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The Commonwealth Bank has become the second of the big four banks to announce its interest rate decision, passing on 20 basis points to borrowers.
From December 10, the bank's standard variable rate will reduce to 6.40% per annum.
This follows <a target="_blank" href="/news">NAB cutting its variable rates by 20 basis points</a> to 6.38%, also from December 10.
The Commonwealth bank once again said that it had to "balance the needs of 1.8 million home loan borrowers with those of its 11 million depositors and its shareholders, who include 800,000 Australians who own its shares directly, and millions more Australians who own shares through superannuation funds" in making the decision.
"A significant factor impacting this balancing of needs has been the increased competition in the domestic deposit market which has benefitted many customers, including those who rely on interest earnings to meet their living expenses," said the bank.
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Commonwealth Bank cuts rates by 20 basis points 

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Australian households pre-occupation with saving their income rather than taking on mortgage and other debt has increased, third quarter GDP figures released today by the ABS show.
The household savings ratio has increased from 9.2% in the June quarter to 10.6% in the September quarter – the highest it has been since June 2009.
Economist Glen Maguire, a former economic advisor in the department of the prime minister,  <a href="https://twitter.com/AsiaSentry" target="_blank">tweeted </a>that “no wonder Australian monetary policy is a dulled instrument”.
The increasing propensity among Australian households to save re-affirms the view expressed by Laing+Simmons general manager, <a href="/news">Leanne Pilkington yesterday</a>, that RBA rate cuts are no longer having an impact on the housing market.
In seasonally-adjusted volume terms, the economy grew by 0.5% over the September quarter.
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RBA rate cuts blunted by households choosing to save rather than take on debt: September quarter GDP figures

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Housing affordability improved by just 0.1 percentage points over the September quarter as the RBA held firm on interest rates and house prices and salaries tread water.
Nationally, the proportion of family income needed to meet home loan repayments reduced from 31.9% to 31.8% over June, July and August, according to the latest quarterly Real Estate Institute of Australia/Adelaide Bank Housing Affordability Report.
There was a similar, small improvement in rental affordability with 24.4% of family income required to meet monthly rental payments over September compared with 24.5% in the June quarter.
<img alt="fast_facts_REIA" height="221" width="400" src="/images/stories/2012/12/fast_facts_REIA.gif">
REIA president Pamela Bennett notes that “unfortunately the earlier [RBA cash rate] cuts in May and June haven’t stimulated the market quite as hoped" but said the slight improvement was cause for "continued quiet optimism".
Adelaide Bank general manager Damian Percy said with the average loan size of new lending commitments now at $320,542 and average monthly loan repayments up slightly to $2,176, or $544 per week, “the current low interest rate environment is encouraging many people to re-visit and weigh up the ‘buy vs rent’ equation".
“Certainly there are many desirable parts of Australia where it is now cheaper to buy and make loan repayments than it is to rent, particularly in blocks of older apartments. This can also be the case for those prepared to take on houses in outer ring suburbs and regional areas that have been ‘let go a bit’ and would see you racking up the frequent flyer points on the weekends in those multi-aisle hardware megastores,” Percy says.
On a state-by-state basis, only three states recorded an improvement in housing affordability over the quarter, led by NSW where the proportion of family income required to meet mortgage repayments declined by 0.9 percentage points from 37.4% to 36.5%, though it remains the least affordable housing market in Australia.
Affordability also improved in Queensland (by 0.5 percentage points to 30%) and in the Northern Territory (0.8 percentage points to 22.1%).
The biggest fall in housing affordability was recorded in the ACT with the proportion of income required to meet home loan repayments in the Australian Capital Territory rising 1.6 percentage points over the quarter to 18.9%.
However, the ACT remains the most affordable market due to the high salaries paid to its mainly civil servant working population.
The report also notes that the ACT’s rents are amongst the highest in the country at $460 per week for a three bedroom house, and $440 for two bedroom other dwellings.
“However, due to a higher average income, over the quarter rental affordability improved with the proportion of income required to meet median rent repayments decreasing 0.3 percentage points to 15.7%,” says the report.
Housing affordability declined marginally in Victoria with the proportion of income required to meet loan repayments increasing by 0.3 percentage points to 32.1% with declines also recorded in South Australia (up 0.6 to 32.6%), WA (0.1 to 23.4%) and Tasmania (0.6 to 26.1%).
The Northern Territory presents the most compelling case for renters to consider buying with the improvement in housing affordability contrasting with the territory recorded the steepest decline in rental affordability with the proportion of income required to meet median rents increased 1.3 percentage points to 24.9%.
For the September quarter, first-home buyers made up 19% of the market, compared with  17.9% in the June quarter and the newf inancing commitments to this group increased 6% over the same period.
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Little improvement in housing affordability in September quarter: REIA/Adelaide Bank report 

