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Apart from “middle-ring” suburbs well-connected to the CBD via better transport and infrastructure links, the Brisbane residential market underperformed and remained soft over 2012.
At the start of the year, valuers from Herron Todd White had tipped the Brisbane market to firm up over 2012.
However, while things “may have hardened up some towards the end of this year on the back of interest rate cuts, most of the year remained 'Tontine soft',” says HTW in its December year-in-review wrap.
HTW was “decidedly bullish” at the start of the year but said “a 10% drop across a broad range of the market is far from bullish” with investors instead keeping their heads down.
The outlook is somewhat better for 2013, with a few more investors “fronted up in November in response to the stronger rents and lower interest rates”.
However the best HTW can say about 2013 is that “maybe next year will be more agreeable”.
The only market that lived up to expectations were “mid-ring, well serviced, transport accessible localities”.
“It may seem like a lay-down misère, but frankly we think this patch has continued to be a good investment.
“Those hubs that are now much closer to the CBD in travel time due to the infrastructure boom are feeling the love.
“Once again these markets didn’t make you rich right away, but they certainly performed better than most,” says HTW.
HTW also notes some improvements in sentiment towards property in flood-affected regions of the city.
“We also made one very brave call for the coming year, and that was flood-affected property. In 2011, you could barely get a nod of recognition from purchasers when listing in a suburb that flooded, and woe betide the property that actually copped some water.
“We thought as the mud started to settle, a few speculative types might pop out of the woodwork.
“To some degree, we were right. Whilst it couldn’t be said that fortunes have been made on investing in the flood affected areas, it is fair to say that the market is becoming more comfortable with the risk."
 
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According to HTW, the findings of the Queensland Floods Commission, which placed some blame on how the flood was managed in terms of releases and outlined some ways the effects might have been mitigated, has convinced some buyers it won’t happen again, “which means demand is a touch stronger and by this year’s end, sales were a more regular event”.
However, outside of the middle-ring and some flood-prone areas where fears reduced, the market remained soft both at the upper end of the market and at the bargain end.
“The prestige bit of the market looked lacklustre at the end of 2011, and our call was more of the same in 2012. Guess what – we were right," says HTW.
The bargain end of the market spectrum was one area HTW thought had “some real upside going into the year”.
“It always seems a given that in a soft market the really cheap stuff just can’t get any cheaper. In reality, though, buyers just continued to stay away, and if you weren’t competitive in your list prices, then you could forget about anyone turning up to the open house.
“Buyers were spoilt for choice with solid returns for not too much outlay on offer.  Unfortunately the jitters prevailed and even this affordable end kept up the drag.”
Overall, HTW said that on balance the Brisbane market “didn’t fire as much as expected and some markets actually took another hit in the past 12 months”.
“In many respects the statistics show we probably weren’t pessimistic enough about 2012 when making our calls on the year ahead back in February."
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Well-connected middle suburbs the bright spot in otherwise soft year for Brisbane residential market: HTW

