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There has been no official confirmation of a bid by Mirvac to merge with Australand in a move that would create a $7 billion listed property trust.
Australand posted an ASX statement to say that it was “not in receipt of any such proposal” with Mirvac, providing the same Australand statement.
Mirvac later sent an email to the Australian Financial Review (which broke the story) that it continually assesses opportunities to increase shareholder value.
"We are also aware of our continuous disclosure obligations and there is nothing to disclose." An article in the Australian Financial Review claimed that Mirvac, under the new leadership of Susan Lloyd-Hurwitz, was preparing a proposal to merge with its smaller rival.
The mooted merger proposal follows the Australand board rejecting an offer from GPT to acquire its non-residential businesses for $3 billion.
The AFR article did not name any source for its story, but says the proposal is being considered by Mirvac advisers Citigroup and is at an “early stage”.
For the deal to go through, it would need the backing of Singaporean real estate giant CapitaLand, Australand’s controlling shareholder.
AFR veteran property editor Robert Harley said a Mirvac merger proposal would be a better fit than GPT only wanting Australand's commercial assets.
Goldman Sachs A-REIT analyst Peter Zuk notes that the AFR article suggests that other parties could potentially join the offer process, including industrial specialist Goodman Group and Lend Lease.
Zuk says he could see a “strategic rationale” for the merger and says it would not surprise the investment bank “if some/all of these parties were interested in having a look at Austrland’s assets”
“Focusing on the reported potential Australand/Mirvac merger, we can see the strategic rationale behind any potential merger given the similarities between their business models,” says Zuk.
"Whether on a stand alone basis or a combined entity basis, we see both Mirvac and Australand as having leverage to:
<ul>
<li>The Australian residential market recovery; </li>
<li>Sourcing cheaper debt</li>
<li>Lower corporate overheads."</li>
</ul>
Recent mergers/takeovers in the listed REIT space include Goodman Group (GMG) and its consortium acquiring the then listed ING Industrial Fund in March 2011 and Blackstone acquiring the Valad Property Group in May 2011.
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No official confirmation of Mirvac proposal to merge with Australand

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The Commonwealth Bank is set to acquire 80% of John Symond's Aussie Home Loans mortgage broking business with the right to subsequently move to 100% ownership.
The bank increasing its stake in Aussie from the current 33% (acquired in August 2008) is subject to it obtaining informal clearance from the Australian Competition and Consumer Commission (ACCC).
John Symond will remain as executive chairman and Aussie will continue to operate as a standalone mortgage broker and financial services provider, said the Commonwealth Bank in a statement.
“We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products," said Commonwealth Bank group executive Rob Jesudason.
Jesudason says that for Aussie, it will be "business as usual as it continues to provide a full range of services to brokers and lenders in the way it always has".
The financial terms of the acquisition are confidential, however the transaction is not material to the Commonwealth Bank.
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Commonwealth Bank lifts stake in Aussie Home Loans to 80%

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The likelihood of house prices rising in real terms in 2013 are “not good”, according to the University of Western Sydney’s professor Steve Keen, who says his 2008 call of a slow 40% fall in Australian house prices over the next 10 to 15 years is looking “healthy”.
According to Keen, for house prices to perform better than the current inflation rate of 2% would require that property price growth start to accelerate.
However, he says the opposite has been happening following a “slight uptick in nominal prices over the last six months”.
According to RP Data, capital city house prices rose 0.4% over the three months to November, following a quarterly fall of 0.6% in October, a 2% gain over the September quarter and a 1.6% gain over the August quarter – to be up just 0.1% year-on-year.
Keen says the argument put forward by “permabulls” like Dr Andrew Wilson of Australian Property Monitors – tipping house prices to rise 3% to 5% nationally in 2013 – and BIS Shrapnel’s Robert Mellor – expecting 2% to 8% growth in Sydney, based on the “usual property mantra that house prices always rise faster than consumer prices because of the “fundamentals” of (a) a rising population and (b) tight supply” – is out of sync with what is actually happening in the property market, where prices have fallen 9.8% in real terms since peaking in June 2010.
Writing for Business Spectator, Keen revived comments that gained him notoriety in 2008, when he said in an interview with Kerry O'Brien on the ABC's Lateline the property prices would fall 40%, though he distanced Australia’s property predicament from that which befell the American housing market.
“While Australia’s house price fall post its bubble peak is clearly different to America’s crash, it’s on par with that experienced in Japan’s long, slow melt,” says Keen.
“That was the basis of the comment that dragged me into the property debate back in 2008, that Japan had experienced a 40% fall from its bubble peak over 10 to 15 years, and I saw no reason for Australia to be different. So that call is looking healthy.”
Keen says he does not accept the argument that an undersupply of housing will prop up the property market, and says the bigger issue is the high-level of debt held by Australian households, which has not diminished as it has in the US.
While mortgage lending is at its slowest on record, Keen says the main point to bear in mind is that it is still growing with mortgage debt at 85% of GDP compared with the situation in the US, where mortgage debt as a percentage of GDP has fallen from 86% in 2009 to 68% in 2012.
The following chart prepared by Keen on his <a target="_blank" href="https://www.debtdeflation/">www.debtdeflation.com</a> blog shows the much higher ratio of private sector debt relative to GDP (the blue line) compared with the red line showing the ratio of government debt to GDP, based on RBA data.
<img src="/images/stories/2012/12/keendec18.gif">


