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Housing affordability improved for the seventh straight quarter in September to be at its highest level in three years, according to the latest HIA-CBA Housing Affordability Index.
Over the quarter, the index increased by 5.3% to 65.8% to be up by 15% compared with the same quarter in 2011.
Affordability improved due to the median dwelling price falling from $466,900 to $459,100, and mortgage rates falling from 6.4% to 6% over the quarter.
Affordability improved in all capital city and regional markets with Hobart the most affordable with an index score of 78.3 - up from 73.1, followed by the ACT (67.8 to 71.3) and Adelaide (70 to 71.1).
Sydney’s affordability score improved from 51.9 to 54.2 over the quarter, but remains the least affordable capital city market, followed by Melbourne (63.6), Perth (64.1) and Brisbane (68.5).
In Victoria, South Australia and Queensland, it is more affordable to buy in the capital city market than in the regions.
HIA chief economist Harley Dale says the run of consecutive improvements in some regional indices is even longer, “in some instances showing affordability has reached levels not seen since the early 2000s”.
“Housing affordability has been improving on the back of steadily growing incomes, falling interest rates, and easing dwelling prices,” says Dale.
“At the same time, however, transactions volumes have remained historically low as economic uncertainty has weighed heavily on households’ willingness to engage in the residential property market.”
“Tentative signs of a recovery in transactions volumes should hopefully gather legs – another interest rate cut in early December would enhance the prospects of this occurring.
“An increase in home buyer action can occur without generating undue inflationary pressure and would assist a much-needed recovery in new residential construction activity.”
A full explanation of how the index is calculated can be <a href="https://economics.hia.com.au/media/Affordability%20Index%20Methodology.pdf">downloaded on the HIA website.</a>
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Housing affordability improves to highest level since September 2009: HIA/CBA index

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A house price crash has been rated as a low to medium risk of occurring in Australia, according to the latest Financial System Stability Assessment report from the International Monetary Fund (IMF).
The report does note that the banking sector is heavily exposed to the housing market, with residential mortgages the banks’ single largest asset, but says the financial system is buffeted from an “unlikely” house price collapse because the household sector is not highly leveraged.
The report says an average loan to value ratio of 50% on mortgages provides the Australian financial system with “a buffer against a large decline in house prices”.
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In addition, the IMF notes the differences in the Australian mortgage market compared with other countries and the propensity of borrowers to pre-pay their mortgages.
“[In Australia] there is no tax incentive for owner-occupier debt,  and prepayment on housing loans is prevalent and sizable.
“Mortgages are full recourse loans, giving borrowers an incentive to continue making payment even under stress,” the IMF adds.


