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An 11.8% annual rise in rents and a 9.9% annual increase in occupancy costs has propelled the Perth CBD into the top 20 most expensive office rental markets in the world, according to the September quarter semi-annual global office report from CBRE.
Perth ranked 20th most expensive prime office market to rent space, with an average rent per square metre cost of $850 and total occupancy costs of $1,003.
Rents and occupancy costs in the Perth CBD have soared on the back of demand for office space from businesses with the ties to the mining investment boom.
The Property Council of Australia <a href="https://www.propertyobserver.com.au/office/perth-and-brisbane-dominate-record-demand-for-cbd-office-in-first-six-months-of-2012-property-council-report/2012080155827">recorded a vacancy rate of 4.2% in the Perth CBD</a> in July, down from 7.8% in July 2011, with the city managing a net absorption rate of 115,000 square metres over the first six months of the year – nearly half the national net absorption rate of 243,000 square metres.
Sydney remains Australia’s most expensive prime CBD office market, ranking 14th on the CBRE list, one position up from six months ago. Prime Sydney rents have hardly moved over the past year (up 0.8%) at $1,048 per square metre, while occupancy costs have risen by 1.3% to total average occupancy cost of $1,232 per square metre.
Brisbane ranked 30th on the global list, one up from its ranking at the end of March, with a total occupancy cost of $818, up 1.7%, with rents up 1.3%.
Melbourne ($637 per square metre total occupancy cost) does not feature in the top 50, with the list headed by Hong Kong followed by Central London’s West End, Tokyo, Beijing and New Dehli.
San Francisco, which ranked 26th most expensive office rental market in the world, experienced the largest year-over-year increase, at 36.4%, of the 133 markets monitored by CBRE, driven by its “hot technology sector”.
Top 50 Most Expensive Office Markets as of September 30, 2012
 
