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The private equity-backed Riversdale Group has bought the landmark Marlborough Hotel in Newtown, Sydney, for $12,175,000 at auction today.
The hotel bears a distinctive Art Deco facade but has a trading history dating back 150 years.
Investors in the pubs acquired by the Riversdale Group include advertising mogul John Singleton, former Qantas boss Geoff Dixon and banker Mark Carnegie.
The group now owns and operates seven pubs in Sydney,with Riversdale Group co-founder and chief executive Patrick Coughlan saying the group is looking to grow its portfolio to $150 million.
Floating of the distressed pub portfolio has also been mooted.
Coughlan says the purchase of the hotel continued with its strategy of “securing the best pub, in the best position, in some of Sydney’s best suburbs”.
He told Fairfax Media the Marlborough would undergo a renovation with the group looking at a few other potential acquisitions.
The pub was part of a $20 million auction of commercial properties conducted by Damien Cooley, director of Cooley Auctions, in Sydney today.
It was marketed by Knight Frank's Mike Wheatley, who told Property Observer he was "delighted" with the sale price.
"We marketed it in the $11 million to $12 million range."
Known by locals as “The Marly” the hotel stands at 145 King Street (on the corner of King Street and Missenden Road) - the popular entertainment and retail strip in Newtown in Sydney’s inner west.
The hotel was offered for auction for the first time in 27 years.
“The sale of such a landmark hotel is extremely encouraging for the market and a sign of good things to come this spring,” said Cooley.
A week ago, another Newtown drinking hole, the Bank Hotel, was sold to Bruce Solomon’s Solotel Group for a reported $11.8 million.
The Australian reported that Geoff Dixon has taken a direct stake in the hotel and already has stakes in Bellevue Hotel in Paddington.
The other pubs in the portfolio are The Toxteth in Glebe, The Peakhurst Inn in Peakhurst, The Unity Hall Hotel in Balmain, The Standard in Surry Hills, Kinselas and Lo-Fi in Darlinghurst and the soon-to-be launched The Workers bar, also in Balmain.
Former prime minister Bob Hawke will launch the upstairs bar at the Unity Hall Hotel in a few week's time, reported The Australian Financial Review.
The Marly incorporates Marly Bar, Bar Prego, Level One Bar, The Cellar, The Deck and the Marly Bottle Shop.
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John Singleton-backed Riversdale Group adds Marlborough Hotel in Newtown to $85 million pub portfolio

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The unemployment rate eased from 5.2% to 5.1% in August as the participation rate eased from 65.2% to 65%,  the latest ABS figures show.

In terms of actual job numbers, the number of people employed fell by 8,800 in August well below expectations of a 5,000 gain and following a revised gain of 11,700 jobs in July (down from 14,000+).
CommSec chief economist Craig James says the Reserve Bank must stand poised to cut rates as necessary, but he says the latest jobs data "is no smoking gun" for a cash rate cut.
"The job market has softened, but not dramatically. In fact for those in NSW, the jobs data is quite encouraging. Employment [in NSW] rose by 13,300, while the [state's] jobless rate fell to 4.8%.
The unemployment figures in the other states are: Victoria 5.6% (5.4% in July); Queensland 5.9% (5.8%); South Australia 5.7% (5.4%); Western Australia 3.9% (3.7%); Tasmania 6.8% (6.5%); Northern Territory 4.2% (4.2%); ACT 3.6% (3.6%).
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August jobs data no 'smoking gun' for RBA cash rate cut:  CommSec's Craig James

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ASIC has flexed its muscles as credit watchdog imposing its first civil penalty on the former director of an unlicensed mortgage broking firm since assuming the role as national regulator for consumer credit in July 2010.
The $7,500 penalty was imposed on Nathan Elali, of South Hurstville by the Federal Court in Sydney on 31 August.
The court found that Elali, was the sole director of a company formerly known as EasyChoice Home Loans Pty Ltd (EasyChoice), when it advertised on its website for more than a year that it provided home and investment property loans when it did not hold an Australian credit licence.
“As the sole director of the company during the period, Mr Elali was found to have been knowingly concerned in the company’s contravention of the National Credit Act,” said ASIC. Despite repeated warnings by ASIC to remove the advertising, the company did not respond.
The material was removed only after ASIC had commenced court action. “Where ASIC identifies a possible breach of the consumer credit laws, our first step will often be to require the company to take action to ensure the contravention ceases,” said ASIC Commissioner Peter Kell said: ‘If the company fails to comply, we are prepared to commence civil penalty proceedings as part of our approach to enforcement.’ Under the National Credit Act, individuals or businesses who engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder.</body></html>

