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The Reserve Bank has surprised the majority of economists by cutting the cash rate by 25 basis points to 3.25% at its October monetary policy meeting today.
This is the lowest the cash rate has been since October 2009.
It is only one 25-basis-point rate cut off the record low of 3%, which was in place from April 2009 to September 2009. This followed the RBA cutting the cash rate by over 400 basis points between August 2008 and April 2009 to keep the economy ticking over in the wake of the GFC.
Only nine economists <a href="/news">polled by Bloomberg</a> last Friday tipped the RBA to cut the cash rate today.
The RBA cut the cash rate despite median property values rebounding by more than 2% in the five capital cities (Sydney, Melbourne, Brisbane + Gold Coast, Perth and Adelaide) quarter-on-quarter in September, according to RP Data-Rismark's daily index.
However, mortgage lending and retail sales have been weak, while concerns remain about the global economy and the Chinese economy in particular.
The major banks and other lenders are expected to announce how much of the rate cut they will pass on to borrowers in the next few days.
ANZ will make its monthly independent interest rate decision on Friday, October 12.
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lschlesinger-FZcF9M3vE6

RBA cuts cash rate by 25 basis points to 3.25% – lowest in three years 

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Dudley, the southern coastal suburb of Newcastle that started life as a coal mining town in the 1880s, has ranked as Australia’s number one location for house price growth, according to figures compiled by RP Data.
The latest Top 100 suburb report, which examines median dwelling value changes for the 12 months to June 2012 is heavily populated by regional locations close to mining activity, which make up almost a third of locations on the list.
Dudley secured top spot on the list by registering a 35.7% increase in dwelling prices over the year to June from a median of $394,000 to $535,000.
The prominence of Dudley and 11 other Hunter regions in the top 100 reflects a trend of dissatisfied Sydneysiders, many of whom have been priced out of the market, heading north and buying in the more affordable suburbs of Newcastle and nearby Lake Macquarie.
What is now a coastal suburb with waterfront properties, began life as a South Burwood Colliery in 1885 with sinking operations commencing in 1888. In 1898 a methane gas explosion killed 15 miners.
<a href="https://www.flickr.com/photos/uon/6953961295/">Grainy turn-of-the-century images</a> show Dudley as an industrial town dominated by the Dudley Coal Mine, a far-cry from its current status as a lifestyle destination and short walk to the beach for many residents.
An advertisement for a <a href="https://www.flickr.com/photos/uon/5956375616/">clearance sale of Dudley township allotments in 1927</a> by the Dudley Land and Coal Company Estate shows 47 homesites for sale requiring a 20% cash deposit and monthly repayments of £1 a month on a 5% interest rate.
RP Data national research director Tim Lawless attributed the growth to a combination of increased prices and extra house sales.
Dudley recorded 32 sales in the year to June compared to 21 in the previous year with Lawless adding that its growth was also due to it being a small housing market, which have volatility.
“It’s a market close to the Hunter, close to resources, it’s got lifestyle and is close to thriving mining regions,” Lawless told The Weekend Australian.
Second on the list behind Dudley is the Queensland mining town of Collinsville in the coal-rich Bowen Basin region in central Queensland (prices up 34.9%) followed by another coal mining hotspot, Moranbah (34.2%).
WA’s Pilbara mining region is also strongly represented with South Hedland and Port Hedland ranking in the top 10 and notable for their high median dwelling prices - $898,000 and $1.28 million respectively.
Top 10 suburbs for house price growth
<table border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td valign="top" width="103">
Rank
</td>
<td valign="top" width="75">
State
</td>
<td valign="top" width="131">
Suburb
</td>
<td valign="top" width="103">
Median June 2012
</td>
<td valign="top" width="103">
Median June 2011
</td>
<td valign="top" width="103">
Change
</td>
</tr>
<tr>
<td valign="top" width="103">
1
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Dudley
</td>
<td valign="top" width="103">
$535,000
</td>
<td valign="top" width="103">