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NAB has announced that it will pass on 20 out of the 25 basis points cut from the cash rate by the RBA yesterday.
The bank's standard variable home loan rate will fall from 6.58% to 6.38% per annum on December 10 - the lowest of the major banks with the Commonwealth Bank (6.6%) and Westpac (6.71%) yet to make an announcement on rates and ANZ (6.6%) making its independent decision on Friday, December 14.
NABs head of personal banking, Lisa Gray said the rate cut delivers on its pledge to offer the lowest standard variable home loan rate of the major banks for 2012 - however the bank did not say whether it would continue with this pledge in 2013.
The bank has offered the lowest standard variable home loan rate of the major banks for 41 months.
"Throughout the year, we have consistently acted to deliver on our pledge to our customers to offer the lowest standard variable rate throughout 2012," she said.
NAB must be fairly confident that neither the Commonwealth Bank nor ANZ will pass on 23 basis points or more.
Were they to do so, the Commonwealth Bank and/or ANZ's standard variable rate would reduce to 6.37% meaning they would have a lower standard variable offering than NAB - a public relations disaster.
Gray said NAB's decisions on interest rates were not taken lightly and the bank sought to strike the right balance between the cost of funding and offering competitive rates to customers.
Update, the <a target="_blank" href="/news">Commonwealth Bank</a> has announced it will pass on 20 basis points to borrowers, reducing its standard variable rate to 6.40% from December 10. 
 
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Rate watch: NAB moves first among big four passing on 20 basis points 

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The Reserve Bank’s decision to cut the cash rate to 3% appears to have been taken – perhaps belatedly – to stimulate the non-mining sectors of the economy as well as provide a greater buffer against further global economic weaknesses.
Many will argue that it has come too late and that the RBA should have made adjustments earlier for struggling sectors like manufacturing, retail and tourism.
It also suggests some inconsistency in thinking (as pointed out rather harshly by<a href="https://www.businessspectator.com.au/bs.nsf/Article/RBA-Reserve-Bank-interest-rate-cut-inflation-pd20121204-2N6WD?OpenDocument&amp;utm_source=exact&amp;utm_medium=email&amp;utm_content=143786&amp;utm_campaign=pm&amp;modapt=commentary" target="_blank"> </a><a href="https://www.businessspectator.com.au/bs.nsf/Article/RBA-Reserve-Bank-interest-rate-cut-inflation-pd20121204-2N6WD?OpenDocument&amp;utm_source=exact&amp;utm_medium=email&amp;utm_content=143786&amp;utm_campaign=pm&amp;modapt=commentary" target="_blank">Business Spectator's Adam Carr</a>) when looking back at concluding remarks in the November statement with the RBA content to adopt a wait and see approach as to the impact of earlier rate cuts.
“Further effects of actions already taken to ease monetary policy can be expected over time. The board will continue to monitor those effects, together with information about the various other factors affecting the outlook for growth and inflation,” said Glenn Stevens in his November statement.
The December statement says growth has been “running close to trend over the past year” and that inflation is “consistent with the medium-term target”, so on those two fronts the need for a rate cut cannot be argued.
The conclusion which can then be drawn is that concerns about the world economy and the need for stimulus of the non-mining sectors of the economy have finally become uppermost in the mind of the RBA.
Certainly, the housing market is not worrying the RBA as much as it has previously, with Stevens noting in his December statement that there are “indications of a prospective improvement in dwelling investment, with dwelling prices moving a little higher, rental yields increasing and building approvals having turned up”.
And access to capital for big business and banks is also not a problem in the minds of the RBA board members.
“Capital markets remain open to corporations and well-rated banks, and Australian banks have had no difficulty accessing funding, including on an unsecured basis. Borrowing conditions for large corporations are similarly attractive and share prices have risen since mid-year," said Stevens.
Indeed, such statements could have been taken to justify a rate hold.
But clearly the two-speed economy is a serious concern.
“Available information suggests that the near-term outlook for non-residential building investment, and investment generally outside the resources sector, remains relatively subdued. Public spending is forecast to be constrained,” said Stevens in his December statement.
Adding to this, the RBA is also concerned about the forecast slowdown in the mining investment boom and that other sectors of the economy will need to grow to keep the economy on track.
“In Australia, most indicators available for this meeting suggest that growth has been running close to trend over the past year, led by very large increases in capital spending in the resources sector, while some other sectors have experienced weaker conditions.
“Looking ahead, recent data confirm that the peak in resource investment is approaching. As it does, there will be more scope for some other areas of demand to strengthen,” said Stevens.
The RBA also highlights a gloomier global outlook with global growth “forecast to be a little below average for a time”, with risks to the outlook “still seen to be on the downside”.
Given the focus on the mining investment slowdown (expected to peak in 2014) and a desire to stimulate the non-mining sectors, further rate cuts should be expected in 2013, perhaps earlier rather than later.
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Rate cut aims to stimulate non-mining sectors of the economy

