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The ASX-listed US Masters Residential Property Fund, which invests directly in residential real estate in Hudson County, New Jersey and Brooklyn, will undertake “significant clean-up” operations following damage suffered to its portfolio from Hurricane Sandy.

The worst affected properties were those in low-lying areas of Jersey City, Bayonne and Hoboken, where the fund spent US$1.3 million on a four-bedroom terrace house in September.
The <a target="_blank" href="https://www.propertyobserver.com.au/international/wide-ranging-residential-yields-in-dixon-advisorys-us-housing-fund-as-shares-debut-on-asx/2012072455700">Dixon Advisory-managed fund</a> has acquired 249 rental properties at a cost of $67 million since launching on the small cap National Stock Exchange in June last year.
The fund transferred to the ASX main board in July this year.
In an update following the devastation of the hurricane, <a target="_blank" href="https://www.propertyobserver.com.au/overseas/aussie-property-investors-being-duped-in-us-but-dixon-not-among-them-alan-dixon/2011121452839">managing director Alan Dixon </a>along with head of construction Dan Bailey undertook an inspection of some of the fund’s properties, with other members of the management team also undertaking inspections.
Dixon says there was only minor "wind-based damage" to properties in Weehawken, Union City, West New York, North Bergen and the Heights district of Jersey City, which are all “well above sea level and were not affected by storm surge flooding”.
“These areas contain all the multi-family properties held by the fund as well as a significant number of the fund’s one- to four-family homes,” he says.
Dixon says the lower lying areas of Hudson County were more heavily affected.
“The remainder of Jersey City and Bayonne have had many houses affected by flooding of basements, but this has only on rare occasions affected the living space in any of the properties.
“Many of the properties remain without power, so it is too early to be certain of the extent of damage to mechanical items such as boilers and hot water heaters.”
Dixon says that inspections of a large number of properties in the Downtown section of Jersey City revealed no material damage to the properties, “just loss of some cosmetic walling and flooring materials”.
“The area worst affected was the township of Hoboken. The fund has closed only two properties in this town, and both have experienced some flood damage.
“One property is a future construction site and as such there was not much potential for damage. It is expected that there will be more significant damage to the other property. The fund’s management team has not been able to visit this property yet due to floodwaters.
 
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In its most recent property purchasing update in September, the fund purchased a four-bedroom apartment for $1.3 million, less than half a mile to the nearest ferry stop. It was by far the most expensive property purchased over the month.
 
“There will be significant clean-up work required across the fund’s portfolio,” says Dixon.
“As many tenants of the fund are still without power or mobile phone coverage, it is too early to precisely estimate the final clean-up bill.
“However, given the limited nature of the damage and the insurances carried by the fund, the responsible entity currently estimates that there will be no material effect on the net tangible assets of the fund and that the effect on the profitability of the fund will be relatively limited given the scale of the tropical storm.”
Dixon says management will keep the market informed over coming days as more information comes to hand.
Since launching, the fund has primarily invested in multi-family sub-divided homes in Hudson County, New Jersey directly across the Hudson River from Manhattan.
The fund has since expanded to Kings County New York, more commonly known as Brooklyn.
It has also expanded beyond sub-divided homes to invest in small and medium-sized apartment blocks of between five to 100 units.
In May the fund entered into a joint venture with Urban American LLC to acquire, renovate, manage and lease 13 apartment blocks in Hudson County comprising 398 apartments in total.
In August it entered into another similar joint venture arrangement with Excelsior Equities to acquire and manage two apartment blocks comprising 122 units.
The US Masters Residential Property Fund reported a loss of $2.1 million for the six months to June 30, attributing this to the fund being in a start-up phase.
The directors of the fund say it has the capacity to invest in and manage around 1,000 properties.
It paid Australian shareholders a distribution of five cents per ordinary share for the six month period to June 30.
The fund was last trading at $1.55 per unit at a premium to its net tangible asset value of $1.43 per unit (as of September 30).
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Dixon Advisory to undertake ‘significant clean-up' of New Jersey properties damaged by Hurricane Sandy