<table width="463" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td nowrap width="47" valign="bottom">
Rank
</td>
<td nowrap width="287" valign="bottom">
Market
</td>
<td nowrap width="129" valign="bottom">
Occ. Cost (US$)
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom"></td>
<td nowrap width="287" valign="bottom"></td>
<td nowrap width="129" valign="bottom"></td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
1
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (Central), Hong Kong
</td>
<td width="129" valign="bottom">
246.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
2
</td>
<td nowrap width="287" valign="bottom">
London - Central (West End), United Kingdom
</td>
<td width="129" valign="bottom">
219.81
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
3
</td>
<td nowrap width="287" valign="bottom">
Tokyo (Marunouchi Otemachi), Japan
</td>
<td width="129" valign="bottom">
197.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
4
</td>
<td nowrap width="287" valign="bottom">
Beijing (CBD), China
</td>
<td width="129" valign="bottom">
184.95
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
5
</td>
<td nowrap width="287" valign="bottom">
New Delhi (Connaught Place - CBD), India
</td>
<td width="129" valign="bottom">
183.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
6
</td>
<td nowrap width="287" valign="bottom">
Beijing (Finance Street), China
</td>
<td width="129" valign="bottom">
179.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
7
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (West Kowloon), Hong Kong
</td>
<td width="129" valign="bottom">
174.13
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
8
</td>
<td nowrap width="287" valign="bottom">
Moscow, Russian Federation
</td>
<td width="129" valign="bottom">
172.82
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
9
</td>
<td nowrap width="287" valign="bottom">
London - Central (City), United Kingdom
</td>
<td width="129" valign="bottom">
131.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
10
</td>
<td nowrap width="287" valign="bottom">
São Paulo, Brazil
</td>
<td width="129" valign="bottom">
130.07
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
11
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Bandra Kurla Complex), India
</td>
<td width="129" valign="bottom">
122.19
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
12
</td>
<td nowrap width="287" valign="bottom">
Rio de Janeiro, Brazil
</td>
<td width="129" valign="bottom">
121.40
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
13
</td>
<td nowrap width="287" valign="bottom">
Paris Ile-de-France, France
</td>
<td width="129" valign="bottom">
119.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
14
</td>
<td nowrap width="287" valign="bottom">
Sydney, Australia
</td>
<td width="129" valign="bottom">
119.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
15
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Pudong), China
</td>
<td nowrap width="129" valign="bottom">
116.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
16
</td>
<td nowrap width="287" valign="bottom">
New York (Midtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
114.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
17
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Puxi), China
</td>
<td width="129" valign="bottom">
108.25
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
18
</td>
<td nowrap width="287" valign="bottom">
Geneva, Switzerland
</td>
<td width="129" valign="bottom">
105.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
19
</td>
<td nowrap width="287" valign="bottom">
Singapore, Singapore
</td>
<td nowrap width="129" valign="bottom">
104.66
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
20
</td>
<td nowrap width="287" valign="bottom">
Perth, Australia
</td>
<td width="129" valign="bottom">
96.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
21
</td>
<td nowrap width="287" valign="bottom">
Caracas, Venezuela
</td>
<td width="129" valign="bottom">
95.68
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
22
</td>
<td nowrap width="287" valign="bottom">
Washington, DC (Downtown), U.S.
</td>
<td nowrap width="129" valign="bottom">
94.51
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
23
</td>
<td nowrap width="287" valign="bottom">
Dubai, United Arab Emirates
</td>
<td width="129" valign="bottom">
92.56
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
24
</td>
<td nowrap width="287" valign="bottom">
Seoul (CBD), South Korea
</td>
<td width="129" valign="bottom">
91.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
25
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Nariman Point - CBD), India
</td>
<td width="129" valign="bottom">
90.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
26
</td>
<td nowrap width="287" valign="bottom">
San Francisco (Downtown), U.S.
</td>
<td width="129" valign="bottom">
90.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
27
</td>
<td nowrap width="287" valign="bottom">
Zurich, Switzerland
</td>
<td nowrap width="129" valign="bottom">
87.98
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
28
</td>
<td nowrap width="287" valign="bottom">
Boston (Downtown), U.S.
</td>
<td width="129" valign="bottom">
87.50
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
29
</td>
<td nowrap width="287" valign="bottom">
Istanbul, Turkey
</td>
<td width="129" valign="bottom">
82.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
30
</td>
<td nowrap width="287" valign="bottom">
Brisbane, Australia
</td>
<td width="129" valign="bottom">
79.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
31
</td>
<td nowrap width="287" valign="bottom">
Luxembourg City, Luxembourg
</td>
<td width="129" valign="bottom">
77.94
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
32
</td>
<td nowrap width="287" valign="bottom">
Los Angeles (Suburban), U.S.
</td>
<td width="129" valign="bottom">
76.84
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
33
</td>
<td nowrap width="287" valign="bottom">
Stockholm, Sweden
</td>
<td width="129" valign="bottom">
76.35
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
34
</td>
<td nowrap width="287" valign="bottom">
New York (Downtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
74.93
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
35
</td>
<td nowrap width="287" valign="bottom">
Seoul (Yeouido), South Korea
</td>
<td width="129" valign="bottom">
74.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
36
</td>
<td nowrap width="287" valign="bottom">
Milan, Italy
</td>
<td width="129" valign="bottom">
74.21
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
37
</td>
<td nowrap width="287" valign="bottom">
Guangzhou, China
</td>
<td nowrap width="129" valign="bottom">
72.88
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
38
</td>
<td nowrap width="287" valign="bottom">
Bogota, Colombia
</td>
<td width="129" valign="bottom">
70.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
39
</td>
<td nowrap width="287" valign="bottom">
Calgary (Downtown), Canada
</td>
<td width="129" valign="bottom">
70.59
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
40
</td>
<td nowrap width="287" valign="bottom">
Aberdeen, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
70.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
41
</td>
<td nowrap width="287" valign="bottom">
Manchester, United Kingdom
</td>
<td width="129" valign="bottom">
69.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
42
</td>
<td nowrap width="287" valign="bottom">
Edinburgh, United Kingdom
</td>
<td width="129" valign="bottom">
69.02
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
43
</td>
<td nowrap width="287" valign="bottom">
Taipei, Taiwan
</td>
<td width="129" valign="bottom">
68.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
44
</td>
<td nowrap width="287" valign="bottom">
Birmingham, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
68.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
45
</td>
<td nowrap width="287" valign="bottom">
Toronto (Downtown), Canada
</td>
<td width="129" valign="bottom">
68.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
46
</td>
<td nowrap width="287" valign="bottom">
Vancouver (Downtown), Canada
</td>
<td nowrap width="129" valign="bottom">
67.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
47
</td>
<td nowrap width="287" valign="bottom">
Frankfurt am Main, Germany
</td>
<td width="129" valign="bottom">
66.31
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
48
</td>
<td nowrap width="287" valign="bottom">
Bristol, United Kingdom
</td>
<td width="129" valign="bottom">
65.10
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
49
</td>
<td nowrap width="287" valign="bottom">
Oslo, Norway
</td>
<td width="129" valign="bottom">
64.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
50
</td>
<td nowrap width="287" valign="bottom">
Glasgow, United Kingdom
</td>
<td width="129" valign="bottom">
64.31
</td>
</tr>
</tbody></table>
Source: CBRE Global Research and Consulting