Former director of mortgage broking firm hit with $7,500 civil penalty for operating without a credit licence

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Australia’s biggest shopping landlords are being forced to offer discounted rental rates to new tenants as speciality store sales growth stalls and retailing remains subdued.
The leasing spread on new leases signed by GPT Group, which operates 17 shopping centres, has gone backwards by 10%, while Australia’s biggest shopping centre owner, Westfield, has given up 6% on new leases.
The leasing spread for the restructured Centro group, which has $6.6 billion worth of shopping centres under management, slipped by 2.2%, with Charter Hall Retail the only listed retail trust (REIT) to achieve growth on new leases. Charter Hall's spread rose 3.7%, the Australian Financial Review reported.
Leasing spread is a key metric in retailing representing the percentage increase over rental rates on existing leases versus rental rates on new and renewal leases.
It gives an indication of the strength of the retailing sector and the overall economy.
According to investment site Wealthmanagement.com, during periods of economic weakness, leasing spreads narrow and "some even go into negative territory".
“As the economy strengthens, and retailers are able to pay more rent, leasing spreads increase.”
Presenting Westfield's interim results update last month, co-chief executive Steven Lowy said lease incentives had increased in the subdued retailing environment, but added that Westfield was cautious about how it used rental incentives.
The drop in new lease spreads comes as retail sales figures recorded their biggest fall in almost two years, declining by 0.8% in July according to ABS data.
Research compiled by Merrill Lynch show that speciality retailers managed average comparable sales growth of just 0.6% over the past financial year to the end of June.
Despite the drop in leasing spreads,  the investment outlook for shopping centres anchored by supermarkets and food operators remains healthy, according to Colliers International,
“The stability of supermarket based retail and the food category in general has led to stronger interest in supermarket-anchored centres,” said Colliers International in its 2011-2012 National Retail Investment Review.
“The appeal of neighbourhood centres from an investment perspective lies in their ability to provide steady rental income through long term leases, underpinned by the large supermarket tenants, predominately Coles and Woolworths," says Colliers.
“The lower average occupancy cost for specialty tenants in food-based centres has also been an attraction for investors. This sector continues to dominate sales activity in volume terms, accounting for 42% of all deals.
“The price point remains the key driver of investment returns, with the average value of trades steady at around $20 million. There is generally strong interest in centres sub-$30 million.
“Investors in neighbourhood centres appear prepared to purchase lower value assets on sharper yields, as these are typically easier to debt fund, and less management intensive.”
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Shopping centre landlords forced to discount leases to attract new tenants

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A striking new glass rooftop with an outdoor terrace and an enlarged inner atrium to bring in more light are the main elements Macquarie Group will add to 48-50 Martin Place, in Sydney CBD.
Macquarie plans to turn the historic banking chamber into its state-of-the-art headquarters.
<img src="/images/stories/2012/09/macquarie3.jpg">
The diversified financial services giant has lodged an $82.8 million development application with the City of Sydney, with the rooftop plans part of a revised design of an already approved development proposal launched by previous owner the Commonwealth Bank.
The enlarged atrium would be topped by a “high-performance glazed elongated dome roof structure” to be used as a bespoke reception, meeting and event and function space with direct access to the terrace.
<img src="/images/stories/2012/09/macquarie1.jpg">
The rooftop has hosted a number of different structures over the 84 years it has stood in the Sydney CBD, with historical photos included in the application showing a range of large habitable structures dating back to when the original building was first opened in 1928. The photos include the current cream-coloured structure  (pictured above) added by the Commonwealth Bank in the 1980s.
The new headquarters will have about 26,000 square metres of space, with the ground floor banking chamber leased to the Commonwealth Bank and 10 office floors to house 2,000 Macquarie staff.
<img src="/images/stories/2012/09/macquarie2.jpg">
The proposal is seeking a six-star green star environmental rating for the building.
It will also seek to reduce its carbon footprint, with the number of car spaces halved to just 15 but the number of bike racks increased to 93.
JBA Urban Planning Consultants, which prepared the modified application on behalf of Macquarie Group, has likened the atrium to the glass dome atop the Reichstag in Berlin, designed by renowned UK architect Sir Norman Foster.
<img src="/images/stories/2012/09/macquarie4.jpg">
“This glazed structure will significantly increase the daylight (and in some instances sunlight) penetration into the enlarged atrium and the office floors below," says JBA.
“By curving and glazing the rooftop addition, dramatic light-filled meeting spaces and a modern and sustainable workplace are created."
Under the design proposal, the main atrium will be widened from 6 meters to 10.5 meters with the report noting “low daylight levels and the limited outlook” are major shortcomings of the office floors as it currently stands.
“The key to overcoming these difficulties is to increase daylight from above by opening up the ‘throat’ of the atrium at the rooftop levels and widening the main atrium.
“The enlargement of the void also dramatically exposes the original structural grid and atrium layout, which can be readily interpreted  notwithstanding the modifications made to widen the space,” says the JBA report.
The design by architects Johnson Pilton Walker and Clive Wilkinson Architects does not propose any changes to the exterior of the heritage-listed building - apart from the roof.
It was constructed between 1925 and 1928 for the Commonwealth Bank and is regarded as one of the finest 20th Century bank buildings in Australia and one of the most important examples of the inter-war Beaux-Arts architectural style.
Macquarie acquired the building from the Commonwealth Bank earlier this year for $130 million.
Between 1984 and 1990, the Commonwealth Bank undertook an extensive program of conservation works to the interior and exterior of the building. 
Macquarie currently has its much larger headquarters at 1 Martin Place.
The application is currently on exhibition until September 18.
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Macquarie Group to let the light shine into Martin Place headquarters with $83 million makeover

