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The chairman of the Foreign Investment Review Board (FIRB) says xenophobic attitudes towards Chinese enterprises buying Australian assets will hurt Australia economically.
Speaking at Australian Institute of Company Directors (AICD) function in Perth this week, Brian Wilson beat a familiar drum urging that  foreign investment decisions should be made on a purely standalone commercial basis.
Wilson is a former investment banker, having been appointed to chair the FIRB in April this year.
His comments follow the issue of foreign ownership becoming a political hot potato over the sale of <a target="_blank" href="https://www.propertyobserver.com.au/news/cubbie-station-sale-to-chinese-supported-by-just-13/2012093056888">Cubbie Station</a>, a massive irrigation farm, covering around 1,000 square kilometres of south-western Queensland.
The mooted $300 million sale of Cubbie Station to a syndicate headed by the Chinese textile company Shandong Ruyi has been approved by Federal Treasurer Wayne Swan, following an assessment by the FIRB, which vets sales exceeding a threshold of $244 million.
The property near the Queensland-NSW border was placed into voluntary administration in 2009, with reported debts of more than $320 million.
Among those opposed to the sale is Nationals Senator Barnaby Joyce and independent Senator for South Australia Nick Xenophon.
However, local Nationals MP Bruce Scott, who holds the seat of Maranoa, where Cubbie Station is located, says the FIRB should decide with politics keeping out of the issue.
Federal opposition leader Tony Abbott in a speech in Beijing in August called for tougher rules governing foreign investment, adding that Chinese investment in Australia was more complex due the prevalence of state-owned businesses.
At the AICD function Wilson said Chinese investment into Australia would eventually become as accepted. He pointed to similar concerns when Japanese interests bought up a large number of Queensland tourism assets in the 1990s.
"I've got to say to you, if the Japanese wanted to buy a tourism property in Queensland now, I suspect everybody would get down on their hands and knees and say, 'Thank you'," he said in a speech reported by The Australian and the Australian Financial Review.
“With the nationalistic, xenophobic views of the world, the economic benefit foreign investment brings to our country is lost.
“Over time and with familiarity it will become less of an issue,” he added.
Wilson also highlighted that Chinese investment made up just 2.6% of foreign investment into Australia last year, though it is growing.
“The simple fact is success in trade leads to success in investment, and the current boom we have in investment from Asia says something about Australia’s place in the world.”
Wilson expects that a register of foreign-owned farmland being called for by Nationals and rural Liberal MPs will be created.
The vast majority of around 10,000 offshore real estate investments in Australia are approved every year.
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FIRB chairman Brian Wilson repeats call to keep politics out of Chinese foreign real estate investment decisions

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Australand managing director Bob Johnston and Westfield chief financial officer Peter Allen have been named among a lengthy list of candidates who could replace Stockland’s outgoing managing director and CEO, Matthew Quinn.
Quinn will step down from his 12 years in charge of Stockland in February.
The other candidates named by the Australian Financial Review and The Australian are Rod Leaver, CEO of Lend Lease Asia, former St George Bank CEO Paul Fegan, David Southon, co-founder and joint managing director of Charter Hall, veteran Macquarie banker Matthew Banks and the only internal candidate, John Schroder, current chief executive of commercial property at Stockland.
Stockland is due to make an announcement about Quinn’s replacement before the end of the year.
In terms of experience, Bob Johnston would be viewed by many as the most suitable candidate, with Australand operating a similar business model to Stockland with a diversified mix of residential and commercial property development activities.
Johnston has been managing director of Australand since 2007.
In a statement Stockland chairman Graham Bradley said the process to select and appoint a new managing director was progressing well with the board to “make an announcement in due course”.
The stock market appears unfazed over the uncertainty about leadership of Stockland.
Stockland’s market capitalisation has gained about $540 million since the start of the month to reach $7.9 billion.
It closed up 20¢ yesterday to $3.60.
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Australand’s Bob Johnston and Westfield CFO Peter Allen among possible replacements for Stockland's Matthew Quinn

