<html><body>
ASX-listed online real estate company Onthehouse Holdings will look to take on the established real estate data businesses following its agreement to acquire 100% of property data business Residex.
Onthehouse already owns 50% of Residex, having acquired the half-share in May 2011.
The company, which runs listings valuation website onthehouse.com.au, and two other real estate software businesses, Console and Portplus, will acquire the remaining 50% of Residex for $3.5 million.
Residex was founded by John Edwards in 1990 to to develop house price indices for the NSW state government and has since added expanded historical residential data, suburb reports and valuation reports to its national mix of products and services.
Residex hold more than 350 million records provided to the property industry and the public dating back to 1865.
Edwards will stay on as an adviser with day-to-day operations not changing for customers.
He told the Australian Financial Review he no longer had the capital to compete with larger data companies.
Residex’s main data rivals are RP Data, owned by California-based CoreLogic, Fairfax-owned Australian Property Monitors (APM) and Louis Christopher's SQM Research.
Onthehouse will incorporate the Residex intellectual property and technology into its business.
Onthehouse managing director and CEO Michael Fredericks says the acquisition of Residex will bring it a step closer to becoming a leading real estate data company.
Onthehouse recorded a 22% year-on-year increase in revenue of $20.3 million for the 2012 financial year and net profits of $2.14 million following a loss of $1.83 million in 2011.
Most of Onthehouse’s revenue is earned from its real estate solutions businesses – Portal and Console.
It also earns  revenue from lead generation provided to mortgage brokers and real estate agents, from listing fees (a flat rate of $250) and a sponsorship arrangement with Suncorp-Metway.
</body></html>

lschlesinger-FZcF9M3vE6

Onthehouse to take full ownership of John Edwards' Residex business

<html><body>
Property investment options under $300,000 in Melbourne are relatively limited unless you’re prepared to compromise on quality or are willing to spend extra on renovations, reports Herron Todd White in its September review of residential buying opportunities in this price bracket.
But further afield, in regional Victoria, options under this benchmark (close to the size of an average Australian mortgage, according to the ABS) are much more plentiful – provided you’re not too snobbish about buying a 1970s or 1980s-era brick veneer house.
Examples include <a href="https://www.realestateview.com.au/Real-Estate/8-king-street-warragul/Property-Details-buy-residential-4436857" target="_blank">this well-kept three-bedroom brick veneer home on King Street</a> in Warragul, Gippsland (pictured below), listed for a negotiable $269,000 on an 800-square-metre block by South East Real Estate. The property was rented at around $220 per week in 2009, a yield of 4.25%. It was listed for sale in March 2010 for $250,000 but failed to sell.
<img src="/images/stories/2012/09/kingst.jpg" width="470">
According to HTW, suburban investment options under $300,000 in Melbourne stretch from close to the city, incorporating up-and-coming suburbs like Preston and Coburg, to as far north as Craigieburn, where Stockland’s Highland master-planned community is being developed.
In these suburbs, the best options in this price bracket are one and two-bedroom apartments.
Investors or owner-occupiers can snap up <a href="https://www.realestateview.com.au/Real-Estate/109-19-pentridge-boulevard-coburg/Property-Details-buy-residential-4184251" target="_blank">this one-bedroom apartment</a> (below) overlooking the walls of the former Pentridge Prison, which is listed at $269,000 by Stockdale &amp; Leggo Carlton. A third-storey one-bedroom apartment in the same development sold for $343,000 in July this year.
<img src="/images/stories/2012/09/pentridge.jpg" width="470">
In Preston the range is restricted primarily to one-bedroom units.
Two-bedroom units are available in this price range, but HTW says they will be in a poor location or in extremely poor condition.
Currently priced at just under $300,000 is a<a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-preston-111520555"> modern one-bedroom unit</a> (pictured below) by Mario Tucci of Harcourts Thomastown. RP Data show the property was last rented at $290 per week in 2009 – a yield of just over 5%. The property has been up for sale through a variety of campaigns since July 2011, seeking offers above $270,000.
<img src="/images/stories/2012/09/gilbertrd.jpg" width="470">
 
