.
“Tight credit risk standards limit potential damage, but a sharp increase in business loan losses similar to GFC highs in 2009 will damage earnings, dividends and investor confidence.
“We do not see any material loan loss risks in the residential portfolios of the major banks and at this early stage of the 2013 financial year and overall credit quality remains sound,” says Ellis.
He also says the housing market has stabilised following moderate house price declines in 2011 and early 2012, though “we still expect a slow grind down till 2015”.
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Half of borrowers ahead on mortgage payments: Morningstar and ING Direct

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ME Bank has cut its one-year fixed rate home loan to 4.99% per annum, joining a number of other lenders who offer a one-year rate below 5%.
Other lenders to offer this rate include Newcastle Permanent , Hunter United and the Greater Building Society.
The 4.99% rate is applies to its Super Member Home Loan (SMHL) Standard Home Loan with a member package.
The member package is only available to members of eligible super funds and unions
The Bank also cut its three-year fixed rate to 5.19% p.a. for its SMHL Standard Home Loan with a Member Package.
“Fixed rates are at lows rarely seen in the home loan market and present a unique opportunity for customers seeking to lock in lower repayments," says ME Bank CEO, Jamie McPhee.
 “The average standard variable rate for the big four banks is currently 6.42% p.a., which is 1.43% higher than our new one-year fixed rate.”
 “A borrower could save themselves more than $3,200 over 12 months by borrowing at 4.99%p.a. instead of 6.42%p.a. on a 25-year, $300,000 loan,” he said.
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ME Bank cuts fixed rates

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Rising house buying activity in the last 12 months and greater enthusiasm from buyers suggests Demographia’s has overstated the severity of housing affordability in Australia, says Australian Property Monitors chief economist Andrew Wilson.
The hotly-debated Demographia survey ranked Australia as the third least affordable housing market in Australia behind Hong Kong and Canada.
Sydney ranked as the third most expensive major housing market in the world - with a median multiple of 8.3 topped by Vancouver in Canada at a multiple of 9.5, and, most expensive, Hong Kong where the multiple sits at 13.5.
Wilson says that any measures of unaffordability are certainly not affecting the market place in terms of buyer activity and prices growth.
“So we need to look very carefully at the concept of what is unaffordable,” he says.
“Does unaffordable mean inability to buy, because in Sydney buyers are up and about?”
Wilson warns that it is “always dangerous” to aggregate market not even Australia wide but capital city wide and characterise them as unaffordable.
He says buyers are “still very enthusiastic about purchasing properties in Australia”
“We are definitely seeing a better period of housing market activity over the last 12 months than we did for the previous 12 months,” he says.
“That means that affordability, if it means the capacity to buy houses, has improved,” he says.
The Demographia survey finds that Australian housing affordability improved marginally from 6.7 to 6.5, with anything under a score of three deemed affordable.
Demographia measures affordability by dividing the median house price with the median household gross annual income before tax.
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Australian housing market not as unaffordable as Demographia claims: Andrew Wilson 

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Self-funded retirees lured by the promise of high returns have again been caught out following the collapse of Brisbane-based specialist lender Wickham Securities. The lender provided property loans.
It’s an all too familiar story –following a similar plot line that led to the demise of Victorian rural lender Banksia and Sydney-based sub-prime lender Provident Capital last year.
Wickham Securities raised money from SMSF investors through $1 unsecured deposit notes promising returns of 9.25%.
The money was then lent the money to what appears to be borrowers of last resort to fund commercial property acquisitions or refinance existing loans, at interest rates in excess of 20%.
A spokesperson for ASIC told Property Observer, that the collapse of Wickham Securities would be included in its internal taskforce investigation into the debenture sector.
“ASIC will be investigating and understanding the circumstances surrounding its failure. ASIC will work with the administrators to maximise the best possible return for debenture holders,” said the spokesperson.
The collapse of Wickham came just a day before Bill Shorten, the minister for financial services and superannuation announced on December 22, that there would be public consultation about possible changes to strengthen the regulation of finance companies that issue debentures to retail investors.
Grant Sparks and David Leigh of corporate recovery firm PPB Advisory in Brisbane were appointed as administrators of Wickham Securities by its board of directors on December 21.
The consultation will likely come too late for Wickham’s unsecured noteholders who received no warning from the directors of the company that it may be facing any financial problems.
While the most recent September quarterly report to trustees of noteholders does not indicate that any loans financed from deposit notes were in arrears, initial investigations by administrators PPB Advisory indicate that some loans have gone bad.
Wickham attracted around 300 investors who invested in $1 deposit notes.
They are being represented by Sandhurst Trustees Limited, who will vote on their behalf alongside secured creditors on the future of Wickham at a creditors meeting to be held on February 6.
Prior to the meeting Sandhurst is seeking direction from noteholders as to how it should vote.
A December 24 update from PPB Advisory, disclosing possible conflicts of interest, suggest recent problems were flagged at the start of December, with the firm asked by Sandhurst to undertaken an independent review of certain aspects of the Wickham loan portfolio.
The review was not completed and PPB Advisory have not been paid Wickham.
However, problems for Wickham appear to date back much further.
In 2009, Wickham Securities along with Bankwest, as secured creditors, appointed Ferrier Hodgson as receiver-managers of Plantation Rise residential development at Woombye on the Sunshine Coast hinterland.
The appointment came just days after Brisbane-based McLeod and Partners was appointed voluntary administrator with Wickham reported owed several millions of dollars.
It’s most recent September quarterly report to trustees stated that it should have enough property "to repay the amount of each debenture when it becomes due and payable" but also warned that they had invested in unsecured deposit notes not bank deposits and risked "losing some or all" of their investment.
Wickham had loaned out $27 million out of but none of the 20 loans were in arrears, and they were secured by $145 million worth of property, the accounts said.
The report stated that Wickham should have enough property "to repay the amount of each debenture when it becomes due and payable".
Annual accounts to the end of June show that Wickham reported a profit of $396,000 following a loss of $839,000 in the previous year and report no significant change to the nature of the company’s activities.
The company earned $5.17 million in interest payments
The directors are listed as Bradley Sherwin (chairman), Peter Siemons, Ian Montgomery and Garth Robertson.
Sherwin, also the company secretary, received a salary of $117,500 and is the only shareholder with 644,556 shares.
The annual report shows that Sherwin’s financial planning business, Sherwin Financial Planners provided consultancy services to Wickham, which along with administration costs totalled $222,954. In the previous financial year, the financial planning business was paid $767,812.
It says the Bradley Sherwin specialised in providing financial advice to high-net worth individuals, private businesses and self-funded retirees.
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Self-funded retirees facing $30 million loss following collapse of lender Wickham Securities

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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