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If Harry Triguboff were governor of the Reserve Bank, the cash rate would fall to 2.25%, a setting that the Meriton boss believes would encourage first-home buyers back into the market in a meaningful way.
In another yarn with Business Spectator’s Robert Gottliebsen, Triguboff said first-home buyers were not as responsive to interest rate cuts as they were in the past primarily because it is still cheaper to rent in places like the outer suburbs of Sydney than buy.
He believes a quarter percentage point shaved from the cash rate, as the RBA is anticipated to announce tomorrow at its December monetary policy meeting, or even a 50 basis point cut, would have little impact on the decisions of first-home buyers.
First-home buyers will only buy a property when they know it will leave them better off financially every month – when mortgage repayments are lower than rental payments.
Triguboff calls this an unprecedented attitude and one which is being felt by all developers and builders especially across the eastern seaboard and one which they did not expect.
Around a third of Melbourne residential land has been returned by building companies over the September, according to the latest report by the <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">National Land Survey Program</a> report carried jointly by Research Four and property consultants Charter Keck Cramer
Last week, <a href="https://www.propertyobserver.com.au/queensland/mirvac-refunding-all-off-the-plan-deposits-for-postponed-brisbane-and-townsville-residential-projects/2012112858163">Mirvac cancelled projects</a> and refunded deposits on projects in Brisbane and Townsville after very low off-the-plan sales.
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lschlesinger-FZcF9M3vE6

Rates need to fall a further 100 basis points to bring back first-home buyers: Harry Triguboff

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Fraser Property Australia’s flagship apartment block, QIII currently rising up above the WACA cricket ground in East Perth, is 76% sold out, with foreign buyers snapping up a third of the apartments off the plan.
<img src="/images/stories/2012/12/q3.jpg">
QIII forms part of Perth’s newest urban quarter at Queens Riverside on Adelaide Terrace and can clearly be seen rising up above the stands at the WACA during the television broadcast of the third test match between Australia and South Africa.
It will top out at 26 storeys when completed.
Frasers has sold 204 of the 267 Qlll apartments, with 56 foreign investors representing 29% of total sales.
The most recent buyers were Sally and Paul Bradley from Kalamunda, 25 kilometres east of Perth, who bought a dual-key apartment as an investment property.
There are 58 dual-key apartments in QIII, which are two one-bedroom apartments sharing a common foyer, on a single title, allowing the owner to occupy one dwelling while earning income from the other, or to let out both dwellings, achieving rental income greater than an equivalent single-occupancy apartment.
Fraser’s Queens Riverside development will accommodate 408 luxury apartments over three buildings and a 236 room all-suites hotel operated under the Frasers Hospitality brand when completed.
Prices at QIII start from $370,000 for a studio apartment, with dual-key apartments priced from $585,000 and two-bedroom units priced from $545,000.
QIII has been designed Perth architect Bruce Robinson, who was also responsible for the design of the historic, heritage-listed Raffles hotel redevelopment in Applecross.
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Frasers’ QIII apartment tower rising above WACA scores double century of sales, with foreign buyers prominent

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<img src="/images/stories/2012/12/silverneedle.jpg">
Allen Matis is executive vice president of property at SilverNeedle Hospitality, which is undertaking a multimillion-dollar refurbishment of the Chifley Brisbane in time for the G20 summit.
How long have you been in the industry?
<img style="margin: 5px; float: left;" src="/images/stories/2012/12/allenmatis.jpg">
Before starting with SilverNeedle Hospitality, I worked in the real estate development and investment industry in the United States and Asia for over 25 years. In that period I was fortunate enough to be a part of organisations like LaSalle Investment Managements (LIM), where I was responsible for a development portfolio representing an aggregate investment in excess of US$4 billion over more than 30 separate developments across Asia. It allowed me to work closely with LIM’s acquisition and asset management teams and lead on all matters related to the development from process including the review of prospective projects and partners, project planning, selection of designers and consultants, negotiations and award of contractors and suppliers, and oversight of each development’s execution.
Prior to joining LaSalle, I established Oriental Development Ltd in Shanghai, providing development management services for various real estate investors. I have also worked with project management and construction company, Bovis Lend Lease, from 1985 through 2002. Over a 10-year period as the greater China country manager with Bovis Lend Lease, I was responsible for over 100 projects with an aggregate construction value in excess of US$4 billion.  Today I provide leadership to the SilverNeedle Hospitality property team. 
 
What’s happening in the area you specialise in?
The real estate investment industry has suffered since the GFC. It is slowly coming out of the deep effects of the crisis, and we can now see some positive forward momentum starting to take place. There are good-quality assets available in the market and several good opportunities are available. In a climate like this investors need to be selective and know where to look for these assets.
Describe the most interesting property development or transaction you have been involved in.
 
