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A meeting of Provident Capital debenture holders has been called for December 13 with the aim of voting on a new arrangement, which receivers Phil Carter, Tony Sims and Marcus Ayres from PPB Advisory believe will result in a more efficient and fairer distribution of money following the non-bank lender and mortgage fund manager being declared insolvent.
Provident Capital, a lender of last resort, collapsed in July leaving around 3,500 small investors who placed their savings in Provident’s fixed interest debenture fund out of pocket with an average investment size of $30,000.
The fund was frozen when Provident collapsed and investors have not received any payments in the past five months.
Since their appointment PPB Advisory have recovered funds from just two of the 49 loans in the fixed interest debenture fund totalling $4.8 million with only one loan discharged in full,leaving 48 loans undischarged with a closing book value of $109.9m as of September 30.
The receivers have also returned $5.6 million (six loans) of the $74.2 million owed to Adelaide and Bendigo Bank, which must be repaid first before debenture holders can receive payments.
Receivers are marketing another three properties for sale, but have identified six properties "which are not suitable for sale at this time, predominantly due to planning issues".
Most of the mortgages were provided to property developers on very high interest rates that could not secure bank funding.
“The Receivers understand the frustration of debenture holders that we are unable to commence distributions at this time,” says PPB advisory in a note on its website.
At the December 13 meeting, debenture holders will be asked to vote on a proposal to amend the debenture trust seed to facilitate the new payment structure and will also receive an update from PPB Advisory on its efforts to discharge loans.
Currently the trust deed provides that interest will be payable before principal.
The proposed amendment of the trust deed is designed to facilitate the payment of interim distributions in the following order:
<ul>
<li>first, the return of interest accrued but unpaid as at 3 July 2012 on all debentures (whether interest was paid periodically or on maturity);</li>
<li>second, capital (as in the face value of your debenture); and</li>
<li>finally, in the unlikely event that there is any surplus, interest at the rate of 10% per annum for the time which the face value of debentures remained unpaid.</li>
</ul>
The outcome of the vote and the wishes of debenture holders will be taken into account at a court meeting on December 17, where the receivers will propose the amendment.
An informal information session will follow with debenture holders invited to submit questions prior to the meeting.
A meeting will be held in Sydney and broadcast in Melbourne, Brisbane, Adelaide and Perth.
Debenture holders can either vote in person or by proxy.
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Frustrated Provident Capital debenture holders to vote on fairer distribution policy at December 13 meeting

