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A mild upturn rather than a boom is on the cards for the struggling new housing sector, according to the chief executive of one of Australia’s oldest building materials providers, Adelaide Brighton.
Adelaide Brighton provides cement, lime, concrete and masonry products to the construction industry and dates back to 1882.
Speaking at a Citi Investment conference in Sydney, Adelaide Brighton chief executive and managing director Mark Chellew said anecdotal evidence from across the building industry suggests a boom is not coming.
Chellew pointed to changing living preferences as impacting on demand for new housing with less demand for detached houses and a greater willingness for families to live in smaller apartments.
“I think younger people are deciding to have children much later; they are deciding to stay in apartments and they are staying at home longer,” he said in a speech reported by the Australian Financial Review.
According to Chellew, Australia has fundamentally changed “from having large nuclear families to smaller units in smaller-sized apartments”.
His comments match up with research firm BIS Shrapnel, which is forecasting residential building to “tentatively return to modest growth” over the next two years.
BIS Shrapnel is forecasting 133,400 dwelling completion for the year to June 2013 – well below a requirement of 169,600 dwellings.
It forecasts this to rise to 144,700 dwellings by June 2014 – well below a requirement of 174,500.
BIS Shrapnel says a dwelling stock deficiency of around 57,500 dwellings exists as of June 2012.
“As migration and population growth picks up over the forecast period, dwelling commencements re not initially forecast to keep pace with aspirations,” says BIS Shrapnel in a September forecast report.
NSW is forecast to have a dwelling stock deficiency of 52,800 dwellings by June 2014, followed by Western Australia, with a 46,000 shortfall, and Queensland, with a 45,400 deficit.
In contrast, Victoria will be oversupplied by around 15,000 dwellings by June 2014.
Deutsche Bank is forecasting Australian housing starts to increase by 1% in the 2013 financial year to 138,000 and 6% the 2014 financial year to 155,000 provided interest rates continue to be cut.
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Changing living habits suggest less demand for detached housing: Adelaide Brighton

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Melbourne house and-land-developers should focus on offering land at its true value surrounded by the right mix of community amenities and drop their rebates and incentives, says Australand’s head of residential developments in Victoria.
The developer has set up a new website – <a target="_blank" href="https://www.righttimetobuy.com.au">www.righttimetobuy.com.au</a> – to inform prospective buyers that rebates and incentives do not add any real value and while they appear to lower the price, buyers need to “understand that banks and financial institutions factor all of this into their valuation which could ultimately jeopardise your loan application”.
Rob Pradolin, Australand general manager for residential in Victoria, says everyone who buys land that comes with an incentive is paying an inflated face price, meaning they are paying too much in stamp duty.
“As an example someone buying a block of land for $200,000 plus receives a free car worth approximately $30,000 should be paying stamp duty on only $170,000,” he says.
In addition, the unsuspecting buyer might go to the bank, having bought land for $200,000 to seek financing and run into difficulties.
“The bank will see that the buyer has a received a free gift or offer, and the buyer may need to find money to make up the difference between the valuation and the list price,” he says.
Pradolin says people should buy "on value".
He says developers need to acknowledge that the “market price of land has changed”.
“There has been a re-adjustment in Melbourne land prices. Even if there is a spike in demand there will be no dramatic increase in pricing.
“Let’s make it simple for the consumer and start selling value again not who has the biggest discount.
“The legitimate use of the rebate from a business perspective has been lost,” he says.
Pradolin says all developers have used rebates in the past, but when the market was operating normally and with a different purpose in mind such as “when you need to achieve a certain volume target that’s over and above what a normal market would deliver".
“We have use rebates to provide an incentive to a buyer to buy earlier than they would normally. Rebates allow you to adjust the net price and not affect underlying value of the property,” he says.
But he says now he says <a href="https://www.propertyobserver.com.au/land/flashy-developer-incentives-push-up-cost-%E2%80%93-and-attendant-stamp-duty-%E2%80%93-of-melbourne-land-packages-australand/2012101657196" target="_blank">“everyone” is offering rebates</a>, and “all the time” as a marketing tool, to attract buyers based on “how much incentive you can offer”.
“You lose what should be the real fundamental reason for buying – location, location, location – and the amenity and surroundings you offer in the development."
Pradolin says Australand has found that people have a degree of confidence when land is priced under $200,000.
A recent Colliers International report found the median Melbourne land prices fell by 9% from $215,000 to $205,000 over the first six months of 2012. Sales of land on Melbourne’s fringes have been in decline since the second half of 2009, falling from 16,000 sales in 2010 to just 6,000 for the first six months of 2012. Colliers International forecasts only modest growth ahead for the Melbourne residential land market.
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Price Melbourne land at its true value and buyers will come: Australand

