<html><body>
Crocodiles and snakes are not the only big things you’ll find in Darwin.
The Northern Territory’s capital city has also been delivering big returns for property investors, with Residex calculating that Darwin is the only capital city market to deliver average house and unit price growth in excess of 10% per annum over the last 10 years.
According to Residex’s July update, Darwin house prices have been rising by nearly 10.5% per annum since 2002 with a current median price of $519,000 while Darwin units have fared even better, up 10.8% per annum since 2002 to $408,000.
Recent houses to sell around the median value include this three-bedroom townhouse in Charlotte Street, Fannie Bay (pictured below), which sold for $555,000 in April through Karl Secondis from One Real Estate Darwin.
<img src="/images/stories/2012/08/charlotte.jpg">
It last sold for $260,000 in January 2004.
The property was listed with a rental guide of up to $550 per week, translating to an indicative yield of 5.15%.
A two-bedroom unit on Philip Street, also in Fannie Bay, sold for $445,000 in July through Mike Smith of Raine &amp; Horne Darwin, having last sold for $380,000 in October 2008.
It was listed at $464,000 in December last year.
Growth has slowed in the past year, with annual growth to July 2012 of 3.94% for Darwin houses and 4.27% for Darwin units.
Only Perth has come close to matching Darwin’s double-digit annual growth since 2002 rate, with 8.78% growth for houses (median price $476,000) and 9.49% for units (median price $430,500).
A lack of available rental accommodation has also pushed up Darwin rents, with weekly rentals for houses rising from $520 per week in July 2011 to $560 per week in July 2012, while unit rents have increased from $435 to $470 over the same time period.
The Real Estate Institute of the Northern Territory (REINT) reports that rents in inner-city Darwin have risen by 22% in the past year for three-bedroom units to $796 per week, while the median rent for a two-bedroom unit has risen by 13% to $504.  
REINT chief executive Quentin Killian warns that the Darwin property market is not keeping pace with rapid economic growth.
The Housing Industry Association expects the rental market to tighten, with only 1,270 new homes expected to be built in Darwin in 2012 below the 2,100 that it forecasts are needed to satisfy demand.
According to the latest July rental vacancy figures compiled by SQM Research, Darwin is showing signs of a “signals of a severe rental crisis” with a vacancy rate of just 0.4%, with just 94 properties available to rent, down from 105 properties in June and 261 a year ago.
RP Data figures for July show that Darwin has the highest gross rental yields for both capital city houses  (5.7%) and units (5.9%)
Colliers reported that 200 houses were sold in the June quarter in Darwin – a 35% increase on the previous quarter, with the most expensive home sold being a $2.25 million mansion on East Point Road, Fannie Bay.
Darwin photograph by Ken Hodge, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
</body></html>

lschlesinger-FZcF9M3vE6

Darwin delivers investors double-digit house and unit price growth for past decade: Residex

