<html><body>
A combination of rate cuts and an improved economic outlook has resulted in confidence about property prices rising in 2013 lift among property professionals surveyed by ANZ and the Property Council of Australia (PCA).
Optimists now outweigh pessimists by around 10%, according to the March quarter PCA-ANZ property industry confidence index, which considers views on the property market over the next 12 months with 3,000 property professionals surveyed.
This is up from an almost evenly divided outlook in the December quarter survey, but still indicates a good deal of uncertainty about whether house prices will rise or fall in 2013.
Overall confidence about the property market over the next 12 months rebounded in the March quarter following falls in the previous two quarter, rising 5 points to 107, compared with 102 in the December quarter, with stronger expectations for house price growth and positive expectations for property construction.
Click to enlarge
<a href="/images/stories/2013/01/pcajan17.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/01/pcajan17thumb.gif"></a>
“Property industry expectations for house prices in the coming year increased in the March quarter buoyed by increased housing sales and improved affordability,” say ANZ senior property analyst David Cannington, who compiled the report along with ANZ’s head of property research Paul Braddick.
“Looking ahead, the combined impact of tight underlying demand/supply housing market fundamentals, expectations of further rate cuts and a steady medium to long-term domestic economic outlook have improved property industry residential price growth expectations.
“However, despite improved sentiment and affordability, the prevailing sense of caution in the household and financial sectors will limit the ‘normal’ cyclical rebound in house prices,” he says.
Expectations for house price growth and overall property market confidence are strongest in WA and the Northern Territory, due to their exposure to the mining sector, with NSW and Queensland the only other states where optimists outweigh pessimists on house price growth in 2013.
Optimists outweigh pessimists on house price growth expectations by 72% in the Northern Territory, by 55% in WA and by 36% in NSW and by less than 10% in Queensland – all improvements on the previous quarter.
Property professionals are almost divided on Victorian house price growth, with pessimists just shading optimists.
A majority of property professionals tip house prices to fall in South Australia, Tasmania and the ACT.
Confidence is highest in WA and the Northern Territory, the states with strongest expectations for economic growth this year due to their mining sector exposure.
They both recorded higher readings of 131 points in the March quarter, though well down on peak readings achieved in the June quarter of 2012 – an indication of the impact that the mining boom is expected to peak soon has had on the property outlook in these two states.
There was also a rise in property market confidence in NSW (112) and an improvement in Victoria, but it remains below the benchmark 100-point setting with a reading of 99.
Confidence remains weak in Tasmania (83) and the ACT (90) and South Australia (92) – with all three states recording a drop in confidence over the quarter.
WA (131) and the NT (131) - showed the strongest property industry confidence across states and territories, followed by NSW (112). Victoria (99), Tasmania (83) and the ACT (90) were the only states/territories to report ‘negative’ confidence.
“Property industry confidence across states and territories largely reflects differing expectations for state economic growth,” says Cannington.
“The highest proportion of respondents expecting state economic growth to be higher in the coming year were also in the NT (54%) followed by WA (39%).
“In contrast, the net balance of respondents expect state economic growth to be lower in the coming year across all other states and territories, with state economic expectations deteriorating in the March quarter in both Tasmania (68% expect state economic growth in the coming year to be lower in the March quarter survey compared to 60% in the December quarter) and the ACT (53% in the March quarter survey compared to 45% in the December quarter),” he says.
</body></html>

lschlesinger-FZcF9M3vE6

Industry professionals more optimistic about Australian property market, with outlook strongest in WA, NT and NSW: ANZ/PCA