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The construction arm of St Hilliers has exited voluntary administration and has been returned to the control of founding company director Tim Casey following creditors voting in favour of a deed of company arrangement (DOCA).
The DOCA will take effect in the next few weeks and was an alternative option to placing the company in liquidation.
St Hilliers Construction was placed in voluntary administration in May – among a number of high-profile builders and construction groups that have run into financial trouble in the last 12 months including Reed Construction and Kell &amp; Rigby.
Trent Hancock and Michael Hird of Moore Stephens Sydney Corporate Recovery Group have been managing the business since their appointment as voluntary administrators in mid-May.
St Hilliers ran into trouble over its involvement in the $350 million expansion of the Ararat Prison in central Victoria.
An associated company, St Hilliers Ararat Pty Ltd, was placed into liquidation in May.
Under the deed of company arrangement a fund of up to $8.1 million will be created and used to pay all former employee their salaries and entitlements in full.
Whatever remains will be used pay to ordinary unsecured creditors, and it is estimated that between $1 million and $4.5 million will remain from the fund for this purpose.
Contractors are expected to make claims of between $10 and $20 million, while St Hilliers is also expected to face legal claims of $30 million relating to already completed projects, according to the Australian Financial Review.
Commenting on the decision, St Hilliers Group executive chairman Tim Casey said he was pleased with decision which would “keep people in work, it will keep projects going and it will put the Company in a position to rebuild”.
The construction arm of St Hilliers employed about 300 people when it collapsed with the St Hilliers group generated annual turnover of around $700 million.
Had the creditors voted to liquidate the construction business, insurance bond providers would have a $45 million exposure.
St Hilliers has continued to trade since being placed in administration with many of its projects operational again protecting insurance providers from making payments to the builder for non-performance by contractors.
St Hilliers projects have resumed in the ACT, Queensland, Victoria and NSW.
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Creditors vote to return St Hilliers Construction to control of director Tim Casey

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<img src="/images/stories/2012/10/lendleaselogo.jpg">
David Rolls is head of urban regeneration and commercial in Lend Lease’s development business in Australia. He tells Property Observer about his involvement in major urban regeneration projects including Melbourne's Docklands and Jacksons Landing and Barangaroo South in Sydney.
<img style="margin: 5px; float: left;" src="/images/stories/2012/10/davidrolls2.png">
How long have you been in the industry?
I have been in the industry for over 25 years. I have worked across the project management, construction, and property development industries. With my initial background in construction engineering and a career at Lend Lease, I have been lucky enough to have experience across most sectors including residential, commercial, retail, for both private and public clients, in both Australia and Europe. I have also had a four-year period outside of Lend Lease gaining a valuable external perspective which involved packaging projects without the balance sheet strength of that enjoyed at Lend Lease.
What’s happening in the area you specialise in?
I am head of urban regeneration and commercial. This is an exciting time in our business, as we have projects such as Jacksons Landing in Sydney that have been in development for 16 years reaching completion, and then across the Harbour we have Barangaroo South just starting. Our Victoria Harbour project in Melbourne’s Docklands is also at an exciting stage, and there is a lot happening in the innovation space, including our delivery of the world’s tallest residential timber building, <a target="_blank" href="/news">Forté</a>. In all major cities in Australia we now have major urban regeneration projects underway. A major focus for me is the importance of never under-estimating how much effort is needed to deliver unique places and communities in their respective local context.
Describe the most interesting property development or transaction you have been involved in?
Definitely Darling Quarter. It was a collaborative effort between Lend Lease and the Sydney Harbour Foreshore Authority (SHFA). A $500 million mixed-use project that includes a low rise campus-style commercial development (Commonwealth Bank Place) with an illuminated façade and a family and leisure precinct with retail and dining options, a new 4,000-square-metre public illuminated playground, a children’s theatre, community green and carpark. Darling Quarter reconnects the south end of Darling Harbour to the city, and Lend Lease has delivered an interactive work and play area for the local community, city workers and tourists. The precinct has greatly improved public activation by bringing together commercial, retail and leisure all within the one area. A new pedestrian link, referred to as the Civic Connector, creates a gateway to Darling Harbour that connects to Town Hall station, Chinatown and the Darling Harbour waterfront. This project has achieved so many firsts across social, economic and financial sustainability that all stakeholders just could not be happier with the result.
What are the ingredients to being successful in your job?
I have a passion for leading teams and having all team members focus on improving the project as it progresses in every aspect rather than accepting the easy option. For example, at Darling Quarter the stakeholders worked together to enable the delivery of the illuminated playground that has become a destination for the people of Sydney.
What aspects of your role do you enjoy the most?
I really enjoy playing with complex urban challenges and seeing the transformation they can make.
Where would you invest a spare $750,000?
I would invest in Brisbane. The growth projections matched with the population growth forecasts would make it seem like a good long-term prospect.
Which football team do you support?
The Manly Sea Eagles, on the northern beaches of Sydney.
What’s your favourite app or techno gadget?
Having only just mastered the iPad, I would have to say my favourite techno piece is the Garmin app where I can view my cycling training history and race against pre-set times on certain local hills.
How do you use social media?
Personally I stay in touch with friends and family via Facebook and professionally use in LinkedIn. We have used Twitter for conferences and training but I am yet to master this one. Via my children and colleagues I am starting to understand the basics of FourSquare, Pinterest and Instagram.
Find David on <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/david-rolls/11/17/725" target="_blank">LinkedIn</a>. 
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In profile: Lend Lease head of urban regeneration David Rolls

