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Business conditions fall further in October, recording their weakest outcome since May 2009, with construction sentiment falling sharply, according to the latest NAB monthly business survey.

The index fell from +1 to -1 partly unwinding a modest improvement in September, and showing no signs of improving despite the RBA cutting the cash rate by 25 basis points on October 3 to 3.25%.
Confidence in the construction sector fell 11 points to -9 points, "with the lure of lower borrowing rates seemingly having little positive impact on sentiment in construction".
“Businesses were more downcast in October, with the pessimism particularly apparent in the mining and construction sectors," says NAB chief economist Alan Oster.


“Confidence deteriorated heavily in construction, returning to the heavily negative levels that have applied since May and making the improvement in September look anomalous.


"Mining conditions are currently the weakest they have been since the Queensland floods in early 2011, which caused major disruptions to coal mine production.


“It appears that the RBA’s decision to lower the cash rate by 25 bps to 3.25% at its October meeting failed to improve sentiment, with firms instead likely to be focussing on the reasons for the rate change – a softening global economy, fiscal tightening, a soft labour market and high Australian dollar,” says Oster.


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Business conditions weakest in three years as construction sentiment slides: NAB

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ASIC is currently undertaking “limited surveillance” of financial advisers and accountants over concerns that property spruikers are encouraging investors to set up self-managed super funds purely as vehicles for "dodgy" property investments.
The corporate watchdog also has a taskforce focused on the aggressive marketing of speculative property investments, according to report in The Australian.
"We don't want SMSFs to be the preferred vehicle for dodgy property spruikers," says ASIC commissioner Peter Kell.
Kell says being encouraged to set up a SMSF “solely to invest in direct property” should be a “warning sign” for consumers.
He says a big risk for SMSF investors is speculating on property in areas where they are less familiar.
This would suggest ASIC concerns about investing in areas such as remote mining towns, where new housing developments have been heavily promoted by marketeers.
According to Kell, in some cases investors are being flown to places like the Gold Coast, shown a property and then steered through all the steps necessary to set up the SMSF, including creating the holding trust required to act as custodian of the property and arranging the loan and purchase of the property.
Current tax rules do allow investors to put investment property into their SMSF and also borrow against the fund to acquire property - provided it is done at arm’s length and with the appropriate structures.
But Kell says setting up a fund just to acquire and hold property is clearly in breach of the spirit of DIY funds by not achieving diversity and may also breach trustee obligations to maintain liquidity in the fund.
Investing in property through a SMSF holds significant tax advantages with the maximum rate of tax paid on rental income being 15% and falling to 0% if the SMSF is in the pension phase.
This compares with personally held property where rental income is taxed at a marginal tax rate, which in some cases can be as high as 46.5%.
“ASIC has concerns that people are being encouraged to set up SMSFs in situations where they don’t have the resources, experience and understanding to ensure they actually generate the expected benefits,” says Kell.
Kell says the resourcing issue is not just about money but having the time to properly manage your SMSF.
But he says ASIC is emphatically not anti-SMSF, but is worried that as the sector grows in popularity it will be a target for fraudsters.
ASIC hopes to release research into this aspect of SMSF investing in 2013.
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 ASIC raises alarm bells about spruikers exploiting SMSF rules to push dodgy property investments 

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Popular Caulfied South meat-lovers restaurant Big Boy BBQ has leased space for its second eaterie at around $1,400 per square metre on Hardware Lane in the Melbourne CBD, which runs between Bourke and Little Bourke Street.
The lease over the 100 square metre premises at 29 Hardware Lane was negotiated by Savills Australia’s state retail director, Michael Di Carlo, in conjunction with Grange Property Consultants.
The premises were previously tenanted by Affogato Espresso Bar.
There are already a number of restaurants on the popular pedestrianised retail strip including Amigos Mexican Restaurant, Grill Steak Seafood Restaurant, The Mill Restaurant, Pugg Mahones and Campari House.
Hardware Lane is a tightly held retail strip with commercial property listings showing no shops currently available for lease.
“Big Boy BBQ was keen to test the market with its offering in the CBD driven by the CBD’s significant recent population growth and the existing office staff catchment,” says Di Carlo
“Consumer spending on restaurants and cafes has also held up very well at a time when retailers generally are feeling the pain of a consumer savings trend and on-line competition.”
The lessor is a Melbourne-based investor.
 
