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Victorian Planning Minister Matthew Guy has approved a $500 million expansion of Chadstone Shopping Centre, the biggest shopping centre in Australia and the southern hemisphere.
This follows the City of Stonnington granting approval to the redevelopment plans in August this year, after the support of an independent planning panel in July.
The expansion plans include the building of twin 14-storey buildings comprising offices and a hotel at the southern end of the mall, two floors of international retailers, refurbishments of the cinemas and food precincts, and the addition of 1,400 new car-parking spaces.
There are also Victorian goverment discussions underway for a new $2 billion train line connecting the Glen Waverley and Dandenong railway lines that would stop at Chadstone Shopping Centre with traffic congestion one of the major issues identified by the independent planning panel.
The mall was last redeveloped in 2007 to give it the title of biggest in the southern hemisphere at a cost of $100 million.
Chadstone Mall dates back to the 1960s and is a super-regional shopping centre owned by Colonial First State Global Asset Management, with 50% owned by its listed property trust Colonial First State Retail Property Trust (CFS) since 1994.
CFS’s half-share is valued at $1.6 billion and covering 156,000 square metres of gross lettable retail space along with 20,000 square metres office space.
It provides 156,000 square metres of gross lettable retail space along with 20,000 square metres of office space.
Major tenants are Myer (12.4% of space leased), David Jones (9.5%), Hoyts and Target.
In total the 518 tenants generate sales in excess of $1.3 billion
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lschlesinger-FZcF9M3vE6

Chadstone Mall $500 million expansion wins Victorian government planning approval

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Australia's mining-led construction boom will peak in 2014 with the value of planned projects already starting to contract, according to the Deloitte Access Economics September quarter Investment Monitor.
Deloitte Access Economics expects investment levels to continue to rise in the short term and then peak in 2014 as fewer projects move through planning to the construction phase.
It notes that investment in mining projects has been the “major driver of economic growth” but says that “all good things must come to an end”.
Mining investment projects currently account for nearly half (46%) of all major construction projects  either under construction or mooted, with transport and storage infrastructure projects (many tied to mining projects) making up nearly a third (31%).
The report finds that the value of planned projects has fallen back slightly over the past three months by $10.6 billion to $465 billion due to a lack of new resources projects, and some project cancellations, including BHP Billiton’s <a href="https://www.propertyobserver.com.au/south-australia/headwinds-for-roxby-downs-property-investors-and-other-nearby-mining-towns-as-bhp-s-olympic-dam-expansion-project-cancelled/2012082256180">$20 billion Olympic Dam mine expansion</a> project near <a target="_blank" href="/news">Roxby Downs</a>, as well as the delaying of the <a target="_blank" href="/news">Port Hedland</a> outer-harbour port expansion project in the Pilbara region in WA.
“While the bulk of other resources projects in planning are still on the agenda, there are question marks over the scale of some potential projects, such as Fortescue’s $6.2 billion Solomon mine expansion and [Gina Rinehart’s] Hancock Prospecting’s $9.5 billion Roy Hill project," says Deloite Access Economics.
Question marks also hang over Xstrata’s possible $6 billion Wandoan coal mine in Queensland, which has been placed on hold until market conditions improve, while BHP Billiton’s plans for a $3 billion expansion of the Peak Downs coking coal prospect have been shelved.
The Investment Monitor, which tallies all private and public engineering construction, non-residential building and equipment investment projects in all Australian industries, found the value of projects increased by $6.2 billion, or 0.7% from the June quarter, and has increased by 3.7% over the past year.
As the chart below shows, the mining boom accelerated from March 2011, but has slow-down since the start of the year.
Value of definite projects by status ($billion)
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/11/deloittenov12.gif"><img src="/images/stories/2012/11/deloittenov12thumb.gif"></a>
 