<hr class="system-pagebreak">
 
For investors, HTW says prospects in inner suburbs like Preston and Coburg are enticing, as rental returns are still competitive, with one-bedroom apartments selling for under $300,000 but still commanding rental returns above $1,200 per month.
“Investing in the outer suburbs throws up more uncertainty, as the perception that these undeveloped suburbs creates risk and doubt leads to them experiencing slower growth patterns," says HTW.
Investors with more patience and a long-term holding approach could benefit, with HTW expecting growth to come once these suburbs are established in terms of infrastructure and the anticipated planning comes to fruition.
Moving out towards the fringes, HTW says it is very hard to find “liveable” homes for under $300,000 even in places like Wollert, around 30 kilometres from the CBD in Whittlesea.
“To enter into the market in the northern suburbs around Craigieburn and Wollert, a family requiring a 3- bedroom home can be expected to pay around $350,000. Closer into the city around Pascoe Vale prices will start from $360,000 to $370,000 range.
“The houses for this price are very basic and will often be in the poorer locations of the suburbs.”
Investors can pick up a house-and-land package for just above $300,000, with a <a target="_blank" href="https://www.stockland.com.au/residential/vic/eucalypt-packages.aspx?pid=784&amp;k=4e5a43c6ae974281bc8abc5ffb90066b&amp;fi=0">new three-bedroom, two-bathroom house</a> (pictured below) on a 263-square-metre lot selling in Stockland’s Eucalypt development in Wollert for $320,000.
<img src="/images/stories/2012/09/eucalypt.jpg" width="470">
Moving outside of Melbourne, there are numerous sub-$300,000 opportunities in the Gippsland region, an area that begins immediately east of the suburbs of Melbourne and stretching to the New South Wales border.
“Within our local area $300,000 presents buyers with a number of options,” says HTW
Gippsland
<ul>
<li>
Warragul and Drouin: well-located circa 1970s to 1980s brick veneer home in good condition or alternatively an entry-level house-and-land package in a new subdivision</li>
<li>
Moe, Morwell or Newborough: a good quality circa 1980s to early 1990s brick veneer home</li>
<li>
Morwell and Newborough: HTW reports some recent sales of 1970s units well under the $300,000 mark “and admittedly where not very stylish or trendy, they do return in the range of 7% to 9% gross rental”.</li>
<li>
Moe and Morwell: large numbers of basic commission-style dwellings available between $90,000 to $150,000, which show gross rental returns of between 7 to 9%.</li>
<li>
Sale/Maffra:  a three- to four-bedroom, two-bathroom brick veneer home in an established area, generally circa 1980s to 1990s, on land sizes between 700 and 1,000 square metres.</li>
<li>
Sale: a modern (circa 2005 onwards) townhouse in reasonable proximity to the CBD.</li>
<li>
Maffra: a modern townhouse generally closer in to the CBD than in Sale</li>
<li>
Loch Sport/Golden Beach/Paradise Beach/Seaspray: a modern house in a good location, generally with reasonable water views (Loch Sport) or access to the beach (Golden Beach/Paradise Beach/Seaspray) with rental returns of about 5% for a $300,000 investment</li>
<li>
Sale and Traralgon: circa 1980 three- and four-bedroom dwelling in good location on a large block, a renovated older-style weatherboard dwelling in a central location, a brand -ew townhouse with good rental return of 6% plus.</li>
<li>
Churchill: you can pick up two 1970s brick veneer dwellings earning up to 7% return, also older style rural residential property on one acre.</li>
<li>
Rosedale: new house-and-land package four-bedroom home on 800-square-metre to 900-square-metre block, older-style rural residential property on one to five acres.</li>
</ul>
Mildura
 There are plenty of options, with the HTW database showing that $300,000 is above the median sales price.  In this price range it is possible to buy a brick veneer three- or even four-bedroom home built in the period from 1995 to 2006 on a reasonable sized allotment.
“The home won’t come with a pool and will have an average fit-out, but will most likely have some established landscaping and not need any immediate upgrading,” says HTW.
Other options in Mildura include compact four-bedroom homes bought off the plan by one of several project builders currently active in Mildura, with dwellings generally less than 140 square metres located in more of a fringe location.
“We see good prospects for this segment, $300,000 is relatively affordable for any professional people moving to Mildura, and while buyers have been able to be selective in the flat market that has persisted for the past two to three years, there is likely to be on going demand from owner-occupiers and investors alike," says HTW.
“The most active buyers of the new dwellings have been 'out of town' investors, keen to capitalise on the tight rental market and potential to obtain 6% gross rental returns combined with higher depreciation allowances than would be obtained from older dwellings.”
<a href="https://www.propertyobserver.com.au/new-south-wales/from-potts-point-to-the-central-coast-17-property-investment-options-in-nsw-for-under-%24300000-htw/2012091256531">Click here for HTW sub-$300,000 recommendations in NSW.</a>
</body></html>