<html><body>
Another inner-Brisbane apartment project will soon start to rise above the Brisbane River, with developer Devine to begin construction of its $58 million, 111-apartment DoubleOne3 project in February.
<img alt="teneriffe11" height="600" width="437" src="/images/stories/2013/01/teneriffe11.jpg">
The project in the riverside suburb of <a target="_blank" href="/news">Teneriffe </a>has sold strongly since being launched late last year, with 70% of the 111 apartments now sold, worth more than $37 million.
Construction will begin one month ahead of schedule, with completion and settlements set to take place in May next year.
Teneriffe was only officially classified a suburb in January 2010, having previously been included as part of <a target="_self" href="/news">Newstead</a>.
It is just east of Fortitude Valley, in between New Farm and Newstead and has a ferry service connecting the suburb to the CBD.
DoubleOne3 is one of four inner-Brisbane projects that commenced off-the-plan sales in the November quarter, with the others being The Plaza (Metro Property Group), Atrio (Drew Group/Trident Corp) and Evvien (Evviden Development).
Inner Brisbane is a hotspot of apartment projects, with the November 2012 Midwood Report noting more than 50 high-rise and medium-rise apartment projects currently being marketed off the plan or being sold while under construction.
The top-selling project over the November quarter was Metro Property Development’s Cambridge Towers, part of its Central Village project, which managed 79 off-the-plan sales since launching around the same time as of DoubleOne3.
DoubleOne3 with 39 sales recorded over the same time period, was the second-best selling project. 
Devine’s major project in inner Brisbane is its Hamilton Harbour development, in partnership with Leightons, five kilometres further up the Brisbane River.
According to Midwood figures, Harbour One and Harbour Two are almost sold out, with just 20 out of 521 apartments still up for sale.
There are still 62 apartments for sale in Hamilton Harbour – Riverside Hamilton, which features 189 apartments.
According to Devine’s general manager of apartments and development, Cameron Mana, the DoubleOne3 project has proven popular with a geographically diverse range of owner-occupiers and investors, underpinned by the ongoing recovery of the local apartment market.
“To be commencing construction ahead of schedule is a great result for our buyers and an endorsement of both the project and the appeal of the Teneriffe area.
“With sentiment continuing to improve as borrowing costs fall we are confident the remainder of the apartments will be sold prior to the completion of construction,” he says.
 
<hr class="system-pagebreak">
 
Among the features of DoubleOne3 is a rooftop terrace with views of the Brisbane CBD skyline.
<img alt="teneriffe2" height="353" width="470" src="/images/stories/2013/01/teneriffe2.jpg">
The ground floor will include offices and retail tenancies, which has already been sold to Arthur Properties and is earmarked for a café, takeaway pizza, wine bar and bottle shop, hair salon, convenience store and gymnasium.
<img src="/images/stories/2013/01/teneriffe3.jpg" width="470" height="353" alt="teneriffe3">
One-bedroom apartments in the project start from $375,000, and two-bedroom, two-bathroom apartments start from $580,000, with both including secure car parking.
They feature spacious balconies and floor-to-ceiling windows, with some offering views of the CBD and the Brisbane River.
Since 1996, Devine has completed more than 3,000 apartments valued at more than $1 billion in Brisbane, with completed projects including Charlotte Towers, Festival Towers, River City Apartments and River Place.
According to census 2011 data analysed by <a href="https://www.propertyobserver.com.au/news/inner-brisbane-apartment-market-dominated-by-investors-with-20-something-tenants-angie-zigomanis/2012110557620" target="_blank">BIS Shrapnel’s Angie Zigomanis,</a> occupants in inner-Brisbane apartments are heavily skewed into the young adult age groups, being dominated by those aged 20 to 39 years old.
Zigomanis says the inner-Brisbane apartment market is “dominated by investors”.
“At the 2011 census, 58% of apartments were owned by investors and were rented out. Some 11% were reported as unoccupied.
“While some of these unoccupied dwellings are vacant and available for rent or sale, or by occupants who were away on census night, the majority are likely to be “lock-up and leave” – apartments owned as a second home by an owner living elsewhere, or as a long-term speculative purchase,” he says.
Midwood recorded 189 new apartment sales over the November quarter, compared with 74 in the previous corresponding quarter.
In total there are around 1,300 new apartments up for sale.
</body></html>

Devine to begin building Teneriffe apartments with rooftop CBD views early after strong off-the-plan sales

<html><body>
Provident Capital debenture holders have been repaid all the interest they have accrued since the mortgage lender and mortgage fund manager was placed in receivership more than six months ago.

Debenture holders received 100 cents in the dollar of interest accrued but unpaid as at 3 July 2012 on all debentures, whether interest was paid periodically or on maturity, said receivers and managers PPB Advisory.