<hr class="system-pagebreak">
 
 
Mining projects currently account for $422 billion (45.6%) of all investment projects in Australia. Of these, $222 million are under construction and $22 billion are committed to be built.
However, $106 billion are under consideration and a further $73 billion are considered "possible" – indicating some level of uncertainty about the future pipeline of projects.
Transport infrastructure projects – mostly rail – account for $289 billion (31.2%) of projects under construction or mooted. Many of these rail projects support the flow of materials to and from mining projects in remote regions.
Non-residential projects account for just $95 billion (10.3%), with the biggest contributors being educational and healthcare projects.
“This portion of the construction sector is on the wrong side of the two-speed divide, with soft retail turnover, little white-collar jobs growth, and weak business and consumer confidence providing a shaky foundation for ongoing investment,” Deloitte Access Economics says.
The three biggest new projects identified in the report are wide-ranging being the proposed $1.1 billion North Surat Taroom Coal Project in Queensland from Cockatoo Coal, a proposed $1 billion light rail network for Perth and an $815 million development of the Commonwealth games village on the Gold Coast.
There were $21.5 billion worth of projects were completed during the September quarter, including the $4.8 billion airport link road works towards Brisbane Airport; the $3.5 billion Wonthaggi desalination plant in Victoria; the $2.6 billion Karara magnetite iron-ore mine, east of <a href="/news">Geraldton</a> in WA; and Incitec’s $935 million <a href="/news">Moranbah</a> ammonium nitrate plant in Queensland’s Bowen Basin.
The quarterly report ties in with the thinking of the RBA, which said in last week’s <a href="https://www.propertyobserver.com.au/residential/lower-rates-working-their-way-through-the-economy-as-rba-notes-improving-housing-market-outlook/2012110957723">November Monetary Policy Statement</a> that while “mining investment has continued to grow rapidly” due to a pipeline of liquefied natural gas (LNG) projects in recent quarters “mining companies have scaled back their investment plans”.
The four biggest projects identified by Deloitte are all LNG projects, led by the $40 billion construction of the Kimberley Gas Hub at James Price Point, Inpex Ichthys $34 billion LNG project increased and the $19.6 billion Queensland’s Curtis LNG project – the value of all these projects have been upwardly revised since the June quarter.
The RBA expects mining investment to “peak a little earlier and at a lower level than had earlier been expected (around 8% of GDP rather than around 9%).
“This change reflects the reappraisal of spending plans in the coal and iron ore sectors as well as a reassessment of the profile for spending on some large and complex LNG projects,” says the RBA.
Deloitte Access Economics says some projects “on the drawing board may be further from the green light now than they were three or six months ago, given the downturn in global commodity prices and concerns over China’s development path in the short term”.
 Despite the slight contraction, the report notes that volume of mining work underway at present is “still astounding”, with WA and Queensland leading the way and accounting for 51% of the value of projects including in the Investment Monitor database.
NSW and Victoria account for a combined 17% of projects, while South Australia has slipped from 6% of all projects to just 3% of projects in the three months from the June to September quarter.
The biggest project in NSW is the $6 billion Barangaroo development in Sydney as well as plans for redevelopment of Centrepoint, Imperial Arcade and Skygarden centres on Pitt Street “set to be finalised very soon”
Victoria’s investment pipeline is modest, but it will get some of the resource pie with construction to 2016 of $4.4 billion Kipper-Tuna-Turrum Project located south east of Lakes Entrance in Bass Strait.
The other major projects are rail and road projects including the $5.3 billion regional rail link from West Werribee to Melbourne’s Southern Cross Station; the $980 million project to widen the Western Ring Road between the Hume Highway and the West Gate Freeway, as well as the $759 million ‘Peninsula Link’ - a 25km four lane connection between Eastlink at Carrum Downs to the Mornington Peninsula Freeway at Mount Martha.
For tips on investing in Gladstone, download Property Observer's free eBook: <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-gladstone-investment-keys-to-one-of-the-nations-most-talked-about-hotspots">Gladstone – Investment keys to one of the nation’s most talked-about hotspots</a>
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Mining-led construction boom to peak in 2014: Deloitte