<html><body>
Residential developer Cedar Woods notched up around 200 lot settlements at its flagship $1.5 billion Williams Landing master-planned development in Melbourne’s outer west as it reported a 22% rise in net profits to $34.3 million to June 30.
Profits at the Perth-based developer were in line with earlier forecasts.
The developer, which has most of its residential projects scattered around the fringes of Melbourne and Perth, achieved $140 million in pre-sales over the past financial year compared with $130 million last year.
Last month, Cedar Woods reported that Williams Landing had its strongest month of sales in 18 months, with 21 sales to begin the new financial year.
<img src="/images/stories/2012/08/williamslanding.jpg">
To date, 56% of the 2013 financial year pre-sales target for Williams Landing has been secured, with about 530 homes completed.
Williams Landing is the largest infill site in Melbourne covering 275 hectares and encompassing the former RAAF Laverton airfield and the land to the north of Altona Meadows and Seabrook known as Wyndham Waters.
It takes its name from the historic aviation base on which it is located, RAAF Williams airfield (pictured below), named after Air Marshal Sir Richard Williams, the man many regard as the "father" of the Royal Australian Air Force.
<img src="/images/stories/2012/08/williamslanding3.jpg">
It was approved as a new suburb in May 2007, and according to Cedar Woods is one of the fastest-growing municipalities in Australia.
The annual results show that 1,700 of the 2,500 lots remain available for sale, with land priced between $190,000 and $340,000.
Builders offering house-and-land packages at Williams Landing include Simonds Homes, which is offering three-bedroom on a 480-square-metre lot priced at $493,000.
<img src="/images/stories/2012/08/williamslanding2.jpg">
Builder 8 Plus is offering a four-bedroom house on a 392-square-metre block priced at around $456,000.
Other builders selling house-and-land packages at Williams Landing are Boutique, Metricon, Burbank, Carlisle Home and Urban Edge Homes.
Construction of the Williams Landing train station and freeway interchange by the Victorian government is due to be completed in early 2013.
The project’s  50-hectare town centre  has  also  progressed, with a  builder for the Masters Home Improvement  hardware store  soon to be  selected and  an application for final approval lodged with the local council.
In April Cedar Woods secured Woolworths and Big W as tenants alongside Masters with further commercial stages to include office, medical facilities and additional retail.
Cedar Woods raised $30.5 million from shareholders in May.
Managing director Paul Sadleir said the strong result reflected the strategic location and diversity of Cedar Woods? projects in Western Australia and Victoria, which continue to experience healthy demand.
“This result confirms the success of Cedar Woods' strategic focus on providing residential housing in urban and regional growth areas across a range of dwelling types and price points," Sadleir says.
"It is also a reflection of the company’s resilience against a mixed macroeconomic backdrop."
Sadleir says prevailing market conditions in the 2012 financial year were “challenging and variable from month to month, reflecting consumer concerns on a range of issues”.
“The key drivers for the residential market – population growth, employment and wages growth and interest rates together with the current undersupply of housing – are all supportive of improved levels of activity."
The outlook for the Melbourne property market is cloudier than for Perth, with the developer reporting that the Victorian capital has been influenced by first-home buyer incentives (which have now disappeared) and has given up some of the gains, while in Perth prices are firming after two years of modest decline.
Cedar Woods expanded its Victorian property portfolio during the financial year through the acquisition of a 6.8-hectare development site in St Albans, 16 kilometres from Melbourne’s CBD, for $12 million. There are plans for 200 apartments, townhouses and houses and at the former industrial site, where the Victorian government has announced a $150 million investment in upgrading St Albans train station and other local transport infrastructure.
Other residential projects include its Banbury Village project in Footscray, featuring 390 dwellings on 11 hectares.
At the company’s boutique development, Realm Camberwell, almost half of the 78 homes that will be developed have been pre-sold, with civil works underway.
Twenty of the 27 homes in the initial release of the Realm development sold for between $750,000 and $1.2 million.
New projects launched over the reporting period were Piara Waters near Canning Vale, south of Perth and South Hedland (both 150 lot projects) with settlements expected in the 2013 and 2014 financial years.
</body></html>

Cedar Woods notches up 200 sales at Williams Landing and 22% rise in full-year profits

<html><body>
The decision to "staple" the management and the assets of Australian listed property trusts in one vehicle in the lead-up to the GFC created a sector more likely to make riskier investments, US academics have argued in an RBA discussions paper.
In a paper titled Securitization and the Commercial Property Cycle, Tim Riddiough from the University of Wisconsin Madison and Frank Packer from the Bank for International Settlements note that Australia’s listed property sector (A-REITs) was among a number of countries including the UK, US and Canada that have been "significantly more volatile than the benchmark market indices".
The benchmark S&amp;P/ASX300 A-REIT Accumulation Index  produced an annual return of -55.3%  in 2008 in the wake of GFC as investors abandoned the A-REIT sector.
The report by Riddiough and Packer notes that there was both a dramatic increase in the proportion of office properties incorporated into Australian real estate investment trusts (A-REITs) in the years leading up to the GFC as well as even more dramatic rise in the number of trusts that were "stapled" – where asset management is carried out by an entity within the overall REIT structure.
The ASX describes a stapled security “where the trust that holds the assets and the company that manages those assets are bound together through one vehicle”.
The stapling of listed property trusts in Australia allowed them to “take on more property development risk than under a traditional limited property trust (LPT) model”, the paper argues.
According to the paper, between 2000 and 2005 the degree of securitization of office markets via REITS increased markedly rising from around 5% in 2000 to over 35% in 2005.
Then from between 2004 and 2007, “stapled” REITs grew from 29% to over 75% of overall A-REIT capitalisations.
Examples of stapled A-REITs include Westfield, Westfield Retail Trust, Mirvac, Charter Hall Group and Stockland.
A full breakdown of which A-REITs are stapled <a href="https://www.asx.com.au/products/managed-funds-product-list.htm" target="_blank">can be found on the ASX website</a>.
The report notes that only Australia among the listed Asia-Pacific countries has significant internal management, in large part due to the introduction of stapled REITS.
It says that external managed REITs are viewed as “significantly less informationally opaque” than internally managed REITs.
“And given the prevalence of the external REIT structure in Asia, it appears that in the case of these countries, the benefits of external advisorship outweigh the agency costs.”
The report also reveals that Australia has the highest proportion of securitised office assets in the world, with the latest estimate of around 19% of its office market securitised via REITs.
However it notes – and reflecting the deleveraging which has occurred since the GFC – that this number is itself “well below 32% scored earlier before the bust in prime real estate markets during of the global financial crisis”.
The report reveals that US dominates the international REIT landscape, with nearly 180 listed REITs amounting to $455 billion or more than half of total global REIT market capitalisation
Far behind that, yet well above any other country, Australia has 57 listed REITs with $82 billion market capitalisation, occupying 10% of total REIT market capitalisation.
Australia first REIT –  shopping centre and industrial property group GPT –  was listed in 1971.
</body></html>