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Big Boy BBQ leases restaurant space in Hardware Lane in Melbourne CBD

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Building and construction industry super fund Cbus is considering allowing its members to invest directly in its portfolio of commercial, retail and residential property.
Currently super members can invest in property as a component of a diversified investment portfolio that may also include shares, fixed income and other investment strategies.
However, Cbus chief executive David Atkin says the board is currently reviewing different strategies that would allow members to invest directly in the property assets managed by property investment and development subsidiary Cbus Property reported the Australian Financial Review.
The review comes as super funds look to increase their exposure to the property market as a portfolio diversification strategy and as a way to hold onto members who can now invest in property directly through their self-managed super funds.
Last month, another <a target="_blank" href="https://www.propertyobserver.com.au/commercial/australiansuper-to-double-commercial-property-investments-as-part-of-diversification-play/2012102457425">industry super fund, AustralianSuper</a>,  said it planned to more than double its investments in commercial property over the next five years.
Cbus Property has built up a $2 billion property portfolio by investing in new building projects including office and retail developments and residential apartment projects.
It is also an investor and manager of commercial property.
In conjunction with Dexus, it developed and owns two-thirds of the 27-storey 1 Blight Street office tower in the Sydney CBD and also owns and manages the 35-storey Ernst &amp; Young tower on Exhibition Street in the Melbourne CBD.
Current projects under construction include the futuristic new 63,000 square metre NAB building at 700 Bourke Street in Melbourne’s Docklands, with about $1.5 billion worth projects in its development pipeline including 850 apartments.
Property investments delivered Cbus a 9.5% return last year compared with a 12.4% return for Australian fixed, but better than 7% loss from Australian shares.
Cbus is also review expanding its blue-collar membership base to include related white-collar professions, such as architects.
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Super fund Cbus mulling direct property investment for members

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The number of home loan commitments to NSW first-home buyer numbers has risen for four consecutive months with the state appearing to lead a first-home buyer recovery, according to ABS housing finance figures.
September housing finance data show that first-home buyers as a proportion of the total market reached 19.3% in September, their highest market share since January and  as pointed out by CBA senior economist Michael Workman above the long-run average of 18.5%.
Andrew Hanlan, senior economist at Westpac, said further gains were to be expected from first-home buyer market.
But will they come from NSW?
A cursory look at the evidence, suggests the state is leading the revival - in raw terms loans to NSW first-home buyers are up a healthy 21% since June.
NSW is also the only state to record a steady monthly increase over this period with almost the exact opposite happening in Victoria, where loans to first-home buyers have fallen around 20% since June.
The number of loans to first-home buyers are largely unchanged in Queensland, South Australian and WA over this period.
The improvement in NSW would suggest a return of the key first-home buyer market in a significant way.
But it could be nothing more than rush by this sector of the market to access the $7,000 first-home owner grant which expired on September 30 replaced by a new $15,000 hand-out but only for those building or buying a new home.
Market observers like Angie Zigomanis at BIS Shrapnel have argued that incentives pull demand forward but create a vacuum when the incentive ends.
Ray White chairman Brian White told Property Observer last week that first-home buyer incentives distorted the market, “and not in a healthy way”.
White calls the increased NSW $15,000 handout for new homes “no longer a first-home buyers  but a builders incentive” and a "deceit".
For the NSW first-home buyer rally to be significant the pick-up in first-home buyer numbers will need to continue into October and beyond.
There will also need to be a pick-up in NSW first-home buyers taking out loans to buy or build new houses.
The ABS data does not break down the data into type of buyer so ascertaining this trend is difficult.
The data that is available shows a 16% overall rise in loans to NSW borrowers for the purchase of new dwellings since June which is encouraging.
However, loans for the construction of new homes in NSW have fallen about 20% over the same period – economists point out that a recovery in construction takes longer to filter through.
In the case of Victoria, the slump in first-home buyer numbers may also have something to do with ending of government incentives with both the $13,000 first-home bonus and the $6,500 regional bonus ending on June 30.
They may also be waiting to take advantage of increased stamp duty savings concessions, which formally begin on January 1, 2013 (but take effect for purchases<a target="_blank" href="https://www.propertyobserver.com.au/residential/victorian-first-home-buyers-increased-stamp-duty-benefits-take-effect-with-savings-of-up-to-%243100/2012110457604"> beginning in November, given 60 day settlements</a>) with the potential to generate potential savings of as much as $3,000.
The $7,000 first-home buyer grant still remains in place in Victoria for both existing and established homes.
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NSW first-home buyer numbers trending up could be a rush or a recovery