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The Woollahra shop that has been tenanted by gourmet food retailer Jones the Grocer for the past 16 years is available for lease and expected to attract interest from other luxury goods purveyors.
The 300-square-metre shop is located at <a href="https://www.realcommercial.com.au/property-retail-nsw-woollahra-500502075" target="_blank">68 Moncur Street</a> just off <a href="/news">Woollahra</a>’s ultra-chic Queens Street, where retail tenants including Australian fashion designer Collette Dinnigan, who opened a shop on Queen Street in June last year.
The shop has become available for lease, with Jones the Grocer opening a new Sydney store in Westfield Sydney in the CBD in December.
The Woollahra premises was the first store opened by Jones the Grocer in 1996 and included Australia’s largest walk-in cheese room.
Anthony Bray, director of sales and investments NSW at Jones Lang LaSalle, who is marketing the retail space for lease, says the rent will be in the region of $1,000 per square metre net per annum.
Bray says the space is ideal for a luxury retail environment.
“With high glass windows on the shop front, considerable floor space and loading dock for ease of product flow, we envisage the property could be well utilised as a high-end retail space.
“A much-anticipated retail offering, we’re expecting high interest in the building – the place is locally well-known and is located in a bold corner position, prominent for pedestrian and motor traffic alike.”
Jones Lang LaSalle is accepting formal written proposals until November 22, 2012, on a lease term of five years plus renewal options.
The premises were last available for lease in 1996.
Jones the Grocer was founded by Lindsay Jones-Evans and has six stores in Australia as well stores in New Zealand, Qatar, Singapore and the UAE.
The entrepreneurial Jones-Evans is currently the director and co-owner at Old Shanghai Massage House, a traditional Chinese massage house on Oxford Street in Woollahra, just a short walk from the grocery store.
His other ventures include Bon Bon Fine Chocolate and the Victoria Room.
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Jones the Grocer premises in Woollahra up for lease at $1,000 per square metre

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Dixon Advisory will seek to raise up to $80 million from Australian investors to fund future acquisitions for its ASX-listed US Masters Residential Property Fund as it looks to take advantage of a recovering US housing market.
The fund has opened an offer to raise up to an additional $40 million, with the right to receive over-subscriptions for a further $40 million.
The minimum application amount is $2,000, with the offer closing on December 6 with an expected application price per share of around $1.57.
The fund's half-year results to June 30 showed it had cash reserves of $117 million after reporting a loss of $2.1 million.
The capital raising comes just a few days after managing director Alan Dixon estimated the repair bill for properties damaged by <a href="/news">Hurricane Sandy at US$430,000</a>, or 0.3% of the value of its net tangible assets.
The fund, which transferred to the ASX in July this year from the small-cap National Stock Exchange (NSX), is the first Australian property trust to invest directly in US residential property.
Since its IPO  in June last year the fund has secured a US$165.4 million portfolio of properties comprising 430 freestanding houses and 15 multi-dwelling apartment complexes through two joint ventures. The properties are located in the New York metropolitan area, particularly Hudson County, New Jersey, and Brooklyn and Harlem, New York.
Yields on free-standing sub-divided houses in Hudson County have ranged from <a href="https://www.propertyobserver.com.au/international/wide-ranging-residential-yields-in-dixon-advisorys-us-housing-fund-as-shares-debut-on-asx/2012072455700">around 5% to in excess of 12%.</a>
The fund’s previous capital raising was in January this year, when Dixon raised $1.27 million from 33 investors.
The January raising was third and final stage of a second round of capital raising, which raised total equity raised to $31.14 million from 929 investors, kicked off October  2011.
It raised almost $70 million from investors – mainly self-managed super find investors – ahead of its listing on the NSX at the end of June last year.
Alan Dixon says a combination of the US residential property market being “at an important turning point” and the strong Australian dollar convinced Dixon Advisory to launch the latest capital raising.
“Having recognised the opportunity presented by attractive property valuations, long-term returns, including long-term capital growth and attractive rental yields, and the strong Australian dollar, we are proud to have been an early mover in this market.
“And now with signs of a recovery in US housing prices, we’re in a leading position to take advantage of that recovery.
“When you hear reports that private equity giant Blackstone Group has spent more than US$1 billion this year alone on foreclosed homes, and there is also big demand from other big private equity firms, it’s confirmation that we’re presenting an exciting opportunity for Australian investors and that there’s plenty of scope to develop the Fund," says Dixon.
The fund intends to pay shareholders a $0.10 per unit minimum distribution for both calendar years ending December 31, 2012 and 2013.
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Dixon Advisory seeks up to $80 million from Australian investors for US fund