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Australia's fifth biggest mortgage lender, ING Direct has thrown down the gauntlet to the major banks by passing on today's RBA cash rate cut in full.
ING Direct will lower the interest rate on its variable mortgages by 0.25 percentage points, effective Monday December 24.
The online bank's most popular home loan the Mortgage Simplifier will reduce to 5.72% p.a.
“Our funding position has eased recently allowing us to pass on 25 basis points, however, the threat of elevated funding costs has not passed completely, " says ING Direct CFO Glenn Baker.
ING Direct has a $38 billion home loan book.
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Online ING Direct quick to move with full rate cut passed on to borrowers

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Reserve Bank rate cuts no longer have any meaningful impact on housing market activity, according to Laing+Simmons general manager Leanne Pilkington, following today’s 25 basis point cash rate cut.
Swimming against the tide of industry commentary forecasting a housing market bounce in 2013, Pilkington says that while borrowers may get a final reprieve for the year from the rate cut, the Reserve Bank "no longer has the relevance or power to stimulate housing market activity as the banks are either not passing on the cuts, or passing on only a fraction of them".
“The net result is that interest rate cuts at the Reserve Bank level are not having an impact. The subdued levels of transactional activity, despite the official cash rate being at historical lows, not only emphasises the caution among buyers but also the lack of stock on the market,” said Pilkington.
“The end result of the lack of consumer confidence – and trust – in the banks is that more people are staying put, fewer first home buyers are taking the first step to ownership, and those in need of an upgrade are hesitant to make a move in the current climate.”
Laing+Simmons recorded a 30% jump in open for inspections in October over September as well as a rise in the number of auction attendees and market appraisals following the October 3 rate cut, but the rally was short lived with November numbers back on par with September.
Pilkington said spring contributed to the usual spike in activity, with the market unable to maintain the upward momentum.
She said the government needed to investigate “new avenues to stimulate activity, as cash rate adjustments are no longer cutting it and said there was a need for to incentivise the developer side of the equation “because caution is dictating the buyer side at present”.
She also called for a “reconsideration of stamp duty” calling it “the single most restrictive tax inhibiting transactional activity, one which effectively quashes a potential deposit for many buyers”.
Other market commentators said the rate cuts would have an impact.
“Two interest rate cuts this quarter (October and now December) improve the prospects of a tangible recovery emerging in 2013 for both new home building and renovations activity,” said HIA chief economist, Dr Harley Dale.
 "Lower interest rates make a vital contribution to improving conditions for the residential construction industry, but government action is the key.”
Residential developer Sekisui House, currently building the $2 billion Central Park mixed-use project in inner Sydney in partnership with Frasers Property Group and The Hermitage residential community in Sydney’s South West said the 0.25% cut would boost the property market in the coming months
“In our market, we’ve noticed a trend in higher sale volumes corresponding to previous rate cuts throughout 2012, which we believe is also buoyed by the significant State Government commitment to infrastructure in Sydney’s South West,” said Craig D’Costa, Sekisui House senior development manager at The Hermitage.
Matt Daly, general manager of residential builder Hotondo Homes, welcomed the rate cut and said it would bring the dream of building and owning your own home “a little more reachable”.
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RBA rate cut won’t stimulate housing market pick-up: Leanne Pilkington