$394,000
</td>
<td valign="top" width="103">
35.7%
</td>
</tr>
<tr>
<td valign="top" width="103">
2
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Collinsville
</td>
<td valign="top" width="103">
$273,000
</td>
<td valign="top" width="103">
$202,000
</td>
<td valign="top" width="103">
34.9%
</td>
</tr>
<tr>
<td valign="top" width="103">
3
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Moranbah
</td>
<td valign="top" width="103">
$722,000
</td>
<td valign="top" width="103">
$538,000
</td>
<td valign="top" width="103">
34.2%
</td>
</tr>
<tr>
<td valign="top" width="103">
4
</td>
<td valign="top" width="75">
WA
</td>
<td valign="top" width="131">
South Hedland
</td>
<td valign="top" width="103">
$898,000
</td>
<td valign="top" width="103">
$673,000
</td>
<td valign="top" width="103">
33.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
5
</td>
<td valign="top" width="75">
Qld
</td>
<td valign="top" width="131">
Blackwater
</td>
<td valign="top" width="103">
$449,000
</td>
<td valign="top" width="103">
$341,000
</td>
<td valign="top" width="103">
31.9%
</td>
</tr>
<tr>
<td valign="top" width="103">
6
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Wee Waa
</td>
<td valign="top" width="103">
$218,000
</td>
<td valign="top" width="103">
$167,000
</td>
<td valign="top" width="103">
30.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
7
</td>
<td valign="top" width="75">
WA
</td>
<td valign="top" width="131">
Port Hedland
</td>
<td valign="top" width="103">
$1.28 m
</td>
<td valign="top" width="103">
$1 m
</td>
<td valign="top" width="103">
26.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
8
</td>
<td valign="top" width="75">
SA
</td>
<td valign="top" width="131">
Whyalla Playford
</td>
<td valign="top" width="103">
$286,000
</td>
<td valign="top" width="103">
$228,000
</td>
<td valign="top" width="103">
25.4%
</td>
</tr>
<tr>
<td valign="top" width="103">
9
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Hurstville
</td>
<td valign="top" width="103">
$931,000
</td>
<td valign="top" width="103">
$748,000
</td>
<td valign="top" width="103">
24.5%
</td>
</tr>
<tr>
<td valign="top" width="103">
10
</td>
<td valign="top" width="75">
NSW
</td>
<td valign="top" width="131">
Bonnyrigg Heights
</td>
<td valign="top" width="103">
$522,000
</td>
<td valign="top" width="103">
$420,000
</td>
<td valign="top" width="103">
24.4%
</td>
</tr>
</tbody></table>
Source: The Weekend Australian/RP Data
The Top 100 also reflects the declining or stagnant prices in many prestige suburbs with only five suburbs with a median dwelling price of $1 million or more making it onto the list.
They include Cremorne on the Sydney north shore, which ranked 63rd with prices up 14.7% to a median of $1.63 million and Hawthorn East in Melbourne, which ranked 40th with prices up 17.2% to a median of $1.3 million.
The other million dollar suburbs on the list were all in Sydney namely, Connells Point (up 15%, $1.9 million), Russell Lea (up 13.8% to $1.19 million) and Milsons Point (up 16.2% to $1.11 million).
The list includes just one Tasmanian suburb - the scenic township of Cygnet, which ranked 35th with median dwelling values up 17.6% - reflecting a 4% fall in median house prices on the Apple Isle over the past year.
Census 2011 data shows that Dudley is predominantly made up of houses (83.3%) with half of dwellings having three bedrooms and more than a quarter having four bedrooms or more.
The property investment market in Dudley is relatively small with just 22% of Dudley homes available for rent compared to 30% across NSW.
The average monthly mortgage repayment is $1,800 per week with just 8.5% of Dudley residents technically in mortgage stress (mortgage payments are 30%, or greater, of household income) below the state average of 10.5%.
Recent sales around Dudley (post code 2290) include this <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-charlestown-111341887">five-bedroom, two-bathroom house at 49 Oceanview Parade</a>, Charlestown which sold for $442,000 through Cveta Kolarovski of PRDnationwide Newcastle &amp; Lake Macquarie.
It previously sold for $367,500 in February 2008.
Mary Sparkes from Creer Property – Charlestown sold<a target="_blank" href="https://www.realestate.com.au/property-apartment-nsw-charlestown-111318515"> this two-bedroom ground floor unit with garage on Milson Street </a>for $248,000 aimed at the investor market.
Median rent in Dudley is $280 per week, according to census 2011 data, providing an indicative rental yield around 5.9%.
 