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The smallest majority of economists tip the RBA to leave the cash rate unchanged on December 4, according to the latest Bloomberg survey.
Out of the 25 economists surveyed today, 13 tip the cash rate to remain at 3.25%, while 12 expect it to fall  3.00%.
The major banks are neatly divided, with ANZ and Westpac tipping a rate cut and Commonwealth Bank and NAB expecting the RBA to hold firm.
Westpac chief economist Bill Evans says it’s the bank’s view that “lower interest rates will be required to ensure that the non-mining sector plays its part in compensating for the more modest contribution from mining”.
“The decision for December seems to be very much live.
“It must be tempting for the board to increase the chances of the uplift in growth from non-mining by easing rates further,” says Evans.
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Economists and major banks divided on December rate cut: Bloomberg

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Tropical storm Sandy has inflicted limited damage to the Hudson County and Brooklyn investment property portfolio of the ASX-listed US Masters Residential Property Fund.
Inspections carried out since the storm have found that only 21 out of the 277 freestanding family homes that comprise the majority of the fund’s portfolio sustained some form of water damage, with the repair bill estimated at US$430,000 before allowing for any insurance claim or US government relief typically provided when a major disaster is declared.
Alan Dixon, managing director of the Dixon Advisory-managed fund, says the impact of the repair bill will be half a US cent per share (US$0.005) or 0.3% of the fund’s net tangible assets.
The total portfolio is worth US$67 million (249 settled properties), with conditional acceptances on another 151 properties worth $US46 million.
Dixon alerted investors that the portfolio had suffered some damage as a result of the storm last week, but said he expected to have “no material impact” on the value of the portfolio.
The fund’s share price is currently trading at $1.56, slightly up from $1.55 a week ago.
Dixon says nine of the properties sustained “more extensive water damage with repair bills expected to be in excess of US$10,000 per property”.
Four of the properties are located in downtown Jersey City where the total expected repair bill is expected to be in excess of US$110,000 – the cost of repairing heater and water units and other aspects of the buildings.
Five are located in Bayonne – a relatively new investment location for the fund – which also suffered contamination from a nearby oil refinery spill in addition to “widespread water damage”.
“The fund expects that the cost of the oil clean-up and remediation will be entirely borne by the refinery and/or the federal government.
“These properties will likely require re-construction and the total estimated cost is approximately US$160,000," says Dixon.
The remaining 12 properties that sustained less extensive water damage are located in Hoboken, Jersey City and West Bergen, with a total estimated bill of US$70,000.
Other properties suffered minor wind-damage of around $90,000 in total with no single property exceeding US$10,000.
The ASX-listed fund bills itself as the first Australian fund to invest directly in US residential real estate, with many of the investors being self-managed super funds.
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Hurricane Sandy repair bill at US$430,000 for Dixon Advisory's US Masters fund 