Little to entice sub-$300,000 investors in Melbourne, but 'brick veneer' is the word in regional Victoria: HTW

<html><body>
<img src="/images/stories/2012/09/315.gif">
The estimated gross face rent that Coty Australia, the global cosmetics and fragrance importer/distributor will pay to lease a 300-square-metre office space at 7 Howard Street, Richmond in a three-year deal negotiated by Leah Baxter of Colliers International. Coty Australia is set to relocate from former suburban premises. The company will occupy level 1 in a new, architect-designed building.
 
<hr>
 
<img src="/images/stories/2012/09/110k.gif">
The rumoured annual rent that equipment hire firm Shore Hire to lease industrial space at 19 Chambers Road, Altona, in a deal negotiated by Nathan Bingham and Stephen Newsham of Colliers International. The length of the lease is five years and covers a 10,000-square-metre land area. Shore Hire was bought out by publicly listed group Coates Hire close to three years ago. “This deal underpins the significant operating base of the company in the key eastern seaboard cities of Brisbane, Sydney and Melbourne,” says Bingham. The property is owned by the Bradica Group.
 
<hr>
 
<img src="/images/stories/2012/09/126.gif">
The estimated net annual rental per square metre – based on current rents achieved in the centre – that outdoor products retailer Anaconda will pay to lease a 2,200-square-metre showroom in Hoppers Crossing. Located in the Hoppers Crossing retail bulky goods precinct at 319 Old Geelong Road, the store recently underwent significant refurbishments, updating the space into a quality showroom. The deal was negotiated by CBRE’s Scott Littler on behalf of a private lessor, with Anaconda taking a 10-year lease. Littler says Hoppers Crossing remained one of the most tightly held bulky goods precincts in the state, with CBRE negotiating several leases in the area recently, including a 1,374-square-metre showroom at 269 Old Geelong Road to Focus on Furniture. Hoppers Crossing is located approximately 25 kilometres west of the Melbourne CBD.
 
<hr>
 
<img src="/images/stories/2012/09/575k.gif">
The net annual rent that Premium Showers &amp; Wardrobes will pay to lease a 13,750-square-metre manufacturing facility at 2-8 Oxford Road in Laverton North. This is the largest industrial lease to a manufacturer in more than three years in Melbourne’s west has been facilitated by Colliers International agents Nathan Bingham and Stephen Newsham. Premium Showers &amp; Wardrobes, a major manufacturer and supplier of shower screens mirrors, wardrobes, cabinets and joinery to the residential and commercial property sectors.  “The property was purpose-built for global automotive manufacturer Mahle about eight years ago, but Mahle have since moved their manufacturing base offshore,” says Bingham.
</body></html>

Commercial leasing: Outdoor store Anaconda rents bulky goods space in Geelong

<html><body>
First-home buyers who wait until a government incentive is introduced or even change the type of property they are buying to fit in with an incentive requirement could end up paying a lot more, according to celebrity property adviser Andrew Winter.
Winter, the host of Selling Houses Australia, says the $15,000 incentive for new home purchases introduced last week in Queensland and to begin in NSW on October 1 has the potential to create a “mini local property boom”.
Writing in the weekend News Ltd papers, Winter says when an incentive is withdrawn buyers rush to beat the cut-off date while sellers race to list.
Conversely, when the date for a new incentive is announced, buyers wait until the time they can get their hands on government dollars, creating a scenario where buyers outnumber sellers.
Winter says the golden rule to buying well is timing, which means avoiding boom conditions “such as times when there are far more buyers than sellers”.
“Those vendors with time on their hands sit and wait to pounce on those newly cashed-up buyers, meaning prices often rise.
“My advice is to buy when you are ready, buy what you want, do you research and then review the incentive game,” says Winter.
“Unlike any other purchase, no house or unit ever comes with a genuine fixed recommended retail price, so a $15,000 handout has little value if you could have secured the home for $30,000 less a month ago.”
Despite the warning, Winter says the biggest beneficiaries of government incentives appear to be first-home buyers (who can access the additional funds) and investors (who can push up their selling prices).
However, the losers are sellers who have to sell at a time when buyers pull back from the market, while state governments also apperar to give no thought to home owners “struggling in a trade-up or trade-down scenario”.
</body></html>