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Apart from the diligence of borrowers, the IMF says that at a central bank and government level, there are good structures in place to mitigate against structural risk from Australian banks' heavy exposure to the residential mortgage sector.
The IMF says authorities have “considerable policy space to respond to negative shocks given low public debt, a flexible exchange rate, some scope for monetary easing, and a well-capitalized banking system”.
However, it does warn of some risks to financial stability due to about a quarter of mortgages having a loan to value of 80% or more at origination mainly by first-home buyers and low-income households.
“The buffer for this group is much smaller and a large decline in house prices would have an impact on asset quality,” says the IMF.
But a house price crash is unlikely given that there is no oversupply of housing as was the case in the US sub-prime-fuelled mortgage crash.
“No construction boom has accompanied the run-up in house prices, and supply remains quite tight,” says the IMF.
While the report notes that house prices have “declined gradually over the past year” it anticipate a further correction in commercial property prices.
“Commercial real estate prices have seen a large correction since 2008 but still appear high by international comparison,” says the IMF, which calculates that commercial real estate represents about 10% of banks’ exposures and a sharp fall in prices would impair banks’ balance sheets.
The report does highlight how heavily Australia depends on the residential property market, with 90% of Australia’s household debt being housing loans, above the average of advanced economies in the G20.
“Strong house price gains over much of the past two decades have made Australia’s house prices relatively expensive now. This combination exposes banks to negative income shocks generated by a sharp increase in unemployment.
“Moreover, around 30% of new mortgages are interest-only, a potentially riskier type of lending than regular mortgages, and 55% of those mortgages are interest-only investor loans.
“However, the risk is mitigated by a number of factors, including much larger household assets that dwarf household debt, relatively low household leverage and increased household savings over recent years."
The report also notes that loans with an LVR of greater than 80% are “generally covered” by lenders mortgage insurance (LMI).
“The banks’ capital positions seemed capable of withstanding a range of adverse scenarios ranging from slow growth to severe macroeconomic shocks, even after taking into account banks’ cross-border-exposures.
“Under the most severe scenario, aggregate Tier 1 capital (funding sources to which a bank can most freely allocate losses without triggering bankruptcy such as ordinary shares and retained earnings) remains above the minimum threshold, although total capital of some banks falls slightly below the threshold after two years.
“The liquidity stress test, which simulated a bank-run type scenario, indicates that banks would be able to withstand a severe liquidity shock with support from the RBA under a new Basel-approved facility, and withdrawals of funding from banks in the United States, United Kingdom, and Japan would have the largest impact,” says the IMF.
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Borrower mortgage repayment diligence protecting Australia against ‘unlikely’ house price crash: IMF

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A grain shed in the rural village of Corobimilla in the NSW Riverina region has been listed for sale at $180,000 and may appeal to rural investors or farmers looking for additional storage space.
<img src="/images/stories/2012/11/grainshed.jpg">
The grain shed has a 2,500-tonne capacity and stands at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/67-newell-highway-corobimilla/Property-Details-buy-commercial-4735537">67 Newell Highway</a>, 20 kilometres from <a target="_blank" href="/news">Narrandera </a>and 10 kilometres from <a target="_parent" href="/news">Morundah</a>.
<a target="_blank" href="/news">Corobimilla</a> is in the central east part of the Riverina close to the NSW/Victoria border, with the name derived from the aboriginal word meaning "tree struck by lightning".
The grain shed listing is through by Jeremy Bell of Rodwells &amp; Co Laverton.
Corobimilla lies within the state suburb of Gillenbah, which had a population of 405 on census night 2011.</body></html>

Grain shed may tempt rural investor at $180,000

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Sydney's western corridor is currently the most tightly held precinct in the CBD office market and is expected to remain tightly held over the next three years while Lend Lease’s $6 billon Barangaroo development takes shape, according to a new Pulse report from Jones Lang LaSalle.
The western corridor comprises the strip of offices incorporating Hickson, Shelley and Kent roads and the future Barangaroo development, from Circular Quay to Darling Harbour.
As the graph below shows, the vacancy rate in the western corridor has fallen steeply since the early 2000s, when it was above 16%, to under 8%.
The highest vacancy rate is in the core CBD market.
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“No developments are scheduled to complete in the western corridor until the first stage of the Barangaroo development in late 2015," says Jones Lang LaSalle.
“There will, however, be backfill space created as a result of KPMG and Lend Lease relocating to the International Towers.
“Both tenants will vacate assets at the end of first generation leases. Jones Lang LaSalle expects that a high proportion of the good quality backfill space at 10 Shelley Street and 30 Hickson Road will be leased prior to lease expiry.”
According to Jones Lang LaSalle, the western corridor has experienced the strongest growth in stock over the past 15 years.
Major buildings to complete over the past six years include: Westpac Place at 221-293 Kent Street (73,620 square metres), 1Shelley Street (31,225 square metres) and 12 Shelley Street (14,848 square metres).
As a result, the western corridor’s share of the Sydney CBD office market has increased from 19.2% in 2001 to 23.2% in mid-2012.
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Sydney’s western corridor now the tightest CBD office market: Jones Lang LaSalle