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Keen says for house prices to rise, “the flow of new mortgages has to exceed the flow of properties onto the market, and that requires mortgage debt to not merely rise, but do so at an accelerating pace”.
And it has sustain this accelerated growth for some time – something that  Keen says will be difficult with the debt burden of Australian households already so “immense”.
“Australia, with a mortgage debt to income ratio that has barely budged from its 87% of GDP peak, has precious little room to maintain accelerating mortgage debt.
“America, on the other hand, has some headroom because of the fall in mortgage debt from 86% to 68% of GDP,” he says.
Keen’s column on Business Spectator drew the usual volley of disparaging remarks about his forecasts.
But they’re unlikely to bother the thick-skinned Keen, whose international reputation is growing at a faster rate than Australians' propensity to take on new mortgages.
Keen recently gave addresses to the <a target="_blank" href="https://www.debtdeflation.com/blogs/2012/12/11/briefing-on-the-fiscal-cliff-at-congress/">US congress on the fiscal cliff</a> and in November took part in an <a target="_blank" href="https://www.debtdeflation.com/blogs/2012/11/29/a-macroeconomics-debate-at-cambridge/">economics debate at Cambridge University</a>.
This year he has also appeared on the BBC’s Question Time to discuss the impact of debt on economies along with addresses at conferences around the world.
He is currently mulling up a more permanent move overseas, telling Property Observer at the end October of his frustration at a decision by the University of Western Sydney to cut economics entirely from its curriculum.
“So we'll soon have a university with no economics courses at all, which I think would be a very dubious first in Australia – and maybe the world,” he said.
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Odds of Australian house prices beating inflation in 2013 'not good': Steve Keen

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A tentative recovery in the housing market remains on course with the RBA deciding to cut the cash rate “on balance” due to concerns about the softening job market and to provide support to the non-mining sectors of the economy as the investment peak approaches.
The minutes indicate the inflation outlook provides scope for further rate cuts if needed, with a “small decline in the growth of wages, which was consistent with the softening in the labour market seen over the past year”.
The minutes also suggest an easing bias remains in the minds of RBA board members, with the comment that “forward-looking labour market indicators had generally declined recently, suggesting that employment growth would remain modest in the months ahead”.
A statement about lending rates “now clearly below their medium-term averages” but remaining above the levels reached in 2009 also suggests an easing bias.
As with the November minutes, the December minutes make a number of positive observations about the housing market.
“Forward-looking indicators of residential construction over recent months, including building approvals, continued to point to a modest recovery in that sector over the period ahead,” say the December minutes.
“This was likely to be supported by the pick-up in dwelling prices, sales activity and rental yields over recent months. In addition, loan approvals had moved a little higher since the middle of the year.”
The RBA also notes “tentative signs that dwelling investment was turning up, but the outlook for non-mining investment overall in the year ahead remained subdued”.
The November minutes noted tentative signs of recovery in the property market with the RBA board noting that “new dwelling prices had picked up unexpectedly” and that there had been a “softening in the inflation of rents in the [September] quarter”. The board also said that there were “tentative indications that housing activity may be reaching a turning point”.
“Over recent months, the number of private residential building approvals had increased, as had dwelling prices, and auction clearance rates in Sydney and Melbourne had continued to rise,” said the RBA board.
The December minutes show that softer labour market conditions and concerns about the outlook for non-resource investment where the primary reasons for the December rate cut.
“At this meeting, the information on labour costs and softening labour market conditions suggested that the inflation outlook still afforded the board some scope to provide additional support to demand.
“Further confirmation that the peak in resource sector investment was near, and that the short-term outlook for non-resource investment remained subdued, indicated that there was a case for the board to provide that support. The Board considered whether to respond to this case in the near term or wait for further information. On balance, members saw merit in reducing the cash rate at this meeting,” say the December minutes.
 