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The Gold Coast property market presents a myriad opportunities for those seeking an investment under $300,000, according to Herron Todd White’s September month in review report.

According to HTW’s Gold Coast valuation team, about 20% of properties currently being sold on the Gold Coast are priced under $300,000, but there is not much for that price on the more expensive Sunshine Coast.

“Provided buyers are not greedy in their house wants or are able to live comfortably in a unit, there is a myriad of options available for purchasers wishing to spend under $300,000,” says HTW’s Gold Coast office.

Looking at the unit market, HTW says there are plenty of sub-$300,000 options in Surfers Paradise, including older-style units starting in the low $100,000s and one-bedroom, one-bathroom units in modern high rises from $250,000 to $320,000.

A recent sale in this price range was a 7th floor one-bedroom apartment plus study with two bathrooms in Wings Residential on the Gold Coast Highway,  built around 2004, which sold on June 28, 2012, for $250,000.

Another one-bedroom unit at Wings (pictured below) on the fourth floor that measures 90 square metres is currently listed for sale by Raine &amp; Horne Surfers Paradise John Monteith, “very keenly priced” at $309,000.

<img src="/images/stories/2012/09/wings.jpg">

Other recent sales around the $300,000 mark include Unit 43 in Diamond Beach South in Mermaid Beach, a two-bedroom semi-modern unit in a three-storey walk-up, and a 1994 two-bedroom low-rise unit measuring 105 square metres.

The report suggests that sections of the Gold Coast apartment market are still very much a basket case, with HTW valuers highlighting Southport CBD medium-/high-rise developments, which have recorded severe drops in value over the past couple of years due to distressed sales and rising body corporate rates.

“While values are still slowly softening, the rental market has remained relatively stable."

According to HTW, a notable sale at the $300,000 price point was 715/2 Aqua Street, Southport – a 2009, two-bedroom medium-rise unit with single car basement car space measuring 84 square metres within the Meriton development Brighton on Broadwater (pictured below).

<img src="/images/stories/2012/09/brightonbroadwater.jpg">

Originally sold by the developer for $350,000 in 2009, the apartment sold in July 2011 for $300,000 and most recently sold for $286,250 in April this year.

 

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HTW notes that the best buys generally remain stressed sales, “which are still dominating the lower end of the valuation echelon".

“The market has continued to soften into 2012, with recent indications that the market is starting to stabilise.

“Properties in this price bracket represent the highest sales rates currently on the Gold Coast but many are in fringe rather than central locations. Generally speaking the properties selling circa $300,000 are untidy and usually in need of at least some cosmetic improvement (around $10,000 to $20,000 cost) to lift their overall presentation and marketability.”

In the case of the Sunshine Coast, HTW valuers say $300,000 does give buyers some good options, but options and “bang for your buck” increase if buyers are willing to increase your spending to the low $300,000s.