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Aussie Home Loans founder John Symond has again downplayed concerns about a housing bubble building in Australia but says a majority government is needed to restore buyer confidence.
He also again took aim at the Reserve Bank, saying it has been too slow to cut interest rates and too focused on keeping inflation in check.
Previously, Symond had accused RBA governor Glenn Stevens and the RBA board of being “asleep at the wheel”.
Speaking a Citigroup conference in Sydney this week, Symond said he did not believe there was a “significant risk of a price bubble”.
He said the market would be propped up by lower interest rates and an undersupply of houses.
But he said buyers were still spooked by both global economic uncertainty and by political “bickering and scandals” at home.
Symond said only a federal election and the return of a majority government could restore confidence.
Despite his criticism of the RBA, Symond does not think lower interest rates will restore confidence, an argument supported by the recent editions of the benchmark Westpac-Melbourne Institute Consumer Confidence Index, which has only risen modestly despite a number of rate cuts.
Symond expects the RBA to continue to lower the cash rate, but he steered clear of bashing the banks over their decision not to pass on the full rate cut to borrowers.
He said that bank funding costs had risen and if banks were to pass on full rate cuts they would have to limit their mortgage lending.
Symond said banks needed to make a commercial profit, but they should not gouge customers.
"From what I have seen over the past two years, they haven’t been gouging,” he told the Citigroup conference in a speech reported by the Australian Financial Review.
Aussie built a reputation for taking on the major banks when it began operating in the late 1990s.
However, criticising the banks has become a trickier issue for Symond since the Commonwealth Bank acquired a third of Aussie in 2008.
The Commonwealth Bank also provides wholesale funding for Aussie Home Loan-branded mortgages.
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No risk of housing bubble but political bickering not helping buyer confidence: John Symond

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The iconic Darrell Lea Chocolate shop on the corner of George Street and King Street in the Sydney CBD has been leased on a short-term basis by a City Convenience Store.
The store, which forms part of what was once the Belfields Hotel (dating back to at least 1910) was bought by Darrell Lea in 1957 and was the flagship store for 55 years.
City Convenience Stores were started by Lebanese immigrant Jamal Gebara in 1996 and according to its website, now operates 180 such stores across Australia.
<img src="/images/stories/2012/10/darrell3.jpg">
The convenience store is occupying the site on a rolling month-by-month basis while a longer-term tenant is sought for both the former chocolate shop premises and a second shop, which is leased to fashion accessories chain Diva.
Telstra has a store two down from Darrell Lea, and Property Observer understands it has sub-leased the neighbouring store to Diva in a defensive move to prevent another telco company from leasing space next to it.
<img src="/images/stories/2012/10/darrell1.jpg">
The mezzanine level of the building is currently rented to a photography store.
According to industry sources, the combined 100 square metre space leased currently by City Convenience and Diva is being marketed as one space with a long-term leasing deal imminent.
The distinctive cream corner building is covered with Darrell Lea insignia and ornamental decorative mouldings and gables.
It is owned by the Darrel Lea family but is not subject to the recent collapse of the confectionery business.
Darrell Lea collapsed earlier this year and <a target="_blank" href="https://www.propertyobserver.com.au/retail/quinn-family-explain-their-decision-to-buy-darrell-lea-and-close-stores/2012090456399">was sold to the Quinn family in September</a>. All the remaining Darrell Lea stores ceased trading on September 9.
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Convenience store temporarily takes up historic Darrell Lea space on Sydney’s George Street

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Community First Credit Union has joined the Greater Building Society by offering a one-year fixed home loan interest rate of 4.99% per annum effective today (October 24).
The credit union has cut its introductory one-year fixed home loan interest rate by 56 basis points, more than double the 25-point cut by the RBA on October 2.
Unlike the <a href="/news">Greater Building Society</a>, the 4.99% rate is not part of packaged rate offering, a point stressed by John Tancevski, chief executive officer of Community First.
“The best thing about this rate is that it is not part of a package with an annual fee," he says.
Tancevski says the credit union is able to offer the 4.99% rate because it is a "mutual organisation, owned by members, who also happen to be its customers".
Community First bills itself as the largest community based credit union and has been operating since 1959, with 11 branches in Sydney and on the central coast.
It has 76,000 members.
“Unlike our competitors, we don’t have the pressure to deliver large profits to pay dividends on shares to investors.  Our benefits are passed directly onto our members,” he says.
The credit union also offers a First Home Buyer Headstart loan, which provides a $2,000 cash bonus to first-home buyers who take out a Community First variable rate home loan.
Though NSW-based, Community First home loans are available to borrowers outside of the state.
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Community First Credit Union becomes second lender to offer sub-5% one-year fixed home loan