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Hobart is the capital city where investors are most likely to pick up a property cheaply, according to new analysis by RP Data.
Close to three-quarters (70.9%) of all house and unit sales in Hobart over the year to August were sold below $400,000, with Adelaide ranking second (58.7%) followed by Brisbane (43%) and Melbourne (36.4%).
Only a third (30.3%) of all Sydney sales were below $400,000 with Canberra ranking last with around a quarter (22.5%) below this benchmark.
The results for Hobart are not surprising, given the city had a median house price of $340,000 based on sales over the September quarter, according to the Real Estate Institute of Tasmania (REIT).
According to the REIT, the cheapest Hobart suburb is the fringe suburb of <a target="_blank" href="/news">Risdon Vale</a>, on the eastern shore of the River Derwent, where the median house price was $181,000, based on eight sales over the quarter.
The Tasmanian capital city also accounted for highest proportion of house and unit sales below $200,000, with 12.9% of sales priced below this point.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="161" valign="top">
Capital City
</td>
<td width="160" valign="top">
&lt;$200,000
</td>
<td width="157" valign="top">
$200,000 to $400,000
</td>
<td width="138" valign="top">
Total &lt;$400,000
</td>
</tr>
<tr>
<td width="161" valign="top">
Hobart
</td>
<td width="160" valign="top">
12.9%
</td>
<td width="157" valign="top">
58%
</td>
<td width="138" valign="top">
70.9%
</td>
</tr>
<tr>
<td width="161" valign="top">
Adelaide
</td>
<td width="160" valign="top">
6.3%
</td>
<td width="157" valign="top">
52.1%
</td>
<td width="138" valign="top">
58.7%
</td>
</tr>
<tr>
<td width="161" valign="top">
Brisbane
</td>
<td width="160" valign="top">
2.5%
</td>
<td width="157" valign="top">
43%
</td>
<td width="138" valign="top">
45.5%
</td>
</tr>
<tr>
<td width="161" valign="top">
Melbourne
</td>
<td width="160" valign="top">
1.9%
</td>
<td width="157" valign="top">
34.5%
</td>
<td width="138" valign="top">
36.4%
</td>
</tr>
<tr>
<td width="161" valign="top">
Darwin
</td>
<td width="160" valign="top">
5.1%
</td>
<td width="157" valign="top">
28.6%
</td>
<td width="138" valign="top">
33.7%
</td>
</tr>
<tr>
<td width="161" valign="top">
Sydney
</td>
<td width="160" valign="top">
2.4%
</td>
<td width="157" valign="top">
27.9%
</td>
<td width="138" valign="top">
30.3%
</td>
</tr>
<tr>
<td width="161" valign="top">
Canberra
</td>
<td width="160" valign="top">
1%
</td>
<td width="157" valign="top">
21.5%
</td>
<td width="138" valign="top">
22.5%
</td>
</tr>
<tr>
<td width="161" valign="top">
Combined caps
</td>
<td width="160" valign="top">
2.7%
</td>
<td width="157" valign="top">
34.5%
</td>
<td width="138" valign="top">
37.2%
</td>
</tr>
</tbody></table>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>
Recent sales in Hobart below $400,000 include this attractive 1880s-built two-bedroom cottage (pictured below), which sold last month. A price has not been disclosed, but it was advertised “in the high $200,000s” and last sold for $73,500 in 1991. It sold through Ant Manton of Ray White Central Hobart. The property is bordered by walls on two sides called an “Arthur Wall” arrangement, an architectural feature used by the first settlers to extend their food growing season into winter by creating a 'warm micro-climate' between the surrounding walls.
<img width="470" src="/images/stories/2012/11/brisbst.jpg">
 
<hr class="system-pagebreak">
 
Another period home snapped up for under $400,000 recently was this five-bedroom house on Bathurst Street (pictured below), which sold for $325,000 through Martin Waldhoff of Fall Real Estate North Hobart.
The cottage dates back to 1890 with the listing suggesting it required some renovations (“ready for an internal make over”) while photos show a barren backyard.
<img width="470" src="/images/stories/2012/11/bathurstst.jpg">
However, it also demonstrates the stagnancy of the Hobart market. The cottage last sold for $320,000 in May 2007, having traded for $110,000 in 1992.
At the other end of the spectrum, Sydney had the highest proportion of sales above $1 million (11.1%), followed by Melbourne (7.8%) and Perth (6.5%).
Nationally, properties that sold for between $200,000 to $400,000 accounted for the plurality, or the bulk of sales; this price bracket accounted for 41.2% of sales over the year.
Property sales between $400,000 and $600,000 accounted for 30.4% of all sales over the year, while the price bracket between $600,000 to $800,000 represented the third largest segment at 11.2%.
RP Data research analyst Cameron Kusher points out there were more sales below $200,000 (7.1%) compared with sales over $1 million.
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Hobart and  Adelaide the capital cities with most property under $400,000: RP Data