<hr class="system-pagebreak">
The latest semi-annual prime office occupancy costs survey reveals the dominance of the Asia-Pacific region in the top 10 most expensive business locations worldwide continued, led by Hong Kong-Central – the world’s most expensive market - and five other Asian markets.
Despite economic headwinds, occupancy costs increased by an average of 2.1% worldwide over the past year, led by the Americas, with a 5.2% annual increase and Asia-Pacific with a 2.6% increase. Europe, the Middle East and Africa continued to be hindered by economic recession in much of Europe and recorded a 0.4% decrease in prime occupancy costs. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and had no change in 22 markets.
“The global office market recovery cooled over the past year, hampered by the ongoing European debt crisis, a deceleration of growth in emerging markets and ubiquitous  uncertainty created by the ‘fiscal cliff’ in the US," says Dr Raymond Torto, CBRE’s global chief economist. “However, tight market conditions, strong demand for high quality space and low levels of new construction continue to drive up occupancy costs in many prime office markets across the globe.”
 CBRE tracks occupancy costs for prime office space in 133 markets around the globe.
Of the top 50 most expensive markets, 19 are in EMEA (Europe, Middle East and Africa), 18 are in Asia-Pacific and 13 in the Americas.
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lschlesinger-FZcF9M3vE6

Perth CBD moves up to 20th most expensive market to rent office space in the world: CBRE

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Prospects are looking somewhat brighter for the NSW central coast property market in 2013 with a large decline in mortgagee sales and the market consolidating over the course of 2012.
In-house records from property values Herron Todd White (HTW) show that instructions to provide mortgagee valuations in the popular retirement destination and lifestyle location were down by 36% over 2012.
HTW says it was “heartened” by the fewer mortgagee sales and “happy to see less of this work”.
But the valuation firm added that notwithstanding this improvement, “we understand that lender and mortgage insurers continue to closely monitor the region, indicating to us that the region remains vulnerable as owners struggle with mortgage payments and living costs”.
HTW says its prediction that the central coast market in 2012 would be the year of first-home buyers and investors proved accurate.
“At the half-time oranges break, we saw this as being correct and at the full-time siren, this appears confirmed.
“Once again, sales in the sub-$400,000 category accounted for a majority of the property sales on the central coast.
“This confirms reports from real estate agents that first home buyers and investors are sustaining the market,” says HTW.
Realestate.com.au has over 4,000 listings on the central coast, but only one property advertised as a mortgagee sale – a <a target="_blank" href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-fountaindale-111892771">four-bedroom house set on a 6,700-square-metre semi-rural block in Fountaindale</a> listed with $700,000 hopes through Debbie Montgomery of McLachlan Partners Long Jetty.
The property's asking price has been reduced from $749,000 after failing to sell at auction in November. RP Data records show the property was available for rent in October at $1,600 per week.
Realestate.com.au records 28 mortgagee-in-possession sales since the start of the year.
HTW says there was a “distinct level of neutrality” about the central coast property market in 2012, with the “odd surprise, but no headline grabbing record sales or bargains”.
“At this point, we are a little way short of having confirmed figures for the year, but with the information available, we have concluded that it has been a year of consolidation and possibly getting back into a cycle of values that might remind us of years past.
“These were good times when plans and budget could be made without too many reviews,” says HTW.
The central coast, the ninth largest urban area in Australia, consists of two local government areas – City of <a target="_blank" href="/news">Gosford </a>and <a target="_blank" href="/news">Wyong</a> Shire.
HTW reports a 2.1% drop in dwelling sales in Gosford sales over the previous year with the median values down by about 2.3% during this period.
In the more volatile unit market, Gosford sales numbers were up by about 4.6%, with the median value falling by 3.8%
There was more sales activity in Wyong, with dwelling sales up by almost 6%, but with a fall in median value of around 1%.
Wyong unit sales were also up by an encouraging 1.7%, but the median sale price fell by close to 4%.
“The worry here is the 30% fall in vacant land sales, but with slightly higher median value," says HTW.
“A reduction in land sales in the Wyong LGA of 30% is better than the previous year, but indicates the statistics are correct when a slowing of building activity is mentioned. We look forward to seeing how this will change with the new first home buyer’s [$15,000] scheme for new dwellings coming into play."
As with weaknesses at the prestige end of the Sydney housing market, HTW notes that apart from Wyong land sales, the other segment that again shown the least activity during 2012 include were dwellings priced over $1 million.
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Mortgagee sales decline 36% on NSW central coast as property market consolidates ahead of brighter 2013