“Along the coast options are largely restricted to units.

“In the main tourist areas of Mooloolaba/Caloundra and in some cases Noosa, you can purchase two- bedroom units for between $250,000 and $300,000.

In January, Graham Smith from Richardson &amp; Wrench Noosa Heads sold a two-bedroom unit in South Pacific Resort, 179 Weyba Road (pictured below), for under $285,000 in a distressed sale.

<img src="/images/stories/2012/09/noosaville.jpg">

According to <a href="https://www.myrp.com.au/" target="_blank">RP Data</a>, the median unit price in Noosaville is $437,500.

For those looking to buy a house around this price range, HTW says spending in the low $300,000 would buy into areas like Battery Hill, Mount Coolum and possibly Tewantin.

Currently listed for sale is a three-bedroom house being sold by Caloundra City Realty with an asking price of $319,000.

<img src="/images/stories/2012/09/batteryhill.jpg">

“As you move into the hinterland there is defiantly more options. The main service centre of Nambour provides a range of services and employment, with both older and reasonably modern homes selling sub-$300,000,” says HTW.

 “As we move to the railway townships the options continue.

“The key with any purchase is to keep your eye on the market. There are some great buys out there with pressured vendors being forced to sell, often at well below replacement costs. Calling agents, going to auctions and seeking good independent advice are all relevant tips to ensure that you don’t miss an opportunity,” says HTW.

Buying opportunities for under $300,000 was the theme of the residential aspect of this month’s report following <a href="https://www.propertyobserver.com.au/residential/high-yielding-investment-opportunities-for-under-%24500000-in-nsw-include-western-sydney-and-regional-areas-htw/2012060454984" target="_blank">Herron Todd White August report on how to spend a “lazy $500,000”.</a>

The switch to look at a more entry-level price barometer follows a “tastefully worded email” from a reader suggesting to HTW valuers that $500,000 was a bit too much to squander and they should “try and see things from a more reasonable perspective”.

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=93128]

[smartcode_project:default project_id=6769]

[smartcode_project:default project_id=24427]
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Plenty to buy on the Gold Coast for under $300,000 but not much on the Sunshine Coast: Herron Todd White

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<img src="/images/stories/2012/09/8mplus.gif">
The price expected for a 5,457-square-metre corner development site next to the Westfield Doncaster shopping centre, which is being marketed by Colliers International’s Peter Bremner and Shane Dargue. Bremner says 1 Grosvenor Street in Doncaster is a cleared site with unbroken views of the Dandenong Ranges, along with multiple street and parkland frontages. The site has permit-approved, architect-designed redevelopment plans in place for an apartment project. The site is two kilometres from the Eastern Freeway and a 20-minute drive to the Melbourne CBD.  The property is for sale by tender, closing Wednesday October 10 at 4pm.
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<img src="/images/stories/2012/09/450k.gif">
The estimated price paid for a 77-square-metre strata office suite at Stockland’s Tooronga Commercial, at 762 Toorak Road, Glen Iris, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess negotiated the sale in conjunction with Knight Frank’s Tim Grant. Suite G.09 was sold as a vacant possession. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.
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<img src="/images/stories/2012/09/1point2m.gif">
The unimproved capital value of the premises of Snap Fitness at 183 West Street in Toowoomba, which has been listed for sale by private treaty. The 567-square-metre site has a commencing rental of $180,100 per year leased to Crusaders Managers Pty Ltd, which trades as Snap Fitness on a seven-year lease commencing in July this year with renewal options. The property is being sold by Sam Hatcher, manager of Queensland retail investments at Jones Lang LaSalle.
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<img src="/images/stories/2012/09/1point225m.gif">
How much game and meat specialty business Game Keepers Meats has paid for an office and warehouse facility at Moorabbin in Melbourne’s popular bayside industrial precinct.  The 7 Edgecombe Court property comprises a 1,250-square-metre office and warehouse on a roughly 1,500 square metre site with on-site parking. According to selling agent Savills associate director of investments Ben Hegerty, who brokered the deal in conjunction with Gorman Kelly, Game Keepers will set up its Victorian headquarters at the site following its move from Cranbourne. The vendor was owner-occupier Slattery &amp; Acquroff Stairs, which has moved to larger premises.
<hr>
<img src="/images/stories/2012/09/1mplus.gif">
The prices paid for two strata office space at Stockland’s Tooronga Commercial, at 762 Toorak Road, Glen Iris, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess, in conjunction with Knight Frank’s Tim Grant, negotiated the sale of Suite 1.01 (235 square metres) for $1.246 million to an owner-occupier, and Suite 2.05 (198 square metres) was sold as an investment for about $1.04 million returning $81,172 per annum plus GST with an approximate yield of 7.7%. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.
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Commercial hammer prices: Glen Iris strata offices sell for $1 million plus