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By the smallest majority, economists polled by Bloomberg are still tipping the RBA to leave the cash rate on hold when it meets for the last time this year on December 4.
Of the 25 economists polled this week, 13 expect the cash rate to remain at 3.25% with 12 expecting it to fall to 3%.
ANZ chief economist Warren Hogan (the only of the major bank economists to correctly tip a rate hold on Melbourne Cup Day) and Westpac’s Bill Evans expect the RBA to cut the cash rate on December 4 while the Commonwealth Bank’s Michael Blythe and NAB’s Alan Oster favour the RBA pausing until at least February next year.
Economists will get a better sense of the RBA's thinking on the December rate decision when the minutes of the November 6 monetary policy meetingare released on Tuesday (December 20) while on the same day RBA governor Glenn Stevens will deliver a speech to CEDA (The Committee for Economic Development of Australia) with the topic not yet known.
“The board minutes are always worth a look, but comments are likely to be similar to those in the latest statement on monetary policy,” says CommSec chief economist Craig James.
“The speech by the Reserve Bank governor should provide more interest. At this time there is no topic set for the speech, but if the governor wants to send a message – perhaps on the Aussie dollar, wage growth or views on the global economy – this will be the opportunity,” he says.
James, who was not part of the economists surveyed by Bloomberg. He is expecting the RBA to hold rates in December, but still maintain an easing bias and to cut early in 2013.
Looking beyond December – should the RBA hold the cash rate - consensus among economists is for one more rate cut in 2013 with the second quarter of the year (April to June) the most likely period the cash rate could fall. However there is wide divergence in individual economists’ rate expectations.
For the first quarter of 2013, there are six economists tipping the cash rate to fall to  2.75% including Brian Redican from Macquarie Bank, Stephen Koukoulas from Market Economics alongside economist from 4 Cast Ltd, BNP Paribas, Deutsche Bank, J.P. Morgan and Merrill Lynch.
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Economists remain divided on December 4 RBA cash rate cut: Bloomberg

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The Melbourne residential vacancy rate edged up from 2.7% to 2.8% over October while nationally the vacancy rate was virtually unchanged at 1.8%, with a small dip in houses and units available to rent, according to SQM Research.
In total SQM Research counted 49,104 properties available to rent in October, down from 49,664 in September, but well up on the fewer than 46,000 available to rent a year ago.
Of these 49,104 rental properties, nearly a quarter are in Melbourne (12,037).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/11/sqmnov16.gif"><img src="/images/stories/2012/11/sqmnov16thumb.gif"></a>
The Sydney vacancy rate declined from 1.7% to 1.6% over October, with 8,851 vacancies recorded.
Perth recorded the tightest vacancy rate of the capital cities, unchanged at 0.6%, with a total of 1,025 vacancies.
Darwin recorded the most substantial monthly increase, rising 0.2% to 0.7% during the month of October 2012 and coming to a total of 171 vacancies while Hobart recorded the largest monthly decrease in vacancies, falling by 0.3% since September 2012.
SQM Research managing director Louis Christopher tells Property Observer that based on seasonality factors, he expects the Melbourne vacancy rate to go over 3% over Christmas, but then dip below 3% in January as landlords pull their listings, before rising again above 3% in March, April and May and remaining at elevated levels until the construction cycle peaks in late 2013.
“It’s been hovering around that level for that now and it would not take much for it to go over 3%,” he says.
A 3% vacancy rate is the point at which a market is set to be evenly balance between landlords and renters. Above 3% and renters have greater power to negotiate cheaper rents and the market looks less enticing to property investors. 
Christopher says the main issue for Melbourne is one of supply.
“There is a lot of new supply coming on in Melbourne, demand will lift, but there is still ample supply of existing stock with new stock coming on board as well.
“Overall our national vacancy rates series continues to record a tight market, particularly with regard to Perth and Darwin, which are not showing any signs of been hurt by current concerns about the resources cycle,” says Christopher.
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared with the total number of established rental properties.
 
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Melbourne residential vacancy rate edges close to 3%: SQM Research