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Little-known Dudley heads RP Data's Top 100 growth suburbs, with mining towns prominent and prestige suburbs absent

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More than half (53%) of Australian households have no income left at the end of the month once they have paid their mortgage and other bills, according to the latest ME Bank Household Financial Comfort Report.
The report found that 43% of households break even and 10% spend more than they earn by drawing on savings, loans, credit or equity in their homes.
The most financially vulnerable are single parents, with 43% indicating they would not be able to maintain their lifestyle for a fortnight without a pay cheque, compared with 20% of couples with young children, 16% of couples with older children, and 9% of retirees.
The findings were based on a survey of 1,500 households and show that retirees (5.56 out of 10) and couples with older children (5.15) are households most comfortable with their level of savings.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/meoct1.jpg"><img src="/images/stories/2012/09/meoct1thumb.jpg"></a>
Source: ME Bank
Evidence of a lack of a financial buffer for many Australian households comes a day before the RBA makes a decision about whether to lower the cash rate at its October monetary policy meeting.
A 25-basis-point rate cut would cut mortgage repayments by about $50 a month on a $280,000 variable mortgage.
It also provides some granularity to ABS household savings data, which shows that the saving rate from current household disposable income was at about 9.5% in the first half of 2012, relatively high by historical standards.
Jamie McPhee, CEO of ME Bank, says the findings indicate large segments of the Australian population are finding it difficult to save from current income.
“A savings buffer is critical if households lose an income and unsurprisingly it is those households who have low comfort with their level of savings who also report they would struggle to manage if they lost their income.”
“Banks have a responsibility to help people save through helping customers better understand their finances, providing lower cost banking products, and being straightforward and responsible in their interactions with customers,” he adds.
Despite the struggle for many to save money, the report found an overall improvement in household financial comfort, which increased to 5.39 (out of 10) in June 2011 from 5.20 in October 2011 as measured by ME Bank’s Household Financial Comfort Index.
The index measures overall household financial comfort, by asking respondents to estimate their financial comfort as well as their expectations and confidence across 11 measures, and the gap between perceived financial comfort and an objective measure of their actual financial situation.
The index also showed household financial comfort is influenced by employment status, with part-time (4.87 out of 10) and casual workers (5.07 out of 10) having the lowest financial comfort of people with jobs, while unemployed people (4.40 out of 10) had the lowest financial comfort of all.
Superannuation was shown to be the most significant driver of higher levels of financial comfort, with high comfort levels (greater than eight out of 10) observed for households with super balances of greater than $200,000.
On a state-by-state basis ACT households are the most financially comfortable (6.22 out of 10) followed by Western Australia (5.64), Victoria (5.62) and Tasmania (5.60), which are all above the national average (5.39).
Both Victorian households and Tasmanian households recorded an improvement in financial comfort compared with the October index.
South Australians are the least comfortable with a comfort rating of just 4.84
“The fall in financial comfort for South Australian households reflected deterioration in all components of the Index and was also related to greater perceived difficulties in finding a job in South Australia compared to the rest of the country,” say McPhee.
“Financial comfort remained fairly stable for New South Wales and Western Australia, with the former less comfortable than Australia as a whole and the latter significantly more comfortable.
“Financial comfort for Queensland households is similar to Australia as a whole, reflecting a significant improvement up from a low in October 2011 that was associated with the earlier negative impacts of last year’s widespread flooding and Cyclone Yasi," he says.
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Half of households just managing to pay mortgage and other bills: ME Bank survey