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Hollywood special effects studio Luma Pictures, which has worked on over 80 movies including films by the Coen Brothers (True Grit, No Country for Old Men), X-Men and Prometheus, has leased over 1,000 square metres of office space in South Melbourne on the edge of the Melbourne CBD.
Luma Pictures will pay net rent in the high $300s per square metre per annum in Heritage Victoria listed, warehouse-style space at 256 Clarendon Street, <a target="_blank" href="/news">South Melbourne</a>.
The five-year lease deal was brokered by Savills Australia’s Louise Nicoll.
Nicoll says the Santa Monica-based company sought a location in close proximity to restaurants, bars and tenant amenity.
"Luma also wanted a funky space which was conducive to a creative working environment, which the village like community of Clarendon Street was able to provide,’’ she says.
The Melbourne premises are Luma’s first office outside of the US and will focus on offering its special effects expertise to Australia’s film and television industry.
The lessor was a private Melbourne investor.
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Hollywood special effects studio leases heritage space in Melbourne

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Mortgage Choice CEO Michael Russell says licensed mortgage brokers “most certainly working in customers’ best interests” and are required by law to always act appropriately.
Russell is the most high-profile mortgage broking executive to speak out against a weekend News Limited article that suggested because brokers are paid upfront commissions by lenders, this creates <a target="_blank" href="https://www.news.com.au/opinion/borrowers-beware-you-must-shop-around-for-the-best-value-home-loan/story-fnfhswl8-1226523426843">a conflict of interest when recommending loans to consumers</a>.
Russell called the article written by News Limited national economics editor Jessica Irvine “ill-informed” following on from comments from mortgage broker Darren Moffatt who said it was <a target="_blank" href="/news">riddled with factual inaccuracies and omissions</a>.
“It is important to set the record straight to reassure Australian property buyers that contrary to the misinformation that was published over the weekend, licensed mortgage brokers are most certainly working in customers’ best interests," says Russell.
“Furthermore, there is legislation in place to enforce that mortgage brokers are acting appropriately,” says Russell, who heads up the biggest mortgage broking franchise in Australia.
“Under the National Consumer Credit Protection Act, it is compulsory for all mortgage brokers to be licensed and to fully disclose to a customer any commissions paid on their housing loan.
“Consumers should most definitely do their own research before deciding on which mortgage broker to use. But when they do, they can be assured that ASIC oversees stringent national legislation that imposes strict obligations on mortgage brokers to always make lender and product recommendations that are aligned to customers’ requirements, objectives and financial circumstances,” Russell says.
Also responding to the News Limited article, Phil Naylor, CEO of industry body, the Mortgage and Finance Association of Australia (MFAA) called the assertions in the articles that mortgage brokers did not act in the best interests of borrowers are completely “without foundation”.
“Mortgage brokers are now a trusted source of home loan information and cost effective products.
“It is law that all commissions are disclosed fully in loan documents for borrowers, including upfront, trail and volume commissions. The industry has been closely involved in the federal government’s creation of rules to protect borrowers, who find mortgage brokers a very valuable resource in making what is the largest investment of their lives,” Naylor says.
“This is evidenced by the fact that about 41% of all home loans in Australia are now written by brokers, the vast majority of whom are members of the MFAA, which ensures the highest professional, training and disciplinary standards for the protection of consumers," he adds.
Naylor says “transparency is a key aspect of how mortgage brokers operate and it is unfair to assert that brokers are not providing unbiased and comprehensive information as it is published in the loan documents borrowers review and sign.
Ray White-owned mortgage broking group Loan Market Group also defended the industry yesterday.
Loan Market corporate spokesman Paul Smith said the brokerage was disappointed by weekend newspaper reports claiming brokers were merely “salesmen” conflicted because of the commissions they received from lenders.
According to Smith, the rise in popularity for mortgage brokers has occurred because mortgage brokers enable borrowers to make considerable savings.
“The success of a mortgage broker is built upon providing a unique service where they can negotiate lower interest rates and fees and guide borrowers through a range of products most people simply wouldn’t have the time to research,” he says.
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Mortgage brokers required by law to work in customers’ best interests: Mortgage Choice