I’ve been lucky enough to be a part of several exciting development projects and transactions in my career. Most recently, I’ve been involved the acquisition of Chifley Lennons in Brisbane, located in the heart of the Queen Street mall precinct.  We purchased the property for $57 million in September and have committed a further $35  million to rejuvenate the hotel and retail areas.  This is an important project for SilverNeedle Hospitality as it will be the platform for us to launch our flagship brand NEXT Hotels and Resorts.
 
What are the ingredients to being successful in your job?
 
A key ingredient that cannot be emphasised enough is common sense, a quality that often determines success in this field. I’m also a big believer in good old-fashioned hard work and honesty, there rarely is a substitute for the two. A straightforward approach also goes a long way.
What aspects of your role do you enjoy the most?
 
This role affords me to be part of the creation process. It allows me to see a passion turned into to reality. That’s what keeps me motivated and raring to go every morning.
Where would you invest a spare $750,000?
 
A personal residential project in Pho Quoc Island in Vietnam. The infrastructure is underway to support the fast growing tourism industry; it is poised to be the next "Phuket" in Asia.
Which football team do you support?
The Chicago Bears.
What’s your favourite app or techno gadget?
My electric guitar.
How do you use social media?
I don’t have the time or the inclination to dabble too much in social media.
LinkedIn profile: <a target="_blank" href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/allen-matis/13/a32/122">Allen.Matis</a>
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In profile: Allen Matis, head of property at SilverNeedle Hospitality

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Former Australian rugby league player and Storm Financial adviser Walter John (Wally) Fullerton-Smith of Carrara has been permanently banned by ASIC from providing any financial services after it found he had engaged in misleading and deceptive conduct and failed to comply with financial services laws.
This included breaching the 'client/planner' relationship by placing investment funds from an elderly couple aged in their 80s in a trust of which he was the trustee and one of the beneficiaries while knowing they stood to lose their entire investment.
Fullerton-Smith also did not pass on to his elderly clients $60,051 paid to him in error by the Commonwealth Bank as a settlement under the CBA Storm Resolution Scheme.
Fullerton-Smith, a former Queensland and Australian rugby league player of the 1980s and 1990s, was adviser with Storm Financial Ltd between May 2006 and June 2009 and is currently an authorised representative with AAA Financial Intelligence Ltd.
He played for the St George Dragons from 1987 and 1992, played 12 State of Origin games for Queensland and eight tests for Australia.
An ASIC investigation of Fullerton-Smith found that between November 20, 2007 and December 10, 2010 failed to comply with financial services laws.
ASIC found that he engaged in misleading or deceptive conduct or conduct likely to mislead or deceive when procuring the elderly couple’s units in an MLC MasterKey Unit Trust as security for the trust margin loan account.
“It was implied the investment would be safe. This was false and a misrepresentation of the risks," said ASIC.
"ASIC considers Mr Fullerton-Smith’s conduct to be very serious. He has not maintained the high standards expected of a provider of financial services in that he put his personal interests ahead of those of his clients and as a result caused them severe financial detriment," said ASIC commissioner Peter Kell.
Fullerton-Smith has the right to appeal to the Administrative Appeals Tribunal to seek a review of ASIC’s decision.
ASIC estimates the total loss suffered by all investors who borrowed monies from banks to invest through Storm to be approximately $830 million.
It has been investigating a range of issues relating to the affairs of Storm Financial Limited since December 2008.
In September, the <a href="https://www.propertyobserver.com.au/news/commonwealth-bank-settles-storm-financial-dispute-with-asic/2012091456585" target="_blank">Commonwealth Bank reached a resolution with ASIC</a> in relation to the Storm Financial matter, that will see the bank compensate investors around 55% of their losses.
ASIC 's case against the other banks involved in Storm Financial margin lending, Bank of Queensland and Macquarie Bank, is still ongoing.
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Former Storm Financial adviser and ex-rugby league player Wally Fullerton-Smith handed permanent ASIC ban

