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National luggage, leather goods and travel accessories retailer Victoria Station has pre-committed to a nine-year lease with renewal options at a $9 million office and warehouse facility at Keysborough in Melbourne’s south-east.
The facility will act as its national headquarters and distribution centre.
Due for completion by owner/developer BFD Constructions in mid-November, the 1 Atlantic Drive, building will comprise a 7,396-square-metre warehouse with a 560-square-metre office component on a 14,850-square-metre site. The deal was brokered by Savills Australia’s Joseph Catanese.
The rent is believed to be around $700,000 per annum. BFD Constructions purchased the property last month for $3.2 million.
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Luggage retailer Victoria Station signs nine-year office/warehouse lease in Melbourne suburb of Keysborough

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The capital cities of Australia’s resource states are leading the property market recovery, according SQM Research managing director Louis Christopher.
Christopher places Perth houses and units at 6.30 on the property clock, indicating the market has just bottomed out and heading into an upswing, and Brisbane houses and units at six o’clock, indicating the market has bottomed out.
<img src="/images/stories/2012/10/clock-generic.jpg">
His assessment of the Perth market is based on falling listings and a tightening rental market.
Perth house and unit prices have also stopped falling, says Christopher.
In its September stock-on-market report, SQM found that Perth online residential listings declined by 3% to 17,517. Year-on-year they are down 14.6%, the biggest decline of the mainland capital cities (excluding the much smaller Darwin market).
SQM also found that the Perth vacancy rate tightened from an already very low 0.7% in July to 0.6% in August, with just 1,177 properties available for rent (compard with more than 2,600 in Adelaide and nearly 12,000 in Melbourne). Apart from Darwin (0.5%), Perth has the tightest rental market in Australia.
This tightening vacancy rate resulted in median house rents increasing by $10 to $450 per week over the August quarter, with weekly rents for units, apartments and villas rising by $20 to $430 per week, according to the latest REIWA data.
Christopher says Brisbane has bottomed out due to falling listings volumes and house prices no longer falling.
According to SQM Research, Brisbane online residential listings are down 8% year-on-year to September, with the vacancy rate at a tight 1.5%.
 
<hr class="system-pagebreak">
Investors looking to get into the Sydney market at the bottom of its cycle may have missed out, according to Christopher.
Christopher has Sydney houses at seven o’clock on the property clock, with units slightly further ahead at 7.30, indicating houses are well on their way to rebounding.
In both the case of houses and units listings are falling with SQM recording 2.9% fall in Sydney listings in September to be down 13.1% year-on-year to 30,408 properties for sale.
In both house and unit markets he says evidence of a recovery can be seen in rising Sydney auction clearance rates, which was 63% over the weekend.
However, Sydney houses are not making a homogenous recovery, with prestige houses stuck at four o’clock, according to Christopher, indicating they still have some way to fall.
Sydney units are slight further ahead of houses in the property cycle due to the introduction of the $15,000 first-home buyer handout, which applies to new homes, including apartments, marketed off the plan.
The Melbourne property market (houses and units) is assessed as having some way to go before bottoming out – at five o’clock on the property clock.
“Melbourne listings are still elevated and are not falling," says Christopher.
“There is some evidence of a rise in clearance rates, but no real evidence of a rise on prices, he says.
SQM has Melbourne online residential listings up 3.2% year-on-year to September to 51,564 properties listed for sale.
Adelaide and Canberra are assessed as flat property markets and at the same point in the property cycle as Melbourne (five o’clock).
In the case of Adelaide, Christopher says that “listings are still elevated, yet they are no longer rising at rapid rate.
“There is no evidence yet of increased buyer demand and prices are flat.”
In Canberra, apart from listings remaining high and prices flat, Christopher says the “outlook is uncertain due to the federal budget”.
Darwin is assessed as the only capital city market that has already rebounded (at nine o’clock) and heading towards it its peak.
“There has been a strong lift in Darwin house and unit prices starting in the first half of this year.
“Stock levels are falling rapidly. The rental market very tight,” he says.
SQM Research shows a 25.9% decline in Darwin properties available to purchase, with online listings falling from 1,616 in September 2011 to 1,198 currently.
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Perth and Brisbane heading into property market upswing: Louis Christopher