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A “distracted” Rudy Giuliani, the former high-profile New York mayor, has told attendees at the Property Council of Australia annual congress in Sydney today of the role cities play as public relations ambassadors for their country.
Guiliani was the keynote speaker at the conference, with delegates paying up to $3,000 to hear him speak.
"Our cities are the public relations for our country," Guiliani said, according to tweets from those who heard him speak at the congress.
Guiliani was addressing the congress on how policy develoment and leadership can transform cities.
He said he had transformed New York City through long-term planning and decision making.
He added that the homelessness was a reflection of how a city respected its people.
Guiliani was mayor of New York from 1994 to 2001 and said at a press conference ahead of his address that he was “somewhat distracted” by what was going in his home country, his city and region following the devastation of Hurricane Sandy.
He also said that while it would be expensive to rebuild areas devastated by the storm, it would help the local economy.
“The devastation of the storm has been catastrophic,” he told Channel 10.
“Whenever I was mayor or just a private citizen the real loss was human life.
“Unfortunately there was significant loss of human life.”
Guiliani says property damage and the loss of profit because business and the stock exchange has closed can all be made up, but not human life.
But he stressed that New Yorkers are resilient and had already “been through so much” – referring to the September 11 tragedy.
“Twice as many people live in Lower Manhattan today then did before September 11,” Guiliani said, citing a statistic mentioned often by current New York mayor Michael Bloomberg.
This has been the case, he says, despite there being 15 known threats to attack New York since September 11, including a recent plot to blow up the Federal Reserve building in Lower Manhattan.
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Our cities do the PR work for our country: Former New York mayor Rudy Giuliani

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Listed property trust Charter Hall has received development approval to build a 12-storey office tower in Docklands in the last available office development site in the Etihad Stadium precinct.
The 685 La Trobe Street project is a joint venture with Flagship Property Holdings, with marketing of the office and retail space commencing in May this year.
Charter Hall paid $5 million to acquire a 50% interest in the development as part of an agreement with Flagship to jointly undertake the development of the project once a substantial leasing pre-commitment has been secured.
The 37,000-square-metre A-grade office building will feature 3,300 square metre floor plates, the largest of any readily available office building in Docklands.
Around 1,100 square metres of ground floor space has been designated for retail use.
The office building, which will feature a textured glass facade, has been designed by architects Bates Smart, the firm behind Fairfax’s Media House headquarters on Spencer Street in <a target="_blank" href="/news">Docklands</a>.
The building has been designed to meet five-star Green Star and five- star NABERS energy ratings and comprises 137 car spaces and a dedicated mezzanine for 250 bicycles.
It will link up with Southern Cross train station via the Etihad Stadium Concourse, as well as having a tram stop at its doorstep on La Trobe Street.
Its signature feature is its butterfly-shaped design, which creates two landscaped plazas, two wings of office space and a large central hub space that unites the building.
A double-height entrance lobby on La Trobe Street will have a sculpted blackbutt timber ceiling, flanked on either side by a vaulted ceiling that leads to the terrazzo tiled lift lobbies.
Construction of the project is due to begin mid-next year once a substantial leasing pre-commitment has been secured with a completion date of 2015 pencilled in.
The leasing of space in the building is being marketed by Nicholas Farley, head of Victorian leasing for Savills. 
"As the last office development to be built in the Stadium Precinct, it offers the best northern light, the best transport access and it’s close to everything,” says Chris Chapple, head of development services at Charter Hall.
Steve Wise, director of Flagship Property Holdings says 685 La Trobe Street reflects the “very best of commercial design that creates flexible work environments with great amenity for the people that will work there”.
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 Charter Hall’s Docklands office tower near Etihad Stadium wins development approval