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The resurgence of mortgage brokers after the GFC has been confirmed in the latest Mortgage Professional Australia (MPA) Top 100, which ranks the brokers that have written the highest value of loans over the past financial year.
In 2012 the combined sales of loans arranged by Australia’s Top 100 brokers was a cumulative $6.7 billion, compared with three years of sub-$6 billion sales following the GFC in 2008.
While Aussie brokers did not place in the top 10, a remarkable one out of every four brokers (26) on this year’s Top 100 list operate under the John Symond-founded brand, compared with just 15 in 2009, the year following the GFC.
This was also the second year in a row that Aussie placed more brokers in the Top 100 than other broking firm, ranking ahead of AFG, a non-branded aggregator where brokers operate under their own brand names, which had 19 brokers in the Top 100.
The Ray White-owned Loan Market Group was well represented, with six brokers in the top 100, with <a target="_blank" href="https://daniel-esposito.loanmarket.com.au/">Daniel Esposito of Loan Market Manningham</a> in <a target="_blank" href="/news">Bulleen</a>, Melbourne, ranking 14th overall ($86 million in loans).
Two brokers from Mark Bouris’s Yellow Brick Road ranked in the top 10 (<a target="_blank" href="https://www.ybr.com.au/branches/VIC/Frankston.cfm">Ross Laurenson, Yellow Brick Road, Frankston</a> ranked 28th with $72 million in loans) while <a target="_blank" href="https://www.esmartmove.com.au/">Smartmove Professional Mortgage Advisers</a> had three brokers in the 100.
James Symond, nephew of John Symond and an executive director at Aussie, says the 2012 results "underpin Aussie’s commitment to the thorough training, development and ongoing company support to every broker who works with the Aussie brand.”
Aussie became the first branded mortgage broker to require all its brokers to obtain a diploma in financial services, with the aim of raising the professional bar.
In addition to the diploma requirement, Aussie brokers must also obtain membership of the Mortgage and Finance Association of Australia  and are supported with additional training, coaching and marketing support.
The success of Aussie’s broking model is also testament to the foresight of John Symond, who shifted the business from a non-bank lender in 2002, when it offered its own home loans, to a mortgage broking model offering a range of home loans.
The top-ranking Aussie broker was <a target="_blank" href="https://www.aussie.com.au/find-broker/aussie-mortgage-broker.htm?BrokerID=402012">Glenn English based in Carnegie, Melbourne</a>, who managed to write 220 loans with a value of $82.6 million, ranking him 18th overall.
 
<hr class="system-pagebreak">
The post-GFC resurgence recorded in the Top 10o results was confirmed in the most recent JP Morgan Australian Mortgage Industry report (volume 16), which noted that about 45% of all loans are arranged through brokers, approaching pre-GFC levels. NAB in particular engages more with the broker channel to grow its mortgage book.
However, the same JP Morgan report notes that profitability has not risen in tune with brokers' growing share of the distribution pie – currently sitting at about two-thirds of pre-GFC levels  – while "participants continuing to exit the market as a consequence”.
According the most recent MISC (Market Intelligence Strategy Centre) report on the broker market, the number of broking firms and aggregators has shrunk to 119, the lowest recorded number of active broker firms since MISC began measuring this figure in 2001.
National regulation of the mortgage broking industry in 2010 raised the compliance costs and professional standards of the industry, with many part-time brokers quitting the industry alongside other full-time brokers struggling to earn a living as a result of the GFC slowdown. 
This compliance burden was highlighted in the responses of brokers that ranked in the top 10, <a href="https://www.mortgagesolutionsaustralia.com.au/">with Colin Lamb of Mortgage Solutions Australia</a> (10th with $102 million worth of loans) saying “tighter legislation” was the biggest challenge facing the industry, which “we embrace and are proactive about, including in our systems and approach”.
Other challenges noted by top 10 brokers include competition generated by the banks through their different channels.
“On one hand [banks] understand that 50% of their business comes from brokers, and on the other hand, they create models like UBank that undercut and undermine everything they’ve tried to create in the broker channel,” says <a target="_blank" href="https://www.brokernews.com.au/mpa/article/rael-bricker-businessman-and-broker-126229.aspx">Rael Bricker from House+Homeloans in Perth</a>, who ranked fourth with $141 million in loans.
Other concerns were the ageing workforce, education of brokers and finding new staff.
Within in these industry dynamics, the Top 100 reveals those brokers that have risen to (or remain at) the top. Brokers who appeared in the 2009 list and in the 2012 list include ACT broker <a target="_blank" href="https://www.tiffenandco.com/gerard_t">Gerald Tiffen from Tiffen &amp; Co and the Mortgage Detective</a> (ninth this year and ninth in 2009) and <a href="https://www.intelligentfinance.com.au/" target="_blank">Justin Doobov from Bondi Junction-based Intelligent Finance </a>(fifth in 2012 and eighth in 2009)
Top spot for the second year running went to another Melbourne mortgage broker, Mark Davis from the <a target="_blank" href="https://www.alic.com.au/">Australian Lending &amp; Investment Centre</a> (ALIC), who settled $169.6 million in 2012 writing an astonishing 474 loans in 12 months – more than a loan day.
ALIC has picked up a host of industry awards over the last few years, with Davis putting his success down to “continuing to change what I do daily and challenge my own processes as well as banking processes.”
“If you keep evolving with the customer and what their needs are, you stay ahead of the race.”
Mortgage broking remains a male-dominated profession at the upper echelons of the profession, with only 13 brokers in the Top 100 – almost the same number since 2009.
However, women have ranked highly in the past, with <a href="https://www.mortgagechoice.com.au/wendy.higgins">Mortgage Choice’ Wendy Higgins</a> from <a href="/news">Glenelg East</a> in Adelaide ranking number one in the MPA Top 100 in 2009 and 2010.
This year’s top-ranking woman broker is a stalwart of the industry, <a href="https://www.mortgagesuccess.com.au/">Katrina Rowlands of Mortgage Success in Wollongong</a> who ranked eighth, writing 343 loans worth $106.5 million. Rowlands has ranked in the Top 100 every year since its inception in 2005 and says she has sustained her business by “continuing to focus on the client’s best outcome”.
“I continue to believe I can make a difference. That’s the secret; knowing you can make a difference and taking control of the process to make that difference. I can’t tell you the number of times I’ve had a bank say that their turnaround times have changed to four or five days, and I’ve had to say, 'That may be OK, but not for my clients'."
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John Symond’s Aussie mortgage brokers rise to the top as industry resurgence gathers pace among Top 100