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Credit Union Australia (CUA) has cut its standard variable rate by 20 basis points with a new rate of 5.85% kicking on December 13.
The new rate is 53 basis points below NAB’s standard variable rate of 6.38% ( from December 10), the lowest of the major banks followed by Commonwealth Bank (6.4% from December 10), Westpac (6.51% from December 17) and ANZ, which will announce its rate decision next Friday, at 6.6%.
This equates to an average discount of 62 basis points to the major banks – saving borrowers more than $100 a month in mortgage repayments for a standard $300,000 home loan taken out over 25 years.
CUA’s general manager for products and marketing Jason Murray says operating a customer-owned model enables the mutual lender to provide lower rates over the long term as they continue to focus entirely on customers rather than shareholders.
“CUA’s customers are already saving and gaining the benefits of our lower rates. The current standard variable home loan (SVHL) rate cut of 20 basis points ensures we remain over 50 basis points cheaper than the average of the SVHL rates offered by the big four banks – a gap we’ve maintained continuously for over two years now,” he says.
CUA’s new rate of 5.85% has a comparison rate of 5.91% and has no ongoing fees, extra payments can be made at any time without penalty and it includes a 100% mortgage offset account.
Another mutual lender, Heritage Bank (formerly Heritage Building Society), has cut its variable home loan interest rates by 20 basis points to 6.14%, effective from December 14. 
Heritage Bank CEO John Minz said Heritage’s standard variable home loan remained extremely competitive, well below the rates offered by the big banks. ”Unlike the big banks, we don’t have to target bigger profits to pay dividends to shareholders, so we can keep our rates lower, As a customer-owned bank, our motivation is to always provide the best possible rates we can,” he says
However, as with other lenders, Minz says Heritage has to take into account the high costs of funding and the need to meet long-term capital and liquidity requirements 
Minz says it is also important to remember that Heritage also had to consider the interests of investors. “Cutting home loan interest rates has a flow-on effect that also reduces the interest payments that investors receive. “We have many customers, such as self-funded retirees, who rely on the interest income they receive from their investments to fund their living costs. “It’s important that we keep in mind the needs of all customers when we make these decisions," he says. 
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CUA offers 62 basis point average discount to major banks with 5.85% standard variable rate

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Home loan comparison websites will face greater scrutiny from corporate watchdog ASIC to ensure they provide accurate information and are not misleading consumers.
This follows growth in the number of comparison websites since GFC, filling a need for consumers to be sure they are getting the best deal on mortgages, credit cards, insurance and other products.
However, ASIC has identified a number of concerns with some comparison websites, including that some only compare a limited number of brands/products from a limited number of providers.
“This may not be clearly disclosed which creates the impression that the extent of comparison is much broader than it actually is,” says ASIC.
ASIC is also concerned at the use of ‘ratings’ and ‘rankings’ for products without a clear explanation of the basis for them and websites that refer to ‘special offers’ and ‘featured products’ without properly explaining the basis of selection of certain products.
“For credit comparison websites that advertise loan products, it is important that comparison rates are disclosed as required under the National Credit Code. Given the nature of comparison sites it is important that consumers are provided with accurate information so they can choose financial products that best suit their needs,” says ASIC.
“ASIC recognises that consumers can benefit from the increasing opportunities to research and compare financial products online. For this to occur, operators of comparison websites must take care to ensure they accurately portray the features and limitations of the products compared. They also need to ensure that any information they provide, including quotes, is reliable, accurate and up-to-date,” says ASIC commissioner Peter Kell. "We will be targeting this area of the market and we will take regulatory action where necessary to ensure that operators of financial product comparison websites comply with the law," he says.
The increased scrutiny of comparison websites was welcomed by Rohan Gamble, managing director of Mozo.com.au.
Gamble told SmartCompany.com.au the aggregator industry is filled with so-called affiliates, who simply create an aggregator product that only compares their products.
“This type of announcement makes sure that we do the best we can. We’ve been waiting for this type of thing, and we take the view that we do this seriously, and that everyone else should as well.”
Comparison websites must comply with their obligations under consumer protection laws.
ASIC recently released a new regulatory guide for advertising financial products (Regulatory Guide 234 Advertising financial products and advice services: Good practice guidance), which includes guidance for comparison websites.
These include early disclosing the basis of awards or ratings, disclosing any links to the providers of products that are being compared, including commissions, referral fees, payments for inclusion in comparisons and/or payments for ‘featured’ products including a warning if not all providers are included in the comparison, clearly disclosing advertisements to prevent consumers being misled about the ranking of the product, and where necessary, including a warning that financial products compared do not compare all features that may be relevant to the consumer.
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ASIC warns mortgage comparison websites on accuracy, disclosure and compliance