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The high cost of renting has shifted dramatically from south-east Queensland to regional mining towns, led by Roma, Gladstone and Mackay, according to the Residential Tenancies Authority (RTA) annual report for 2011-12.
Median weekly rents for three-bedroom houses in Roma rose an astonishing $150 over the space of 12 months to June to a median of $500 per week – a rise of 40% – while two-bedroom unit rents  increased by 35% to $350 per week.
Roma lies 515 kilometres west of Brisbane in the Darling Downs, the epicentre of the coal seam gas (CSG) boom, home to Origin Energy's Spring Gully Coal Seam Gas Development and the outer end point of the 434-kilometres Roma-to-Brisbane gas pipeline.
In the more widely known mining hotspot of Gladstone, median weekly rents for three-bedroom houses rose $120 (33%) over the past 12 months to a median of $500 and by $100 per week for two-bedroom units to a median of $400.
The report also found that weekly rents have risen by $70 per week in Mackay for houses ($460) and by $60 per week for Mackay units ($360) – annual increases of 18% and 20% respectively.
In comparison median weekly rents have hardly shifted in Brisbane and in other more heavily populated south-east Queensland locations including Ipswich, the Sunshine Coast and the Gold Coast.
Click to enlarge
<a href="/images/stories/2012/11/qldrent.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/11/qldrentthumb.jpg"></a>
The figures are based on data gathered by the RTA for the year to June 30 as part of its rental bond custodial function combined with data from other official and industry sources.
The report notes that traditionally, the most expensive areas in terms of rents are in south east Queensland, "particularly areas of Brisbane, the Gold Coast and Sunshine Coast".
“However, areas which experienced the most significant rent increases for houses and flats were Gladstone, Roma and Mackay.
“Mount Isa also saw a significant increase in rents for houses. Most other areas experienced either smaller rent increases or no change.
“Significant increases in the regional areas are generally related to resource-driven activities,” says the RTA in its annual report.
The RTA is a regulatory body which monitors and reports on Queensland’s residential rental sector.
For tips on investing in Gladstone, download Property Observer's free eBook: <a href="http://propertyobserver.com.au/ebooks/free-ebook-gladstone-investment-keys-to-one-of-the-nations-most-talked-about-hotspots" target="_blank">Gladstone – Investment keys to one of the nation’s most talked-about hotspots</a>
Photograph of Roma courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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Roma leads Queensland mining town rental boom with 40% annual growth