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The banks have come under attack for their unwillingness to finance the development of new residential projects in Sydney and are potentially holding back the recovery of the new housing market, says BIS Shrapnel managing director Robert Mellor.
Speaking at the recent QBE LMI Housing Outlook breakfast, Mellor said developers had been telling BIS Shrapnel that a more favourable planning attitude had been adopted by the O’Farrell state government, ahead of changes to the planning regime next year.
“We are hearing from developers that the state government has changed its attitude significantly.
“The sorts of comments I am hearing is that the government is far more accommodative even without the new regime in place and that’s a favourable thing for new construction,” said Mellor.
But he said the most important thing needed to stimulate a recovery was “the banks freeing up their attitude to lending practices”.
“My personal view is that banks are being very tough on developers and very tough on individual borrowers.
“There is this perception [among the banks] that housing could still fall through the floor like it has done in other parts of the world
“They need to realise that everything has been thrown at this sector over the last three to four years – it will be nine years since the boom ended coming up this Christmas.
“You can’t talk about prices being massively overvalued when we have seen significant correction in prices, and in real terms they have declined around 12%.”
Mellor says while it is more still relatively more expensive to build in Sydney, there will be a recovery in construction on Sydney fringes.
However, he says the substantial recovery will need to come in medium density and high density construction because the old days of relying on owner occupiers building new houses are over
“You need investors.
“We have a favourable regime, but the problem is if banks take a negative attitude on that, then it will be held back
“If that’s the case there is the risk of asset price inflation – you need more supply.
“The banks have a part to play in that, whether it's funding fringe development or supporting high-rise development.
“People need to realise there is no oversupply risk and no collapse about to come.”
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Banks refusing to play ball on residential projects holding back Sydney new home construction: BIS Shrapnel

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ISPT’s 50 Lonsdale Street Property Trust has been the best-performing unlisted property trust over the past 12 months to September 2012, according to Mercer/IPD Australia Monthly Property Fund Index.
The trust, which holds the Urban Workshop, a 69,000-square-metre A-grade commercial building, delivered investors a return of 12.8% over the last 12 months, compared with an average annual distribution yield for the wholesale core property sector as at September 2012 of 6%.
Designed by John Wardle Architects, Hassell and NH Architecture and developed by ISPT, the Urban Workshop was constructed in 2006 and stands in the parliamentary precinct of Melbourne's CBD on Lonsdale Street.
It comprises ground-level foyer and coffee shop, 33 levels of office accommodation, five levels of basement parking and a leisure centre.
It adjoins the Madam Brussels Lane retail precinct, named after notorious Melbourne brothel owner Madame Brussels, who opened her first establishment at 8 Lonsdale Street in the late 1880s and ended up owning eight brothels in the district.
Following construction the Urban Workshop won numerous awards, including the 2006 Royal Australian Institute of Architects Victorian Chapter Sir Osborn McCutcheon Award for Commercial Architecture; the Marion Mahony Award for Interior Architecture; and the Joseph Reed  Award for Urban Design and The Melbourne Prize.
It has a 4 ½-star NABERS energy rating.
The building was valued at around $400 million as of September 30 2012 and is currently 100% leased, with tenants including Telstra, superannuation administrator Superpartners and accounting firm GMK Partners.
The chart below shows the top performance of the ISPT 50 Lonsdale Street Property Trust as well as the wide spread of returns across funds, ranging from 4.9% to 12.8% over the last 12 months.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/ispt.gif"><img src="/images/stories/2012/10/isptthumb.gif"></a>
Dr Anthony De Francesco, managing director of IPD in Australia and New Zealand, says total returns for Australian unlisted core wholesale property funds have softened since their peak of 9.8% in August 2011, reflecting “general weakness across most of the macroeconomy”.
“The persistence of the sovereign debt crisis in Europe will continue to dampen global economic growth and constrain asset prices and fund returns.
“A possible downside risk to the Australian economy is the joint slowing of China’s economy and the ending of the mining boom. Both of these factors will prove to be detractors of growth to the Australian economy," he says.
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ISPT’s Urban Workshop in Melbourne CBD ranks as top-performing unlisted trust with 12.8% annual return

