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The Commonwealth Bank has followed NAB by announcing that it will reduce interest rates on its standard variable home loan account by 0.2 percentage points from October 12.  
The new standard variable rate is 6.6% per annum.  
The CBA said it continued to balance the needs of "1.8 million home loan borrowers with those of its 11 million depositors and its shareholders, who include 800,000 Australians who own its shares directly, and millions more Australians who own shares through pension funds".  
"One significant factor impacting this balancing of needs has been the increase in the cost of deposits noted in the Reserve Bank of Australia’s most recent Financial Stability Review.
"This increase, benefitting depositors, has resulted from increased competition for deposits, as Australian banks reduce their reliance on wholesale funding," says the CBA.
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Commonwealth Bank cuts standard variable rate by 20 basis points to 6.6%

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Following nearly three days of silence NAB has reduced its standard variable home loan rate by 20 basis points to 6.58% p.a.
NAB will also reduce its rate on standard variable business rate lending products by 0.2 percentage points p.a.
Both new rates are effective from Monday, October 8.
The banks says it has offered the lowest SVR of the major banks for the past 39 months, saving borrowers $1,800 in interest compared with those who have a standard variable loan with another major bank.
<img src="/images/stories/2012/09/banksoct5.gif">
But borrowers will be upset that the bank has not passed on the full 25 basis points on offer following Tuesday’s cash rate cut.
NAB has maintained its promise of having the lowest standard variable rate of the major banks throughout 2012.
Soon after the NAB announcement, the Commonwealth Bank said it would also pass on 20 basis points to variable mortgage holders, reducing its SVR to 6.6% from October 12.
Were ANZ to pass on 23 basis points or more at its independent interest rates meeting next Friday it would surpass NAB's 6.58% offering.
Westpac cut its SVR by 18 basis points to 6.71% effective from October 15.
NAB group executive for personal banking, Lisa Gray, said decisions on interest rates were not taken lightly and NAB had sought to strike the right balance between offering the lowest SVR of the major banks and its obligations to ensure Australian banks are safe and secure. "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,” says Gray. "The increased competition for deposits is pushing up costs, making it more expensive to fund our lending. “The decision we have taken today means we can continue to offer competitive deposit rates while delivering on our pledge to have the lowest SVR of the major banks for 2012.”
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NAB passes on 20 basis points and trims standard variable rate to 6.58%

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Emerging buying interest is again expected from Sydney first-home buyers this weekend for off-the-plan projects, due to the $15,000 government grant available for new home purchases, which kicked off October 1.
However, because many developers were forced to offer incentives in the three-month "vacuum" between its NSW state budget announcement and its October 1 introduction, the initial response has not been as dramatic as might have been anticipated.
The grant is available for first-home buyers buying or building a new home up to a value of $650,000.
In addition, first-home buyers pay no stamp duty on new homes valued up to $550,000, a maximum saving of $20,240.
One project, the Montrose development in North Sydney (pictured below), which features a rooftop cinema, sold 25 apartments off the plan last weekend, six of them to first-home buyers in a pre-launch VIP sale.
The official launch of Montrose will be this weekend.
<img src="/images/stories/2012/09/montrose1.jpg">
Curtis Field, director of project marketing at Colliers International, which is marketing Montrose, tells Property Observer a rooftop cinema is fairly unique for an apartment project in Sydney, but they are more common Melbourne.
He says the cinema was included in the design to appeal to younger couples and singles who are expected to show interest in Montrose and which will “add some vibrancy” to the project.
<img src="/images/stories/2012/09/montros4.jpg">
“It’s set up like a home cinema. Residents or tenants book it through the body corporate. It could be a great place to watch the grand final.”
<img src="/images/stories/2012/09/montrose3.jpg">
Field says inquiries levels have been “really good”, with 25% to 30% of them coming from first-home buyers.
 