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The number of dwellings approved for construction fell 7.6% in October in seasonally adjusted terms, after rising for the past two months, according to the ABS.
The monthly fall was far greater than 1.6% drop forecast by economist polled by Bloomberg and follows an upwardly revised 9.5% rise in September (from unrevised 7.8%) and 23% rise in August.
Dwelling approvals are a forward indicators of future construction activity.
The biggest fall in dwelling approvals occurred in Victoria (-14.2%), followed by Queensland (-7%) and South Australia (-0.1%). Building approvals increased in Tasmania (11%), New South Wales (3.2%) and Western Australia (0.1%).
In the key detaching private sector housing market, approvals fell 1.5% in October while approvals in the more volatile units market fell 18%
Private sector house approvals rose in New South Wales (5.5%) but fell in South Australia (-7.9%), Victoria (-4.5%), Queensland (-2.4%) and Western Australia (-1.3%).
Westpac says private sector house approvals were the "main source of disappointment although the segment continues to follow a strong double-digit uptrend despite the 1.5% fall in October", with Queensland and Victoria both showing more "pronounced weakness across private sector houses than elsewhere".
"Private sector house approvals are showing a vigorous uptrend in WA and steady gains in NSW," says Westpac.
The bank says the main driver of the 18% fall in unit approvals were dwellings in 'high-rise' buildings with 'low to mid-rise' continuing to show a strong uptrend.
The value of total building approved fell 6.7% in October, in seasonally adjusted terms, after rising for two months.
The value of residential building fell 12.9%, while non-residential building rose 6.7%.
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Dwelling approvals fall by greater than expected 7.6% in October: ABS

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Stockland’s 2013 full-year earnings are likely to fall 15% unless there is an “unlikely” improvement in the “challenging” Victorian residential market, the residential developer has told investors.
In its latest market update, Stockland said there had been no improvement in the Victorian residential market since the company’s AGM in October.
“Unless the Victorian market improves soon, which seem unlikely, underlying earnings per security (EPS) for the 2013 financial year will be at the lower end of our previously guided range of 10% to 15% below the 2012 financial year. EPS decline will be even greater in the first half, primarily due to a large skew to the second half in the Residential business,” said Stockland.
In his October AGM address, outgoing managing director Matthew Quinn said Stockland’s residential business faced a “high degree of uncertainty given current buyer caution” though with some signs of improvement in Perth and a bolstering in NSW and Queensland through first-home buyer stimulus targeted at the new housing market
“The reality, though, is that conditions are very tough in Victoria where the company’s most profitable projects are located,” Quinn said.
The lower earnings expectations follows the release of a Melbourne update from The National Land Survey Program, which found that <a href="https://www.propertyobserver.com.au/land/one-in-three-melbourne-residential-lots-being-returned-to-developers-by-building-firms-report/2012112958179?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">nearly a third of residential lots</a> released by big land estate developers on Melbourne's fringes are being returned by mid-sized home building companies, which can't find smaller home builders and or end-use home buyers.
The poor outlook will be one of the challenges faced by incoming Stockland boss Mark Steinert, who will replace Matthew Quinn as chief executive from January 14.
At today's market update briefing, Stockland residential boss Mark Hunter acknowledged recent interest rate cuts and the reintroduction of first-home buyers’ grants in NSW and Queensland, but said market uncertainty and a lack of consumer confidence were continuing to present challenging market conditions, which were particularly apparent in the Victorian residential market.
“Although the challenging market is impacting our performance in the 2013 financial year, we have made good progress in diversifying our residential portfolio and we are meeting the market with more affordable products. We have demonstrated our continued focus on larger, master-planned communities, which present better economies of scale and greater potential to deliver stronger returns over time.
“In the second half of 2014 and 2015 financial years we will bring more projects to market that meet these core criteria and this will drive stronger returns. We will also finish a number of projects in 2013 and 2014 financial years that don’t meet these criteria and are currently impacting our performance.”
Stockland will provide its next update to investors at its half-year results in February.
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Victorian residential market likely to impact on 2013 earnings as Stockland confirms continued tough conditions