PPB Advisory are the court-appointed receivers acting on behalf of Australian Executor Trustees Limited (AET), which represents around 3,500 small investors, many of whom invested their retirement earnings into high-interest Provident mortgage funds. 

The mortgage funds were lent-on as first mortgages to property developers, who could not secure funding elsewhere - most of the loans subsequently defaulted.

“We will continue to make interim distributions to debenture holders over the course of the receivership, as and when funds become available,” said PPB Advisory.

The ability to make the interim payment and future payments follows a proposed amendment to the Trust Deed being approved by debenture holders on December 13 and subsequently ratified by the Federal Court of Australia on December 17.

Provident creditors <a target="_blank" href="https://www.propertyobserver.com.au/news/provident-capital-s-creditors-vote-to-liquidate/2012102457415">voted to wind up the company </a>on October 24 with Tony McGrath and Joseph Hayes of McGrath Nicol appointed as joint and several liquidators

</body></html>

Provident Capital debenture holders get first payments since July

<html><body>
Rents soared in Perth and Darwin over 2012 but hardly moved in the other capital cities, according to the December quarter update from Australian Property Monitors (APM).
Rents are forecast to continue to rise in the two mining-driven cities as well as in Brisbane and Sydney in 2013, but Melbourne rents are expected to remain flat and could fall.
The top-performing rental growth market over 2013 was Darwin units, where weekly rents increased by 19.6% over the year from $525 to a median $550.
The second best performing market was Perth houses, which registered a 17.5% increase in weekly rents, from $450 to $470 per week.
Double-digit rental growth was also recorded for Perth units (up 14.3% to $400) and for Darwin houses (up 16.1% to $750).
According to November SQM Research figures, Darwin has a vacancy rate of 1.1% and Perth a vacancy rate of just 0.7%.
Sydney and Melbourne weekly rents were largely unchanged over the course of the year, with Sydney having a vacancy rate of 1.8% and Melbourne a vacancy rate of 3.2%.
<img alt="apmjan17" src="/images/stories/2013/01/apmjan17.jpg" width="470" height="440">
Darwin is the most expensive capital city market to rent either a house or a unit.
Perth and Brisbane offer the highest median rental yields for houses (5.27%), with the highest unit yields in Darwin (6.22%).
APM chief economist Dr Andrew Wilson says the increase in Perth rents is being driven by a wave of new arrivals, estimated at 1,500 people per week with high competition for available rentals and low supply of new properties over the past few years.
Similar demand and supply fundamentals are driving the Darwin market.
Wilson expects rental growth to continue in Perth, Darwin and Brisbane in 2013 and for rental growth to resume in Sydney
No rental growth is tipped for Melbourne, Adelaide, Canberra or Hobart, and Wilson says Melbourne rents could fall in 2013.
December quarter figures tell a similar story, with Brisbane also showing signs of rental growth.
Over the quarter, rents increased for Brisbane (2.6%) and Hobart (3.2%) houses, with Perth still the standout house rental market with a 4.4% quarterly gain.
Darwin was the strongest performing unit rental market over the quarter, with weekly rents in the Northern Territory capital city up 4.8% over the quarter, with unit rental gains also recorded in Perth (2.6%) and Brisbane (1.4%)
Nationally, median asking rents for houses was stable at +0.8%, and units the same at 0.2 per cent over the three months ending December 2012.
Commenting on the December quarter figures, Wilson says apart from Perth, Darwin and Brisbane, rents remain stable in other capital cities.
He says the improved rental situation in Sydney is due to reduced demand as a result of increased buyer activity – particularly from first-home buyers.
However, he says underlying demand for rental properties remains strong in Sydney due to a shortage of accommodation driven by a “chronic shortfall of new supply.
Melbourne remains the most tenant-friendly property market in Australia, with low competition for rental properties and a higher vacancy rate driven by a “solid supply of new accommodation".
The APM outlook differs with preliminary data from the <a href="https://www.propertyobserver.com.au/western-australia/perth-rental-market-intensity-eases-slighly-reiwa/2013011658797?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Real Estate Institute of Western Australia</a> which reported Perth’s rental market showed signs of easing towards the end of 2012.
</body></html>