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Australia’s baby boomers, many of whom are just entering into retirement, could place strain on the efficient operation of the housing market if they don’t downsize into smaller properties, warns Real Estate Institute of Australia research officer Evgeniya Hawthorne.
Many of the oldest baby boomers (the generation dates from those born between 1946 and 1964) have just entered retirement (65 and older) and appear intent on holding on to their bigger houses and spare bedrooms.
ABS 2011 data showing that 91.4% of older Australian households have one or more spare bedrooms.
The figures also show that while the average number of persons per household declined from 3.1 in 1976 to 2.6 in 2011, the average number of bedrooms per dwelling increased from 2.8 to 3.1 over the same period.
The problem is being compounded by Australia undergoing a rise in longevity, with the population of those 65 and older increasing by 27.1% in the last 10 years to over 3 million, with the median age in Australia increasing from 35 in 2001 to 37 in 2011.
“The reluctance to move in later life impacts on the efficient utilisation of Australia’s housing stock," says Hawthorne.
“Compared to younger households, older households are more likely to have spare bedrooms in their homes."
Hawthorne says retirees need to downsize in order to make room for younger families.
“Encouraging downsizing among the older population may be considered as one of the key tools in avoiding overcrowding and meeting occupancy standards by other groups such as younger families with children. “
She says it is crucial that homes are appropriate for the housing needs of the older generation.
Hawthorne says there are barriers to downsizing that make older Australians stay put for longer.
“Strong emotional attachment to a family home may be one of the main factors, and moving house is a stressful and costly event. Stamp duty is the largest cost impediment to downsizing,” she says.
“Appropriate policy needs to be developed to encourage more efficient allocation and utilisation of the nation’s housing stock."
She also notes a social trends report compiled by the ABS in December 2010 looking at why older Australians move home found that less than a quarter (22.5%) gave as a reason wanting to downsize to a smaller house.
Other popular reasons for moving include family reasons (22.3%) or a lifestyle change (19.7%), with 7% saying they wanted to move to a bigger house.
Reasons for most recent move for older households without children 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="228" valign="top">
Reason 
</td>
<td width="228" valign="top">
Proportion of responses 
</td>
</tr>
<tr>
<td width="228" valign="top">
Housing reasons, including 
</td>
<td width="228" valign="top">
48.9 
</td>
</tr>
<tr>
<td width="228" valign="top">
Wanted bigger / better house
</td>
<td width="228" valign="top">
7.0
</td>
</tr>
<tr>
<td width="228" valign="top">
Wanted smaller house / downsize
</td>
<td width="228" valign="top">
22.5
</td>
</tr>
<tr>
<td width="228" valign="top">
Purchased own dwelling
</td>
<td width="228" valign="top">
3.5
</td>
</tr>
<tr>
<td width="228" valign="top">
Employment 
</td>
<td width="228" valign="top">
1.6 
</td>
</tr>
<tr>
<td width="228" valign="top">
Family reasons 
</td>
<td width="228" valign="top">
22.3 
</td>
</tr>
<tr>
<td width="228" valign="top">
Get married / live with partner
</td>
<td width="228" valign="top">
2.7
</td>
</tr>
<tr>
<td width="228" valign="top">
Breakdown of marriage / relationship
</td>
<td width="228" valign="top">
0.9
</td>
</tr>
<tr>
<td width="228" valign="top">
Lifestyle change 
</td>
<td width="228" valign="top">
19.7 
</td>
</tr>
<tr>
<td width="228" valign="top">
Other (neighbourhood, health, accessibility and other reasons) 
</td>
<td width="228" valign="top">
23.0 
</td>
</tr>
</tbody></table>
Source:  Moving House, ABS Australian Social Trends 4102.0 December 2010
Rocking chair photo courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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Reluctance of baby boomers to downsize creating inefficient housing market: REIA’s Evgeniya Hawthorne

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ANZ recorded a lift in its customer satisfaction rating in August, reversing a slide that began soon after the bank announcing that it would make interest rate decisions independently of the RBA.
The move to go it alone from the RBA since January has been widely described as a poor public relations move.
ANZ’s customer satisfaction rating improved by 0.8 points – it still remain in fourth place on 73.9% but is only just behind Westpac on 74.7%, according to the latest Roy Morgan Research survey.
All the major banks improved their customer satisfaction ratings over August.
Click to enlarge
<a href="/images/stories/2012/09/morganoct1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/morganoct1thumb.gif"></a>
NAB extended its lead as the major bank with the most satisfied customers, recording the biggest improvement over the month with a 1.3-percentage-point gain to 79.8%.
NAB leads the big four for both the most satisfied home loan and non-home loan customers.
NAB has had the lowest standard variable rate of the major banks for the past three years and has committed to maintaining this position throughout 2012 recorded the biggest improvement coming from NAB customers who increased by 1.3% points to make them a clear leader on 79.8%.
CBA remains in second place with 77.8% satisfaction but fell further behind NAB during August because it only showed a 0.2-percentage-point improvement.
But it remains well behind NAB in customer satisfaction for home loan customers (-3.5% points) and to a lesser extent their non-home loan customers (-2.1% points).
In August the business customers of the big four banks all showed a decline in satisfaction, which was in stark contrast to the improvement they all showed among their personal customers.
NAB shows the biggest gap in the satisfaction rating between personal and business customers, with a 16.7-point lower rating among their business customers. Westpac remains the clear leader among the big four with 66.6% business customer satisfaction, but Suncorp is the best performer among the major banks, with 72.1%.
Norman Morris, industry communications director at Roy Morgan Research, says the widening gap between satisfaction levels of the major banks personal and business customers should be of major concern as it is potentially an indication that in this uncertain economic environment more focus may have been placed on the relative safety of the personal bank customers at the expense of business.
“As a result, when the business outlook turns around the banks will have considerable ground to make up in order to gain and retain customers,” he says. 
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ANZ halts slide in customer satisfaction but NAB still best among mortgage holders: Roy Morgan Research