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More than half of the 104 apartments in the 10-storey project have been deliberately priced under $650,000.
Studios measuring 40 to 48 square metres are priced from $435,000, with weekly rental potential of about $450 to $500 – a gross yield of about 5.4%.
Prices rise to $920,000 for bigger apartments with better views.
Montrose has been designed by Mayoh Architects and is being developed by Sydney-based Legacy Property led by Princeton University graduate Matthew Hyder and Stewart Nettleton, former NSW state manager for retirement living at Stockland.
Recently completed Legacy projects include the boutique, high-end The Avenue apartment complex in Collaroy on Sydney’s Northern Beaches and the 88 apartment Kantarra project in Lindfield. Legacy has also completed a number of projects in the US.
However, according to David Chittenden, director of residential in Sydney for Colliers International, because developers were forced to offer incentives in the three-month vacuum between the $15,000 grant’s announcement and its commencement (only a $7,000 handout was available up to October 1), the impact has not been as dramatic.
“Every developer tried to prop-up the market in this interim period,” Chittendon tells Property Observer.
“This has watered down the official grants because buyers have been conditioned to expect incentives and discounts.”
In the past, Chittendon says it was a sign of a “desperation 101” if you advertised incentives for a project but it has since become “need 101” because developers needed some first-home buyer interest.
He says the real benefits have gone to second and third home-buyers and some investors, who have been able to access $15,000 incentives and discounts.
“It’s difficult to discriminate just because someone is not a first-home buyer.”
However Chittendon has noticed a pick-up from first-home buyers with more visits to display suites of other projects being marketed by Colliers International aimed at this market segment.
These include La Vista in Kogarah on the Princess Highway, with views across Botany Bay, featuring one, two and three bedroom apartments, with two-bedders priced from $519,000.
Colliers is also marketing the Carleton Estate Apartments in Summer Hill in the inner west, featuring 78 apartments across four buildings, being developed by Nascon with one-bedders starting from $519,000.
Other Sydney developers have noted an increase in first-home buyer inquiries.
 
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A spokesperson for developer Becton tells Property Observer there has been “a significant uplift in first-home buyer enquiries and reservations in the last several weekends" at its Divercity Waterloo project, where one-bedroom apartments are priced under $500,000. Divercity amenties include an outdoor pizzeria, a health club and an outdoor yoga studio.
“Last weekend we took five reservations of which four were first-home buyers. We currently have 10 contracts with first-home buyers awaiting exchange," says the Becton spokesperson.
Mark Mendel, CEO of FindInvestmentProperty.com.au, which promotes new residential projects, says there has been a “surge” in enquiries from first-home buyers since October 1.
“This has increased even more in the first few days of October as FHB look to take advantage before the rush of buyers expected before Christmas,”he says.
“Where we may have had four out of 10 enquires being first home buyers earlier in the year, over the last week this has increased to eight out of 10 buyers.
"September was our biggest month ever because of the additional enquires from first home buyers and it looks like October we'll beat it again," says Mendel.
Adam Sparkes, Frasers Property Australia’s group sales manager, which is building the $2 billion Central Park mixed-use precinct on Broadway in Chippendale in partnership with Sekisui House Australia, says they have fielded a “large volume of inquiry from first-home buyers seeking to take advantage of the new government grant and stamp duties savings on offer for new developments".
“Our agents at both Central Park and Putney Hill have forwarded several new sales advices across varying apartment types with prices ranging from $480,000 through to $650,000.
“We expect the level of inquiry from first time buyers to remain steady over the coming 15 months as the full grant and concessions remain in place.
At The Mark, the third residential tower launched at Central Park, one bedroom suites start from $475,000. Another residential tower in the development, Park Lane, offers one bedroom suites from $495,000.
A spokesperson for Sekisui House, which is developing The Waterfront at Wentworth Point and The Hermitage in south west Sydney, says they are expecting a "significant increase from first-home buyer enquiries".
"Whilst no product is available below $550,000 for maximum stamp duty concessions, we are seeing enquiry for  sub-$650,000 product.
Sekisui House has made some reviews of pricing to ensure a maximum number of units fall below $650,000.
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Sydney first-home buyer interest picking up – but not silver screen-worthy – in wake of government grant

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There was no big rush from vendors to list their properties for sale in the first month of the spring buying and selling season, according to online residential listings data compiled by SQM Research.
Total online residential listings remained steady during the month of September 2012 at 373,374, down 2.6% year-on-year.
However, the September figures suggest more active property markets in Perth, Sydney, Queensland and Darwin, where year-on-year listings are well down, while Melbourne, Adelaide and Hobart have added to the stock of properties available for purchase over the same time frame.
Perth recorded a 3% month-on-month drop in listings from 18,053 in August to 17,517 in September, followed by Sydney, where listings fell by 2.9% to 30,408.
Perth listings are down 14.6% year-on-year, while Sydney listings are down 13.1% year-on-year.
Darwin listings fell 6.6% to 1,198 in September and are down 25.9% since September 2011 – the largest yearly decrease of all capital cities, though off a low listings base.
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SQM research director Louis Christopher said it was as strong result for those cities where listings declined and added that it was “unusual” for cities to record falls in listings during the opening month of spring.
“Either vendors have been withdrawing their properties at a faster rate than new listings entering into the market, or stock is being sold at a quicker rate. Or a combination of both,” said Christopher.
At the other end of the spectrum, Adelaide experienced the largest monthly increase, rising by 2.1% during September to come to a total of 17,091.
Melbourne recorded a net gain of 370 listings over September, a rise of 0.7% to take total online listings to 51,564, with listings up 3.2% over the past 12 months.
Brisbane recorded a small 0.6% gain in online listings to 28,837, but listings are down 8% year-on-year.
Hobart listings were down a modest 0.4% over September to 4,371 but the Tasmanian capital has by far the inactive or stagnant property market with online listings up 21.5% since September 2011.
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No big spring listings rush as stock on market hold steady in September: SQM