Rents soaring in Perth and Darwin: APM

<html><body>
Commonwealth Bank credit card figures pre and post-Christmas confirm that consumers remain cautious with much of the 4.2% rise in spending on CBA credit card over the 11 weeks to January 4 2013 (compared with a year ago) the result of a rise in spending on food and liquor.
Credit card spending on staples (food and liquor) rose 10.8% on a year ago – partially underpinned by improving inflation in addition to increased volumes while spending on discretionary items underperformed the over retail sector, rising just 1.5% over the 11 week period.
The figure are based on transactions of more than three million CBA cardholders with CommSec economist Savanth Sebastian saying the results suggesting that consumers remain “relatively cautious despite the multiple rate cuts provided late last year”.
“In fact spending growth amongst domestic firms rose by just 4.2% in the 11 weeks to January 4 compared with a year ago. And given this is nominal spending rather real spending (inflation adjusted) it highlights the tough environment faced by the retail sector,” he says.
Sebastian says that given the buzz and interest around Christmas retail activity the lack of discretionary spending “really speaks volumes about how tough the retail sector is doing it at present and that is despite a healthy period of interest rate cuts”.
“It is important to realise that while confidence levels have been rising in the past couple of months it is of a low base and the current level of consumer caution will take some time to thaw.
“And given that retail activity was solely dominated by post-Christmas sales – with Boxing Day sales up 20% on 2011 - it is clear consumers are only being enticed by deep discounts. While for the retailers, activity seems to be skewed towards lower-margin transactions,” he says.</body></html>

Credit card spending on food and liquor up 10.8% over Christmas, but no sign of indulgent spending: CommSec

<html><body>
There was another disappointingly small rise in consumer sentiment in January as still cautious consumers shifting their preferences from buying houses to buying cars, the latest instalment of the Westpac- Melbourne Institute consumer sentiment index reveals.
Conducted between January 7 and 13, consumer sentiment rose 0.6% to 100.6 over the month, the third consecutive month when the index has been at or above the benchmark 100 point level.
Westpac chief economist Bill Evans described the January result as “disappointing” given that despite a total of 175 basis points of rate cuts from the Reserve Bank since October 2011 the index has only 3.5% over this time.
The ‘time to buy a dwelling’ sub-index fell 1.5% to 140 points to be up 6.5% year-on-year while the 'time to buy a car' index rose by 6.1% to 146.8 points, up nearly 15% year-on-year.
The weaker house buying sentiment is confirmed by a special question included in the current survey around the outlook for house prices.
Around 45.6% of respondents expect house prices to rise over the next 12 months, slightly less than the 46.9% of  respondents that expected house prices to rise when asked the same question a year ago - this despite the cash rate having fallen by 125 basis points over this time frame.
Evans says positive news events - the rising share market and Australian dollar plus better offshore news - failed to move respondents who have become "more guarded around their own finances".
He also notes official ABS mortgage lending, which he says indicates that upgraders and investors are responding to the lower rates in a broadly comparable fashion to 2009.
“However, unlike in 2009, first-home buyers have been reluctant to return to the housing market.
“This is certainly partly due to less generous government subsidies but may also be impacted by weaker overall confidence around finances and job prospects,” he says.
Despite the disappointing January result, Evans says the bank remains of the view that there is a “clear case” for only one more rate cut in the cycle, with Westpac shifting its expectations to a March rate cut, having earlier said it could be February or March.
“The case for a further rate cut as early as the February meeting is still reasonable. Prints for employment and inflation over the next week will be important in this regard.
“However, a prudent Reserve Bank which has seen a resurgence in the terms of trade, is likely to defer in February to await further evidence around the impact of the rate cuts. Accordingly we have opted for the next cut in the March end of our forecast ‘window’,” says Evans.
Commonwealth Bank credit card figures pre and post-Christmas confirm that consumers remain cautious with much of the 4.2% rise in spending on CBA credit card over the 11 weeks to January 4 2013 (compared with a year ago) the result of a rise in spending on food and liquor.
Credit card spending on staples (food and liquor) rose 10.8% on a year ago – partially underpinned by improving inflation in addition to increased volumes while spending on discretionary items underperformed the over retail sector, rising just 1.5% over the 11 week period.
The figure are based on transactions of more than three million CBA cardholders with CommSec economist Savanth Sebastian saying the results suggesting that consumers remain “relatively cautious despite the multiple rate cuts provided late last year”.
“In fact spending growth amongst domestic firms rose by just 4.2% in the 11 weeks to January 4 compared with a year ago. And given this is nominal spending rather real spending (inflation adjusted) it highlights the tough environment faced by the retail sector,” he says.
Sebastian says that given the buzz and interest around Christmas retail activity the lack of discretionary spending “really speaks volumes about how tough the retail sector is doing it at present and that is despite a healthy period of interest rate cuts”.
“It is important to realise that while confidence levels have been rising in the past couple of months it is of a low base and the current level of consumer caution will take some time to thaw.
“And given that retail activity was solely dominated by post-Christmas sales – with Boxing Day sales up 20% on 2011 - it is clear consumers are only being enticed by deep discounts. While for the retailers, activity seems to be skewed towards lower-margin transactions,” he says. </body></html>