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The majority of economists expect the Reserve Bank to wait until the November Melbourne Cup day meeting to cut the cash rate, according to the latest Bloomberg poll.
Nineteen out of 28 economists polled by Bloomberg ahead of Tuesday’s monetary policy meeting expect the RBA to leave the cash rate on hold at 3.5%.
The major banks are giving no help with direction with two (ANZ and Westpac) expecting the RBA to cut the cash rate to 3.25% and two (Commonwealth Bank and NAB) tipping no change.
<a target="_blank" href="/news">Both ANZ and Westpac changed their minds last week </a>from a cash rate hold to a rate cut.
Others tipping an October rate cut include AMP Capital (Shane Oliver), Market Economics (Stephen Koukoulas), Macquarie Research, Moody’s Economy.com and UBS.
Economist Adam Carr – not polled by Bloomberg – is definitely not entertaining a rate cut next week.
“RBA should be hiking rates 25 with growth as strong as we've got! Crazy that they're even discussing cuts," <a href="https://twitter.com/AdamCarrEcon">he tweeted.</a>
November rate cut expectations are much stronger with 18 out of 28 economists tipping the Reserve Bank to continue to loosen monetary policy.
The RBA will make its decision at 2.30pm on October 2.
An earlier version attributed an Adam Carr tweet to AFR columnist Christopher Joye.
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Two-thirds of economists tipping rate hold next week, with the major banks divided: Bloomberg 

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May and June rate cuts have yet to stimulate a pick-up in mortgage lending.
According to  the latest RBA figures, housing credit increased by just 0.3% over August, matching  an increase of 0.3% over July.
Over the year to August, housing credit rose by 4.8% – the weakest annual growth in records going back 34 years.
“Housing credit has lost momentum under the weight of earlier tight monetary policy with the sector facing a number of headwinds,” notes Westpac.
The bank says owner-occupier credit is particularly subdued as the household sector continues to deleverage.
 “Three month annualised growth is now 3.1%, moderating from 6.9% at the end of 2010.
“In recent months many have maintained mortgage repayments at current levels, notwithstanding interest rate reductions. This results in a more rapid paying down of the loan.
“The investor market has been a little more resilient, with credit to investors up 5.4% over the year and 5.5% annualised over the last three months. 
“Monetary policy moved into the expansionary zone with the RBA's May and June rate cuts and further rate cuts are in prospect. We expect a lift in housing credit growth over the year ahead as people respond to the improvement in housing affordability. Although, a sustained strong upswing is unlikely in the current environment,” says Westpac.
Total credit provided to the private sector by financial intermediaries rose by 0.2% over August 2012, after rising by 0.2%over July.
Over the year to August, total credit rose by 4.1%.
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Mortgage lending up just 0.3% in August as owner-occupiers continue to deleverage: RBA 