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The regional Victorian town of Dimboola, near the South Australian border, leads the regional Victorian list compiled by RP Data of suburbs where it is cheaper to buy a house than to rent one.
The median house asking rent in Dimboola is $160 a week.
RP Data estimates it is $83 cheaper per month to buy a house with a principal and interest variable mortgage than rent one in Dimboola.
Tenanted houses listed for sale in Dimboola include this three-bedroom house on Anderson Street (pictured below), being sold by Wes Davidson Real Estate with a listing price of $90,000.
<img src="/images/stories/2012/09/henderson1.jpg">
The property is currently rented at $150 per week or $684 per month.
With 10% deposit, borrowing $81,000 on a 25-year mortgage at an interest rate of 6.25% would mean monthly mortgage repayments of  around $635 per month.
Another savings opportunity is on offer for buyers of this three-bedroom bungalow on Ellerman Street (pictured below), which is up for sale at $79,900 by North West Real Estate. 
<img src="/images/stories/2012/09/ellerman.jpg">
The property is currently rented at $135 per week or $608 per month.
 
With a 10% deposit, borrowing $72,000 on a 25-year mortgage at an interest rate of 6.25% would mean monthly mortgage repayments of  around $575 per month.
RP Data compared the cost of a mortgage vs the cost of renting in four different ways: 1, Principal and interest loan on a variable mortgage rate; 2. Interest-only loan on a variable mortgage rate; 3. Principal and interest loan on a three-year fixed mortgage rate; and 4. Interest-only loan on a three year fixed mortgage rate.
The data contains both units and houses, but in most suburbs on the list it is cheaper to rent a unit than buy one.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/08/rpsept33.gif" title="Click to enlarge"><img src="/images/stories/2012/08/rpsept33thumb.gif"></a>
<a target="_blank" href="https://www.myrp.com.au/buyorrent">For the full list of all suburbs,  </a><a target="_blank" href="https://www.myrp.com.au/buyorrent">visit RP Data's website.</a>
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Dimboola leads the regional Victorian suburbs where it is cheaper to buy than rent: RP Data

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Mortgage Choice has attributed a marked increase in the popularity of fixed-rate home loans in August to more attractive reduced rate offerings and a penchant for borrowers to be conservative in their choice of home loans.
Fixed-rate home loans accounted for nearly one in five home loans arranged by Mortgage Choice mortgage brokers in August, a five percentage point increase from July.
<img src="/images/stories/2012/09/mcsept5.gif">
At the same time as fixed-rate demand increased ongoing discount rate loan demand fell for the first time in five months, from 44% to 38%.
Ongoing discount rate loan loans are those where the rate is discounted over the entire loan term.
Company spokesperson Belinda Williamson called this a surprising result and the first time in five months that demand for this loan type has diminished.
The other noticeable tend in the August data was that the popularity of no-frills, basic variable-rate loans reached a 14-month high of 21% of all new loans.
Williamson says lenders have been tweaking their fixed-rate loans, making the price of such loans more competitive in some cases when compared with variable rates.
“Looking at Mortgage Choice’s lender panel, the average three-year fixed rate, the most popular fixed rate term, currently sits at just over 6%. This is about 0.30 percentage points lower than the average basic variable rate home loan.”
According to research by Property Observer, the <a href="/news">current lowest rate available on a three-year fixed-rate mortgage is 5.44% offered by lender My Mortgage Freedom</a>.
The lowest variable rate offering is a 5.62% refinance loan from UBank, part of NAB.
“The upward trend in fixed-rate loan demand was evident in all states except Western Australia, where fixed-rate demand fell by one percentage point," says Williamson.
She says the data reflects the prevailing conservative attitude of Australians.
“Many more mortgage holders are locking in the interest rate on part or all of their loan so they can structure their repayments and take better control over their finances,” she says.
 “It is obvious that concerns about our domestic economy, rising utility bills and other living cost hikes along with predictions of fewer rate cuts taking place this year are having an effect on the purchasing decisions of Australians. Home loan choices are no exception.”
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Lower rates and conservative mindset drive fixed-rate demand to one in five home loans in August: Mortgage Choice