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Westpac-owned St George Bank and Bank of Melbourne will pass on 20 basis points to variable mortgage holders from December 17.
The rate cuts mean all three banks will continue to maintain different variable rate settings.
St George Bank it will reduce its standard variable home loan rate by 0.20% to 6.49% per annum while Bank of Melbourne will reduce its standard variable rate to 6.40% per annum.
Yesterday Westpac announced its standard variable rate would reduce to 6.51% on December 17.
In a further move to differentiate the brands in the minds of consumers, Bank of Melbourne is promising to beat any advertised equivalent home loan rate of the big four anks if they take out a new home loan by 21 December.
“On average, Bank of Melbourne has been 15 basis points better than the majors, based on a $300,000 loan over the last 12 months,” said chief executive, Scott Tanner.
This is based on a comparison of a $300,000 loan and average packaged loan rates of Westpac, ANZ, CBA and NAB.
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Three brands, three different rates: St George and Bank of Melbourne to cut by 20 basis points

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Provident Capital receiver PPB Advisory is investigating dividend payments totalling in excess of $5 million paid to a company associated with Provident managing director Michael O'Sullivan dating back to 2008.
In a note to debenture holders, the receivers have commenced investigating "payment of in excess of $5 million in dividends to Provident's shareholder (a company associated with Provident's managing director Michael O'Sullivan) since 2008" as well as Provident's auditing and investor disclosure policies.
This follows preliminary assessments by PPB Advisory finding that a number of assets that Provident took control of as mortgagee in possession may have been substantially overvalued and that this was not disclosed to debenture holders, trustee AET or ASIC.
The receivers have warned Provident Capital debenture holders to expect a maximum of 35¢ back for every dollar they invested in the failed non-bank lender and mortgage fund manager.
Provident Capital receivers and managers Phil Carter, Tony Sims and Marcus Ayres from PPB Advisory say that based on “preliminary analysis of the loan portfolio” an estimated likely return “will be in the region of $0.25 to $0.35 of every dollar invested”.
This prime reason for the “shortfall” in returns to debenture holders relates to Provident’s lending and asset management policies with the receivers noting that many of the loans originated on a “pure asset basis without regard to the borrower’s ability to service the debt or repay it otherwise then from a sale of the security”.
The report is also highly critical of the behaviour of Provident Capital when taking control of an underlying asset as mortgagee in possession.
PPB Advisory says Provident Capital failed to issue legal notices enacting its power of sale as well as comply with its obligations under the Corporations Act as controller.
The latest report also says Provident Capital “appeared to lend on poor or unsuitable security on a number of cases”.
When Provident Capital collapsed in July, it was found that 85% of loans funded by debenture holder investments in fixed interest products were six months or more in arrears with a high proportion being first mortgages for risky residential development projects.
Out of a total of 55 loans in the fixed interest term portfolio, 30 were for properties in NSW worth $51.2 million with 15 in Queensland totalling $38.9 million.
The latest report shows that loans were concentrated with two “key borrowers” who were provided mortgages totalling $40 million with the administrators expecting to recover less than 50% of this amount.
The estimated maxium return of 35¢ on the dollar  is contingent on a number of assumptions, including that there are no new defaults from borrowers in the existing loan portfolio; full recovery of certain loans from existing defaulting borrowers, continued support from Provident staff and “no significant adverse changes to the Australian property market”.
PPB Advisory also added that estimate was difficult to work out with any precision and warned that there are “a large number variables outside of a receiver’s control”
Debenture holders should treat this as an estimate only that could change as more information comes to light, said the receivers, who added that there could be further returns arising from claims against the directors of Provident Capital, professional advisors and third parties.
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Poor return likely for Provident Capital debenture holders as $5 million dividend payments investigated