'Stapling' of REITs creates riskier investment approach: RBA seminar paper 

<html><body>
RBA board members noted that conditions in the housing market remain weak but were showing “tentative signs” of starting to pick, the release of minutes from the August 7 monetary policy meeting have revealed.
At the August 7 meeting, where the cash rate was left on hold at 3.5%, members noted that there were “tentative signs that housing market conditions and residential building activity were starting to pick up after being weak for some time”.
“Prices had increased a little in recent months, but remained somewhat lower than a year ago.
“Demand for housing finance was broadly unchanged over the year. With building approvals rising from low levels, the outlook for residential construction activity was more positive for the second half of the year. Earlier falls in interest rates and rising rental yields were likely to have increased the attractiveness of housing investment,” the minutes read.
Westpac chief economist Bill Evans says there were "little new insights" into monetary policy in the minutes but says there were some "tentative positive comments are made about housing market conditions and residential building market activity with prices increasing a little in recent months".
"Overall downside risks to the economy are firmly in the 'international' camp with Europe in the spotlight: 'the risk of significant economic and financial disruption in the euro area continued to cloud the outlook'," says Evans.
At the meeting, board members also noted that underlying inflation was at 2% for the year, “the lowest annual rate since the late 1990s” – providing scope for future interest rate cuts if the recovery in the housing market and other non-resource industries stalls.
“The inflation data for the June quarter were broadly in line with expectations, and confirmed that underlying inflation was around the bottom of the target," said the RBA.
The board also noted that the domestic economy appeared to be growing at around trend pace in the June quarter, “though activity continued to vary significantly across industries”
“Resource investment, which continued to evolve broadly in line with the Bank's forecasts, spurred activity in a number of industries, while the high Australian dollar and weak conditions in the housing market had weighed on activity in a number of non-resource industries.”
The performance of the global economy will impact on future interest rate decisions with the RBA board noting the global economic environment remained “fragile”.
“The latest forecasts for global growth had been revised down a little, reflecting further deterioration in Europe and slower growth in the United States and parts of Asia,” say the minutes.
The board concluded that “inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the Board judged that the stance of monetary policy remained appropriate”.
</body></html>