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RBA sticks with theme of tentative residential recovery with mining and job worries spurring December rate cut

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Listed entities Yellow Brick Road and RUN Property have formed a reciprocal alliance to offer financial products and property services to each other’s clients.
Yellow Brick, founded by Mark Bouris and which last month secured a home loan funding arrangement with <a href="/news">Macquarie Bank</a>, will benefit from having its financial products and services offered to over 40,000 RUN clients through dedicated referral servicing hubs across the Eastern seaboard.
In turn Yellow Brick Road will offer RUN’s property management service across its network of branches and licensees.
RUN provides property management and real estate sales services across Melbourne, Sydney and Brisbane.
The referral program has been trialing in Brisbane and Sydney and will be rolled out across the eastern states in the first quarter of 2013.
RUN CEO Rob Farmer says the alliance with Yellow Brick Road will build on its strategy of being an “all-encompassing financial management solution for investors”.
"In Yellow Brick Road, we have found a partner with a nationally recognised and trusted brand, strong systems and processes and motivated local licensees who like RUN share a passion for their client’s futures. We see this as a strong, strategic alliance and one that will build real value for our investors,” he adds.
Yellow Brick Road executive chairman Mark Bouris says property investors need a strategic plan that will see them through the duration of their investment, “an end-to-end solution that starts at the pre-approval process and goes right through the management of the property once it is tenanted”.
“The partnership between Yellow Brick Road and RUN will enable us to put investors in the best possible loan for their situation, find the right insurances to protect them and their investment, and make sure that their plan achieves the best possible return,” he says.
RUN Property is currently in the process of being acquired by property management group Rental Express, subject to a number of conditions being fulfilled.
Yellow Brick Road was formed by Bouris in 2007 and has around 140 branches nationally offering mortgages, financial planning, family trusts, super, tax &amp; accounting and term deposits through franchised stores.
 
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Yellow Brick Road and RUN Property form property and financial services referral alliance

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House prices in Kalgoorlie/Boulder in the Goldfields-Esperance region of Western Australia have risen 10% over the year to September, making it the top-performing market in the state, according to ANZ.
As the graph below shows, regional markets in WA have been both the best performers and the worst performers over the 12-month period, with the largest price decline of 8% recorded in <a href="/news">Pallinup </a>in the Great Southern region.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/12/anzdec17.gif" rel="shadowbox"><img src="/images/stories/2012/12/anzdec17thumb.gif"></a>
In July Property Observer reported that <a href="https://www.propertyobserver.com.au/hotspots/broken-hill-and-kalgoorlie-no-longer-as-risky-for-property-investors-but-some-mining-towns-unsustainable-westpac/2012071955639">Kalgoorlie/Boulder</a> had been removed off a Westpac list of mainly mining towns deemed as risky single-industry mining towns, where the bank is reluctant to provide investor loans.
Real Estate Institute of WA president David Airey said that in contrast to “unsustainable” house prices and rents in mining towns like <a target="_blank" href="/news">Karratha</a>, <a target="_blank" href="/news">Port Hedland</a>, <a target="_blank" href="/news">South Hedland</a> and <a target="_blank" href="/news">Newman </a>“the steady growth and more affordable market of Kalgoorlie-Boulder perhaps offers greater confidence to lenders”.
Recent sales in Kalgoorlie include this four-bedroom fully renovated house (below) in Lamington, built in 1925, which sold for $358,000 in October having been listed in June for $399,000. The property sold through Andrew Zafer from Fyson &amp; Associates, having last sold for $290,000 in July 2010.
<img src="/images/stories/2012/12/wardst.jpg" width="470">
A more affordable investment option was this four-bedroom plain-looking bungalow (below) in South Boulder, dating back to 1950. It sold for $161,000 through Nicola Unkovich, also from Fyson &amp; Associates having last sold for $73,000 in 2005. It has been appraised as promising weekly rental returns of around $300 per week, which would equate to an indicative yield of over 9%.
<img src="/images/stories/2012/12/hopkinsst.jpg" width="470">
Notable on the list of top performing regions is Geraldton, <a href="https://www.propertyobserver.com.au/hotspots/investors-should-look-at-geraldton-as-future-gladstone-style-hotspot-terry-ryder/2012121158400?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">picked by Terry Ryder</a> as future potential Gladstone-like hotspot, where house prices increased 4% over the year to September.
For more on Terry Ryder's hotspots selections for 2013 and the three other regional locations that could be the next Gladstone, watch the full free webinar - <a href="/news">Regions versus capital cities - where to invest in 2013?</a> 
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Kalgoorlie/Boulder leads WA house price growth in year to September: ANZ