New government incentives for first-home buyers could create mini-boom in prices: Selling Houses Australia’s Andrew Winter

<html><body>
The Brisbane inner-city apartment market is heading into a downswing due to the large numbers of off-the-plan projects currently being marketed in the Brisbane CBD and surrounding suburbs, according to property investment adviser Michael Yardney.
Yardney, the director of Metropole Property Investment Strategists, places the Brisbane unit market at two o'clock on the property clock – 12 o’clock indicates the property market has peaked while 3pm indicates the market is in a downswing.
He has Sydney houses (six o’clock) nearing the bottom of the cycle, but units entering a recovery period (seven o’clock).
The Melbourne property market is  assessed as having further to fall, with both houses and units at five o’clock.
<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>
Yardney expects there to be an oversupply of inner-CBD and near-CBD apartments in Brisbane for the next few years, causing prices to fall slightly.
Most recent data put out by the Real Estate Institute of Queensland has unit and townhouse prices in Brisbane up 3.8% over the June quarter to a median of $402,500 – but down 1.5% year-on-year.
Yardney says many of the Brisbane projects being currently marketed will remain unsold and this oversupply of properties will put downward pressure on prices and rentals.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors.
“Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price,” he says.
Yardney assesses the Brisbane detached house market to be between four o’clock and five o’clock – still in a downturn but on the way to bottoming out.
“House prices have dropped for the last two years in Brisbane.
“Brisbane buyers are lacking confidence to re-enter the market and are sitting on the sidelines waiting for signs that the market has bottomed before they make a purchase. Many were waiting for the resources boom to reignite their property market, but recent negative media has again dampened confidence,” says Yardney.
According to Yardney there are signs that the inner and middle-ring Brisbane home market is picking up, with more buyers returning and many properties now selling under a multi-offer scenario.
“Brisbane is entering the stabilisation phase of its property cycle, but prices are unlikely to start rising until 2013.”
These are Yardney's assessments of Sydney and Melbourne houses and unit markets on the property clock:
Sydney houses – six o’clock (bottom of the market)
“Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with early signs of a demand for more expensive properties, especially in the eastern and lower north shore properties.
“There is increasing confidence, translating into more demand for properties in the middle and lower end of the market, which is approaching six o’clock.”
Sydney units – seven o’clock (start of an upswing)
Yardney sees still strong demand from owner-occupiers for units but a shortage of available “good” stock relative to demand, especially in inner west, which is going through gentrification.
“Apartments in Sydney’s eastern, beachside suburbs and lower north shore suburbs are also performing well. However, buyers are being very selective and avoiding properties that are overpriced or apartments in secondary locations. “Strong rental demand, a shortage of rental properties, tightening vacancies and rising rents means investors will also vie for the same apartments as owner-occupiers, underpinning prices. “The market for well-located apartments is likely remains strong throughout spring and this will be helped if interest rates fall once more as expected.”
Melbourne houses – five o’clock (in a downswing)
“After falling in value over the first quarter of the year, the Melbourne housing market has been a bit of a surprise, performing better than many expected which prices rising around 3% over the last quarter clawing back half of their losses. Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with an oversupply of property relative to the reduced demand for luxury property,” says Yardney
He says there is more demand for properties in the inner- and middle-ring Melbourne suburbs that priced between $500,000 and $900,000.
“Builders and developers have got ahead of themselves, and there is a substantial oversupply of newly built house and land packages in the outer suburbs, which will create a downward pressure on property values in these locations and for properties in the first-home buyer category in general.”
Melbourne units – five o’clock (in a downswing)
“With over 40 new projects under construction there is an oversupply of inner-city /CBD apartments. This is occurring at a time when there is less demand from the demographic of tenants that rent in the CBD. This will put downward pressure on prices and rentals,’ says Yardney.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors. Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price."
As with the outlook for Brisbane inner city and CBD units, Yardney expects there will be an oversupply of inner-CBD and near-CBD apartments in Melbourne for a few years, causing prices to fall slightly
“However established apartments with an element of scarcity, for example Art Deco features, are still selling well, as there is limited supply in relation to the current demand for these types of properties,” says Yardney.
</body></html>