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Meriton boss Harry Triguboff says there is room for the Reserve Bank to cut the cash rate by a lot more to help struggling property markets that have not been boosted by recent monetary policy easing.
Triguboff told Business Spectator’s Robert Gottliebsen that rate cuts had boosted the Sydney and Melbourne property markets, but he said markets like Queensland and the NSW central coast are still down around 20%.
“Think of these areas. They must rise. They need to rise desperately. We cannot have a country where only 20% of the properties go up and 60% go down while 20% are static.
“The interest rates have a lot further to go down without any fear of bubble,” said Triguboff.
Triguboff pointed to the example of the UK, where the current cash rate is 0.5% (since March 2009), but the country has not had a housing bubble due to cautious lending practices.
Meriton has no apartment projects on the NSW central coast, but has some of its biggest apartment projects are in Brisbane and on the Gold Coast.
Meriton's biggest project is the 81-storey Infinity residential tower in Brisbane, which is due for completion in late 2013.
According to the latest Midwood Report, <a href="https://www.propertyobserver.com.au/developments/gold-coast-new-apartment-stock-halves-in-two-years-midwood/2012100456971" target="_blank">Meriton has sold 287 of the 548 units at Infinity</a>, with plans to keep 259 as serviced apartments – a growing component of the Meriton business.
Earlier this year Meriton completed the 74-floor Soleil, also in the Brisbane CBD. Of the 414 apartments, only 33 remain unsold.
On the Gold Coast Meriton is building Brighton on Broadwater at Southport, with all 216 apartments in Portia (stage E) sold out, according to the Midwood Report.
However the report also notes that Regatta (stage C) is not proceeding.
The most September RP-Data Rismark index shows Brisbane-Gold Coast apartment prices down 4.6% year-on-year to a median of $370,000.
The August Residex regional report shows Central Coast house prices up 2.19% year-on-year with a median value of $375,500.
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Interest rates can fall 'a lot further' without housing bubble risk: Harry Triguboff

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The housing market is one of the sectors that will benefit from the "boom" in the number of Chinese tourists who visited Australia over the past 12 months as well as permanent migration numbers just off record highs, according to CommSec chief economist Craig James.
The latest ABS overseas arrivals and departure data shows that Chinese tourists were not put off by the high Australian dollar, with a record 56,600 visiting Australia over August – up 15.7% on a year ago for a 12-month total of 607,900.
James calls this "the other boom".
China is now Australia’s second biggest tourist market, having now overtaken the UK (48,700), with New Zealand (96,500) occupying top spot.
Putting this in to context, in 2000 about 100,000 Chinese visited Australia annually.
<img src="/images/stories/2012/10/commsecoct10.gif" width="470">
Overall tourist numbers were up 3.7% in August to 514,100 – also a record for data going back to 1976.
The same ABS data also shows that the number of “permanent arrivals” to Australia in the year to August was just below 160,000 and just off the record highs set in 2009.
“The surge in Chinese tourists to Australia together with the lift in migrant numbers to near-record levels are two key developments,” says James.
“Increased migration means greater demand for houses, cars and consumer durables.
“Rising Asian tourism injects valuable dollars into regional economies. Overall there is good news for housing and tourism-dependent businesses and regions,” he says.
James adds that the latest tourism figures should serve as a “wake-up call to those businesses that claim that they can’t operate with an Australian dollar perched above parity against the greenback”.
ABS figures showing that the number of Aussies travelling overseas for holidays or business fell by 0.2% in August after falling by 1.4% in July – only the second fall in six months.
In seasonally adjusted terms the tourism deficit – the gap between departures and arrivals – eased from a record 188,700 in July to 169,200 in August.
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Chinese tourist 'boom' and high migration numbers bode well for housing demand: CommSec's Craig James