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The South Henley Beach house that drew the attention of the police earlier this month after real estate listing photos inadvertently showed alleged marijuana pot plants in the backyard, sold at weekend auction for $629,000.
The property in the western suburbs of Adelaide just a few blocks from the beach was marketed by Arthur Dimitrak from Harcourts Mile End who said it sold just above the reserve price.
The <a target="_blank" href="https://www.propertyobserver.com.au/auctions/adelaide-henley-beach-joint-to-go-to-auction-on-saturday-%E2%80%93-but-alleged-marijuana-pot-plants-nipped-in-the-bud/2012121358458">photographs of the alleged marijuana pla</a><a target="_blank" href="https://www.propertyobserver.com.au/auctions/adelaide-henley-beach-joint-to-go-to-auction-on-saturday-%E2%80%93-but-alleged-marijuana-pot-plants-nipped-in-the-bud/2012121358458">nts</a> prompted a surprise police inspection, seizure of the plants and a court date for one of the occupants.
There were eight registered bidders for the house, but only two bidders on the day. RP Data records show it last sold for $130,000 in 1993.
The two-bedroom brick house standing on a 936-square-metre block and is tenanted until February next year.
The new owner is likely to demolish the existing house and develop the site for townhouses.
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Investor snaps up Adelaide South Henley Beach “pot” house

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The South Henley Beach house that inadvertently featured a backyard photograph showing alleged <a href="https://www.propertyobserver.com.au/south-australia/pot-plants-in-real-estate-ads-bring-adelaide-police-to-the-open-for-inspection/2012121358447?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">potted marijuana plants </a>will go to forthcoming auction with expectations of around $550,000.
<img width="470" src="/images/stories/2012/12/potplant.jpg">
The two-bedroom brick house is just a few blocks away from beach in the sought-after western Adelaide suburb about 15 minutes from the CBD.
<img width="470" src="/images/stories/2012/12/military.jpg">
RP Data records show it last sold for $130,000 in 1993.
The original listing featured a photo of the backyard showing two pot plants with alleged flowering marijuana plants, prompting a surprise police inspection, seizure of the plants and a court date for one of the occupants.
The property is being marketed by Arthur Dimitrak from Harcourts Mile End, who told Property Observer he felt sorry for the accused young occupant.
“He should have put his plants in the shed.”
<img src="/images/stories/2012/12/military2.jpg">
Dimitrak expects that whoever buys it will knock it down and either builds a new house or sub-divide and put up townhouses.
“It’s an expensive suburb, close to cafes …very sought after,” he says.
Dimitrak says he has had a lot of interest in the property since its November 23 listing, but said interest is mainly in the land, with the house standing on a 936-square-metre block.
According to the listing marketing, there's $320 per week ongoing rental potential.
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Adelaide Henley Beach joint to go to auction – but alleged marijuana pot plants nipped in the bud