Brisbane units market heading into downswing on property clock due to too many off-the-plan projects: Michael Yardney

<html><body>
Mortgage comparison website RateCity.com.au recorded a surge in fixed-home loan inquiries in August following lenders reducing their fixed rates.
The website reported that nearly one in five home loan enquiries (18%) in August were fixed-rate inquiries compared to just 5% in July.
“Three-year fixed rates are starting from as low as 5.39% – that’s 23 basis points below the lowest variable home loan rate in the RateCity database (5.62%),” says RateCity.com.au spokesperson Michelle Hutchison.
“That makes fixed rates look very attractive to those concerned about future interest rate rises,” she says.
RateCity.com.au’s lowest three-year fixed rate offering is 5.39% from ME Bank (<a href="/news">which cut fixed rates in September</a>) with its lowest variable offering being 5.62% from UBank for those refinancing.
The surge in fixed-rate inquiries came before the Commonwealth Bank and a number of smaller lenders cut some of their fixed rates, suggesting inquiry levels could rise higher in September.
The <a href="/news">Commonwealth Bank cut its fixed rates on September 6</a> with the biggest reductions made to its four-year fixed rate home loan (down 30 basis points) and five-year fixed (down 40 basis points).
Its three-year fixed rate was cut by 10 basis points to 5.74%
Westpac cut fixed rates in June, with the biggest cut being a 50 basis point reduction to its four-year fixed rate offering – the bank's benchmark three-year fixed rate was cut by just 5 basis points to 5.84%.
Other lenders to cut their fixed rates recently include Greater Building Society, which cut its five-year fixed-rate home loans rate to 5.99%.
Mortgage broker Mortgage Choice recorded a big jump in fixed-home loan applications in August with the product rising from 15% to 20% of all home loans arranged by its loan writers over the month.
Mortgage Choice attributed this improvement to more attractive reduced rate offerings and a penchant for borrowers to be conservative in their choice of home loans.
Australian fixed-rate mortgages revert to a floating rate (variable rate) after the fixed-rate period, meaning potentially higher mortgage repayments given the difference between the average fixed rate and average variable rate.
This makes them different to loans in countries such as the US where the fixed rate is locked for the entire term, explained Vera Chaplin, managing director of structured finance at credit rating agency Standard &amp; Poor’s.
Australian lenders do offer fixed-rate terms as long as 15 years but with very high interest rates.
Westpac’s 12-year fixed-rate home loan carries an interest rate of 8.19% while the Commonwealth Bank offers a 15-year fixed-rate home loan at 7.59%.
</body></html>

Fixed-rate home loan inquiries surge as lenders continue to cut fixed-rates: RateCity.com.au