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Renovated retail premises of a former take-away business in Swan Street in Richmond, Melbourne, have been acquired by an owner occupier who will use them as boutique flooring products showroom.
The 68-square-metre corner store on the north east corner of Mary Street at 255 Swan Street in <a target="_blank" href="/news">Richmond </a>sold through Rory White of Gray Johnson for $607,500 plus GST or $8,930 per square metre of building area.
It was listed at $655,000 plus GST.
The building was also listed for lease at $36,500 net per annum – equating to around $540 per square metre per annum.
The purchaser has a number of large showrooms of flooring products throughout the Melbourne metropolitan area.
Recent retail premises on Swan Street include the 204-square-metre premises of Angus antique furniture just a few shops down from the vacant corner café, which sold for $1 million in March last year on a yield of around 3.7% through Tom Maule and Larry Takis of Teska Carson Richmond.
Swan Street runs perpendicular to Punt Road from the Royal Botanical Gardens to Park Grove.
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Richmond shop on Swan Street snapped up by owner-occupier for $607,500

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The South Australian government has introduced a draft bill with the aim of addressing the issue of “bait pricing”, otherwise known as underquoting.

If passed, it will make it illegal for properties to be passed in at a higher price than advertised or for vendor bids to be received at a price higher than advertised.
The bill was introduced by SA Deputy Premier and Mnister for Business Services and Consumers John Rau yesterday afternoon.
Rau said the government continued to receive complaints from potential home buyers regarding situations where properties were either passed in at a higher price than advertised or vendor bids were received at a price higher than advertised.

"The government believes that the most effective way of eliminating the practice of bait pricing is to create a nexus between the price sought by, or acceptable to, the vendor and marketing a property based on that price.

"The expectations of the purchaser will be realistically met when the auction of a property is based on advertising that reflects the genuine selling price of the vendor," he said. 

Real Estate Industry of South Australia (REISA) president Greg Troughton told AdelaideNow that underquoting was a “blight on the real estate profession” and those agents that underquoting risked being kicked out of the industry.

“It punishes the vendor and removes competition from the marketplace so that everyone knows what the reserve is,” he said.

<a href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988" target="_blank">Analysis by Property Observer </a>of 74 Melbourne sales catalogued by National Property Buyers over the last four weeks of October found that almost 75% of them sold for more than the upper bracket of the quoted price range.