March rate cut more likely as time to buy house sentiment falls in January: Westpac

<html><body>
The Gold Coast property market is one of a number of “lifestyle markets” that has been in a bubble that has now burst, according to RP Data’s residential research director Tim Lawless.
“I think there are some areas in Australia that have been in a bubble, and we’ve seen those bubble burst – look at the Gold Coast, or Cairns or a lot of the lifestyle markets around Australia,” Lawless said in a video interview with the Finance New Network.
“We have seen fairly dramatic falls in property values. Even some of the premium segments around the capital city markets. Look at the North Shore of Sydney or the Northern Beaches of Sydney as a pretty good example,” he added.
The most recent RP Data figures for December 2012 record a -0.8% fall over the year for Gold Coast/Brisbane property values.
The prevalent unit market though remains weak, with a 2.3% slump recorded in December and a 4.2% slump in values over the year to a median value of $352,000.
Sales activity continues to slump in the Gold Coast new unit market with just 19 high-rise sales recorded over the November quarter, a 70% plunge from sales figure a year ago, according to the Midwood Report - all but three in the troubled, heavily-discounted <a target="_blank" href="https://www.propertyobserver.com.au/developments/heavily-discounted-hilton-surfers-paradise-the-only-notable-gold-coast-high-rise-seller-in-november-quarter-midwood/2012121958540">Surfers Paradise Hilton development</a>.
House prices on the Gold Coast have been more resilient, down just 0.8% for the year with RP Data recording a median value of $417,000
Figures compiled by RP Data show that Gold Coast recorded a slump in property values of 15.3% from the property peak in June 2009 to the end of July 2012, though this decline has started to moderate.
Lawless noted in October last year that the combined Gold Coast/Brisbane market has started to consolidate with values falling by 12.9% over the past two years.
Lawless told the Gold Coast Bulletin in August that the Gold Coast had recorded one of the biggest falls of any region and still had about six months to go until it bottomed out.
His talk of a bubble bursting on the Gold Coast may dishearten some investors and vendors with hopes of a better year in 2013, but they pale in comparison to a high-ranking Queensland public servant who compared the Gold Coast property market to herpes.
Speaking at a breakfast at the Urban Development Institute of Australia's Brisbane last month, David Eades, deputy director-general at deputy premier Jeff Seeney's office and a former Knight Frank valuer, joked:
‘What's the difference between herpes and the Gold Coast property market?
‘You can fix herpes’.
The joke outraged some of those who attended the breakfast prompting a letter sent to premier Campbell Newman and deputy premier Seeney by Gold Coast mayor Tom Tate.
Eades has since apologised for the remarks saying he maintains a “strong and positive attitude towards the Gold Coast as he always has”.
The joke was made in the context of Eades questioning whether the Gold Coast had the manpower to build the infrastructure required for the 2018 Commonwealth Games.
</body></html>