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The new owners of the Australian and New Zealand RE/MAX master franchises will look to double the size of the network over the next five years, with a particular focus on recruiting new estate agent immigrants familiar with the brand in their home countries.
“Our medium-term goal is to double the number of offices in each country,” RE/MAX Australia and New Zealand master franchise co-owner and managing director Michael Davoren tells Property Observer.
Davoren, Keith Walker, the current RE/MAX Australia franchise director, and Chris Chapman, the current RE/MAX New Zealand regional director, bought out the Australian regional master franchise from its US owner. 
“We have 65 offices in Australia and aim to have 130 in five years. In New Zealand we have 50 offices and our aim is to have 100."
“It’s very achievable," says Davoren.
The trio will look to recruit real estate agents immigrating to Australia from places like South Africa and Europe, where RE/MAX is a very well-known brand name.
“We are working with recruitment organisations, outplacement services in this regard,” Davoren says.
In Australia, Davoren says there are a lot of territories where RE/MAX’s presence is nowhere near where it should be, including big real estate markets like Sydney and Melbourne.
RE/MAX is considered the biggest real estate brand in the world – primarily due to its size in the US and its presence in more than 80 countries, but it punches below its weight in Australia and New Zealand.
The new owners are also investing in promoting the RE/MAX brand to consumers and agents.
“It started that in the last 12 months with significant investment to get the brand out into places we don’t have offices through billboards and bus advertising.
“We will also look to build the brand over next few years through social media and online.”
Davoren says Australia and New Zealand were among the last regions where RE/MAX America actually still owned the master franchise, the others being Western Canada and the Caribbean.
“They decided to clear the decks. They are very good at franchising, but being an operator is a different kettle of fish with a different culture, legal requirements and industrial awards that makes Australia peculiar.”
“The rules made from world’s biggest real estate don’t fit into the country where you are not the biggest."
Davoren, Walker and Chapman negotiated with RE/MAX since February before securing the buy-out.
He says being the owners will increase their focus on being creative in growing the business.
“It’s going to be pretty interesting times.
“We expect fairly good sales levels over next few years. There is a bit of science behind this thinking as in most major centres, there is no major oversupply.
“It’s a bit different in places like Port Douglas or the Gold Coast.”
But overall, he says real estate is now more affordable than it has been in a while, with prices having come back in most areas and with interest rates falling.
Davoren has been with RE/MAX for a year.
Prior to that he had own consultancy for five years providing real estate training, auction and business consultancy services.
He spent 12 years as a director at LJ Hooker and before that was with Raine &amp; Horne.
He is also a past president of the Real Estate Institute of Australia and the Real Estate Institute of Queensland.
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RE/MAX Aussie owners aim to double network with appeal to new estate agent immigrants

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The RBA will continue to maintain a low cash rate setting, according to RBA deputy governor Philip Lowe.
He says Australia now has lower interest rates than it otherwise would have to offset some of the effects of an uncomfortably high exchange rate and in an environment of slower credit growth and greater consumer caution.
But he said it was possible that “normal lending rates will be somewhat lower for a period owing to the combination of global factors and the legacy of the credit boom”.
These remarks where part of a speech delivered in Sydney overnight following the RBA cutting the cash rate to 3% and to its lowest level since the GFC.
Speaking on the topic of “What is normal?” Lowe highlighted how it was now much harder for the RBA to judge what an appropriate economic response was to rate cuts, but re-affirmed that the RBA continues to believe that monetary policy continued to keep inflation in check and have a positive impact on the economy.
“Monetary policy still looks like it is working,” Lowe said.
“There are lags and different parts of the economy respond differently, but lower interest rates are still effective in providing a boost to the overall economy.”
But he also provided numerous examples of how the economy has shifted since the GFC and that a new "normal" had emerged.
He said the Australian propensity to spend every dollar earned between the mid-1980s and into the 2000s (as house prices boomed) was not normal and that “more recently, the saving rate has increased and it is back to the level it was in the mid-1980s”.
<img src="/images/stories/2012/12/rbadec6.gif">
 