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Borrowers are likely to get a better deal through a subsidiary brand of a major bank in 2013 or by going to a mutual bank or non-bank lender, according to the latest Deloitte Australian Mortgage Report.
This finding is based on sentiments of a roundtable discussion made up of senior executives representing banks, non-banks, mutual lenders, mortgage brokers and mortgage insurers.
The report forecasts that banks will still chase market share targets and “aggressively compete for whatever growth exists”, but it is likely that in 2013 the majors will use their subsidiary brands as the “more aggressive price competitor, so protecting their main brand and its margins”.
“To meet borrowers’ demand for lowest price, it is also likely that the majors will use their subsidiary brands at a more aggressive price point and so shift up a competitive gear,” says Deloitte financial services partner James Hickey.
This approach is already in evidence, with Westpac subsidiary St George currently promising to beat any advertised home loan interest rate offered by the four major banks.
The special offer is available until December 21 for new home loan customers, with a $1,000 rebate also available to help new customers cover the cost of purchasing their new home.
To take advantage of this offer, customers need to provide a copy of the relevant bank’s advertisement (print, radio or online) showing the interest rate being offered.
“I encourage people to look around, find the cheapest rate advertised by one of the four major banks then contact us, so we can offer them an even better rate,” says  Andy Fell, general manager of St George retail banking.
Unsurprisingly, the offer does not mention that St George is 100% owned by big four bank Westpac.
Westpac has a standard variable rate of 6.71% with St George offering 6.69%.
Other subsidiary brands of major banks offering better deals than their parent banks include NAB’s online offering UBank, consistently offering among the cheapest fixed and variable refinancing offerings.
Bankwest offers an online variable rate loan at 5.58%, compared with parent bank  Commonwealth Bank’s best offering (excluding one-year introductory specials) of 5.9%.
According to the Deloitte report, “price, and the level of discounts offered to the standard variable rate (SVR), will be a lever which banks use to tap into market share”.


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The report also says that the current imbalance in market share power held by the major banks over smaller banks and non-bank lenders is unlikely to be resolved in 2013.
“The advantages which the majors have, through their stronger credit rating when raising funds, their scale in terms of operating cost efficiency, and their distribution reach, will continue to maintain the divide between them and smaller lenders.
“This is a justified reality in the market, and while calls for an inquiry into the banking sector have merit in terms of considerations of the impact of this on future competitiveness and innovation, smaller lenders should not expect government intervention in 2013 to tilt the balance in their favour," says the report.
But the report also says that smaller lenders “are and can continue to be successful if they play to their strengths (and understand their limitations)”.
“Key strengths are customer satisfaction, community engagement, member affiliations, and market and product specialisations and niches.
“They are limited in terms of competing with majors on a national scale, and by funding and capital constraints. These are realities which smaller lenders can use to their advantage when tailoring their business models.
Hickey says that while it is unlikely that major lenders will increase their risk profile in 2013, “there is opportunity for the smaller banks and non-bank lenders to leverage their risk appetite for ‘near prime’ borrowers”.
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Smaller banks and non-banks to offer borrowers better mortgage deals in 2013: Deloitte 