Gold Coast property bubble burst, but still bottoming out: Tim Lawless

<html><body>
While it’s still early days, the latest housing finance figures published by both the ABS and mortgage broker AFG suggest NSW and Queensland are discouraging many first-home buyers after doubling state handouts last year, but only if they buy or build a new home, while offering nothing for those that buy an existing property.
The most up-to-date mortgage figures are provided by aggregator AFG, which claims to write one in every 10 home loans in Australia through its network of affiliated mortgage brokers.
AFG reports a healthy 15% rise in the volume of mortgages arranged by brokers over 2012 from $28 billion to $32 billion, but says the average long term share of home loans arranged for first-home buyers, usually between 12% and 15%, collapsed to just 4.2% in NSW and 4.5% in Queensland during the last two months of 2012, after the $7,000 first-home buyers grants were withdrawn in both states in favour of the $15,000 boost for new homes only.
In comparison, investors dominated the mortgage market in these two states, comprising 46.3% and 35.9% of all home loans respectively.
Official ABS data is only up until November, so it is difficult to say a trend is emerging, but the figures certainly suggest first-home buyers have not been swayed to consider a new house or apartment over an existing property.
The ABS records that the number of first-home buyer loans arranged in NSW fell from 2,088 in October to 1,383 November, while in Queensland first-home buyer loan numbers fell from 2,116 in October to 1,417 in November - in both states a monthly drop of 33%.
Furthermore, just 793 first-home buyers took advantage of the revised NSW first-home owners' grant in December last year, <a target="_blank" href="https://www.propertyobserver.com.au/news/nsw-first-home-buyer-numbers-fell-to-20-year-lows-in-late-2012/2013011458763?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">the lowest take-up in 20 years</a> with the NSW state opposition claiming that Barry O'Farrell's decision to dump first-home buyer grants and stamp duty exemptions have been "nothing short of devastating for young people trying to buy their first home".
Indeed, first-home buyer changes are particularly tough on those in NSW that wish to buy an existing property.
Since October 1, the NSW state grant has been lifted from $7,000 to $15,000 for new homes valued up to $650,000, while a maximum stamp duty exemption of $20,240 is also available for new homes worth up to $550,000.<a style="font-size: 0.8em;" href="https://www.propertyobserver.com.au/administrator/index.php?option=com_flexicontent&amp;view=item&amp;cid=58777#">Apply</a>
First-home buyers that purchase an existing home get nothing.
In Queensland, since September 11, a $15,000 first-home owner construction grant (FHOCG) has been available for new property bought or built at a value under $750,000, but all first-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.
The doubling of the NSW first-home buyer grant was announced in mid-June, but only came into effect three-and-half months later, with Property Observer reporting on the conundrum it created for both <a href="https://www.propertyobserver.com.au/residential/nsw-budgets-needlessly-complex-artificial-deadlines-have-short-term-and-long-term-consequences-for-residential-property/2012061455119">first-home buyers and investors</a> over this interim period.
Queensland government introduced its construction grant with immediate effect from September 11, but gave first-home buyers up until October 11 to finalise contracts.
Contrast this with Victoria, which still offers a $7,000 first-home buyer loan for both new and existing home purchases (and increased stamp duty concessions from 20% to 30% on January 1) and first-home buyer loan numbers were little changed over the month, falling marginally from 2,545 to 2,407.
Ray White chairman Brian White labelled the new first-home buyer polices as “no longer a first-home buyers but a builders incentive” and a "deceit", saying they distorted the market, but not in a healthy way.
The latest data suggests he could be right.
</body></html>