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As we enter the traditionally busy spring selling season, the likelihood and extent of a property market recovery remains extremely hard to call, with white-collar job anxiety one of the factors in a complex jigsaw puzzle that includes interest rate expectations, house price concerns, the impact of changes to government handout schemes, and investor appetite.
While the national unemployment rate remains low by international standards – sitting just above 5% – the perception remains that the mining sector is supporting the high rate of employment, with even RBA governor Glenn Stevens noting in his post-cash rate decision statement yesterday that jobs are being shed in some industries.
At the same time there were perhaps some raised eyebrows – though not from those enjoying their morning tea and scones – when March 2012 mortgage <a href="/news">delinquency figures from Fitch Ratings</a> showed the prestige suburbs on Sydney’s north shore and their counterparts in the eastern suburbs of Melbourne remained among the best-performing locations in Australia.
Surprise, surprise, the rich continue to manage to pay their mortgages, and talk of a white-collar recession appears as unlikely as Lleyton Hewitt winning another grand slam.
A new international report compiled by Swiss-based UNI Global Union Finance, which counts around 20 million affiliated members, provides some insights into the white-collar job picture and suggests that the Australian banking sector has cut relatively few jobs compared to the industrial-size job cuts at other international banks since the GFC.
The figures are based on information submitted to UNI Global Union Finance from representative finance sector unions in 21 countries and show that since the beginning of the financial crisis, more than 300,360 jobs have been lost in the finance sector in 18 countries (UK, Spain, Italy, France, Germany, Austria, Finland, Norway, Sweden, Denmark, Belgium, Romania, Moldavia, Greece, Ireland, Australia, India and the US).
Australia has accounted for less than 3% of these job cuts, with the Finance Sector Union (FSU) reporting that Australian banks have shed around 10,000 jobs since 2007, with nearly two-thirds (6,200) shipped offshore.
The biggest job cutters have been Westpac and ANZ, which have cut a combined nearly 2,000 jobs, with Westpac sending nearly half of its 1,021 positions cut offshore.
Furthermore, according to the FSU figures supplied to the report, there are no more large-scale job cut programs on the cards in Australia.
A figure of 10,000 jobs lost is certainly not a small one, but it is when compared with what has happened in countries with comparable first-world banking systems like the US, UK and Switzerland.
UK-based banks has cut nearly 65,000 jobs – six and a half times more than Australian banks –with HSBC cutting 30,000 positions and Lloyds 24,000.
The US figures in the report, which apply only to 2011- 2012, show 30,000 positions cut by Bank of America alone.
In Italy, where the economic picture has turned dire, the report notes that there were 10,000 job cuts from 2005 to 2012 while 20,000 people left through early retirement packages subsidised by the state.
As many as 15,000 or so more jobs are expected to go over the next three years, with all the major Italian banks having big redundancy programs in place to 2015.
So it appears that Australian banks have taken a relatively conservative approach to job cutting – a message that is unlikely to bring much cheer to those who have lost their jobs, especially given the enormous profits reported recently by all the major banks.
Interestingly, the UNI report notes that some of the biggest job cuts have been made by banks that continued to make big profits.
“In 14 banks which account for almost 3 million workers, more than 121,000 people have lost their jobs or are about to lose their jobs. At the same time, the same banks made profits last year, in the range of US$4 billion to $40 billion in 2011 alone. For example, HSBC made almost $22 billion of profit in 2011, but decided to cut 30,000 jobs. Deutsche Bank made $7 billion of profit but lost 22,000 jobs,” the report says.
This might also explain to some degree why those sipping tea in Mosman and Neutral Bay and Kew and Hawthorn have not struggled to pay their mortgages – clearly there are still big bonuses being paid from the billion-dollar profits.
However, the UNI report is unlikely to ease any of the anxiety among those working in the lower-echelons of the banking industry (many of whom would be either first-home buyers, upgraders or investors) – especially given the constant references from major bank CEOs in the recent reporting season to the current tough operating environment.
Indeed it would be naïve to suggest – as some have –that all that’s needed is a bit more sun and blue skies this spring and summer for the property market to rebound.
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White-collar job anxiety may be more imagined than real, new global report suggests, as we head into busy spring selling season

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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