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Liquor retailer Cellarbrations will pay around $304 per square metre to lease a shop in the  Healesville Walk Shopping Centre, a popular Melbourne tourist destination.
The 230-square-metre store has been leased on a five-year term at a rental of around $70,000 per annum guaranteed by Metcash.
The deal was brokered by Savills Australia retail director Michael Di Carlo alongside colleague Jeremy Marmur. 
Di Carlo says there is a very high level of demand for tenancies at Healesville Walk.  
Anchored by a Coles supermarket, Healesville Walk is a community shopping centre with frontage to the Maroondah Highway. Other retail tenants include Liquourland, Bakers Delight, and National Australia Bank. The lessor is a major institutional investor/developer.
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Cellarbrations leases shop in Healesville Walk Shopping Centre

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Sydney’s prestige northern beach suburbs property markets remain weak, “with no sign of improvement" according to property valuers Herron Todd White’s (HTW) October market review.
According to HTW, the northern beaches of Sydney – comprising the suburbs of Pittwater, Manly and Warringah all the way to Palm Beach – traditionally are among the hardest hit when the overall Sydney market is soft.
“The first suburbs to show signs of softening tend to be the upper northern beaches suburbs, and the further north you go, the weaker the market tends to be.
“The main factor resulting in this trend is the number of holiday/weekender type properties.
“People who work in inner Sydney during the week may purchase a property on the northern beaches to get away for the weekend.
“When economic conditions remain soft, these weekend homes are often the first asset to be sold off by owners,” says HTW.
According to the firm, the trend of Sydneysiders selling their holiday properties on the northern beaches occurred during the GFC, and in the last 12 months there is “evidence of this pattern repeating itself”.
“With the global economic situation still unstable a turnaround in market conditions is unlikely in the foreseeable future.
A further factor contributing to the weak northern beaches market is the lack of transport, “which has always been a negative for the area”.
“Although relatively close to the Sydney CBD, public transport and worsening vehicle access due to traffic contribute strongly to the weakened demand for property, especially in soft market conditions.
“There have been many local government proposals to improve the roads into the northern beaches but we are yet to see any action taken,” says HTW.
Similar challenges facing prestige suburbs are noted by John McGrath in his Sydney spring McGrath report, who says the Sydney property market is experiencing “a two-speed turnaround”.
“Properties under $1 million are in strong demand whilst those above $2  million are less so.
“The key catalyst for the upper end recovery will be the share market. Interest rates, rents and unemployment are not really influencing factors for the top end.
“Many luxury owners are still awaiting some clearer resolution on the macro economy and the eurozone before jumping back into the market,” says McGrath.
<hr class="system-pagebreak">
The outlook for the North Sydney residential market – just across the city from the CBD – is a lot better, despite HTW witnessing a slight decrease in activity in the first-home buyers’ market and mid-market range in the last year and local agents advising that a lack of stock is slowing down the market.
“We are still seeing property that has been marketed well and realistically priced being sold in short periods of time," says HTW.
“We believe this illustrates that the market is still quite strong with prospective purchasers present in the market, ready to move in and purchase the ‘right home’."
However, HTW also warns of the need for better transport infrastructure and growing traffic congestion issues.
“As more people move to the north west there is going to be more demand placed on key transport and road corridors, so a lot of pressure falls on to the government to proceed with the construction of the new North West City Rail Link.
“With the lack of transport in these areas, more and more people are driving and this leads to traffic congestion.
“In the past potential purchasers may have thought twice before buying in the area due to the lack of support by government for a north-west city rail link.
According to HTW, across Sydney, units and entry level homes are the best performers, with these properties continually in high demand.
It notes that there is still strong demand for properties price below $1 million.
“Ashfield, on the outer fringe of Sydney’s inner-west market has been a very strong performer recently.
“As the inner-west suburbs become too expensive for first time home buyers, we have seen Ashfield representing excellent value resulting in increased demand.
“Ashfield is on the fringe of the first time home-buyers bracket for single residences and long term growth is expected as evident from other inner west suburbs.
“Proximity to the CBD and public transport are positives for Ashfield adding to the popularity,” says HTW.
Manly photograph courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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Sydney northern beaches residential market still weak with no turnaround in sight: HTW