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Property owners and investors on Palm Beach on the Gold Coast are struggling to come to terms with the extent to which property prices have declined in the region since the GFC, according to a new report by PRDnationwide.
“Whilst many vendors acknowledge diminished capital values especially over recent years, and have priced their property accordingly, a large proportion of vendors remain under the illusion that their properties are undoubtedly worth more now than three to five years ago," says PRDnationwide analyst Robert Matta, author of the report.
“Whilst this may be the case for few properties in the area, this is definitely an extraordinary circumstance which has contributed to a lack of reasonable priced property on the market,” he says.
He also notes that buyers who purchased since 2007 are restricted by how much they can revise their pricing due to possible equity shortfalls.
“There is also evidence to suggest that unencumbered vendors have become increasingly reluctant to negotiate on the fire sale cash offers floating around in the market, which is exacerbating the level of well-priced stock in the market,” he says.
PRDnationwide’s investigation of the coastal area of Palm Beach, which includes the suburbs of <a href="/news">Palm Beach</a>, <a href="/news">Elanora</a>, <a href="/news">Currumbin</a>, <a href="/news">Currumbin Waters</a> and <a href="/news">Tugun</a> south of Surfers Paradise, reveals a marked  downwards shift in property values.
In June 2010 nearly two-thirds (65%) of properties that traded in the Palm Beach area sold for between $500,000 and $700,000, with the remainder trading between $400,000 and $500,000.
Figures for June 2012 show that only 45% of sales were in the $500,000 and $700,000, with the majority priced under $500,000
<img src="/images/stories/2012/12/prddec14.gif">
PRDnationwide recorded a small increase in residential sales in the Palm Beach area in the first half of 2012 with 220 sales negotiated, but says the market remained idle, “despite a marked correction in the median price over the past five years”.
For Palm Beach investors, the rental market has remained stagnant over the past three years, “with little to no movement in price growth across the house and unit markets”.
“Buying well is the key for investors to achieve a competitive rental yield in the marketplace with low rental price growth anticipated over the coming year,” says Matta.
According to Matta, active investors and owner-occupiers have become increasingly price-conscious, with the sub $350,000 price range accounting for 65% of the total sales recorded in the June 2012 period, in contrast to 35% recorded in the June 2010 period.
The unit market has been more resilient than the wider Gold Coast municipality, with a median unit price for June 2012 of $355,000.
Palm Beach rents range from $300 per week for a two-bedroom apartment to $490 per week for a four-bedroom house.
Elanora recorded the highest number of sales for the six month to the end of June with 67, up 20% one more than Palm Beach, a 20% fall on the same period in 2011.
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Marked decline in property values hard to accept by  for Palm Beach vendors on the Gold Coast: PRDnationwide