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A third senior financial services executive has come out to warn that lower interest rates could inflate a housing bubble in Australia following the RBA cash rate cut on Tuesday.
Phil Chronican, chief executive of ANZ Australia, told Fairfax radio station 3AW that one had to worry “when there is a lot of cheap money around that results in asset price inflation”.
"That's been true over the past 40 or 50 years."
"I do think it's an issue that the authorities have to keep in mind over the next year or two," he added.
His comments come a day after <a href="https://www.propertyobserver.com.au/news/low-interest-rates-could-lead-to-property-bubble-future-fund/2012100356967">Barry Brakey, head of property at the The Future Fund</a>, warned property investors of the inflation caused by a lot of capital waiting to be invested directly into the Australian property market.
The Future Fund is an independently managed investment fund established in 2006 into which the Australian government deposits its budget surplus. It holds $4.95 billion in property around the world.
Patrick Winsbury, senior vice-president of Moody’s, has also expressed concerns about the effect lower interest rates may have on Australian property prices.
Winsbury said there was a key side-effect risk that lower rates could inflate a housing bubble.
"It's one of the scenarios we consider when we analyse the credit-worthiness of the banks," he said.
The cash rate is now at three-year low and just 25 basis points off record lows of 3%.
House prices rose 1.4% in September, according to RP Data-Rismark – the biggest monthly gain since March 2010, with RP Data’s national research director Tim Lawless saying he expected further capital value gains over the next few months, though not at the magnitude of the September gain.
However, not everyone agrees that lower interest rates might create a housing bubble.
AMP Capital Investors chief economist Shane Olive said yesterday that the cash rate would need to fall to 2.5% to deliver a variable mortgage rate around 6%, which would be low enough to be “stimulatory” and improve consumer and business confidence.
He says the current average variable rate of about 6.75% is only the neutral setting.
Oliver expects banks to pass on about 20 out of the 25 basis points to borrowers.
None of the major banks have made an announcement yet about interest rates.
ANZ will make its independent interest rate announcement in a week’s time (October 12).
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ANZ boss adds to growing list warning of Australian housing bubble risk

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The number of new Gold Coast apartments available to purchase has halved in the space of two years, according to the August quarter Midwood Report.
There are now just 420 high-rise apartments up for sale (representing two year’s of supply at current low rates of sale), compared with 839 new apartments available for purchase in August 2010.
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“There should no longer be the perception that Gold Coast high-rise apartments are oversupplied,” said Midwood Report author Bill Morris.
Midwood records 54 new apartment sales over the August quarter of 2012, double the 26 sales recorded in the May quarter and just above the 52 sold in the February quarter.
The long-term average for the Gold Coast is 300 unconditional sales per quarter.
The August quarter figures excluded Juniper Group's Soul tower, featuring 288 units, of which 92 are still available for sale and Brookfield Multiplex’s Orchid tower in its Hilton project, featuring 224 apartments, of which 25 remain available for purchase. Construction of both these <a href="/news">Surfers Paradise</a> towers is now complete.
Midwood notes that the two developers had refused to report sales “because they are embarrassingly low”.
The top-selling project was Phoenix Apartments on Lakefront Crescent at <a href="/news">Varsity Lakes</a>, which managed 16 off-the-plan sales.
This is a $60 million project featuring 120 apartments being developed by Trilink Developments and De Va Project Marketing.
The project features four lake precinct buildings, three eight-storey buildings and one four-storey building, with stages one and two currently being marketed.
One-bedroom apartments with a car park are being marketed from $339,000, and three-bedroom apartments on the eighth floor with two car parks from $550,000.
Sales over the quarter included a 106-square-metre, three-bedroom apartment that sold for $580,000.
 