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Melbourne estate agent Kon Balasis and Victorian Realty Group Pty Ltd (VRG), which operated as Century 21 Craigieburn, have been permanently disqualified by the Victorian Civil and Administrative Tribunal (VCAT) from holding estate agents’ licences after $167,000 was found missing from a trust account.
In a seperate VCAT ruling, real estate agent’s representative Zoran Rakocevic was banned from being an estate agent's representative or holding an estate agent’s licence for five years after being found guilty of offences, including creating false deposit receipts that led to him benefiting by $156,000.
The permanent disqualification against Kon Balasis and Victorian Realty Group Pty Ltd (VRG) was handed down by VCAT on October 1, reported Consumer Affairs Victoria.
At the VCAT hearing it was found that VRG and Balasis breached the Estate Agents Act 1980 in relation to a deficiency in the Century 21 Craigieburn trust account of $166,935.27 on March 27, 2012, regarding deposits paid on six property sales and that VRG "fraudulently omitting to pay about $177,000 to the persons entitled to that money, which was being held by VRG as a stakeholder pending completion of sales of land.
"Mr Balasis at the time was an officer of VRG and he knowingly authorised these contraventions," said Consumer Affairs.
VRG was also found to have not kept "full and accurate accounting records so as to show the true position of all moneys it received and had also breached the Sale of Land Act in that "it received deposit moneys in the course of transactions for the sale of land and did not hold that money as stakeholder until the purchasers became entitled to those deposits".
The tribunal ruled that Balasis was guilty of conduct as an estate agent that rendered him unfit to hold a licence and he was not of good character or otherwise a fit and proper person to hold an estate agent’s licence.
VCAT cancelled Balasis’ licence and permanently disqualified VRG and Balasis from holding a licence.
In the hearing into allegations against Zoran Rakocevic, Consumer Affairs said he had "created false receipts for the sale of four properties, stating that Compton and Green Real Estate Pty Ltd (where he was employed as an agent’s representative) had received a deposit on each, when it had not,” said Consumer Affairs Victoria.
VCAT also upheld Consumer Affairs' allegations that Rakocevic made false statements in contracts of sale in relation to six properties, "incorrectly stating that C&amp;G was the vendor’s agent when C&amp;G was not the vendor’s agent".
In a further three contracts of sale, Rakocevic was found to have falsely stated that "the vendor had agreed to sell the property described in the contract when the vendor had not so agreed"
VCAT made orders that Rakocevic was "not of good character and is not otherwise a fit and proper person to be an agent’s representative".
In her finding, VCAT senior member Jacqueline Preuss described Rakocevic’s conduct as "deliberate, calculated and carried out over a number of months".
Preuss found that Rakocevic benefitted from his offences because, in three of the transactions involving false deposit receipts and contracts of sale, the company of which he was sole director and shareholder, Montex Corporation Pty Ltd, received $156,419.99.
"Mr Rakocevic’s behaviour was compounded by the fact that he exhibited an unwillingness to admit indisputable facts such as receipt by him of a financial benefit from the transactions. In my view, this indicated a disregard for his duty of honesty and candour’, she said.
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Melbourne estate agent cops permanent ban over $167,000 trust account deficit

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Westpac, Commonwealth Bank and NAB have asked for understanding following their decision not to pass on the full October 2 rate cut to borrowers.
Sympathy they are unlikely to get.
They three banks have asked borrowers to consider the higher cost of raising deposits, retirees dependent on their savings accounts and the many Australians who hold bank shares in their super funds.
However, sympathy will be in short supply with smaller lenders offering standard variable rates in some cases 100 basis points below the major banks, despite not having the multibillion-dollar pockets, enormous numbers of customers and distribution networks.
The cheapest standard variable rates: where the major banks rank
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="205">
 