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Unsecured creditors of Provident Capital have voted today to maintain Tony McGrath and Joseph Hayes of McGrath Nicol as joint and several voluntary administrators of the collapsed fund manager and non-bank lender.
McGrath Nicol were appointed by Australian Executor Trustees Limited (AET) on September 18.
AET represents debenture holders and successfully petitioned the Federal Court in July to place Provident in receivership and to freeze its mortgage funds.
Phil Carter, Tony Sims and Marcus Ayres of PPB Advisory <a href="/news">c</a><a target="_blank" href="/news">ontinue to represent AET debenture holders as receivers and managers of Provident Capital </a>and to seek to sell properties secured against loans to pay back $70 million owed to Bendigo Bank and then re-start payments to debenture holders.
Debenture holders are secured creditors.
“The Voluntary Administration process is another step which AET has undertaken to preserve potential actions that the Company may have against third parties which could give rise to future recoveries to repay debentureholder claims,” explains PPB Advisory.
“It also allows unsecured creditors to lodge their claim against the company.
“As all Debentureholders are secured creditors by virtue of AET’s security interest, individual debentureholders are not required to prove their claim in the Voluntary Administration, nor are they required to vote at any meeting of creditors.
“Rather AET in its capacity as security trustee will represent all debentureholders in the voluntary administration process.
“Control of the Company’s assets and business operations will otherwise remain with the receivers and managers.
“Any updates on the status of the Receivership will be communicated directly to debentureholders via post or on our website," sasy PPB Advisory.
All creditors will receive a detailed report from McGrath Nicol on October 17 regarding the company’s affairs and recommendations as to its future, which could include Provident being liquidated.
A second statutory meeting of creditors is due to be held on October 24 where creditors will vote on the recommendations made by McGrath Nicol.
A decision on Provident’s future will be made at the second statutory meeting.
Tell us what you know about the Provident collapse.
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Unsecured Provident Capital creditors meet

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Property Observer columnist Catherine Cashmore was first out the blocks to tweet about further good news for the housing market with RP Data-Rismark expecting capital city dwelling values to be up 1.4% over September.
<a href="https://twitter.com/CCASHMORE_BUYER" target="_blank"><img src="/images/stories/2012/09/cashmoretweet.jpg"></a>
Clues about what the September index will show were revealed by RP Data today.
RP Data national research director Tim Lawless says based on what happened to September 28  “dwelling values across the combined five largest capital cities of Australia are likely to increase by around 1.4% over the month of September, and the quarterly rate of growth will be around 2.0% over the quarter; that’s the strongest quarterly change since May 2010”.
The full RP Data results for September will come out at 10am on Tuesday, just a few hours before the RBA makes its October cash rate announcement at 2.30pm.
The performance of the housing market will be one key aspect of the economy that will be deliberated on by the RBA board in coming to its decision.
 
According to Lawless, the latest data “reinforces the notion that Australia’s housing market, at least at a macro level, is moving past the correction phase which saw values fall by 7.5% between the end of October 2010 and the end of May 2012”.
“The improvement in market conditions can mostly be attributed to interest rate settings and the prospect of a low interest rate environment over the medium term.
“Improving housing market conditions are likely to be front and centre on the agenda of discussion items when the Reserve Bank board meets next Tuesday.
“The Bank would be looking to avoid any further stimulation of the housing market while at the same time ensuring the interest rate setting is appropriate considering the high Australian dollar and sluggish level of consumer demand.”
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Conditions in housing market improving, says Catherine Cashmore: Tweet of the day

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Gold Coast real estate agent and property developer Rod Lambert has had charges that he stalked Ray White Queensland CEO Peter Camphin dismissed in the Brisbane Magistrates Court this week.
On the advice of his solicitor,  Lambert has agreed to not to have any contact with Peter Camphin for a period of two years.
"In view of the fact that Mr Michael Kollosche no longer works for Ray White, Mr Lambert happily agreed to conform to that request as he now has no reason to contact Mr Camphin now or in the future now that Mr Kollosche has left the employment of Ray White," said Lambert in a statement.
In previous online postings, Lambert made allegations of misconduct against Gold Coast prestige sales agent Michael Kollosche, who was previously contracted to the Ray White Broadbeach office.
Lambert accused Ray White of not taking appropriate action against Kollosche.
A spokesperson for Ray White declined to comment on the ruling and said it was a private matter between Rod Lambert and Peter Camphin.
Peter Camphin declined to comment.
Lambert was charged with stalking Camphin in February this year.
In March a Queensland Supreme Court judge ruled that Lambert must close down a website he ran, which Ray White claims was damaging its brand.
The injunction against Lambert from publishing the website and related material remains in place.
In May 2010 Lambert alleged that wealthy investors were duped into buying multimillion-dollar properties on Mermaid Beach on the Gold Coast as part of an elaborate price-fixing scam.
In January this year the <a href="https://www.propertyobserver.com.au/residential/investigation-into-alleged-price-fixing-on-mermaid-beach-to-continue-in-2012/2012010352958" target="_blank">Queensland Office of Fair Trading confirmed to Property Observer</a> that it was continuing to investigate such allegations.
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Stalking charges dismissed against Mermaid Beach campaigner Rod Lambert 

<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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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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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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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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