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Macquarie Bank, the new mortgage funding partner of Mark Bouris’s Yellow Brick Road franchise business, has more than doubled its investor loan book over the first nine months of the year, Property Observer analysis of APRA banking figures shows.
Macquarie Bank’s investor loan book has soared from $846 million at the end of 2011 to almost $2 billion – nine month growth of 119%.
In June Property Observer reported that Macquarie’s investor home loan book <a href="/news">was up 33%</a> on the first four months of the year, with a spokesperson saying the bank had been ramping up its lending since returning to the mortgage market in 2010.
Macquarie Bank, the financial services arm of Macquarie Group, is now competing strongly with the major banks for new investor loans, with NAB (the smallest of the major banks in terms of new investor mortgage lending) originating $1.26 billion in new investor loans over the first nine months of the year, compared with Macquarie Bank’s $1.04 billion.
<a href="/news">Macquarie </a>is currently offering a one-year discount of 100 basis points on all its variable rate home loans, with a competitive rate of 5.65%.
It also offers a self-managed super fund loan tailored at property investors who are investing by borrowing against their DIY super funds at a rate of 6.65%.
The figures also show strong growth among the customer-owned mutual institutions with the ME Bank’s investor loan book up 33% over the first nine months of the year to $1.6 billion and Heritage Bank growing its investor loan by 14% to $1.4 billion.
In absolute terms, Westpac is the bank of choice for property investors, originating more than $6 billion in new loans over the first nine months of the year, well ahead of the Commonwealth Bank/Bankwest with $4.4 billion in new mortgages.
Investor lending for the first nine months of 2012 (Jan - Sept)
<table width="360" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="114">
Lender
</td>
<td valign="bottom" nowrap width="85">
Loan book Sept 12($m)
</td>
<td valign="bottom" nowrap width="76">
Loan book Dec 11 ($m)
</td>
<td valign="bottom" nowrap width="85">
Investor loans growth %
</td>
</tr>
<tr>
<td nowrap width="114">
Macquarie Bank Limited
</td>
<td nowrap width="85">
1,916
</td>
<td valign="bottom" nowrap width="76">
876
</td>
<td valign="bottom" nowrap width="85">
118.72
</td>
</tr>
<tr>
<td nowrap width="114">
Members Equity Bank Pty Limited
</td>
<td nowrap width="85">
1,556
</td>
<td valign="bottom" nowrap width="76">
1,168
</td>
<td valign="bottom" nowrap width="85">
33.16
</td>
</tr>
<tr>
<td nowrap width="114">
Heritage Bank Limited
</td>
<td nowrap width="85">
1,356
</td>
<td valign="bottom" nowrap width="76">
1,187
</td>
<td valign="bottom" nowrap width="85">
14.25
</td>
</tr>
<tr>
<td nowrap width="114">
Bendigo and Adelaide Bank Limited
</td>
<td nowrap width="85">
9,434
</td>
<td valign="bottom" nowrap width="76">
8,553
</td>
<td valign="bottom" nowrap width="85">
10.29
</td>
</tr>
<tr>
<td nowrap width="114">
Citigroup Pty Limited
</td>
<td nowrap width="85">
2,638
</td>
<td valign="bottom" nowrap width="76">
2,401
</td>
<td valign="bottom" nowrap width="85">
9.89
</td>
</tr>
<tr>
<td nowrap width="114">
Bank of Western Australia Ltd
</td>
<td nowrap width="85">
10,897
</td>
<td valign="bottom" nowrap width="76">
9,943
</td>
<td valign="bottom" nowrap width="85">
9.59
</td>
</tr>
<tr>
<td nowrap width="114">
Suncorp-Metway Limited
</td>
<td nowrap width="85">
8,901
</td>
<td valign="bottom" nowrap width="76">
8,179
</td>
<td valign="bottom" nowrap width="85">
8.83
</td>
</tr>
<tr>
<td nowrap width="114">
Bank of Queensland Limited
</td>
<td nowrap width="85">
10,355
</td>
<td valign="bottom" nowrap width="76">
9,672
</td>
<td valign="bottom" nowrap width="85">
7.06
</td>
</tr>
<tr>
<td nowrap width="114">
Australia and New Zealand Banking Group Limited
</td>
<td nowrap width="85">
47,104
</td>
<td valign="bottom" nowrap width="76">
44,549
</td>
<td valign="bottom" nowrap width="85">
5.74
</td>
</tr>
<tr>
<td nowrap width="114">
Westpac
</td>
<td nowrap width="85">
124,548
</td>
<td valign="bottom" nowrap width="76">
118,380
</td>
<td valign="bottom" nowrap width="85">
5.21
</td>
</tr>
<tr>
<td nowrap width="114">
Commonwealth Bank of Australia
</td>
<td nowrap width="85">
83,377
</td>
<td valign="bottom" nowrap width="76">
79,926
</td>
<td valign="bottom" nowrap width="85">
4.32
</td>
</tr>
<tr>
<td nowrap width="114">
HSBC Bank Australia Limited
</td>
<td nowrap width="85">
3,970
</td>
<td valign="bottom" nowrap width="76">
3,843
</td>
<td valign="bottom" nowrap width="85">
3.29
</td>
</tr>
<tr>
<td nowrap width="114">
NAB
</td>
<td nowrap width="85">
52,969
</td>
<td valign="bottom" nowrap width="76">
51,710
</td>
<td valign="bottom" nowrap width="85">
2.44
</td>
</tr>
<tr>
<td nowrap width="114">
ING Bank (Australia)
</td>
<td nowrap width="85">
9,624
</td>
<td valign="bottom" nowrap width="76">
9,469
</td>
<td valign="bottom" nowrap width="85">
1.64
</td>
</tr>
</tbody></table>
 