</td>
<td valign="top" width="205">
Standard variable rate
</td>
</tr>
<tr>
<td valign="top" width="205">
Pacific Mortgage Corp
</td>
<td valign="top" width="205">
5.72%
</td>
</tr>
<tr>
<td valign="top" width="205">
State Custodians
</td>
<td valign="top" width="205">
5.82%
</td>
</tr>
<tr>
<td valign="top" width="205">
Family First Credit Union
</td>
<td valign="top" width="205">
5.95%
</td>
</tr>
<tr>
<td valign="top" width="205">
CUA
</td>
<td valign="top" width="205">
6.05% (October 12)
</td>
</tr>
<tr>
<td valign="top" width="205">
ING Direct
</td>
<td valign="top" width="205">
5.97%  (October 12)
</td>
</tr>
<tr>
<td valign="top" width="205">
Greater Building Society
</td>
<td valign="top" width="205">
6.25% (October 15)
</td>
</tr>
<tr>
<td valign="top" width="205">
NAB
</td>
<td valign="top" width="205">
6.58% 
</td>
</tr>
<tr>
<td valign="top" width="205">
Commonwealth Bank
</td>
<td valign="top" width="205">
6.6% (October 12)
</td>
</tr>
<tr>
<td valign="top" width="205">
Westpac
</td>
<td valign="top" width="205">
6.71% (October 15)
</td>
</tr>
<tr>
<td valign="top" width="205">
ANZ
</td>
<td valign="top" width="205">
6.8% 
</td>
</tr>
</tbody></table>
Source: major banks, Infochoice.com.au, RateCity.com.au
The decisions of the <a href="/news">Commonwealth Bank</a> (20 basis points), <a href="/news">Westpac </a>(18 basis points) and <a href="/news">NAB </a>(20 basis points) mark the 21st time the major banks have cut by less than the official RBA cash rate reduction.
Westpac subsidiary St George today said it would reduce its standard variable home loan rate by 0.17 percentage points  to 6.69% per annum (effective from October 15).
On average the major banks have passed just 115 basis points of the 150 basis points in cash rate cuts introduced by the Reserve Bank since November 2011.
 
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All banks stuck to form when it came to the time they will take to pass on the rate cut – earning an estimated $6 million every day they withhold relief for borrowers.
Westpac remains the worst offender, taking nearly two weeks to pass on the rate cut and earning the bank an extra $20 million into its already swollen coffers.
Westpac is drifting further from the big four on variable rates, offering a standard variable rate of 6.71% from October 15.
Commonwealth Bank will take 10 days to pass on its rate cut (6.6%), with NAB’s new standard variable rate of 6.58% in effect from today, six days after the RBA announcement.
In previous statements following partial rate cuts, the major banks highlighted the growing cost of wholesale funding.
However, with wholesale funding now cheaper, the major banks focused on their rising reliance on deposits to fund their mortgage lending and the fact that savers would lose out if they passed on the full rate cut.
Westpac tried to tug at the heart strings with its statement that it needed to balance the needs of “our mortgage customers with those of our millions of savers, particularly retirees who depend on the income from their deposit accounts”.
The Commonwealth Bank told borrowers that “one significant factor” impacting its balancing of borrower, depositors and shareholder need was the “increase in the cost of deposits noted in the Reserve Bank of Australia’s most recent Financial Stability Review”.
If borrowers weren’t happy about the decision, the Commonwealth Bank tried one further tactic, reminding customers that “millions more Australians own Commonwealth Bank shares through pension funds.
NAB’s head of personal banking, Lisa Gray, steered clear of mentioning pensioners or shareholders but did highlight that “banks obtain funds for lending from deposits and from wholesale funding markets.
“Around the world, banking regulators require banks to hold more stable forms of funding, like deposits, to reduce risk in the banking sector. "The increased competition for deposits is pushing up costs, making it more expensive to fund our lending," said Gray.
However, disgruntled borrowers who have standard variable loans dated from July 1, 2011, can switch lenders without having to pay any mortgage discharge fees (exit fees), with many smaller lenders offering substantially lower offerings.
Non-bank lender Pacific Mortgage Corporation is offering an SVR of 5.72% – 86 basis points below the lowest of the big four, NAB at 6.58%.
ING Direct, the nation’s fifth biggest lending brand, passed on the full rate cut to its borrowers with a standard variable rate of 5.97%.
Another lender, non-bank State Custodians is offering an SVR of 5.82%.
Mutual lender CUA, Australia’s largest customer-owned financial institution, said it would cut its standard variable rate by 20 basis points to 6.05% from October 12.
CUA points out that its SVR has continuously remaining over 50 basis points cheaper than the average standard variable rate offered by the big four over two years.
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Smaller lenders offer borrower satisfaction as major banks withhold part of rate cut