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The receivers of failed non-bank lender Provident Capital have terminated two high-interest mortgage funds after failing to find suitable new managers.
The two funds are the Provident Capital Monthly Income Fund and the Provident Capital High Yield Fund.
Investors in these two funds will receive initial distributions of between 30 cents and 50 cents for every dollar invested as the receivers seek to sell the properties financed with high-interest loans.
PPB Advisory receivers Marcus Ayres, Anthony Sims and Philip Carter had sought tenders to manage the two funds but in both cases the process did not result in a “suitable change of responsible entity proposal being identified”.
Investors in the high yield fund were due to be paid an interim distribution of 50 cents per unit by December 13 while investors in the monthly income fund were due to be paid a distribution of 30 cents for each $1 unit held.
As of November 30, the high-yield fund had cash of $409,859 which will be utilised to pay the first wind-up distribution of approximately $358,000 to unitholders while the monthly income fund had cash of $9,328,724, which, together with upcoming loan discharges of $1,032,646, will be utilised to pay the first wind-up distribution of approximately $9,460,000 to unitholders.
The monthly income fund has a total of 57 loans worth a total of $22.3 million with 10 loans in a arrears worth $4.4 million.
Provident Capital acted as a lender of last resort on risky development, charging very high interest rates and fees.
The majority of loans in the monthly income fund had annual interest rates of between 10% and 12.5% while a high proportion of borrowers - 15 loans worth $6.6 million - had interest rates in excess of 12.5%.
Of the 57 loans worth a total of $22.3 million, 10 loans are in a arrears worth $4.4 million.
The high-yield fund has three loans – two for residential purposes and for an industrial property – totalling $300,000 all with double-digit interest rates.
The receivers have warned <a href="https://www.propertyobserver.com.au/residential/poor-return-likely-for-provident-capital-debenture-holders-as-%245m-dividend-payments-investigated/2012120558316">Provident Capital debenture holders</a> to expect a maximum of 35¢ back for every dollar they invested in the failed non-bank lender and mortgage fund manager.
Small investors, many of them pensioners and mum-and-dad investors have $96 million invested collectively in the fixed-interest debenture fund.
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Provident Capital receivers terminate two mortgage funds with poor initial returns for investors

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National Australia Bank will lease the former Cartier shop on Exhibition Street in the Melbourne CBD, relocating from a more expensive location at the Paris-end of Collins Street.
The bank will pay $1550 a square metre net for the new premises at 100 Exhibition Street having previously occupied premises at 71 Collins Street.
The new 10-year lease was negotiated by Savills’ director of retail leasing Michael Di Carlo alongside colleague, Jeremy Marmur.
The shop became available after luxury watch retailer Cartier relocated to a bigger and better-located store at 101 Collins Street.
Di Carlo said NAB had required a more modern fit-out which offered superior customer access and exposure.
The lessor was a private investor.
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NAB takes up former Cartier retail space on Exhibition Street at $1,550 per square metre