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<img src="/images/stories/2012/10/collierslogo.jpg">
Proving that the industrial property market is not just bland warehouses, Nathan Bingham, director in charge of Melbourne West for Colliers International, says he once negotiated the sale of a 21,000-square-metre facility featured a 25-metre lap swimming pool in the foyer. 
How long have you been in the industry?
Seven years dedicated to Melbourne’s west
<img style="margin: 5px; float: left;" src="/images/stories/2012/10/nathanbingham1.png">
What’s happening in the area you specialise in?
Leasing demand and activity continue to drive the market.  Industrial land sales activity is increasing, and owner-occupier demand is improving up to $3 million.
Describe the most interesting property you have sold/leased:
Without doubt a property at 1 Diamond Drive, Sunshine West.  It is a 21,000-square-metre facility, initially built for Times Printers.  The property featured a 25-metre lap swimming pool in the foyer, which also featured a double-storey glass atrium, including a glass ceiling over the pool.  We certainly do not see that every day in the industrial sector.
What are the ingredients to being successful in your job?
You must have an unrivalled market knowledge, very strong and consistent work ethic, and you must always work in the best interests of your client.
What aspects of your role do you enjoy the most?
The relationships you build with clients and colleagues.  It is also great to celebrate the hard-fought deals.
Where would you invest a spare $750,000?
A gun midfielder for Essendon, preferably Brendon Goddard.  Failing that, a well-located main road block of industrial land in Melbourne’s west.
Which football team do you support?
Must be wearing black and red – Essendon and Old Xaverians.
What’s your favourite app or techno gadget?
CamCard on the iPhone.
How do you use social media?
LinkedIn is a great tool to connect with people.
Find Nathan on <a href="https://www.linkedin.com/pub/nathan-bingham/18/653/18b" target="_blank">LinkedIn</a>
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In profile: Nathan Bingham, Colliers International’s Melbourne industrial property specialist

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An expatriate investor from Japan visiting friends on the Sunshine Coast has bought a 63-square-metre office suite in a commercial complex at Noosa Heads for $230,000 plus GST on an attractive gross yield of around 9%.
The sale of suite 7 at Noosa Central complex on Bottlebrush Avenue, <a href="/news">Noosa Heads</a>, which is leased for two years to Body Corporate Services, was negotiated by David Brinkley, along with Paul Forrest and Paul Butler of Ray White Commercial Noosa.
The current annual rental on the office is $20,812.
<img src="/images/stories/2012/10/bottlebrush.jpg">
Brinkley says the commercial property market has  picked up "a little bit" in last 12 months, with "lots of investors sniffing around that at the moment".
Ray White Commercial Noosa also negotiated the sale of suite 13 in the same complex, measuring 67 square metres and under lease for another 12 months.
It was sold for $220,000 to local professional Greg Martoo, who had been seeking a small office in the Noosa area.
The Noosa Central complex is located directly behind the Noosa Junction CBD shopping precinct. Office space in the complex is currently being advertised from $250 per square metre exclusive of GST and outgoings. “Both of these suites attracted strong enquiry levels from investors as they were tenanted and offering a yield of around 9%,” says Brinkley. “We are seeing an increase in enquiry levels from investors who will look seriously at commercial and retail property as long as it has an 8% or higher return and a reasonably long lease in place.”
Both office suites were offered for sale by locally based investors.
In August,<a href="https://www.propertyobserver.com.au/retail/opportunities-for-smaller-investors-with-noosa-shops-and-suites-from-%24800000-to-%242-million/2012081356002" target="_blank"> Property Observer reported on signs of a turnaround in the Noosa commercial property market </a>following a number of years of struggle. Paul Butler said at the time he was seeing an increase in confidence from buyers for properties with good lease covenants. “Super funds are becoming particularly active as buyers look for stable returns outside of the stock market,” he said. 
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Noosa office suite sells for $230,000 to holidaying expat investor on 9% yield

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There’s more money to be made selling home loans than flipping hamburgers, it seems.
Australian Financial Review columnists Christopher Joye has tweeted that the Commonwealth Bank, now has a greater market capitalisation than global brands like American Express and McDonald's, with the four major banks valued at a collective $300 billion.
<a href="https://twitter.com/cjoye" target="_blank"><img src="/images/stories/2012/10/joyetweet3.jpg"></a>
However, Joye believes Australian financial system would be safer and more stable with “eight medium-sized banks, which were individually non-essential to the overall economy, than the four too-big-to-fail behemoths we have today”.
Writing in the AFR today, Joye says the “majors’ too-big-to-fail features bequeath tremendous comparative advantages”.
“In banking, he with the lowest cost of funding wins via higher profits, greater market share, or both.
“Standard &amp; Poor’s lifts the majors’ credit ratings two notches higher purely because it believes taxpayers will bail them out during a crisis. No other Australian deposit-taker gets this rating relief.”
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Commonwealth Bank more valuable than McDonald's and American Express: Tweet of the day

<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.

&nbsp;

[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.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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