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Melbourne residential developers are for the first time building more multi-unit projects featuring townhouses, apartments and flats than detached houses, according to the October report from property valuers Herron Todd White.
Affordability is the main driver of this shift in development focus as “people are pushed to build smaller more modest, cheaper homes".
“The transitioning mentality of the population in relation to buyer preferences is also another reason as people are developing an interest in terrace housing as it looks appealing and is essentially affordable," says HTW.
This trend was also noted by <a href="https://www.propertyobserver.com.au/victoria/hot-property-investment-opportunities-in-west-north-and-outer-east-melbourne-suburbs-apm/2012100757023">Austr</a><a href="https://www.propertyobserver.com.au/victoria/hot-property-investment-opportunities-in-west-north-and-outer-east-melbourne-suburbs-apm/2012100757023" target="_blank">alian Property Monitor’s (APM) senior research analyst Clinton McNabb </a>at the recent Melbourne Home Buyer and Property Investor show.
McNabb said comparison between the 2006 and 2011 census data shows rising numbers of single person and childless couple housing occupants, indicating an increasing  demand for higher-density living.
McNabb also said more families are now willing to live in apartments and willing to sacrifice space for location.
The HTW October report focuses on the northern suburbs of Melbourne, where many new residential communities are being developed, and where these macro forces have “put pressure on house prices and influenced demand for product".
“Areas such as the northern suburbs are experiencing a slide in demand since the expiry of the $13,000 new home bonus by the state government which was a huge stimulus for growth in the area,” says the report.
The bonus has been replaced by a with a 20% cut on stamp duty with another 10% discount to follow from January 1, building eventually to 50%.
“Developers have over compensated in suburbs such as Mernda and Craigieburn," says HTW.
“There is a large supply of estate houses for sale in these areas along with developments under construction which are experiencing less demand then what was originally planned for.
“In these areas there is little reason to celebrate as property prices have experienced a drop due to the lack of demand for these products ever since the incentives were taken away.
The report notes that developers have introduced their own incentives but “none are on the same scale of the first home owners’ bonus which led the way for demand for development in the area.”
Thinking about buying your dream land package? <a target="_blank" href="/news">Sign up for our free short courses.</a>
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Melbourne developers now building more multi-unit projects than houses: HTW

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Home buying sentiment surged 9.6% in October to its highest level in three years, according to the latest Westpac Melbourne Institute Index of Consumer Sentiment.
Westpac chief economist Bill Evans called this the “most encouraging result” from an overall disappointing reading of consumer sentiment in October.
The overall index increased by just 1 percentage point in October from 98.2 in September to 99.2 in October – the eighth consecutive month it has been below 100, indicating that pessimists outnumber optimists.
However, home-buying sentiment as measured by the "time to buy a dwelling" sub-index is now up 17.9% over the past two months and at its highest level since September 2009 – “the last period when the sentiment overall was surging strongly”.
“This message is consistent with other recent evidence of firming auction clearance rates. The response of the housing market to the recent rate cuts will be very important to watch,” says Evans.
The October survey of 1,200 was conducted in the week from October 1 to October 7, 2012. The RBA cut the cash rate by 25 basis points on October 2.
Evans called the overall result “disappointing”.
“There were a number of reasons to have expected the sentiment index to have increased by more than only 1%.
“Firstly, and most importantly, the Reserve Bank cut its overnight cash rate by 0.25 percentage points from 3.5% to 3.25%.
“Unlike some moves by the Bank which are fully expected by the media and therefore may not have a marked impact on confidence this move was not widely expected and therefore should have registered as a ‘pleasant surprise’ for respondents.
“Instead we saw the sentiment of those folks with a mortgage hardly move with a minuscule 0.6% increase.
“Of course a likely complication was the response of the major banks, most of which only announced their mortgage rate reductions on October 5 – five days into the seven day sample period – with reductions ranging from 0.18% to 0.20%,” says Evans.
He added that it remains of some concern that the index is "still significantly below its level of last November following the first 25-basis-point cut in the overnight cash rate.
"Since that time the Reserve Bank has cut the overnight rate by a further 125 basis points but the index is now 4.1% lower."
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Home buying sentiment surges to highest level in three years: Westpac Melbourne Institute Index