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Only one in 20 property investors is making enough money from his or her rental portfolio to no longer have to work full time, according to a landlord survey carried out by research consultancy group BDRC Jones Donald.
Based on an online survey of 500 Australians who own one or more rental properties, it found that just 6% of respondents earn a profitable full-time living from rents paid by their tenants.
Just over a third (35%) derive income from their rental properties to supplement their full-time income, while a quarter (26%) break even on rental activity, and just under a third (32%) make a small loss.
While the report does not delve into the actual dollar earnings of the landlords who are making a living off their rental yields, it does reveal that the average property value for those making a profitable full-time living is $915,000, with these landlords holding a portfolio with an average of 4.3 properties, equating to total average value of $3.9 million.
 "Of these people, the average household income is $111,000 before tax," says a spokesperson for BDRC Jones Donald.
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The most recent statistics from the Australian Tax Office (ATO) for the 2009-2010 tax year show that the majority of property investors own just one investment property, indicating that it is not a full-time occupation for most.
Of the 1.7 million individuals who reported net rental income from rental property in the 2009-2010 tax year, 73% own just one rental property.
The ATO figures also show that 63.4% of property investors with net rental income reported a taxable loss (net rental income less than zero) from their rental property.
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The results of the Australian Private Property Investor Study also suggest a degree of complacency among landlords about the performance of their investments, with more than a third (34%) being unaware of the rental yield earned on their investments.
This lack of awareness is even higher (40%) for those landlords who manage their own investments, compared with 34% of landlords who use a professional property manager.
Sentiment about property investing remains positive, though, with 77% of Australian landlords feeling very positive about their rental investment and nearly a half of respondents noting an increase in demand from tenants. Only 12% reported a decrease in demand from tenants.
Overall the survey found that landlords are better off financially if they use a property manager both in terms of rental yields achieved and profitability.
Around 20% of landlords that used a property manager earned yields of 6% or more compared with 15% of landlords that managed their properties themselves.
Similarly, 46% of landlord that used a property manager derived a positive income return from their investments compared with just 34% of landlords that that managed their properties themselves.
The findings of the survey indicate that the majority of landlords (77%) use the services of a property manager.
“In the current market, landlords are seeking advice to ensure that their investments are working hard for them,” says Roger Donbavand, managing director of BDRC Jones Donald.
“Along with real estate agent support, six out of 10 landlords would welcome receiving more information and advice from their lender.”
The survey suggests there is some appetite among landlords to increase their investment portfolios, with 21% looking to increase the number of properties they own over the next 12 to 18 months – higher than the 12% who plan to decrease the size of their portfolios.
Half of landlords (48%) don’t plan to make any acquisitions over the next 18 months, while a significant proportion (18%) remain unsure whether to buy or sell.
Donbavand says the study reveals that to get the best results Australian private property investors must consider both houses and units when looking for an investment opportunity.
“The Australian Private Property Investor Study has shown that more private property investors have purchased houses over units. However, units may offer better returns in some instances,” he says.
“While Sydney, Perth, Darwin and Canberra all boast increasing unit rental returns, our in-depth research demonstrates that investors who seek real estate advice will see better financial results overall.”
According to the study, the majority of property investors are typically married, professional couples with an average of 1.9 properties in their portfolio.
The study can be purchased in full from<a target="_blank" href="https://www.jonesdonald.com.au/"> BDRC Jones Donald.</a>
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Property investment proceeds not an alternative to full-time job: Australian buy-to-let landlord survey

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The well-known face of the BBC's Antiques Roadshow Eric Knowles recently opened the Brisbane Antique Centre at Loganholme to provide the largest concentration of small-time antique traders in Australia.
The Brisbane Antique Centre will lease around 2,300 square metres of space at 1/10 Beenleigh-Redland Bay Road, Loganholme in Logan City, in a deal negotiated by Ray White Commercial Springwood industrial sales and leasing consultant John De Martini.
It has taken up a seven-year lease with options at a gross rental industry sources estimated to be around $368,000 per annum.
A separate tenancy has been taken up by Fernwood Gym.
“The Brisbane Antique Centre chose this complex due to its size, visibility and location,” explains De Martini.
“There is room for up to 100 antique traders, while the site offers 140 dedicated off-street car parks, with 50 more under construction.
“The complex includes a French-themed café and it is easily accessed being located just off exit 30 on the M1 Motorway South at Loganholme.”
“This centre provides Brisbane with the greatest concentration of small-time antique dealers in the largest amount of space of any state capital,” says Brisbane Antique Centre general manager Jasmine Khan.
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Brisbane Antiques Roadshow rolls into Logan City with industrial leasing