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Strata office space in the Melbourne CBD is being acquired by small businesses as their business premises for as little as $95,000, according to property services group DTZ.
DTZ strata agents Craig Hembrow and Danny Clark has sold 12 strata offices in the last few weeks totalling $2.7 million, with sales occurring in buildings on Little Collins Street, Collins Street and Queen Street.
Buyers include professional businesses, consultancies and small businesses in the medical, accounting, financial or business support services.
“These transactions have considerably tightened the market in properties in the sub 200 square metre range, to the point that some buyers are giving up due to frustration over a lack of available market stock” says Clark.
“This is partly attributable to a convergence of buyer and vendor expectations”.
Popular buildings for strata office purchases include 343 Little Collins Street on the Elizabeth Street corner, the Art Deco Manchester Unity building at 220 Collins Street on the Swanston Street corner and the modern 2 Queen Street building on the Flinders Street corner.
According to DTZ, limited supply is available in the prime East End of the CBD which is generally attractive to medical, corporate consulting, and financial services businesses.
Recent sales include a 32-square-metre office at 343 Collins Street, which sold for $95,000 – a rate of $2,981 per square metre rising up to $376,000 for a 63-square-metre strata office at 2 Queen Street.
Strata office sales 
<div style="text-align: left;" align="center">
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0">
<thead><tr>
<td style="text-align: left;" width="180">
Address
</td>
<td style="text-align: left;" width="85">
Sale Price
</td>
<td style="text-align: left;" width="85">
Area (sq.m.)
</td>
<td style="text-align: left;" width="57">
Rate per m2
</td>
<td style="text-align: left;" width="221">
Sales Transaction
</td>
</tr></thead>
<tbody>
<tr>
<td style="text-align: left;" width="180" valign="top">
204/220 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$309,570
</td>
<td style="text-align: left;" width="85" valign="top">
60
</td>
<td style="text-align: left;" width="57" valign="top">
$5,159
</td>
<td style="text-align: left;" width="221" valign="top">
Investment returning 6.91% return
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
303/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$110,000
</td>
<td style="text-align: left;" width="85" valign="top">
35
</td>
<td style="text-align: left;" width="57" valign="top">
$3,142
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
408/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$125,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$3,205
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
409/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$126,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$3,230
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
702/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$95,400
</td>
<td style="text-align: left;" width="85" valign="top">
32
</td>
<td style="text-align: left;" width="57" valign="top">
$2,981
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
709/343 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$285,000
</td>
<td style="text-align: left;" width="85" valign="top">
82
</td>
<td style="text-align: left;" width="57" valign="top">
$3,476
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
207/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$376,000
</td>
<td style="text-align: left;" width="85" valign="top">
63
</td>
<td style="text-align: left;" width="57" valign="top">
$5,968
</td>
<td style="text-align: left;" width="221" valign="top">
Investment returning 7.71%
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
1111/227 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$230,000
</td>
<td style="text-align: left;" width="85" valign="top">
46
</td>
<td style="text-align: left;" width="57" valign="top">
$5,000
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
208/430 Little Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$255,000
</td>
<td style="text-align: left;" width="85" valign="top">
39
</td>
<td style="text-align: left;" width="57" valign="top">
$6,538
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
405/220 Collins Street
</td>
<td style="text-align: left;" width="85" valign="top">
$275,000
</td>
<td style="text-align: left;" width="85" valign="top">
27
</td>
<td style="text-align: left;" width="57" valign="top">
$10,185
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
101/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$303,000
</td>
<td style="text-align: left;" width="85" valign="top">
49
</td>
<td style="text-align: left;" width="57" valign="top">
$6,183
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
<tr>
<td style="text-align: left;" width="180" valign="top">
102/2 Queen Street
</td>
<td style="text-align: left;" width="85" valign="top">
$217,000
</td>
<td style="text-align: left;" width="85" valign="top">
35
</td>
<td style="text-align: left;" width="57" valign="top">
$6,200
</td>
<td style="text-align: left;" width="221" valign="top">
Vacant possession
</td>
</tr>
</tbody>
</table>
</div>
 Source: DTZ
In August, Savills research confirmed private investors were the most active purchaser category in the strata office market in the prior 12 months, having purchased 42 properties worth a total of more than $26 million.
The recent Urbis Melbourne strata office market report calculated that there are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% per cent of total stock.
The report notes that prior to 2000, the market was characterised by the creation of strata units from the conversion of older, conventional office buildings, with few purpose built facilities.
However, since 2000, some 500 strata units have been supplied, all in purpose built facilities, with most in the Docklands precinct.
These include Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007) and Site One at 757 Bourke Street, Docklands (53 office units, built 2007).
Strata developments currently under construction include Lifestyle Working Collins Street, at 838 Collins Street featuring 137 units and 35 Exhibition Street, featuring approximately 40 units, both of which are due for completion in 2013.
According to the Urbis report, yields for prime strata office suites are currently in the range of 6.5% to 7%, with secondary yields generally in the range of 7.0% to 8.0%, on net rents.
</body></html>

Small business snapping up Melbourne CBD strata offices for as little as $95,000: DTZ

<html><body>
Of the two key regional south-east Queensland property markets, the Sunshine Coast property market had a decidedly better year than the troubled Gold Coast market, according to Herron Todd White’s (HTW) year-in-review December report.
However, both remain distinctly buyers' markets, with opportunities for first-home buyers and investors (with a long-term view) to secure discounted purchases while the more expensive end of both markets remains under pressure.
Certainly there is much more upbeat tone to HTW's assessment of the Sunshine Coast than the Gold Coast.
“Well one thing is certain, 2012 has turned out to be much better than 2011. There seems to be an air of optimism around now with more and more people ‘doing things’,” is how HTW began its round-up of the Sunshine Coast market.
In comparison, HTW describes the Gold Coast as a “tough property market” with values having declined “across all property market subcategories with the prestige, unit and acreage markets hit the hardest”.
The Sunshine Coast property market was helped by the building of the $2.03 billion University Hospital at Kawana, with construction of the private hospital due for completion next year and with work now underway on the main hospital.
Another positive factor, according to HTW, was the changes in both the local and state governments earlier in the year, which helped improve confidence levels.
“The resultant effects are that we have seen a significant increase in activity.
“The main market where this has been felt has been the sub-$500,000 house market. Properties have been turning over more quickly, with some agents making noises about running out of stock.
“In this sector it doesn’t feel as if there is going to be a sudden spike in values, but certainly we expect that values will stabilise,” says HTW.
However, the Sunshine Coast resort investment unit market and prestige markets remain “quite tough”.
And while sales are being recorded and activity has improved, HTW says this is from sellers being prepared to meet the market, with buyers “smelling blood in the water and treating these properties harshly”.
 