First-home buyer policies failing in NSW and Queensland

<html><body>
Builders and developers have begun 2013 with a range of financial incentives and discounts on new homes and house-and-land packages aimed at enticing new home buyers in what is likely to be another challenging year for the residential building sector.
New housing finance and building approval figures suggest there will be no swift rebound in demand for new housing.
There was a <a target="_blank" href="/news">10.3% fall in home loan commitments</a> for new dwellings and <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/wa-the-only-bright-spot-as-detached-house-dwelling-approvals-fall-03-in-november/2013011058711">a 0.3% drop in building approvals for new houses in November</a>, according to seasonally adjusted ABS figures.
New home buyers can secure discounts in the thousands and sometimes tens of thousands of dollars on select blocks of lands and new homes in Melbourne, the Gold Coast and Sydney.
There are also <a href="/news">generous first-home buyer incentives</a> on offer from NSW, Queensland, Tasmanian and South Australian state goverments for those buying or building new homes. 
Buyers should keep in mind that discounts and rebates may be factored into valuations by lenders when financing is sought.
These are some of the specials currently on offer.
$30,000
Listed residential developer Peet is offering savings of up to $30,000 on “certain lots” in residential communities on the outskirts of Melbourne.  The <a target="_blank" href="https://www.peet.com.au/megahouseandlandsale?utm_source=adexchange&amp;utm_medium=banner&amp;utm_content=news&amp;utm_campaign=megalandsalevic">‘Mega House and Land Sale’</a> is available until the end of January. The participating Peet communities are Aston in <a target="_blank" href="/news">Craigieburn</a>, Kingsford at <a target="_blank" href="/news">Point Cook</a>, Cardinia Lakes in <a target="_blank" href="/news">Pakenham</a>, Quarters in <a target="_blank" href="/news">Cranbourne West</a> and Livingston in <a target="_blank" href="/news">Cranbourne East</a>.
$22,000
Listed developer Devine is offering to pay mortgage repayments for up to a year on behalf of approved purchasers who sign an unconditional contract to purchase a new Devine house and land package before February 28 2013 under its <a target="_blank" href="https://www.devinemortgagebreak.com.au/">Devine Mortgage Break</a> promotion. Repayments must be the minimum required repayments on a 30-year loan and interest only during construction.  Property Observer calculates this would equate to savings of around $22,000 given a $300,000 mortgage over 30 years at the average standard variable rate of 5.98% (according to RateCity.com.au).
$22,000 - $30,000
Melbourne builder <a target="_blank" href="https://carlislehomes.com.au/">Carlisle Homes</a> is offering a $30,000 discount off the retail price of double-storey homes and $22,000 off the retail price of single-storey homes in its luxury Affinity and T Range collections. There is currently no end date to this promotion.
$10,000
Up until February 25 2013, Stockland is offering approved purchasers a<a href="https://www.stockland.com.au/residential/changeforlife/change-for-life-nsw.aspx" target="_blank">$10,000 VISA gift card </a>to spend as they wish. The VISA gift card will be on offer to buyers of selected land and house-and-land packages at four of Stockland’s NSW communities, includingMcKeachies Run in <a target="_blank" href="/news">Maitland</a>, Murray’s Beach on Lake Macquarie, Brooks Reach in the Illawarra and Bayswood at Vincentia on the NSW south coast. Prices start from $326,544 for a three-bedroom, one-bathroom, one-garage home.
$8,000
<a target="_blank" href="https://www.8homes.com.au/wp-content/uploads/2013/01/Home-Mag-12th-Jan-2013_web.pdf">Melbourne builder Eight Homes</a> is offering $8,000 off the price of eight different designs of three- and four-bedroom houses. The reduced prices are based on a standard floorplan with E1 façade. The cheapest house starts from $131,900 (previously $139,900) for a four-bedroom, two-bathroom single-storey house rising to $241,900 (previously $249,900) for a four-bedroom, two-bathroom double-storey house. There is currently no end date to this promotion.
$76,000 - $126,000
Discounts of up to $126,000 are on offer for residential lots in <a target="_blank" href="https://www.highlandsale.com.au/">The Highlands community</a> in the Ecovillage, Currumbin Valley on the Gold Coast. The lots are just eight kilometres from Currumbin Beach and are up for sale under bank instructions, with the properties being marketed by Colliers International.  Lots range in size from 2,800 square metres to 8,300 square metres set amidst 60 hectares of green mountain forest and creeks.
$5,000 to $25,000
Residential developer Mirvac is offering a range of rebates, free inclusions and land discounts as part of its <a target="_blank" href="https://rightplace.mirvac.com/">Right Here, Right Now Summer Bonus</a> campaign on specific NSW master-planned communities. In Elizabeth Hills, Mirvac is offering $25,000 rebate on specified land lots In, Ayre, there are discounts on offer on land from $5,000 to $25,000 as well as air-conditioning free of charge and upgrades included in house-and-land package prices valued up to $10,000. In Saddlers Ridge it is offering a split-system air-conditioning and upgrade packages included free of charge and value at $7,000. In its Hidden Waters community there is the offer a $5,000 landscaping bonus.
</body></html>