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Conditions for investors due not appear to be improving.
According to the Midwood Report, rents on the Gold Coast have hardly changed in the past two years.
The median weekly rent for a one-bedroom flat on the Gold Coast is $290 per week, unchanged from two years ago; rentals for two-bedroom flats have increased from $340 to $350 over the past two years, and median asking rent for three-bedroom houses has increased marginally from $400 to $405 in the past 12 months. Four-bedroom houses rent at $450 per week, compared with $440 two years ago.
Furthermore, the report notes that there has been significant changes in population trends on the Gold Coast and Sunshine Coast, “both of which have experienced a slowing down in population growth rate over the five years ending 2011”.
The Gold Coast population was growing at 6% per annum in 1991, 4.5% in 1996, 3.4% in 2001 and 2.7% in 2006
“On the other hand, Townsville has experienced a higher growth rate over the same period, whilst Cairns has seen steady growth.”
Morris notes that these are “significant trends for property investors”.
“They beg the question “have the Gold Coast and Sunshine Coast lost their growth fundamentals permanently”?
In its October Gold Coast update, LandMark White records 709 new units available on the Gold Coast in high-rise developments currently being marketed, with 527 of these apartments in the "big three" – Soul, Hilton and Niecon's two-tower Oracle project on Broadbeach, which is in the hands of receivers Korda Mentha.
Some 93 of the remaining 182 units are located within SPC Residential's three-tower Southport Central project, where receivers have also been appointed. Tower two is almost sold out, with just 11 out of 262 apartments remaining, according to Midwood.
LandMark White notes there are no new units available priced under $500,000 "and less than 10 units available priced under $750,000 if you then take Southport Central out of the equation". "We also note that certain developers have retained units and placed them into letting pools, thereby reducing the amount of available units even further."
One new project about to commence construction is Kirra’s Pure apartments (33 units over 12 storeys), being developerd by the Pikos Group of Companies, while another project, Jewel in Surfers Paradise, being developed by Chinese developer The Ridong Group is progressing through the approval process
"This comes as good news to the construction industry which has experienced a slump in new project proposals and construction since the completion of the ‘Big Three’," says LandMark White.
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Gold Coast new apartment stock halves in two years: Midwood 

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The Sydney unit market is heading into an upswing and is ahead of the detached housing market on the property clock, due to increased competition and tighter inner-city vacancy rates, according to PRDnationwide NSW research analyst Oded Reuveni-Etzioni.
Reuveni-Etzioni places Sydney units at 6.30 on the property clock, indicating the market is starting to rebound, with Sydney houses at 6 o’clock, indicating that the market has bottomed out.
<img src="/images/stories/2012/09/clock-generic.jpg">
<ul>
<li>At 12 o’clock the market is at its peak (demand exceeds supply)</li>
<li>At 3 o’clock the downswing has set in (an evenly supplied market)</li>
<li>By 6 o’clock it has bottomed out (an oversupplied market).</li>
<li>At 9 o’clock the market is rebounding (supply tightening)</li>
</ul>
He says that the new $15,000 first-home buyers' grant, which kicked in on October 1 and is only available to those buying or building a new home, will drive increased activity in what is already a competitive unit market in the inner city suburbs.
“Off-the-plan enquiries have slowed over the past three months but buoyancy is expected to return in October, with first home buyers taking advantage of the new first-home owner grant (new homes).
“First-home buyers are finding it increasingly difficult to compete with overseas investors for affordable product in the CBD fringe and lower north shore.
“Instead they opt for buildings located in south Sydney, St George and western Sydney.
“Second-home buyers and downsizers are using equity built in their previous property to buy units in middle and high price brackets.”
According to Reuveni-Etzioni, investors have been targeting the lower end of the market, purchasing studio and one-bedroom units, with re-sales often occurring close to the date of completion.
“The level of units advertised for sale is similar to this time last year, as new units compete with older stock for buyers.
“Overall vacancy remains tight, although anecdotal evidence points to stabilising rent prices in several inner-city locations.
“Vacancy in some middle ring suburbs has increased, with tenants moving west or away from the metropolitan region in search for lower rents,” he says.
August vacancy rate figures compiled by the Real Estate Institute of NSW  <a target="_blank" href="https://www.propertyobserver.com.au/landlords/sydney-rental-vacancy-rate-rises-to-27-in-august-with-middle-and-outer-suburbs-favouring-renters/2012091956681">show a 1.8% vacancy rate for inner Sydney </a>(where units predominate), with higher vacancy rates in the middle suburbs (3%) and outer suburbs (3.1%).
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New first-home owner grant to add momentum to Sydney unit market upswing: PRDnationwide