<hr class="system-pagebreak">
 
In the case of the Gold Coast, HTW says mortgagee in possession (MIP) sales have “significantly impacted the property market, with properties selling in many cases at levels not seen since circa 2003 to 2004”.
As a result, the Gold Coast is still a strong buyer’s market, with most local and informed buyers being “very discerning and taking their time to buy wisely, for example, seeking out the most distressed auction sales”.
“This has caused values in some residential areas to fall more sharply than others as buyers shun areas with perceived issues overshadowed by the more desirable areas. Therefore, we have seen sales in some residential pockets fall very dramatically.”
HTW notes that parts of the Gold Coast like Nerang and Highland Park offer first-home buyers the opportunity to get into the market at below $300,000 as do older-style low rise units in the Surfers Paradise/Broadbeach locality and second-hand townhouse units in the Pacific Pines locality”.
Moving up the price ladder to the $500,000 to $1 million bracket, values have continued to fall, with HTW recording that multiple sales occurring in Isle of Capri in the mid-$600,000s – the “lowest prices we’ve seen for waterfront property in this locality for a few years”.
Apart from the construction of the light-railway impacting on values for nearby property owners, the bigger structural problems for <a target="_blank" href="/news">Surfers Paradise</a> and <a target="_blank" href="/news">Broadbeach </a>is an oversupply of high-rise units for sale with the marketing of the Hilton, Oracle and Soul products.
Head of property for The Oracle Berrick Wilson has a more optimistic view of the market forecasts the 2012-13 summer months will provide “an additional boost to an already rejuvenated luxury apartment market”.
Oracle managed 100 new sale settlements in the 12 months since its relaunch in December 2011.
“With only 10 apartments sold at The Oracle in the 12 months prior to December 2011, and more than 100 apartments sold since at an average price of approximately $900,000, it’s fair to say the market has bottomed and buyers are continuing to capitalise by snapping up luxury stock,” says Wilson.
HTW does have a brighter outlook for the Gold Coast reporting that many agents are clearing much of their dated stock, however values are not set to rise in the short term.
Gold Coast rents have remained strong despite values declining, but this could change, with “many property managers reporting increases in vacancy rates”.
HTW recommends investors look at the following areas on the Gold Coast: <a target="_blank" href="/news">Southport</a>, <a target="_blank" href="/news">Labrador </a>and <a target="_blank" href="/news">Biggera Waters</a>, <a target="_blank" href="/news">Paradise Point</a>, and <a target="_blank" href="/news">Parkwood </a>/<a target="_blank" href="/news">Molendinar</a>.
Looking ahead, the assessment is that the Gold Coast will remain a buyers’ market in 2013 with losses suffered by existing property owners representing “excellent longer term opportunity for those ‘early adopter’ investors who can position themselves against the storm”.
“We still need to be wary of the unknowns, being the macro and micro economic situations, the mining industry and rental markets. There is no indication of any immediate changes in property values and we are predicting stabilisation for 2013,” says HTW.
</body></html>