Source: APRA
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Macquarie Bank doubles loans to investors in first nine months of 2012: APRA figures

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ANZ has left its standard variable rate unchanged at 6.6% per annum following its November interest rate review.
The decision follows the RBA leaving the cash rate unchanged at 3.25% on Melbourne Cup Day (November 6).
Since January, the bank has being carrying out monthly independent interest rate review on the second Friday of every month on the basis that "bank funding costs are now largely unrelated to movements in the Reserve Bank’s official cash rate. 
It's the seventh month in a row that the bank has not adjusted its variable mortgage rates independently of an RBA announcement since moving out of the step with the RBA in January.
On April 13 the bank lifted variable mortgage rates by 0.06 percentage points after the RBA left rates unchanged at its April 4 meeting.
“Despite intense competition for business deposits” the bank says its variable small business lending rates will also remain unchanged.
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ANZ leaves variable mortgage rates unchanged in independent review

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Previous cash rate cuts are starting to work their way through the economy and having "some of the expected effect" including stimulating a tentative recovery in the residential building sector, says the RBA in its November statement on Monetary Policy.
The RBA makes the point that “interest rates for borrowers are clearly below their medium-term averages" with the suggestion that global factors and commodity prices will play a key role in future cash rate decisions.
It goes on to say that while the impact of these lower rates take “some time to work through the economy, there are signs that easier conditions have been having some of the expected effects, and further effects can be expected over time”.
“At the November meeting, with the more recent positive news on the international economy and with inflation a little higher than expected, though still likely to be consistent with target over the year ahead, the Board judged that the stance of monetary policy remained appropriate, for the time being.”
The lengthy statement revealed that the sharp fall in spot prices of bulk commodities, which led to a change in the spending plans of firms in the resource sector and indicated that the peak in investment in the resource sector is likely to occur a “bit earlier and at a lower level than had previously been expected” was key reason (along with a weaker outlook for growth) for cutting the cash rate in October.
A month on and the RBA notes a number of positive developments relating to the housing sector.
“While household dwelling investment continued to decline over the first half of the year, there have been signs in recent months of a prospective improvement, partly in response to reductions in interest rates.
“Private residential building approvals, dwelling prices and auction clearance rates have all increased.
The RBA says approvals for detached houses have increased by less than total building approvals, but says "typically it can take several quarters for falls in interest rates to spur recovery in this market".
"In addition, uncertainties in Western Australia associated with the introduction of a new building approvals process are yet to be fully resolved."
Households deleveraging is also seen as a positive with the RBA noting that while “overall demand for housing finance has been broadly stable over the course of the year and many home owners are taking advantage of lower borrowing rates to pay off their loans more quickly”.
The impact of lower interest rates is recurring theme in the statement:
“Lower interest rates, rising rental yields and an improvement in conditions in the established housing market are expected to support rising dwelling investment.”
However, the RBA also notes the challenges facing the weaker parts of the two-speed economy.
“On the domestic front, the outlook for growth is sensitive to prospects for mining investment and the timing and extent of the anticipated recovery in both dwelling and business investment outside of the resource sector.
It says that investment intentions outside of the mining industry remain relatively subdued.
“The elevated level of the exchange rate, and weak housing market activity, are still weighing on the outlook for some sectors. In particular, the construction industry has shed labour as the boost from spending on government-funded projects unwinds, and activity in private building construction remains weak
“Leading indicators do, however, provide tentative signs of a recovery in residential building.”
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Lower rates working their way through the economy as RBA notes improving housing market outlook 