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Low rental vacancy rates, rising rents and eventually rising rental yields are expected to draw property investors back to the housing market and increase the supply of new housing, RBA deputy governor Philip Lowe has said following a speech in Hobart this week.
Lowe also said that the need for stronger housing and non-resource investment suggested the bias remains for interest rates to be lower to support ongoing jobs growth.
He acknowledged that construction remained one of the weakest sectors in the economy, particularly the residential construction sector, with an estimated 70,000 jobs lost in the past year.
Lowe made this observation while answering questions during a Q&amp;A session following a speech on structural changes in the labour market as part of a Financial Services Institute of Australaisa (FINSIA) event.
In its wrap of the Q&amp;A session, ANZ reported that Lowe “did not appear overly worried about relatively low interest rates reigniting a housing boom given household appetite for debt is relatively low, although the RBA will continue to monitor the housing market closely”.
Lowe said that despite the unemployment rate remaining between 5% and 5.25% over the last two years the labour market had weakened in the past months, with only modest aggregate employment growth, a decline in average hours worked, and a decline in the employment-to-population ratio.
He said the softer global outlook and this weaker labour market, combined with a contained inflation outlook, was behind the RBA’s October decision to set monetary policy to be “a little more accommodative than it had been”.
In his speech Lowe acknowledged that the RBA has to focus on “aggregate outcomes” but said the bank also tried to understand “what is going on beneath these aggregates, and how people's lives are being affected”.
In this regard he noted that the construction sector is one two industries (the other being public administration) that stand out as having “particularly weak employment growth over recent times.
“According to the ABS, there has been a net decline in [construction] employment of 70,000 over the past 12 months.
<img src="/images/stories/2012/10/absoct10.gif">
“Activity in important parts of the industry – including in house building and commercial construction – remains subdued, as does the immediate outlook, and this has led to a fair amount of job shedding,’” he said.
Lowe also said there was a possible link between the decline in employment participation and recent fall in demand for construction workers.
“There has been a large decline in the number of people who identify themselves as being self-employed and many of these worked in the construction industry.
“This weakness in the construction sector, particularly of new homes, has been one of the bigger surprises in the economic outcomes over recent times. Looking forward, a pick-up in construction activity is one of the factors that could provide an offset to the eventual moderation in the current very high level of investment in the resources sector. A pick-up in other forms of investment could also play this role.”
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Rising rental yields to draw investors back into housing market: RBA deputy governor Philip Lowe

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Damien Cooley, founder of Cooley Auctions, talks about starting his company nine years ago and how to be a great auctioneer. Just today he auctioned off a St Marys industrial offering for $730,000 , with six interested parties competing for the 3,700-square-metre Bent Street warehouse property at its Colliers International auction carried out in conjunction with PRD Nationwide Commercial Penrith.
<img src="/images/stories/2012/10/cooley.jpg">
How long have you been in the industry? I started in real estate in 1999 as a leasing clerk and property manager, and in 2003 I launched Cooley Auctions.
<img src="/images/stories/2012/10/damiencooley.jpg">
What’s happening in the area you specialise in? Auction activity has most definitely increased since the beginning of the 2012-13 financial year. There is an increase in the level of buyer activity, and vendors are being a lot more realistic on values and yields. Buyers are quick to rule out properties that have unrealistic price expectations or do not meet their purchasing criteria. Quality assets in quality locations are still performing well, and auction is creating the urgency to sell in a shorter period of time than any other method of sale.
Describe the most interesting property you have sold. A portfolio sale in Victoria for Colliers International. We auctioned a number of properties leased to Tobin Brothers funeral parlour. Interesting and exciting for me because it was the first time that I was rewarded by a seller for achieving a terrific result. Auctioneers are remunerated per auction without incentive, and in this case the seller doubled my fee. I was thrilled.
What are the ingredients to being successful in your job? Being a great auctioneer is about understanding people. I love being able to look at sale without emotion and advise the best way to attack it. My role is to get the best result for the seller. Auction creates urgency and potentially a competitive environment. My advice on auction day to a seller and agent is critical in achieving the best result. I achieve these results by creating an environment where buyers feel comfortable with open and transparent communication.
What aspects of your role do you enjoy the most? I love the excitement of chasing a deal and getting the best out of someone.
Where would invest a spare $750,000? I don’t think $750,000 gets you far in commercial real estate in Sydney. I’d be looking to leverage off that $750,000 as much as possible. I’d be looking close to Sydney CBD for something with a strong tenancy and an 8% + yield. Alternatively something around the inner west with potential re-zoning to residential.
Which football team do you support? The greatest rugby league team in the history of the game, South Sydney Rabbitohs.
What’s your favourite app or techno gadget? Twitter App and Emma, my in car sat nav that is so polite to me every single day
Follow Damien on Twitter: <a href="https://twitter.com/damiencooley" target="_blank">@damiencooley</a>; <a href="https://twitter.com/CooleyAuctions" target="_blank">@CooleyAuctions</a>
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In profile: Auctioneer Damien Cooley