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September RBA housing credit figures have emphasised the point made by both Commonwealth Bank chief Ian Narev and RBA deputy governor Philip Lowe that lower interest rates are not encouraging borrowers to take on more housing debt.
Housing credit increased by just 0.4% over September, following an increase of 0.3% over August to be up  4.7% over the year to September.
This set new low for annual mortgage growth for RBA records going back to 1976.
The previous low was an annual growth rate of 4.8% in August 2012.
Since the RBA started cutting the cash rate in November last year annualised mortgage lending growth has fallen from 5.6% to 4.7%.
Putting this into context, between 2000 and 2004 – during the last housing boom – annual mortgage lending growth averaged between 15% and 22%.
The RBA figures show low credit growth in other sectors as well indicating business and consumer caution and an unwillingness to take on more debt.
Other personal credit (such as credit cards and personal loans) increased by 0.2% over September, after decreasing by 0.3% over August.
Over the year to September, other personal credit decreased by 0.9%.
Business credit increased by 0.3% over September, after decreasing by 0.1% over August.
Speaking at the Commonwealth Bank AGM yesterday, <a href="https://www.propertyobserver.com.au/news/rate-cuts-wont-stimulate-housing-market-whether-passed-on-in-full-or-not-cba-chief-executive-ian-narev/2012103057535" target="_blank">Ian Narev</a> said interest rate reductions were being used to “accelerate repayment of debt”.
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Mortgage growth falls to new historic lows as borrower caution rules over lower interest rates: RBA figures

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A second consecutive monthly rise in dwelling approvals in September has further dampened expectations of a rate cut on Melbourne Cup day.
The number of dwellings approved for construction rose 7.8% to 13,338 in September 2012 in seasonally adjusted terms, according to the latest ABS data. This was the second consecutive month they have risen following a 6.4% rise in August. Dwelling approvals fell 21.2% in July.
Dwelling approvals are a leading future indicator of housing activity and the increases in August and September will raise RBA concerns about low interest rates creating a housing bubble.
Approvals for private sector houses rose 1.2% in September to 7,484 led by Western Australia (4.7%), Victoria (3.3%), South Australia (1.7%) and New South Wales (1.3%).
However they fell in Queensland (-3.6%).
Over the year to September, approvals for houses are down 1.8%.
Unit approvals increased by 17.9% in September to 5,772.
The value of total building approved rose 3.2% in September, in seasonally adjusted terms, and has risen for 2 months.
The value of residential building rose 12.5% while non-residential building fell 12.3%.
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Dwelling approvals rise 7.8% in September and dampen Melbourne Cup cash rate cut prospects

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Big four bank NAB has reported a 22% drop in full year profits but very strong growth in mortgage lending despite soft metropolitan housing markets and low demand for housing credit.
Statutory net profits for the year to September decreased by $1.1 billion or 21.8% to $4.1 billion while cash earnings fell by $27 million or 0.5% to $5.4 billion reflecting “ongoing challenges” in the restructuring of its UK banking business.
However, mortgage lending increased by 9.9% over the financial year – 1.6% higher than system growth - with NAB picking up 30 basis points in mortgage market share (up from 14.5% to 14.8%) as its Australian mortgage book increased from $130 billion to $143 billion over the course of the financial year.
Cash earnings from NAB’s personal banking division increased by $113 million or 12.1% to $1.0 billion with the bank reporting that its “differentiated customer proposition continued to deliver market share gains in both housing lending and household deposits in a highly competitive market”.
NAB has maintained its promise of having the lowest standard variable home loan rate of the Big Four banks over the past three years.
NAB group chief executive Cameron Clyne says personal banking had a “particularly strong year delivering increased returns, higher market share in mortgages and household deposits, and the highest bank customer satisfaction score of the four major Australian banks ever recorded in the Roy Morgan survey”.
However mortgage lending has become less profitable with NAB’s net interest margin decreasing by 16 basis points compared to September 2011 due to "funding and deposit cost pressures and changes in product mix".
The bank regained two basis points on its net interest margins in the second half of the financial year (March to September) “reflecting mortgage repricing”.
The report notes the ongoing subdued lending environment and cautious behaviour of households, who remain focused on repaying down debt.
“The slowing in housing credit to a record low reflects the easing in lending to owner occupiers,” says NAB in its full year results release.
“Loan approval numbers have recently stabilised at a low level as the volume of lending has been held back by the weakness in key metropolitan housing markets.
NAB expects mortgage lending to accelerate further over the next two years to “around 8% year-on-year by late 2014”.
In its review of group performance, NAB reports that “Australia has been one of the best performing advanced economies over the last five years”.
However, it notes that challenges remain including the impact of the stronger Australian dollar due to the mining boom on employment and activity in the manufacturing and tourism industries and in the regions reliant on those sectors.
“Caution in the household sector, reflected in the higher savings ratio and weak credit appetite, is the other major challenge.
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NAB full year profits slump but mortgage growth up 10% despite soft metro housing markets