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Australia’s elder statesman of apartment development, Harry Triguboff, has no plans to retire as he prepares for his 50th year in the property market and says bricks and mortar remains the soundest form of investment.
The Meriton boss, who turns 80 next year, says he has dabbled in the stock market, but says it is very unpredictable.
“I still believe that bricks and mortar are the strongest investment,” he tells the inaugural edition of StrataCall magazine, an offshoot of the <a target="_blank" href="https://www.stratalive.com.au/">stratalive.com.au </a>website.
“Investing in property is simpler, safer and far more straightforward and logical."
Triguboff says now is “a perfect time" for first homeowners and investors to purchase property and describes the decision as “really a very easy equation’.
2013 is likely to be a busy year for Harry Tribugoff and Meriton following its <a href="https://www.propertyobserver.com.au/developments/debtless-meriton-halts-sydney-apartment-site-buying-spree-as-it-seeks-to-sell-700-older-apartments-harry-triguboff/2012110157564">acquisition of six sites across Sydney</a> this year at a combined cost in excess of $200 million.
The sites have the capacity for 2,000 apartments worth around $1.3 billion.
Meriton remains debt free, but Triguboff says this is not a good thing, though he sympathises with other developers who have struggled to manage their debts due to the economic downturn.
“Trying to grow too fast and carry huge debt is OK when the banks are not nervous; but once they start pulling in the purse strings, it takes very little for the whole deck of cards to come tumbling down,” he says.
Were Meriton to carry some debt, Triguboff says this would be a good sign that development approvals are going through, land is becoming available and Meriton is in a position to build.
“If you ever hear I am carrying debt, it will be very good news for the property market,” he says.
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Stick to bricks and mortar: Harry Triguboff’s advice to investors as he prepares for a busy 50th year in property game

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ANZ is forecasting the Reserve Bank to cut the cash rate by a further 100 basis points over the course of 2013 to a rate of just 2%.
This would be the lowest the cash rate has been by some margin based on <a href="/news">RBA data going back to 1959</a>. The previous low, based on RBA proxy data (official cash rate settings began in August 1990) was 2.89% in January 1960.
Last week <a target="_blank" href="https://www.propertyobserver.com.au/residential/residential-property-prices-to-rise-5-in-2013-but-shares-a-better-bet-than-property-shane-oliver/2012121258437">AMP Capital chief economist Shane Oliver</a> forecast the cash rate to fall 2.5% in the first half of 2013, but said it could fall below 2% if there is slower than expected recovery in the non-mining sectors of the economy such as housing and retailing.
"Due to the further sharp weakening in mining business conditions in recent months, the tepid improvement in the non-mining sector, the deterioration in job advertising trends and the strong Australian dollar, we now expect a further 1 percentage point cut in the cash rate over the course of 2013," says ANZ as part of Australian Monthly Chartbook released today.
"This will help limit the prospective rise in the unemployment rate that job advertising is signalling. If realised, such rate moves will provide significant further support to the non-mining sectors, including the housing market."
In the latest chartbook, ANZ says the key issue for markets and policy makers is whether the weakest sectors of the economy (e.g. retail,housing, manufacturing and non-residential investment) strengthen sufficiently to offset the anticipated slowing in mining investment.
"The RBA’s two monetary easings in recent months, suggests the central bank wants some further insurance on this front. The related policy question is what further should (and can) be done if non-mining activity does not strengthen sufficiently. Backing away from the delivery of a budget surplus would be a start, while the RBA could consider moves to offset some of the negative effects of the strong flow of capital into Australia, thereby taking some pressure off the high Australian dollar," says ANZ.
The bank also notes that the RBA recently downgraded its mining investment forecast for 2012-13 to a little above 8% of GDP from around 9% of GDP.
"While this downgrade was substantial, the latest capex data suggest this forecast is now a ‘best case’ scenario with the 'low' CAPEX estimate around half a percentage point of GDP lower.
"This creates therisk that mining investment may now peak at an even lower level than previously forecast by the RBA,meaning that non-mining activity needs to pick up more sharply than before to maintain reasonable growth."
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Cash rate to fall 100 basis points to 2% in 2013: ANZ

<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.

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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.

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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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