<html><body>
Sydney fell further behind on its new home construction targets in the first quarter of the year, according to social policy think-tank the McKell Institute.
In its inaugural quarterly housing monitor report for the first quarter of 2012, the McKell Institute calculated there were 3,017 new home completions, just over half  (52%) of the 5,825 new dwellings that are required to meet the Sydney 2036 metropolitan target  – a shortfall of 2,908 homes. 
The institute says that under Sydney metro targets dating back to July 2006 until the first quarter of 2012, Sydney should have delivered 133,975 new homes.
However, over this period Sydney has delivered only 80,466 new homes, a deficit of 53,509 homes (or roughly 40%).
The biggest shortfall of new homes is occurring in the outer north-west and outer south-western suburbs of Sydney, where the government expects more than 40% of new homes to be built between now and 2036.
The McKell institute calculated that in the first quarter of the year just 322 homes were built in south-west Sydney – comprising Camden, Campbelltown, Liverpool, Wollondilly – 1,291 fewer than required under NSW government targets, and representing a shortfall of 75.1% for the quarter.
Similarly, in the north-west growth corridor – comprising Blacktown, Blue Mountains, Hawkesbury, Penrith and The Hills – there were only 562 homes built, compared with a target of 1,408 – a shortfall of 60.1%.
Just two zones met their targets in the first quarter of the year, including eastern Sydney, which has the smallest government requirement and comprises some of the most expensive property in the city in the suburbs of Botany Bay, Randwick, Waverly and Woollahra.
The other zone to meet its target was central west Sydney – incorporating Auburn, Bankstown, Fairfield, Holroyd and Parramatta – which has a target of 96,000 by 2036.
Metro 2036 target, quarterly, first quarter 2012
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/mckellsept17.jpg"><img src="/images/stories/2012/09/mckellsept17thumb.jpg"></a>
The quarterly targets are calculated based on December 2010 NSW government modelling, which estimates that Sydney needs an additional 770,00 homes by 2036 – a 46% increase on the current 1.68 million homes – to cater for an additional 1.6 million people by this time, taking the city’s population to over 6 million residents.
The greatest concentration of houses is required in the south-west, where the NSW government has a target of 155,000 new homes by 2036, and the north-west – Blacktown, Blue Mountains, Hawkesbury, Penrith, The Hills – where the target is for 169,000 homes to be built by 2036.
The McKell report also quotes Australian Property Monitors (APM) statistics which show that Sydney’s median weekly asking rent for a house is $500 compared to Melbourne’s which is a far more affordable $360 per week, whilst the median price for a home in Melbourne is $531,000 compared $642,000 in Sydney.
It also notes that fewer than one-third of Sydney residents under the age of 35 own a home, while over the last five years, Sydney’s housing approvals numbered 98,822, compared with 192,648 in Melbourne.
“These [undersupply] figures ought to sound an alarm bell for the newly elected councillors across Sydney who need to understand that home ownership is becoming a preserve of the wealthy,” says McKell Institute executive director Peter Bentley.
McKell fellow and author of its Homes for All report (which set even higher new home construction figures) Sean Macken say the figures suggest the housing situation is going to get much worse in a city which is already Australia’s most expensive to buy or rent a home
“Councils across the city need to flatly reject NIMBYism and accept that if they don’t approve more dwellings and get the construction sector pumping, our housing affordability crisis will get out of control.”
At last week’s BIS Shrapnel forecasting conference, it was reported that NSW would have a dwelling stock defiencey of 52,800 homes by 2014 at current rates of construction.
BIS Shrapnel warned of “significant stock defiencies” emerging, particularly in Sydney, and forecast an “upturn in residential building" in NSW and other states with undersupply issues.
The undersupply of new homes in Sydney is also one of the factors “creating signficiant pressure in residential property markets, driving price and rental growth and ensuring Sydney remains the least affordable capital city in Australia," says BIS Shrapnel.
BIS Shrapnel says the high level of unaffordability has been a significant contributing factor in the lack of new houses being built in NSW, “alongside a complex planning framework and lack of suitable land releases”.
 
 
</body></html>

Sydney housing crisis deepens as outer suburbs fall further behind on new home building targets: McKell Institute