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DIY super investors should consider acquiring an NRAS property because of the positive cashflow benefits, according to a new report by property investment and financial advisory firm Onyx Wealth.
Investing in a property that qualifies for the government’s national rental affordability scheme (NRAS) is a way for SMSF trustees to avoid being in the position, where they hold a property that is both negatively geared and provides negative cashflow, according to report authors Paul Thewlis and Margaret Hardy.
Such a holding would require the SMSF to have large enough liquid assets and/or cash inflows to allow for these losses.
In an interview with <a target="_blank" href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155">Property Observer last week,</a> Brisbane apartment developer David Devine said SMSF and NRAS investors were among the biggest buyers of off-the-plan projects developed by his Metro Property Development company, which has the two top selling projects in inner Brisbane.
Metro has marketed more than 50% of the 308 apartments in its Madison Heights development as NRAS-approved investments, compared with 20% in its first development, the Chelsea, now completed.
But yesterday, <a target="_blank" href="https://www.propertyobserver.com.au/residential/nras-is-a-tax-scheme-a-property-investment-must-stack-up-on-its-own-margaret-lomas/2012120258187/Page-2?utm_campaign=observers&amp;utm_medium=aida&amp;utm_source=po">property investment advisor Margaret Lomas</a> warned investors against investing in NRAS properties, labelling it a tax scheme intended for institutional investors and said investors considering the scheme should seek a private tax ruling "before taking the plunge on any scheme that sounds so good".
SMSFs can purchase an NRAS approved property, which provides an annual tax free incentive estimated at $119,833 over the next 10 years.
In return, the property must be rented out to eligible tenants at a rent at least 20% below market rent as assessed by an independent valuer, with eligible tenants determined by government income thresholds.
“NRAS properties have greater negative gearing than equivalent non-NRAS properties,” explain Thewlis and Hardy.
“By giving up 20% of the taxable rental income the SMSF increases its tax loss. Normally a loss is undesirable, but in this case it is usually offset by the value of the NRAS incentive.
“Take for example an NRAS property which has a market rental value of $300 per week. A 20% discount on that rent means the SMSF is giving up $60 per week of taxable income.
“At the same time, the SMSF gains $190 per week of untaxed income in the form of the NRAS incentive."
Due to superannuation act rules SMSFs can only purchase completed or off-the-plan property
The majority of NRAS properties purchased by Onyx Wealth clients are priced between $250,000 and $400,000.
Because they are new properties, they also have the tax benefit of having greater depreciation allowances than older property.
Another benefit is stamp duty savings in some states.
“SMSFs buying property off the plan can benefit from substantial stamp duty savings. For example, in Victoria and Western Australia, purchasers who buy apartments off the plan prior to construction only pay stamp duty on the land value apportioned to each individual apartment,” explain Thewlis and Hardy.
<a target="_blank" href="https://onyx.net.au/">Onyx Wealth</a> provides the following example to show income generated for a SMSF with no property investment, an SMSF with a normal property investment and an SMSF with an NRAS property investment:
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/12/onyx.gif" title="Click to enlarge"><img src="/images/stories/2012/12/onyxthumb.gif"></a>
 
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NRAS property investment can provide positive cashflow for SMSF investors: Onyx

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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