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Sentiment has turned strongly in favour of a December 4 RBA cash rate cut.
Of the 28 economists surveyed today by Bloomberg, 19 are tipping the RBA to cut the cash rate to 3% next week. This is up from <a target="_blank" href="/news">15 out of 26 </a>who tipped a rate cut last week and 12 out of 25 who tipped a rate cut two weeks ago.
This would equal the lowest cash rate setting, which was in place between April and September 2009.
The Commonwealth Bank continues to expect the RBA to leave the cash rate unchanged, but NAB has changed its forecast to a rate cut, joining ANZ and Westpac.
Westpac subsidiary St.George Bank is tipping the cash rate to remain on hold in December.
St.George Bank will have bragging rights over Westpac’s Bill Evans, should the RBA keep rates on hold.
Looking ahead to 2013, twenty out of 28 economists don’t expect a rate cut in the first quarter of 2013.
Monday will see some important data released which could have a bearing on the RBA’s decision.
The RP Data-Rismark house price index for November is released with economists forecasting a 1% fall in the median house price.
Retail figures will also be released for October with economists expecting a rise of 0.4% following an increase of 0.5% in September.
Just ahead of the announcement, building approval figures for October will be released with economists tipping a 1.6% drop in total dwelling units approved.
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Strong majority of economists tip December RBA cash rate cut: Bloomberg

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Perth and Sydney CBD office values are rising faster than in any other major capital city market, according to capital growth analysis of office assets held by listed property trusts (AREITS) by Goldman Sachs.
Perth (4.1%) appears to have been the strongest  office market for capital growth, followed by the Sydney CBD (2.6%) and the Brisbane CBD (2.4%) with offices in the Melbourne CBD (+2.4%) also showing above average growth.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/11/cagr.gif" title="Click to enlarge"><img src="/images/stories/2012/11/cagrthumb.gif"></a>
Outside of the major capital city CBD office market, capital growth is less in evidence, with office values in the non-CBD Brisbane market down 6.1% and Canberra office values down 1.3%, with both of these markets achieving negative capital growth on both a simple and weighted basis.
Growth office values was weak outside of the Sydney CBD with non-CBD values up just 0.5%
“One point we will make on this analysis is that Sydney and Melbourne are typically viewed as 'core[ markets by the A-REITs.
“Consequently they represent the greatest exposure for each REITs office portfolio in dollar value terms,” says Goldman Sachs analyst and report author Peter Zuk.
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A-REITs with Perth and Sydney office exposure well placed

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Housing credit provided by lenders to borrowers increased by just 0.3% over October, continuing a trend of record low mortgage growth, according to RBA figures.
This followed an increase of 0.4% over September to leave housing credit growth at 4.7% for the year to October – the lowest rate of growth for data going back to 1976.
Owner occupier lending rose just 0.3% to be up 4.3% for the year with investor lending activity slightly stronger, up 0.4% for the month and 5.4% for the year.
The lack of a pick-up in mortgage lending may provide further encouragement for the RBA to cut the cash rate on December 4.
CommSec says the weak lending figures add weight to a December rate cut.
"The Reserve Bank is likely to be disappointed by the latest round of data. There are not many reasons for encouragement and overall the data doesn’t highlight any significant shift in activity patterns across the economy," says Savanth Sebastian, economist at CommSec.
The central bank is likely to be more focussed on the global economy and the downside risks to global growth. At the Reserve Bank Board meeting next week, it is likely that the merits of another rate cut will be debated long and hard. We believe the Reserve Bank should be cutting rates by 25bps in a effort to spur activity and shore up domestic growth
Overall, Australian consumers and businesses continue to deleverage with total credit provided to the private sector by financial intermediaries rising by just 0.1% over October 2012, after rising by 0.3% September. Over the year to October, total credit rose by 3.8%.
Personal credit increased by 0.1% over October, after increasing by 0.3% to be down 0.7% for the year to October.
Business credit decreased by 0.3% over October, after increasing by 0.3% over September to be up 3.3% for the year to October.
Banks share of all lending stands at 92% with non-bank lenders accounting for 8% of loans advanced.
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Mortgage lending growth falls in October to remain at historical lows: RBA

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NAB has joined Westpac and ANZ by forecasting the Reserve Bank to cut the cash rate next week (December 4) to 3% and says there is potential for a further rate cut next year in May, but it could be as early as February.
The bank had previously forecast just one more rate cut in the current easing cycle in February.
“We now expect the next RBA rate cut of 25 basis points on December 4 but it is still line ball,” says NAB chief economist Alan Oster.
“In a sense, not much has changed but there has been enough evidence to tip our call over the edge.
“Data released over the past month have all but confirmed a weak GDP outcome for the September quarter and provide little evidence of any improvement into the December quarter.
“Not helping the economy is a still high Australian dollar, despite the recent softening in commodity prices, which is keeping on-going pressure on industries outside of mining. Softer commodity prices are raising concern about the near-term outlook for mining.”
"Much of the recent strength in the domestic economy has hinged on strong investment spending, led in particular by mining and supporting industries. While near-term capital expenditure appears to have improved modestly, official data suggest the outlook for investment has weakened again, with capital spending plans scaled back across the mining and non-mining economy," says Oster.
Oster also mentioned NAB's October Business survey, which reported the weakest business conditions since mid 2009.
"We now also see potential for a further cut next year, taking the cash rate to 2.75%, though the RBA is likely to hold off on a second cut until it has more information on the labour market, the Australian dollar and activity in both the domestic and international economies.
"At this stage we have tentatively put the further rate cut in May 2013 but if the local data continues to deteriorate it could come as early as February 2013."
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NAB changes interest rate cut call to December with one more in 2013