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ANZ’s mobile lending division has relocated to a 95.85-square-metre office in the Sydney CBD at a gross rental of $450 per square metre per annum plus GST.
The five-year lease at level 4, 36 Carrington Street, was negotiated by Ray White Commercial office leasing director John Skufris.
ANZ mobile lenders travel to borrowers homes to provide information about the bank’s home loans and packages and help borrowers with their mortgage applications.
The building, formerly known as Korean Air House, is a 10-storey office block with ground-floor retail and basement parking for 12 cars.
<img src="/images/stories/2012/10/anzlend.jpg">
It is located near the Menzies Hotel above Wynyard train station and is directly opposite Wynyard Park.
Skufris says the new office offers "genuine convenience to major bus and rail interchanges, the Met Centre and Martin Place".
Other tenants in the building include wine retailer Vintage Cellars, Tourism Ireland and Godfrey Pembroke financial consultants.
There is now only one remaining whole floor measuring 257.5 square metres available for lease at 36 Carrington Street.
Level 8 at 36 Carrington St is undergoing refurbishment and will soon be offer for lease.
“The asking rent will be $475 per sqm per annum,” says Skufris.
According to the Savills third-quarter Sydney office report, B-grade gross office rents range from $550 to $730 per square metre, with A-grade rents between $680 and $1,005 and premium CBD office space available at $900 to $1,470 per square metre.
Recent Sydney CBD leasing deals include the Energy and Water Ombudsman leasing 1,436 square metres of office space at 133 Castlereagh Street at net rent of $550 per square metre.
The University of Sydney leased 1,714 square metres of space in the same building at net rent of $580 per square metre.
Sydney CBD vacancy rates contracted by 1.5 percentage point contraction from 9.7% in January to 8.2% in July – the largest decline of all CBD markets over this period, according to the most recent Property Council of Australia office  report.
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ANZ Mobile Lending relocates in Sydney CBD

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An investor has paid $340,000 at auction for a two-level brick retail building on three titles on Ryrie Street, a Geelong café and speciality retail strip surrounded by medical and professional services premises.
The price was exclusive of GST.
The investor, who hails from Rosebud on the Mornington Peninsula, will acquire some of the property via his self-managed super fund.
The property measures 184 square metres with two shops on the ground floor, one of which is occupied by tea leaf retailer Leaf Tea, with the other ground-floor shop currently vacant and a pedestrian thoroughfare running to a public car park at the rear.
<img src="/images/stories/2012/10/leaftea.jpg">
The second-floor premises run across the two shops and thoroughfare and is also vacant. It was previously tenanted by a dental surgery.
Leaf Tea pays $12,469 per year and is on a four-year lease, which commenced in January, with renewal options.
Fully leased, it is estimated the premises would return a gross yield of around 8%.
The property was marketed by Tim Darcy and Simon Jarman of Darcy Jarman real estate in Geelong.
Tim Darcy tells Property Observer there was “solid enquiry during the marketing campaign”, with most interested parties being investors looking to value add.
“The retail investment market in Geelong is currently strong. Well leased and located properties can produce yields in the range of 6% to 7.5%,” he says.
The site was marketed with development potential, with the investment report indicating that concept plans and sketches have been prepared relating to a potential upgrade of the property.
They propose turning the first floor into student accommodation and turning the vacant ground-floor shop into a café.
The investor memorandum says the City of Greater Geelong is supportive of the proposed upgrade and proposed uses.
Ryrie Street is the major east west link through central Geelong providing connection to the Bellarine Peninsula to the east and Geelong Bypass Road to the west.
It is surrounded by strong service, medical, and office related businesses, including St John of God Hospital, many real estate offices, Harwood Andrews Lawyers, City of Greater Geelong, Barwon Water and many other private medicos, solicitors and accountants.
The pedestrian-friendly area also includes plenty of cafes complemented with specialty retailers.
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Rosebud SMSF investor reads tea leaves to snap up Geelong retail spot for $340,000

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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