<html><body>
A US investor is believed to have bought 8% of struggling rural property owner and manager PrimeAg.
The investor paid $1.30 per share for 21.5 million shares late last week, with the Australian Financial Review's Street Talk column noting that this was well below the net asset backing of $1.58 per share.
The identity of the investor will be made known later this week when a substantial shareholder notice is lodged.
PrimeAg managing director Peter Corish announced less than a week ago (September 11) that the entire business is up for sale via private tender.
A successful sale of the business will privatise the business and return proceeds to investors.
Should the sale process not result in a price that meets the board’s valuation, PrimeAg will begin an orderly sale of its properties.
PrimeAg owns and operates Australian agricultural land and water entitlements with its portfolio stretching from the Liverpool Plains of NSW to central Queensland, 1,200 kilometres to the north.
The 2011 winter crop comprised wheat and chickpeas while, the 2012 summer crop was made up of cotton and sorghum.
It also owns irrigation water entitlements in the Upper Darling and the Fitzroy river systems.
The most recent financial report shows a property portfolio valued at $164 million.
“By positioning properties over a 1200km zone, PrimeAg is able to mitigate climatic risks, most importantly those risks associated with rainfall and drought,” says the company on its website.
PrimeAg is due to hold a special meeting of shareholders on October 17 with the aim of reducing its issued shared capital by repaying $40 million to shareholders – equating to 15¢ cents per share – following recent asset sales.
In July PrimeAg sold its Darling Downs mixed dry land and irrigation properties in Queensland comprising  St Ruth, Colonsay and Prentices and the North Star dry land properties in the Goondiwindi region of Northern NSW comprising Burradoo, Wilga Warrina and Ivanhoe to Global Ag Properties Australia Trust (GAPAT) for $36.7 million.
The properties were acquired by PrimeAg for $35.1 million in 2008.
The Darling Downs properties have been leased back to PrimeAg for three years, and the Goondiwindi properties have been leased back for six months.
PrimeAg announced a net profit after tax of $5 million for the 2012 financial year ending June 30 – a fall of 29% on the previous year.
Recent valuations of PrimeAg’s McIntyre Downs, Mullala, Crooble and Dodds properties resulted in the value of the company’s assets increasing by $5.7 million.
PrimeAg is chaired by former Woolworths boss  Roger Corbett.
The full board comprises managing director and CEO Peter Corish, AM,  Samantha Macansh, the CFO and company secretary and non-executive directors Steve A Williams, Stephen R Williams, David Trebeck, Peter Young, AM and Geoff Hewitt. 
</body></html>

Rural property owner PrimeAg attracts rumoured US interest as business for sale signs go up

<html><body>
The fall in commodity prices and the persistently high Australian dollar have raised the likelihood of an October rate cut, but a November rate cut is still more likely, says ANZ research.
"The RBA will also be acutely aware of the negative implications for the Australian economy of the fall in bulk commodity prices and the persistently high Australian dollar.
"At the margin, the announcement of additional US Federal Reserve policy easing, which lifted the AUD/USD back above 1.05, suggests that the pressures on both the mining and non-mining sectors of the economy from the currency-commodity divergence will persist for some time.
"We maintain the view that the RBA needs to ease policy further and expect the cash rate to be lowered by 50bps over the next six months. The odds of a rate cut in October have certainly risen in recent weeks, but for now we’ll stick with our call for a November easing," says ANZ.
The latest Bloomberg survey of economists is unchanged from the previous week with just three economists – Stephen Koukoulas from Market Economics, Shane Oliver  from AMP Capital Investors and BNP Paribas’s senior Asia economist Dominic Bryant – expecting the RBA to cut interest rates on October 2.
Were the RBA holding its monthly monetary policy meeting on Monday rather than last week, it would have cut the cash rate, Business Spectator columnist and former Gillard government economist <a href="/news">Stephen Koukoulas tweeted on Monday</a>.
AMP Capital Investors chief economist Shane Oliver says the  minutes from the RBA’s last board meeting (out on Tuesday) will be looked at closely to see how concerned the bank is about China and the fall in the iron ore price.
"Our assessment is that the RBA is shifting back towards an easing bias ahead of the resumption of rate cuts in October. The ongoing rebound in the $A, and a continuing flow of sub-par reading for things like business and consumer confidence is only adding to the urgency for more interest rate rate cuts," says Oliver.
</body></html>

Odds of October RBA cash rate cut increase, but November still most likely: ANZ

<html><body>
ANZ has left its variable mortgage rates unchanged today following its monthly independent interest rates review.
This follows the RBA leaving the cash rate unchanged at 3.50% on September 5.
The bank's standard variable mortgage rate remains at 6.8% per annum.
It's the fifth month in a row that the bank has not adjusted its variable mortgage rates since moving out of the step with the RBA in January.
On April 13 the bank lifted variable mortgage rates by 0.06 percentage points after the RBA left rates unchanged at its April 4 meeting.
</body></html>

ANZ leaves variable mortgage rates unchanged following independent monthly review

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&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

<main data-perf-region="main">
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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News