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The Melbourne property market is set for a tentative recovery in the short term, but there are currently buying opportunities for investors, particularly in the west, north and some outer eastern suburbs, according to Clinton McNabb, senior research analyst for Australian Property Monitors (APM).
Delivering a presentation at this weekend’s Melbourne Home Buyer &amp; Property Investor Show, McNabb said investors needed to look for areas displaying the greatest population growth and where incomes are rising.
“There will be a tentative recovery for Melbourne, growth will be subdued for a while,” said McNabb.
But longer term, demand for housing will rise as the city’s population grows to beyond 6 million people over the next 20 years and overtakes Sydney, McNabb said.
“The biggest driver of house prices will be population growth,” said McNabb.
Investors should also look for suburbs, where incomes are growing.
McNabb presented a series of heat maps, with shades of blue, orange and red.
The heat map below shows which suburbs have displayed the greatest house price growth over the past two years.
Suburbs in shades of blue show where property prices have declined by 3% or more over the past two years, green suburbs have exhibited limited growth (up to 3%) orange indicates property prices rising around 10% and red zones show growth in excess of 15%.
<img src="/images/stories/2012/10/heatmelb.jpg">
The map shows much of the growth has been in suburbs around the city, but also good growth in some outlying areas such Narre Warren North and Beaconsfield Upper in the outer east.
In the west, McNabb says suburbs like Altona and Yarraville, where the median house price is around $500,000 – much cheaper than neighbouring suburbs – offer good potential.
Similarly, he picks unfashionable Footscray, West Footscray and Sunshine due to their affordability, closeness to the CBD and good transport connections.
In the north, McNabb says investors should look at well-located suburbs like Brunswick, Coburg and Preston.
They are affordable and also located close to the city with good transport connections.
Currently suburbs that have the highest average discount (the original listing price compared with the sale price) include Canterbury (15% discount), Toorak (12%), Footscray (11%), Brooklyn and St Kilda West.
Taking a wider view of the market, McNabb says the latest census data shows rising numbers of single person and childless couple housing occupants.
This he says indicates an increasing  demand for higher-density living.
“In addition, more families are now willing to live in apartments and they will sacrifice space for location.
“Being close to transportation to the CBD is key. There has been a 47% jump in people using public transport since 2005,” he says.
“Compare suburbs and look at comparable sales – that’s the best way to avoid things like underquoting,” he says.
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Hot property investment opportunities in west, north and outer-east Melbourne suburbs: APM

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Property investors should look to get into the market now rather than try and time their purchases to when the market bottoms out, Margaret Lomas told attendees at the weekend’s Melbourne Home Buyer &amp; Property Investor show.
Lomas says the property market currently sits at five o’clock on the property clock, meaning it has yet to reach the bottom of the current cycle.
<img src="/images/stories/2012/10/clock-generic.jpg">
“It’s better to buy at five o’clock, because it’s very hard to time your purchase so you buy at six o’clock. And you don’t want to buy at seven o’clock,” says Lomas, founder of property investor advisory business Destiny and a regular pundit on Sky Business.
With flames flickering on a screen behind her, Lomas then launched into her hotspot list, telling the big crowd that they should be looking at regional markets with strong population growth, and where there a big infrastructure projects in place.
“Some regional centre populations are growing faster than the national average. And there is a growing affluence as well in some of these locations,” she says.
In Victoria, Lomas favours regional centres like Shepparton, Ballarat, Bendigo and Morwell.
She says investors should steer clear of apartments in Melbourne because the market is oversupplied. with prices forecast to fall by around 2%.
<img src="/images/stories/2012/10/lomashot.jpg">
Overall the outlook for Victoria is one of subdued growth over the next 18 months.
 
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The outlook is better for NSW due to a housing shortage in many areas and tightening vacancy rates.
She picks Blacktown on the Sydney fringe as one of her NSW hotspots as well as locations in the Hunter Valley including Branxton, Singleton, Cessnock and Muswellbrook.
In Queensland, Lomas says there is a two-speed housing market due to the mining boom, with some regions benefiting and others not.
She says investors should steer clear of Brisbane apartments – she forecasts a 10% drop in prices over the medium term due to an oversupply of new apartments.
Rather, Lomas says investors should look to places like Toowoomba, which benefits from the mining boom, but is not solely dependent on it.
“Pick towns with a mining influence rather mining towns,” is her credo.
The only mining town she picks as an investment hotspot is Gladstone.
“It has 13 separate mining projects including coal and aluminium – so not dependent on one project,” she says.
Her other picks are Rockhampton, which benefits from the Gladstone “influence”, and Mackay.
Lomas says investors should be wary of WA mining hotspots, unless they have an appetite for risk.
“Mining towns are at risk if local government bodies release more land for development.”
Furthermore, she says mining companies are looking to build their own cheap housing for mine workers, rather than be "held to ransom by private landlords".
Lomas says there are no hotspots in Tasmania.
South Australian hotspots include Port Noarlunga, Port Adelaide, Hackam, Huntfield Heights, Christie Downs and Mitchell Park.
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Plenty of regional hotspots to tempt investors as market hovers at five o’clock on property clock: Margaret Lomas

