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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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