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PRDnationwide estate agents will give home buyers the chance of discussing their mortgage needs with online non-bank lender eMoney following the signing of a referral partnership agreement between the two businesses.
PRDnationwide operates 120 franchise offices, all of which will have the option to refer on clients to eMoney.
Real estate firm tie-ups with lenders and mortgage brokers have become a fairly common feature of the industry over the past decade.
McGrath Estate Agents set up mortgage broker Oxygen Home Loans in 2004 to provide home loan services to clients. Oxygen Home Loans sub-aggregates under AFG. It was named major brokerage of the year at the 2012 Australian Broker Awards in August.
Ray White acquired mortgage broker Loan Market Group in 2009, which has 600 mortgage brokers across Australian and New Zealand and writes around $600 million in loans per month.
Century 21 has its own mortgage broker franchise, Century 21 Home Loans, as does Raine &amp; Horne with its broker offering Raine &amp; Horne Financial Services.
Under the arrangement with PRDnationwide, eMoney receives major bank wholesale funding and currently offers a standard variable rate home loan rate of 5.65% and a three-year fixed rate home loan from 5.25%. Lower rates are available for borrowers who can stump up a 25% deposit.
It consistently offers among the lowest variable and fixed-rate offerings in the market and says it is able to do so because it does not have the added cost of expensive overheads due to its online business model.
Tony Brasier, chairman and managing director of PRDnationwide, says the firm had a number of pre-requisites in its search for a home loan partner.
“The first was an online solution. We wanted to ensure our potential clients were referred to efficiently with a guaranteed response.
“The second was access to innovative and competitive financial products, and the third was to find a financial company that was honest with an exemplary reputation in the marketplace; eMoney ticked all the boxes for us,” he says.
Commenting on the tie-up with PRDnationwide, Neil Manuel, general manager of eMoney, says buyers will benefit through PRDnationwide’s expertise in the property market and eMoney’s competitively low variable home loan rate.
“It is important for buyers to shop around before they commit to a home loan and if a buyer is looking to purchase a home through a PRDnationwide franchise, they should speak to their agent and arrange a phone call with an eMoney consultant before signing on the dotted line with their current lender,” says Manuel.
“A simple phone call to get a better rate can potentially save thousands of dollars in future interest repayments.”
Manual says choosing an eMoney home loan at a variable rate of 5.5% could save a buyer up to $221 a month in repayments on a $300,000 mortgage over 25 years.
“That’s a saving of over $2,600 in mortgage repayments a year, and rather than giving your hard-earned cash to the bank, this spare coin could be used to take your family on a holiday,” he says.
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PRDnationwide sets up home loan referral partnership with online lender eMoney

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Larry Schlesinger

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