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Lowe said the lower cash rate settings were also in response to higher funding costs facing banks, meaning they no longer moved in step with the RBA.
Lowe said that in a new “normal” of lower credit growth and higher funding costs for banks, the cash rate was currently around 150 basis points lower than it otherwise would have been.
“The fact that the bank has offset the effect of higher funding costs on lending rates means that the normal level of the cash rate is lower than it otherwise would have been,” said Lowe.
“A 3% cash rate today is not the same as a 3% cash rate in the past,” he added, implying that this was because headline mortgage rates offered by banks are no longer moving “in near lock step with the cash rate”.
The theme of a new normal was also touched on by AMP Capital Investors economist Shane Oliver, who said that while the RBA has cut the official cash rate back to its post-GFC record low of 3%, “overall policy settings are nowhere near as stimulatory as they were in mid-2009”.
“Bank lending rates are much higher, the Australian dollar is way higher and fiscal policy is being tightened not loosened."
In his latest economic note, Oliver said mining investment was fading rapidly and non-mining growth needed to pick up quickly.
“The trouble is that growth in other areas of the economy is soft. While the Reserve Bank has been cutting interest rates for just over a year the response has been subdued.”
Oliver pointed out that all key indicators – building approvals, credit growth, retail sales – “are currently well below the average level they attained this far into past easing cycles” and that further rate cuts were needed to achieve mortgage rates that will become “stimulatory”.
“Although the RBA has cut the official cash rate to its GFC low, because of bank funding issues bank lending rates are around 0.6-0.8 percentage points above their 2009 lows.
“The standard variable mortgage rate at around 6.42%, assuming banks pass on around 0.2% of the RBA’s latest 0.25% rate cut, is below its long term average of 7.25%.
“But normally rates need to fall well below their long-term average to be confident of stronger growth. And in an environment of household and business caution post GFC the neutral rate has likely fallen, probably to around 6.75% ,which is shown as the “new neutral” level," Oliver said.
"This would suggest that current mortgage rate levels are only just starting to become stimulatory.”
But HSBC chief economist Paul Bloxham disagreed.
"We expect that this could be the last in the easing phase of this cycle given China's economy is bottoming out, local rates are supporting the interest-rate sensitive sectors and inflation may have passed its trough, leaving the RBA will little further room to move," he said.
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Credit boom unlikely to return but lower rates the new normal: Philip Lowe

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The historic Gippsland town of Moe on the western end of the Latrobe Valley was Victoria’s top-performing housing market over the October quarter, according to new figures by Residex.
<a href="/news">Moe </a>house prices increased by 4.66% over the three months to October, rising to a median value of $243,500. Residex calculates the median weekly rent in Moe at $270, suggesting investors can expect rental returns of around 5.7%.
Moe (along with <a href="/news">Morwell </a>and <a href="/news">Traralgon</a>) is one of the major urban centres in the Latrobe Valley, which has a population of around 18,000 people according to the 2011 census.
The majority (80%) of properties are houses, with around one in four (27%) Moe residents renting.
In its September market round-up valuers from Herron Todd White (HTW) picked Moe along with Morwell and <a href="/news">Newborough </a>as offering sub-$300,000 opportunities with 1980s and 1990s brick veneer homes.
HTW said also that 1970s units can be bought for well under $300,000 with gross rental returns of 7% to 9% possible.
Investment properties listed for sale include a <a href="https://www.realestate.com.au/property-house-vic-moe-112013631" target="_blank">four-bedroom weatherboard house</a> priced between $185,000 and $200,000 and marketed by Alan Johnson and Ross Maddaluno of Ross Maddaluno Real Estate Morwell. It is expected to rent for $250 per week, an indicative yield in excess of 6%.
Current listings also include this <a href="https://www.realestate.com.au/property-unit-vic-moe-107244651" target="_blank">modern two-bedroom townhouse</a>, which has an asking price of $195,000 and rents for $240 per week, a gross yield of 6.4%.
The second best performing region in Victoria over the October quarter was the north-western regional city of <a href="/news">Mildura </a>in the Sunraysia region, with house prices up 3.2% to a median of $194,500.
With a median weekly rent of $235, Mildura investors can expect rental returns around 6.3%.
In its September assessment of sub-$300,000 options, HTW says investors should look at brick veneer houses in Mildura built between 1995 and 2006 on reasonably sized allotments in the centre.
"The home won't come with a pool and will have an average fit-out, but will most likely have some established landscaping and not need any immediate upgrading," HTW said.
HTW also suggested buying four-bedroom homes off the plan on the fringes of Mildura, which are popular with out of town investors, “keen to capitalise on the tight rental market and potential to obtain 6% gross rental returns combined with higher depreciation allowances than would be obtained from older dwellings”.
Currently listed for sale in Mildura is this <a href="https://www.realestateview.com.au/Real-Estate/63-hazeldene-street-mildura/Property-Details-buy-residential-4659603" target="_blank">three-bedroom weatherboard</a> house built in 1940 priced between $115,000 and $145,000 marketed by Barry Plant Real Estate Mildura as an investment opportunity with rental potential of $220 per week. This would represent a yield of between 8% and 10% at this price range.
According to RP Data records, it rented for $170 per week in 2008.
The Victorian regional centres of <a href="/news">Ballarat </a>and <a href="/news">Bendigo </a>registered modest house price growth over the quarter of 1.72% ($277,500) and 1.09% ($266,500) respectively, while Geelong house prices fell 2.28% to a median of $380,000.
House prices in <a href="/news">Warrnambool</a>, often picked on hotspot lists, fell by 2.5% over the quarter to $269,000.
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Moe beats Mildura as Victoria's top-performing regional city: Residex October quarter