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<img src="/images/stories/2012/11/collierslogo.jpg">
Colliers International's Aaron Green tells Property Observer the trend in the Canberra market is some institutional owners taking a gamble on generically fitting out their vacant office space in the hope that it will help lure tenants. He would invest a spare $750,000 in a single-titled commercial property that showed returns of more than 8% per annum.
How long have you been in the industry?
For a spot on three years starting in September 2009. So still learning the trade, but also within that short time I have gained a lot of knowledge within the Canberra commercial market and formed some good business relationships.
What’s happening in the area you specialise in?
<img style="margin: 5px; float: right;" src="/images/stories/2012/11/aarongreen.png">
I specialise in leasing office space between 500 to 1,000 square metres.  I’m finding that tenants are looking to make the cost of relocating as neutral as possible as they do not have a capital expenditure budget allocated for fitout. Building owners who have tenancies with reasonable fitouts in place and  offering an incentive (typically between 8-12%) are attracting tenants. This trend has seen some institutional owners taking a gamble on generically fitting out their vacant office space in the hope that it will help lure tenants. So if a tenant can make the fitout work for their business, they get the benefit of being able to occupy a turn-key office straight away, enjoy new workstations rather than tired and outdated looking ones, and they no longer need to pay for the design and project management of this process. Only time will tell if this is a gamble that will pay off, but I’m sure that it will be enough to lure at least a small number of tenants in the marketplace.
Describe the most interesting property you have sold:
An owner-occupier asked me to dispose of their last remaining assets in Canberra after selling their business. They owned three units within a strata-titled building at 26-28 Napier Close, Deakin. The units had a combined total size of 266 square metres and were sold in one line to a local private investment company. The owners had already moved on prior asking me to sell the units and had settled down in Whistler, Canada. I was due to go to Canada soon after, and I sold the units just before departing, so I met up with them in Whistler and celebrated the sale with them over a beer on the slopes.
What are the ingredients to being successful in your job?
Being knowledgeable within your market is key– and when I say your market it is not just facts and figures or knowing who’s left or occupied what space, it’s knowing what the current trends are and what the outlook is. Also, don’t get caught up in all the distractions that can happen on a daily basis. Give yourself tasks to achieve daily so that you can stay on track, stay focused and hold yourself accountable. At the end of the day it provides a sense of achievement. And of course, having good administration staff in the background making sure everything is running smoothly is a must.
What aspects of your role do you enjoy the most?
One of the main reasons I got into commercial real estate was to meet new people and create relationships that will stay with me for life. I also really enjoy that I’m not chained to my desk eight hours a day and have the flexibility of going to meetings, site visits, socialising and accelerating clients’ success in their property endeavours.
Where would invest a spare $750,000?
With the current interest rate I wouldn’t be leaving it in the bank. I would invest the money in a single-titled commercial property that showed returns of more than 8%, with a long lease and good yearly increases – making it a sound investment.
Which football team do you support?
I'm a born and bred Canberra boy, so without a doubt both Canberra teams – Raiders and the Brumbies.
What’s your favourite app or techno gadget?
I really enjoy my Apple products and currently own an iPhone and iPad that I use daily within social and work environments. I’m also currently trying to develop an app with my fiancée and another couple outside of work which so far has been an interesting experience. We are working closely with app developers to get our idea into design phase.
How do you use social media?
Social media is something I really haven’t used professionally  until moving to Colliers International. Since being here I have started to post listings on Twitter and LinkedIn and tracked traffic through Bitly. I do however need to have a better social media plan going forward, so what I do put out there is interesting and frequent enough for people to take interest. I’ve been posting a fair bit of interesting information on <a target="_blank" href="https://twitter.com/aaron_green82">Twitter </a>lately and I’m slowly starting to get more followers, so it must be working.
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In profile: Colliers International's Canberra office leasing specialist Aaron Green

<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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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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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.

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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.

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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.

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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.

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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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Larry Schlesinger

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