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South Australian government to make underquoting illegal

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James MacKenzie has been re-elected as chairman of Mirvac at today’s AGM in Sydney, but not before copping a bashing from some small shareholders in attendance.
MacKenzie had the unanimous backing of Mirvac board members for his re-appointment as well as from major and institutional shareholders following his decision to sack former managing director and CEO Nick Collishaw and replace him with London-based Susan Lloyd-Hurwitz.
The final vote was 87.8% in his favour with all other board re-appointments also confirmed by shareholders by a similar majority.
Shareholders that attended the meeting accounted for just 0.11% of Mirvac stock with major and institutional shareholders voting by proxy.
Prior to the vote, MacKenzie’s seven year tenure came under fire from a number of small shareholders disgruntled with the performance of the company over this period.
Winston Sammut, founder and managing director of Maxim Asset Management and an agitator for MacKenzie to stand down following the decision to get rid of Collishaw, pointed out that the Mirvac share price was $4.59 when MacKenzie was first appointed as a non-executive director (in January 2005) and were trading at $3.56 when he was appointed chairman in November 2005 and is now currently trading at $1.45.
“After seven years as chairman, Mirvac shares are down 59% - shareholders suffered a fall, while you (MacKenzie) benefited to tune of 105% rise in your salary," he said.
Sammut also pointed out that Collishaw had elected to reduce his salary while the Mirvac board had not.
“I consider it is time for you to move on – how you can you justify these sorts of numbers?” said Sammut, who ended up in a tense exchange with acting chairman Peter Hawkins, while MacKenzie’s re-election was being considered.
Hawkins accused Sammut of interrupting him when he spoke and asked Sammut to sit down.
Sammut said he preferred to stand and then presented a chart comparing Mirvac’s performance against its peers highlighting that Mirvac was the “bottom line” of the graph.
Hawkins claimed Sammut had got the numbers wrong and that MacKenzie’s salary had only risen 3% annually since he became chairman rising from $406,000 in the first year rising to $464,000 in the last financial year.
Another long-standing shareholder said he could note vote in favour of MacKenzie given the deterioration of the share prices.
But he said small investors were powerless against the institutional investors and it was a case of “to hell with the shareholders”.
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Mirvac chairman James MacKenzie re-elected with 87.8% AGM support

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Mirvac chairman James MacKenzie says the outlook for the residential property market is “stable” for the near term with a stronger outlook for NSW but concerns for the outer suburbs of Melbourne and south-east Queensland.
Speaking at Mirvac’s AGM in Sydney on the occasion of its 40th anniversary and at the first meeting attended by new CEO and managing director Susan Lloyd-Hurwitz, MacKenzie said it was fair to say that the residential property market “has performed better than many international markets in recent years, and we expect it to remain stable overall in the near term”.
“Specifically we see pockets of strength in NSW combined with continued weakness in south-east Queensland and the outer suburbs of Melbourne,” MacKenzie said.
He said “improved housing affordability” was a factor that was expected to underpin housing demand in the future.
“This is a factor that Mirvac watches closely – and it is significant that from the final quarter of 2010 to the September quarter of 2012 house price affordability improved by around 25%," said MacKenzie.
He also announced that Mirvac has pre-sold 80% of the first stage of its Harold Park flagship residential development in Glebe in inner Sydney.
MacKenzie said strong sales at major development projects such as Harold Park were a testament to its “highly targeted approach” and gave it the confidence to launch the second stage of its residential development last weekend.
The majority of second-stage dwellings <a href="https://www.propertyobserver.com.au/new-south-wales/no-false-start-as-mirvac-secures-eden-harold-park-terrace-sellout/2012111257768" target="_blank">in Eden sold over the weekend</a>, with terraces home selling out just hours after launching.
MacKenzie said the other key new release apartment projects include Rhodes Pinnacle in Sydney and Yarra Point in Melbourne's Docklands, with a “strong contribution” also expected from master-planned communities at Elizabeth Hills and Middleton Grange in NSW.
He said Mirvac’s residential development division “achieved considerable success during the financial year, with just over $900 million in pre-sales on hand at year’s end and the settlement of 1,807 residential lots during 2012 ahead of target".
“The business is focusing on its competitive advantage in delivering quality residential projects with new releases that target price points and locations that have been identified using detailed demographic research,” he said.
 