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<img src="/images/stories/2012/11/cbrelogo3.jpg">
Peter Vines tells Property Observer he has noticed an increasing rezoning of industrial property to residential for redevelopment into apartments and townhouses. Consequently, he would invest a spare $750,000 in a small warehouse around the inner west or south Sydney and wait for re-zoning.
How long have you been in the industry?
I have worked in real estate both residential and commercial in Sydney, London and Paris for over 13 years.
What’s happening in the area you specialise in?
<img src="/images/stories/2012/11/petervines.png" style="margin: 5px; float: left;">
Several things are happening, but of interest is the increasing rezoning of  industrial property to residential for redevelopment into apartments and townhouses. This will continue to happen, with industrial users needing cheaper rents to satisfy consumer demand and also an increase in the value of residential property due to a lack of housing in the inner west and western Sydney. Also an increase in the level of community, religious and education groups needing to buy large properties to occupy in order for them to realise their mandate of caring for and educating an ever-increasing population.
Describe the most interesting property you have sold.
We were involved in selling a school on behalf of Ernst &amp; Young at the beginning of the year which was purchased by the Department of Education. We also have recently sold a large  eight-hectare industrial facility on behalf of Pacific Brands, which is going through rezoning to residential at the moment. It was huge and had some really cool industrial style heritage buildings on it that will be retained and converted.
What are the ingredients to being successful in your job?
It is quite simple: persistence and resilience. You need to constantly be talking to people and following up and then you need to be able to get back up and keep going when things go wrong.
What aspects of your role do you enjoy the most?
I love every part of my job. I love the diverse nature of the assets we work on. I cover all sectors of the market, we sell schools, shopping centres, development sites, aged-care facilities, office buildings, places of worship, retreats and the list goes on. This enables me to be more creative and think outside the box when marketing a property and looking at alternate potential uses, which is extremely important when dealing with “complex/difficult assets” like we so often do. We often sell large parcels of land and vacant buildings where there could be several uses.
Where would invest a spare $750,000? 
Probably in a small warehouse around the inner west or south Sydney and wait for rezoning
Which football team do you support?
The Bunnies, Manly and the Waratahs
What’s your favourite app or techno gadget?
My iPhone has changed my life, I have everything in the palm of my hand and can work from anywhere at any time while listening to music. My favourite app at the moment is Everguide: It is a guide to all music, entertainment and arts and culture happenings around Sydney.
How do you use social media?
I have a LinkedIn account, which is linked to my <a target="_blank" href="https://twitter.com/petevinescbre">Twitter account</a>. I regularly post up our new listings and then the results of the property deal. I have over 500 connections on LinkedIn and use it as a way of finding useful contacts. CBRE also posts videos on YouTube of properties that we are selling.
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In profile: CBRE commercial property specialist Peter Vines

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Retail properties priced under $1 million are likely to hold strong appeal for small investors, according to a Property Observer reader survey.
While purchasing commercial real estate remains on the radar for just a small number of readers, of those who do intend to look beyond residential investments, two in five (40%) would consider a commercial property priced between $500,000 and $1 million, while more than a third (36%) are interested in commercial property priced under $500,000.
Less than a quarter would consider investing in commercial property above $1 million.
The most sought-after assets are retail properties, chosen by more than a third of respondents (35%), followed by industrial assets (28%) and office assets (16.3%).
A third of readers considering buying commercial property said they intended to buy using their self-managed super funds, while nearly half (47%) said they would use their commercial property acquisition as their business premises. The remainder said they would acquire a commercial property as an investment.
The results of the survey also indicate that retail property is further along the property cycle than offices and closer to recovering.
Half of those surveyed (51%) said retail property in their state had bottomed out, while less than a third  (32%) said the sector was still in a downswing.
A smaller proportion said their state office market had bottomed out (46%), while more than a third (34%) said it was still in a downswing.
In the last few months, combined warehouse/office premises priced under $1 million have attracted strong interest from both owner-occupiers and small investors.
<ul>
<li>A large 344-square-metre office/warehouse facility at Molendinar, the Gold Coast’s premier industrial precinct, sold to truck spare parts company $430,000. The property at 2/18 Expansion Street, <a href="/news">Molendinar</a>, was sold by Steve Macgregor of Ray White Commercial Gold Coast post auction.</li>
<li>In Melbourne, an office-warehouse unit at 2 Railway Avenue in <a href="/news">Oakleigh </a>sold to a private investor for $670.000 on a yield of around 7.5%. The 389-square-metre building sold leased at a net rental of $50,000 per annum plus GST was negotiated by Crabtrees Real Estate.</li>
<li>In September a warehouse/office complex at <a href="/news">Hendra </a>in Brisbane’s north was sold by Ray White Industrial Milton to construction company Solutions Three for $675,000.</li>
</ul>
Retail premises up for sale priced under $500,00 include a <a href="https://www.propertyobserver.com.au/victoria/docklands-hair-salon-offers-small-investors-and-smsf-potential-8-return/2012102457390" target="_blank">Docklands hair salon</a> asking $300,000 to $310,000 at a yield of around 8% and the <a href="https://www.propertyobserver.com.au/tasmania/historic-high-street-campbell-town-pharmacy-listed/2012101657144" target="_blank">old pharmacy building in Tasmania’s Campbell Town</a> listed for sale with an asking price of $495,000.
One in 20 of the more 800 readers surveyed by Property Observer said they planned to purchase a commercial property in the next 12 months.
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Retail and industrial properties under $1 million the sweet spot for small investors: Reader survey