Sunshine Coast trumps Gold Coast in 2012 but both still buyers' markets: HTW

<html><body>
Pessimism about the job market is on the rise and could further curtail already cautious borrowers taking on more debt in 2013, forcing the RBA to cut interest rates even further, according to Westpac.
All the unemployment indicators from the December Westpac-Melbourne Institute survey of consumer sentiment point to a rise in the unemployment rate next year, with the likes of AMP Capital chief economist Shane Oliver tipping the unemployment rate to reach 6% in 2013.
Oliver is tipping the cash rate to fall to 2.5% in 2013 and says it could go even lower if sectors like housing, tourism and retail take longer to recover and take up the slack created by an expected slowdown in mining investment.
Employment is crucial to the housing market in both a practical sense – borrowers need income to pay off their mortgages – and in terms of feeling confident about taking on more debt to renovate, upgrade and in some cases, purchase an investment property.
However, despite the official unemployment rate falling from 5.4% to 5.2% and the RBA cutting the cash rate by 25 basis point to 3% in the week when the December consumer sentiment survey was carried out, job market expectations deteriorated.
<img src="/images/stories/2012/12/westpacdec14.gif">
As the graph below shows, survey respondents in full-time work (of which many would have mortgages or may be looking to buy) are more pessimistic about the jobs market than those unemployed, retired or not working.
<img src="/images/stories/2012/12/westpacdec141.gif">
Furthermore, as the graph below shows, sentiment about unemployment is similar across all household types – renters, mortgage holders and those who own their property outright.
<img src="/images/stories/2012/12/westpacdec142.gif">
Sentiment about the jobs market is weakest in the resource states of Queensland and WA due to expectations of a slowdown in mining-related projects and most bullish in NSW.
<img src="/images/stories/2012/12/westpacdec143.gif">
“Despite another rate cut and improving sentiment towards housing, consumers remain cautious and particularly concerned around the outlook for the economy and for employment,” says Westpac chief economist Bill Evans.
“The Reserve Bank has two more months to assess the impact of its interest rate moves before its next meeting (the RBA does not meet in January).
“Evidence to date is that low rates are not generating much traction with households. Hence there is likely to be a decision to further ease rates in February or March,” he says.
</body></html>

Households growing concern about job market point to further rate cuts: Westpac

<html><body>
Photos allegedly showing cannabis growing in two pot plants in the backyard of a Henley Beach South house were inadvertently included in a real estate ad, drawing the attention of the police.
<img width="470" src="/images/stories/2012/12/potplant.jpg">
The plants showed up in photos while the house was advertised for sale.
Police attended the house with a search warrant yesterday and subsequently seized the cannabis plants and reported the tenant, a 28-year-old man.
In an unrelated case also in Adelaide’s western suburbs police searched a house at Woodville allegedly locating 55 cannabis plants growing hydroponically in four rooms of the house.
A 40-year-old man from Woodville was arrested and charged with cultivating a commercial quantity of cannabis and possess proscribed equipment.
Both men will appear in the Port Adelaide Magistrates Court at a later date.
</body></html>

‘Pot’ plants in real estate ads bring Adelaide police to the open for inspection

<html><body>
Plans for the new Sydney International Convention, Exhibition and Entertainment Precinct (SICEEP) at Darling Harbour have drawn concerns from trade exhibitors due to its configuration.
<img src="/images/stories/2012/12/icc4.jpg">
While the proposed exhibition space will be 13,000 square metres bigger in the new convention centre, contiguous space will be smaller, with only 20,000 square metres on the ground floor as opposed to the current 27,000 square metres across one floor.
A second floor will offer 13,000 square metres of exhibition space with additional space on the outdoor event deck and in the convention centre.
The 20,000 square metres of contiguous space is significantly smaller than the 30,000 square metres of clearspan space available in the Melbourne Exhibition Centre – the largest contiguous space in the Southern Hemisphere.
Despite the concerns at the configuration of the new exhibition centre, Joyce DiMascio, general manager of the Exhibition &amp; Event Association of Australasia, says the industry is in the hands of very good operators in Lend Lease and Ogden.
“In initial discussions with Ogden, they have undertaken to ensure that in the detailed design our input is considered to maximise utilisation,” she said in comments to the Australian Financial Review.
<img src="/images/stories/2012/12/icc5.jpg">
Infrastructure NSW has also defended the design saying that stacked exhibition centres worked well in place like Hong Kong and Vancouver, adding that only five exhibitions a year require space of 25,000 square metres or more.
Such exhibitors would need to be convinced to have their expos over two levels or Sydney could lose them to Melbourne.
Development of the Darling Harbour convention centre has also come under fire from Philip Cox, the architect who designed the current exhibition centre and from another well-known architect Darrel Conybeare, who described Cox’s building as the best in Darling Harbour.
Construction of the new exhibition centre is due to begin in 2014 and be completed in 2016.
Goldman Sachs analyst Andrew MacFarlane said developing the $1 billion convention centre was an “important win” for Lend Lease “given major projects have been relatively rare in recent years” and will add $2 billion to its $9.3 billion of Australian construction revenue backlog as of June 2012.
Goldman Sachs expects Lend Lease’s share of equity in the public-private partnership will amount to around $100 million with developer acting as development and construction manager as well as project manager through Capella.
</body></html>

Lend Lease’s Darling Harbour exhibition space configurations questioned by exhibitors

<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

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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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