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A clear majority of economists expect the Reserve Bank to reduce the cash rate by a further 25 basis points on Melbourne Cup Day (November 6), according to the latest survey by Bloomberg.
Out of 24 economists polled today, 17 expect the cash rate to fall to 3% in November. This would be the lowest the cash rate has ever been, equal to the rate in 2009 during the GFC.
All the big four banks are in agreement on a rate cut in November.
Interestingly, St George Bank chief economist Besa Deda is tipping the cash rate to remain on hold in November, while Bill Evans, chief economist at parent bank Westpac, expects a rate cut.
Another notable economist not tipping a rate cut in November is HSBC Australia chief economist Paul Bloxham, who had favoured November over October – but not a rate cut in both months.
“The [earlier October] cut reflected concerns about weaker global conditions, particularly slower growth in China,” said Bloxham in his weekly RBA update.
“With activity in China showing some signs of bottoming we think the RBA's easing cycle may be nearing its end.”
Only one brave economist (Michael Knox from RBS Equities) is tipping a rate cut in December on top of a November rate cut, which would take the cash rate to 2.75%.
Ten out of 24 economists tip another rate cut in the first quarter of 2013.
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Majority of economists punt on Melbourne Cup Day RBA cash rate cut: Bloomberg

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Westpac will pass on just 18 basis points to variable mortgage holders following NAB and the Commonwealth Bank announcing earlier today they would pass on 20 basis points.
The reduction, which takes effect on October 15, will cut Westpac's standard variable mortgage rate to 6.71%.
The<a target="_blank" href="/news"> Commonwealth Bank</a> will offer a standard variable rate of 6.6% from October 12 and <a target="_blank" href="/news">NAB</a> a standard variable rate of 6.58% from October 8 – a full week ahead of Westpac.
ANZ will make its decision next Friday and currently offers a standard variable rate of 6.8%.
The reduction in home loan rates will save homeowners $36 a month or $432 a year in total monthlyrepayments on an average mortgage of $300,000.
Since October 2011, Westpac has cut its variable mortgage rates by 1.15%, equating to an annual saving of $2,820 on an average home loan.
Westpac Group executive of retail and business banking Jason Yetton said: “In coming to this decision we have sought to balance the needs of our mortgage customers with those of our millions of savers, particularly retirees who depend on the income from their deposit accounts.
“At the same time we continue to offer package discounts on our headline mortgage rate which will seethe majority of our home loan customers pay no more than 6.01%. And for those borrowers who are looking for security and peace of mind over a longer period we are pleased to make further reductions to our fixed rate homes loans that are now at new three year lows and are very competitively priced.”
Yetton said Westpac’s decision was based on a range of factors including the price of deposits, which remain at very competitive and attractive rates for savers but when combined with the cost of wholesale funding continue to put pressure on bank finances.
"While we have seen some easing in the wholesale market in recent months, our overall costs including the price of deposits remain historically very high,” he added.
Westpac also cut its fixed rate offers for its one year, two year, three year, four year and five year rates.
The new rates include the 0.2% discount offered under the Premium Advantage Package.
They are effective from 10 October 2012.
<ul>
<li>One year packaged fixed rate – down 0.20% to 5.49%</li>
<li>Two year packaged fixed rate – down 0.15% to 5.39%</li>
<li>Three year packaged fixed rate – down 0.15% to 5.39%</li>
<li>Four year packaged fixed rate - down 0.20% to 5.69%</li>
<li>Five year packaged fixed rate - down 0.20% to 5.69%</li>
</ul>
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Westpac passes on just 18 basis points to bring standard variable rate to 6.71% and cuts fixed rates

<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.

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[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.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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