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Australia’s most well-known property bear, the University of Western Sydney's Professor Steve Keen, is set to quit academic life in Australia and is mulling a move to London as his economic models and analysis gain a wider global following.
Speaking to Property Observer from Mexico City, Keen expressed frustration at a decision by his alma mater to cut economics entirely from its curriculum.
“So we'll soon have a university with no economics courses at all, which I think would be a very dubious first in Australia – and maybe the world,” he says.
Keen has been at the University of Western Sydney for 20 years, where he is professor of economics and finance. He is most famous for his unscripted 2007 prediction on the ABC that Australian house prices could fall 40% – a prediction he remains adamant will still happen, but over the next 10 to 15 years.
Keen has also been blogging about his frustration at securing funding for his economic research, which is based around how high private sector debt levels can fuel housing crashes and financial collapses.
His research has given him an international audience and invitations to speak all over the world including the opportunity to address Britain's Keynes Society at Eton, as well as appear on the BBC's Question Time to discuss the impact of debt on economies.
“Given how much I'm in demand in the public sphere in Europe, my best bet would be to move to London. I'm appearing BBC Question Time, so there's plenty of room to let it be known that I'm happy to shift over there," he says.
Keen recently blogged:
 “Australia and the University of Western Sydney (UWS) have been very good to me for the last 20 years. I have been able to develop a unique monetary dynamic approach to economics 'under the radar' out here, with the support of four consecutive Heads of School who have favoured a pluralist approach to economics.
“But it may be time for a change…” he says before going on to write about a likely funding freeze in place at the Australian Research Council (ARC).
The ARC has provided funding to the UWS research unit (including to Steve Keen's department) and other universities, but last week ARC chief Aidan Byrne told a Senate hearing he didn't know whether or when hundreds of millions of dollars of grants with preliminary approval would be announced and paid following efforts by the government to achieve a budget surplus, as reported by the <a target="_blank" href="https://www.smh.com.au/national/funding-freeze-halts-research-20121017-27ri3#ixzz2ApVMphzv">Sydney Morning Herald</a>.


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Keen says he will probably take voluntary redundancy and then expand what he is doing for income in the private sector.
He earns income for the columns he writes for Business Spectator combined with “minor ad revenue” from his<a href="https://www.debtdeflation.com/blogs/" target="_blank"> Debtwatch website </a>as well as from paid subscribers to his recently launched <a href="https://debunkingeconomics.com/" target="_blank">DebunkingEconomics.com</a> website, which he says is now past breaking even “and improving at a reasonable clip”.
“That plus super could give me a reasonable income, and losing my academic post – though for a ridiculous reason – would at least make my workload more manageable.”
His most recent Australian appearance was as a panellist at a Citi Australian Investment conference in Sydney last week, where he gave a surprisingly bullish short-term forecast for the property market.
Keen said he expected a “suckers' rally” in the housing market over the next year due to lower interest rates in a speech reported by the Australian Financial Review.
However, due to high mortgage debt levels, Keen said he expected the rally would fizzle out with the housing market not responding to interest rate cuts because consumers already carried too much debt.
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Steve Keen contemplates quitting Australian academia for possible private sector role in London

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Overseas investors, especially those from Singapore, have developed a healthy appetite for Australian hotels, the graph below prepared by Colliers International shows.
From 2003 through to 2007 domestic institutional investors were the main purchasers of hotel assets in Australia.
However, over the past five years, this trend has reversed, with Australian domestic institutions being the main vendors, and overseas investors dominating purchasing activity.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/colliersoct31.gif"><img src="/images/stories/2012/10/colliersoct31thumb.gif"></a>
Recent sales to offshore investors include the four-star Rendezvous Hotel on Flinders Street in the Melbourne CBD for $61 million to a Singaporean property group the Straits Trading Company. The group also owns two other Rendezvous-branded hotels located in Perth and leases and manages others in Melbourne, Sydney, Brisbane, Adelaide and Port Douglas.
The largest transaction of the quarter was the sale of the five-star <a href="https://www.propertyobserver.com.au/leisure/chinese-buyers-await-firb-approval-to-secure-palazzo-versace/2012092056727" target="_blank">Palazzo Versace hotel on the Gold Coast</a> to mainland Chinese investors by the Sunland Group for $68.5 million. The sale is subject to approval by the Foreign Investment Review Board and the House of Versace, which still owns the brand name.
Local investor purchases includ the Sydney-based Barana Group, which bought the Novotel St Kilda in Melbourne for $55 million.
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How overseas investors have stormed the Australian hotel market

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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