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Semi-rural suburbs like Baldivis and Ellenbrook on the Perth metropolitan periphery are providing first-home buyers with an opportunity to get a foot in the door, as the city's rental crisis deepens.
October rental vacancy figures released by SQM Research show a vacancy rate of just 0.6% in Perth, suggesting a chronic shortage of rental accommodation and fierce competition among tenants.
According to the November market report from valuers Herron Todd White, as a result of the ongoing pressure in the rental market and with rents in the Perth metro area up 14% over the past year, “many renters are weighing up the extra cost for owning their own home as against renting, as the differential between rental and mortgage repayments narrows”.
The November report has as its theme “Far-flung suburbs and their performance” and says properties in peripheral Perth suburbs “can provide good value for an owner-occupier seeking rural living”.
“Based on the current rental situation across the Perth metropolitan region, it is anticipated that many renters will make the move to home purchase and trade off the travel times and costs associated with living near the Perth periphery.
“As rental properties are in high demand at present, there is limited supply coming on to the market and the recent interest rate drop means Perth is beginning to look like a buyers’ market for the beginning of 2013," says the valuation firm.
However, Herron Todd White says periphery suburb buyers – primarily first home buyers – must trade off accessibility and mobility by for affordable homes in new developments.
“Peripheral suburbs are traditionally characterised by larger master planned communities conducive to these markets with schools and community centres within close proximity and appeal largely to young families.
“However, buyers need to weigh up this lifestyle with the prospect of low capital growth attributed to strong continual supply of land and lighter infrastructure and amenity surrounding the area,”
According to Herron Todd White, Baldivis, a semi-rural suburb 42 kilometres south of the Perth CBD is catered towards families, first-home buyers and commuters.
Based on Real Estate Institute of Western Australia (REIWA) statistics, the current median house  price for Baldivis is $429,000 with the suburb consisting predominately of free standing, single storey residential dwellings.
New house and land estates in <a href="/news">Baldivis </a>include Avalon managed by Terranovis, which is offering house-and-land packages on 600-square-metre blocks for under $400,000.
Herron Todd White also picks the “quiet, isolated” suburb of  <a href="/news">Ellenbrook </a>situated around 24 kilometres north east of Perth.
There are no major train lines connecting the suburb, but Herron Todd White points out that it has been designed and developed as a self-sustainable community, with each phase of development replicating a different “village” characteristic.
“Primarily, the suburb comprises detached, single-storey residential dwellings with pathways and cycle paths linking the suburb together.
“REIWA statistics indicate the current median house price in Ellenbrook is $387,000 with a strong number of first home buyers purchasing in the area.”
Ellenbrook is being developed by the LWP Property Group, with stage 8 in its Lexia development (pictured) recently released following strong sales.
Traditional home sites ranging in size from 392 square metres to 761 square metres are priced from $199,000, and cottage home sites ranging in size from 300 square metres to 320 square metres and priced from $170,000.
House prices start from $167,000 for a four-bedroom single-storey house.
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Perth first-home buyers look outwards to semi-rural Baldivis and Ellenbrook for affordable house-and-land options: HTW

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Yellow Brick Road has suspended mortgage broker Andrew Kaidbay over revelations that he lied to a NSW corruption hearing.
Up until yesterday Kaidbay operated out of the Yellow Brick Road Rose Bay office.
“Yellow Brick Road’s contracted relationship with Andrew Kaidbay has been suspended pending the outcome of the current enquiry," a spokesperson for Yellow Brick Road told Property Observer.
Kaidbay gave testimony to the NSW Independent Commission Against Corruption hearing investigating whether the family of Labor powerbroker Eddie Obeid gained tens of million of dollars in profits from insider information from former NSW mining minister Ian Macdonald over plans to open a mining area in the Bylong Valley
Kaidbay worked as a ''front'' for the Obeids to disguise their interests in various coal deals and through his former mortgage broking company, $1 Pty Ltd, won a lucrative coal licence, according to the Sydney Morning Herald.
In his evidence Kaidbay admitted that he was representing the interests of the Obeids, but this was not to disguise the family's involvement but “maintain their privacy”.
 
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Yellow Brick Road suspends Sydney mortgage broker Andrew Kaidbay

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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