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While the major banks keep as quiet as church mice, ING Direct has passed on the full 25 basis point rate cut to its borrowers.
The rate cut will take effect on October 12 and will reduce the interest rate on its most popular variable rate offering, Mortgage Simplifier to 5.97%.
ING Direct is the fifth largest home lender in the country, with $38 billion in mortgages.
Also today, The Greater Building Society has announced that it will reduce its already low home loan rates by between 0.15  and 0.25 percentage points.
A full rate cut will apply to the Greater’s Ultimate Home Loan (packaged loan) rate which will fall to 5.74% (comparison rate 6.09%).
The Greater’s standard variable home loan and basic variable home loan rates will fall by 0.15 percentage points to 6.25% p.a (comparison rate of 6.31% p.a.) and 5.89% p.a. (comparison rate of 5.95% p.a.) respectively.
The decrease in rates is effective from Monday for new loans and for existing customers from October 15.
Customers on a 30-year standard variable or basic home loan of $300,000 will see their monthly repayments reduce by $30.
CEO Don Magin says The Greater wanted to pass on as much of the cut as possible as quickly as possible to customers.
He says intense competition and high loan funding costs meant that The Greater was not able to pass on the full rate cut this time.
The Greater’s standard and basic variable home loan rates will remain lower than those of the major banks, even lower when comparison rates are used.
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ING Direct passes on full rate cut while Greater Building Society passes on 15 bps to standard variable customers

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The RBA is likely to cut the cash rate again on Melbourne Cup Day (November 6) with another rate cut in the March quarter, according Shane Oliver, chief economist at AMP Capital.
Oliver expects the cash rate to fall to 2.5% over the next six months to deliver a variable mortgage rate of around 6%, a setting which will encourage growth and improving consumer and business confidence.
According to Oliver the current average standard variable rate of around 6.75% is the new “new neutral” setting and at a level that is only “just starting to become stimulatory”.
He expects the banks to pass on around 20 out of the 25 basis points on offer following Tuesday’s cash rate cut to 3.25%, which would take the average standard variable rate to 6.6%.
“In the last two easing cycles the mortgage rate had to fall to around 6.05% in 2002 and to 5.8% in 2009.
“Given the fall in the likely neutral level for mortgage rates and the current headwinds coming in the form of the strong Australian dollar and fiscal tightening, mortgage rates will at least need to fall to these lows.
“Given the ongoing issues with bank funding, to achieve a circa 6% mortgage rate the cash rate will need to fall to around 2.5%” he says.
This is because banks have not passed on past rate cuts in full due to “funding issues”.
“Basically banks have been seeking to reduce their reliance on non-deposit funding which has proved unreliable since the GFC and to do this they have had to offer higher deposit rates relative to the cash rate than would normally be the case.
“This has resulted in higher lending rates relative to the cash rate than was the case pre GFC.”
Oliver says the RBA is “coming around to this view”.
“As such we expect another 0.25% cash rate cut next month on Melbourne Cup day, followed by a cut to 2.5% in the March quarter next year,” Oliver says.
Oliver says key sectors likely to benefit from lower rates are retailers, building materials and home builders.
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RBA “coming round” to need for November rate cut and 2.5% cash rate: Shane Oliver

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The number of dwellings approved rose 6.4% to 12,046 in August, following a fall of 21.2% in July, according to the latest ABS figures.
Most of the growth was the result of a strong pick-up in the more volatile apartment approvals sector, which rose 23.0% to 4,596 dwellings approved in August.
However, the detached housing sector remained weak with approvals for the construction of private sector houses falling 0.5% in August to 7,314 houses.
In August 2011, there were 8,275 private sector house approvals.
Private sector house approvals fell in NSW (-10.4%) and Queensland (-3.6%) but rose in Western Australia (11%), South Australia (1.4%) and Victoria (0.8%).
Dwelling approvals (combined for both houses and units) increased in Victoria (30.2%), Western Australia (16.1%) and Queensland (1.8%) but decreased in NSW (-18.3%), South Australia (-1%) and Tasmania (-0.9%) in seasonally adjusted terms.
The value of total building approved rose 9.4%, in seasonally adjusted terms, after falling for two months.
The value of residential building rose 9.2% while non-residential building rose 9.8%.
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Dwelling approvals rise 6.4% in August but detached housing remains weak: ABS

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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