<hr class="system-pagebreak">
 
MacKenzie also used the opportunity of the AGM to thank <a href="https://www.propertyobserver.com.au/australian-capital-territory/ex-mirvac-boss-nick-collishaw-still-waiting-for-answers-on-sudden-departure/2012110757685" target="_blank">recently departed managing director and CEO Nick Collishaw</a>, who he said had done a good job “reviving Mirvac following the challenges of the global financial crisis.
“This included strengthening the group’s balance sheet and simplifying the business.  Mirvac now has the necessary foundations to move into the next phase of its growth strategy,” he said.
However, he said the decision to get rid of Collishaw and appoint Lloyd-Hurwitz as CEO and managing director in his place was unanimous and based on her leadership skills, experience and global reputation.
“Her knowledge of the domestic and global property sector, combined with her demonstrated ability to forge strong stakeholder relationships, are the key attributes needed to take Mirvac into the next phase of our growth.
“Her strong communication skills and leadership style will augment the culture of the business which we believe is critical to delivering the Mirvac strategy.”
In her first address as CEO Lloyd-Hurwitz said Mirvac’s remain on track to achieve its 2013 target of 1,800 lot settlements.
“Across both our apartments and master-planned communities product lines, we have seen some solid results."
She also highlighted the strong sales success at Harold Park as well as 98% pre-sales success at Chatswood Era project, providing “further evidence of the relative strength of the NSW  housing market which is our highest market weighting”.
“Our focused approach in Victoria has seen good results in high-density housing projects.
“At Yarra Point, we will commence settlements in the second half of this financial year.
“Yarra Point is 100% pre-sold for 2013 financial year forecast earnings, with 85% pre-sold overall.
“We continue to see signs of recovery in the WA market, with our projects at Mandurah and Jane Brook performing well against sales targets," she said.
“Queensland continues to be our weakest market with expectations of a sustained recovery still some time away.”
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Stable outlook for residential market with improving housing affordability to underpin demand: Mirvac AGM

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The Brisbane CBD is developing into something of a hotel development hotspot with Malaysian-born mining billionaire Sam Chong reportedly acquiring a parcel of land from property group Devine with plans to build another hotel in the Queensland capital.
The site forms part of scrapped plans by Devine to develop a  $1 billion “French quarter” that was to comprise an apartment and retail complex bounded by Alice, Albert and Margaret streets.
Sunland acquired half of the site in December 2009 with plans to develop an apartment tower.
According to a report in The Australian, Chong acquired his parcel of land for around $18 million. He also own an adjoining property known as the Carrington site.
Chong is currently developing a 32-storey hotel tower on Mary Street that will be leased to Starwood Hotels &amp; Resorts and operate under its luxury Sheraton brand.
The 246 room hotel is due for completion by January 2014 and will be known as the Four Points by Sheraton Brisbane.
It follows the opening of the Four Points by Sheraton Perth in June 2012 with the expansion of the Sheraton brand into Brisbane seen as part of a growing demand for accommodation for cities benefiting from the mining boom.
In September, Singapore-based hotel group SilverNeedle Hospitality acquired the four-star Chifley at Lennons Hotel (also known as the Lennons Plaza hotel) at 66 Queen Street Mall Brisbane CBD for around $57 million.
SilverNeedle will refurbish the hotel and convert the existing commercial office space into hotel accommodation, doubling the room count to 300.
The revamped hotel is set to open in 2014 in time for the G20 summit and will be rebranded as NEXT hotel, a new brand to be launched by SilverNeedle in Australia.
According to the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/perth-surpasses-sydney-as-best-performing-hotel-market-dransfield/2012092556695">most recent Dransfield report</a>, the Brisbane hotel sector performed strongly over the March quarter with revenue per available room (revPAR) up 17% over the quarter. However the Brisbane hotel occupancy rate fell from 82.5% in the December quarter to 77.6%.
 
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Mining billionaire Sam Chong to develop second Brisbane hotel

<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.

<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.

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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.

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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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