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A private investor has paid $16.5 million to acquire a B-grade Adelaide office building leased to Westpac wealth management subsidiary BT Financial.
The BT Centre located at at 1 Hugh Cairns Avenue comprises a net lettable area of around 6,224 square metres on a total site area of 29,353 square metres. It formed part of the Mirvac Property Trust and had a book value in 2010 of $16.5 million as of June 2012.
The office building generates net annual income of around $1.74 million, which equates to a yield in excess of 10.5%.
Mirvac acquired the building  in 2010 as part of its acquisition of the Westpac Office Trust.
The BT Centre is 13 kilometres south-east of the Adelaide CBD in a commercial precinct adjoining the Flinders University campus and is tenanted by BT Financial on a 12-year lease, commencing in 2007, with two five year renewal options.
CBRE’s Philip Rundle and Alistair Laycock negotiated the sale on behalf of Mirvac as trustee for Bedford Park Office Trust.
Rundle says the campaign provided a "rare opportunity to acquire a strong commercial investment".
“The property has been occupied by Westpac since its construction in 1997 and their further commitment to a long-term lease in 2007 clearly demonstrates the building’s strong fundamentals.
Laycock says the precinct is an important commercial hub incorporating the Westpac call centre, Florey research and development building and the major southern districts police centre.”
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Private investor snaps up BT call centre for $16.5 million on double-digit yield

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The value of home loans taken out by owner occupiers rose by a better than expected 1.5% over September to $13.9 billion, according to the latest ABS housing finance figures.
This was the second consecutive monthly rise in the value of owner occupier commitments following a 1.3% rise in August.
In July the value of owner occupier commitments slumped 1.4%.
The number of loans to owner occupiers rose 0.9% to 46,395 in September following a 1.8% rise in August - economists polled by Bloomberg had tipped a 1% rise over September.
Housing finance commitments by investors increased by 8.6% to $7.3 billion following a small 0.8% fall in August and a 2.7% drop in July.
The total value of dwelling commitments – owner occupiers and investors – rose 3.8% to $21.2 billion.
Westpac noted that gains were reported across the eastern states - Queensland (0.6%), NSW (1.6%) and Victoria(2.3%). This was offset by a dip in WA and a fall in SA.
"FHBs share of finance increased, rising to 19.3%. Further gains are in prospect," says Westpac.
The rise in September suggests -as mentioned by the RBA - that previous rate cuts are starting to flow through into the economy.
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Owner-occupier mortgage lending up 1.5% in September as first-home buyers reach 19.3%: ABS

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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