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Currently around 20% of borrowers choose a fixed-rate home loan, according to Mortgage Choice, with a three-year fixed rate the most popular fixed-rate product.
However, as the chart below prepared by RateCity.com.au shows, timing is key when fixing.
Borrowers who fixed around September 2008, when the average three-year fixed rate was 8.75% and just before the RBA began drastically cutting the cash rate, would have had to endure three years of substantially higher mortgage repayment than those who chose a variable-rate mortgage.
Even those who took out just a one-year fixed rate would have felt mortgage pain.
The standard variable rate was 9.61% in September 2008 but dropped to  5.75% by May 2009 and was well below 8% over the three-year period.
<img alt="ratecity_chart" src="/images/stories/2012/12/ratecity_chart.gif" width="470" height="270">
The chart also shows how the gap between fixed and variable rates has widened since the federal government introduced its ban on exit fees on variable rate mortgages.
“The major banks’ three-year fixed home loans have followed generally followed their standard variable rates quite closely over the past five years," says Michelle Hutchison, spokesperson at financial comparison website RateCity.com.au.
"But since 2011, we’ve seen three-year fixed rates start to fall lower than the banks’ standard variable rates. It’s unusual to see fixed rates so much lower than standard variable rates, but several factors have resulted in lenders making their fixed rates more attractive.
"One of the reasons was banking reforms banned exit fees on variable home loans from July 1, 2011, making fixed loans a more secure investment for lenders.”
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Winners and losers on the interest rate rollercoaster: Fixed and variable rates since 2007

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Westpac  will pass on 20 basis points of the RBA's 25 basis point cash rate cut to borrowers.
It's standard variable rate will reduce to 6.51% from December 17.
It follows both <a target="_blank" href="/news">NAB and Commonwealth Bank</a> announcing rate cuts of 20 basis points, taking effect from December 10.
NAB's new standard variable rate will reduce to 6.38% and Commonwealth Bank's will fall to 6.40%.
Westpac taking an extra week to reduce its variable rates compared with the Commonwealth Bank and NAB is significant.
Earlier this year, <a target="_blank" href="/news">The Australia Institute</a> calculated that every day that the big four banks delay passing on the Reserve Bank’s latest interest rate cut represents a deprivation of $12 million from home owners’ pockets.
Westpac is taking 12 days to pass on 20 basis points this month compared with a big four bank<a target="_blank" href="/news"> average of 10.6 days </a>calculated by the Economic Record, published by the Economic Society of Australia.
In contrast, NAB and the Commonwealth Bank will take only five days to pass on the rate cut.
ING Direct announced yesterday it would pass on the full rate cut, but this will only take effect on December 24 - 19 days after the RBA reduction.
Westpac's reduction in home loan rates will save homeowners $38 a month or $456 a year in total monthly repayments on an average mortgage of $300,000.
Since October 2011, Westpac has cut its variable mortgage rates by 1.35 percentage points, equating to an annual saving of $3,192 on an average home loan.
The RBA has reduced the cash rate by 175 basis points since October.
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Westpac joints CBA and NAB by passing on 20 basis points

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

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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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