House-and-land incentive and discounts from $5,000 to $126,000

<html><body>
A Sydney property investor has failed in his bid to convince a court that his estranged wife should pay half of his tax bill after claiming that they jointly owned a retail commercial property and thus should split the rental income.
The bid appears to have failed principially due to lack of evidence - with tax experts warning of the importance of keeping relevent documentation.
Sydney investor Barrie Harbutt had submitted a tax return claiming only half the rental income on a commercial property based in Dee Why on Sydney’s Northern beaches over 2003, 2004 and 2005 and leased to two retail businesses.
He bought the property on Pittwater Road for $800,000 in 1990.
He attempted to convince the Administrative Appeals Tribunal (AAT) of his claim despite being the sole owner and receiving all the rent.
But the ATO formed a different view, and apportioning all the rental income to Harbutt.
As a consequence, he made a smaller net loss to offset against his income under negative gearing rules and hence had a higher tax bill.
Having assessed both Harbutt’s financial affairs and that of his wife, the ATO made the assessment that Harbutt was “liable to tax on the entire net rental income from the property, and Mrs Harbutt became liable to tax on none of it”.
Harbutt had argued that he was a in a “tax law partnership” with his wife and claimed that they always intended to own the property jointly, despite being separated.
He said his wife had access to his bank account regularly withdrew funds but failed because he had no evidence to support this claim nor was their evidence of a partnership agreement between Harbutt and his wife.
In his ruling, AAT deputy president Stephen Frost criticised Harbutt’s lack of evidence but suggested that the argument put forward by Harbutt did have merit.
“In circumstances where a person is the registered proprietor of a rental property, receives the rental income for that property into an account in his name alone, and pays the expenses for the property from that same bank account, a presumption is created that the income from the property belongs to that person alone, and that any deductions are allowable to that person alone,” said Frost.
But he also added that while a statement that income is shared with someone else, “is a self-serving statement which, while it should not be rejected out of hand, is to be approached critically and must be subjected to careful scrutiny”.
Frost said that if he accepted Harbutt’s assertion that 50% of the income from the property belongs to his wife, then his tax liability would be significantly reduced and there would a corresponding increase in his wife’s tax liability.
“That circumstance would make any evidence that Mrs Harbutt might be able to give about the existence of a tax law partnership absolutely critical. Unfortunately there is no such evidence. Mr Harbutt explained that he and his wife are currently separated. But it is not the case that they have lost contact with each other. He knows where she lives,” he added.
Harbutt was not helped in his claim by his correspondence with the ATO – included in the judgement  - telling the tax commissioner his wife knew nothing of his court proceedings and that they were “none of her business”.
Commenting on the case, Chan &amp; Naylor director Ken Raiss <a target="_blank" href="https://www.propertyobserver.com.au/tax/tax-experts-warn-documentation-critical-after-property-investor-loses-attempt-to-split-tax-burden/2013011558792?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">told SmartCompany </a>that proper documentation is "absolutely critical,”
“We always tell our clients to start paperwork from day one," he said.
Tax lawyer Robert Richards of Robert Richards &amp; Associates told the Australian Financial Review the Australian Tax Office's view that legal ownership is supreme was wrong and comments made by the AAT in its judgement might work against the ATO.
This simple little case looks as if the Tax Office has won,” said Richards,.
“[But the AAT] seems to indicate that the rule as to legal ownership is not conclusive.”
The case is the exact opposite of the common scenario where property investors take advantage of favourable negative gearing rules that allow them to deducting net tax losses on rental properties against their income and reduce their tax bill.
</body></html>

Dee Why property investor loses battle with ATO over split rental income with estranged wife

<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.

&nbsp;

[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.

&nbsp;

[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

<main data-perf-region="main">
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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News