Housing market weak but showing 'tentative signs' of pick-up: RBA August minutes

<html><body>
Property Observer has scoured the most well-known mortgage comparison websites to determine the lowest variable-rate home loan and one- and three-year fixed home loans currently available.
The following results are based on advertised mortgage rates listed by <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a> and <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> as of August 21:
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="158">
Provider
</td>
<td valign="top" width="151">
Loan name
</td>
<td valign="top" width="123">
Rate
</td>
<td valign="top" width="132">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="158">
UBank (NAB)
</td>
<td valign="top" width="151">
UHomeloan Refinance
</td>
<td valign="top" width="123">
5.62%
</td>
<td valign="top" width="132">
5.62%
</td>
</tr>
<tr>
<td valign="top" width="158">
Nationwide Mortgage
</td>
<td valign="top" width="151">
True Saver Home Loan
</td>
<td valign="top" width="123">
5.65%
</td>
<td valign="top" width="132">
5.65%
</td>
</tr>
<tr>
<td valign="top" width="158">
Loans.com.au
</td>
<td valign="top" width="151">
Dream Catcher
</td>
<td valign="top" width="123">
5.65%
</td>
<td valign="top" width="132">
6.00%
</td>
</tr>
<tr>
<td valign="top" width="158">
Mortgage View
</td>
<td valign="top" width="151">
Mortgage View Pro Pack
</td>
<td valign="top" width="123">
5.70%
</td>
<td valign="top" width="132">
5.71%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="158">
Provider
</td>
<td valign="top" width="151">
Loan name
</td>
<td valign="top" width="124">
Rate
</td>
<td valign="top" width="132">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="158">
Mymortgagefreedom.
com.au
</td>
<td valign="top" width="151">
Mymortgagefreedom.
com.au fixed rate
</td>
<td valign="top" width="124">
5.44%
</td>
<td valign="top" width="132">
6.06%
</td>
</tr>
<tr>
<td valign="top" width="158">
Reduce Home Loans
</td>
<td valign="top" width="151">
Reduce Fee Free 1 Year Fixed Rate
 
</td>
<td valign="top" width="124">
5.54%
</td>
<td valign="top" width="132">
6.16%
</td>
</tr>
<tr>
<td valign="top" width="158">
UBank (NAB)
</td>
<td valign="top" width="151">
UHomeLoan Fixed (refinance only)
</td>
<td valign="top" width="124">
5.58%
</td>
<td valign="top" width="132">
5.81%
</td>
</tr>
<tr>
<td valign="top" width="158">
Newcastle Permanent
</td>
<td valign="top" width="151">
1 Year residential fixed
</td>
<td valign="top" width="124">
5.59%
</td>
<td valign="top" width="132">
6.4%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="152">
Provider
</td>
<td valign="top" width="158">
Loan name
</td>
<td valign="top" width="132">
Rate
</td>
<td valign="top" width="123">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="152">
UBank (NAB)
</td>
<td valign="top" width="158">
UHomeLoan Fixed (refinance only)
</td>
<td valign="top" width="132">
5.54%
</td>
<td valign="top" width="123">
5.69%
</td>
</tr>
<tr>
<td valign="top" width="152">
Bank of Queensland
</td>
<td valign="top" width="158">
Fixed Loan
</td>
<td valign="top" width="132">
5.55%
</td>
<td valign="top" width="123">
6.54%
</td>
</tr>
<tr>
<td valign="top" width="152">
Newcastle Permanent
</td>
<td valign="top" width="158">
3 Year residential fixed
</td>
<td valign="top" width="132">
5.59%
</td>
<td valign="top" width="123">
6.24%
</td>
</tr>
<tr>
<td valign="top" width="152">
Resi
</td>
<td valign="top" width="158">
Flexi fix 75 3 years
</td>
<td valign="top" width="132">
5.69%
</td>
<td valign="top" width="123">
5.94%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a target="_blank" href="/news">Refinancing and the Interest Rates Riddle</a>
</body></html>

From 5.44%, the lowest rate home loan offerings: fixed and variable as of August 21

<html><body>
Off-the-plan sales for Mirvac’s $1.1 billion flagship residential development, Harold Park in the inner-Sydney suburb of Glebe, as well as its 42-storey Era tower in Chatswood helped Mirvac more than double its annual profit for the 2012 financial year.
Mirvac reported net profit of $416.1 million for the year to June 30, up from $182.6 million in the previous year, with the result boosted by the sale of its hotel management business, which added $21.4 to the bottom line.
Outgoing Mirvac managing director Nicholas Collishaw says  the profit growth came at a time when conditions in many parts of the property sector were not buoyant.
He said Mirvac had beaten its guidance despite a “tough year” and amid tough global conditions.
“The results demonstrate the business model is working,” said Collishaw today at the company's full results media briefing.
Outgoing Mirvac CFO Justin Mitchell said the group delivered returns within targeted objectives.
This included settling 1,807 residential lots and securing future income of $907 million, which exceeded previous guidance. About 88% of settlements were below $1 million.
Mirvac is targeting 1,800 lot sales in 2013 financial year, with another tough year expected for the residential sector. 
“New projects are being targeted at the right price points and right locations,” said Collishaw.
The top contributor to residential sales revenue came from the 42-level Era, with 98% of the 295 apartments sold, contributing nearly $290 million.
Mirvac reported that 190 or 64% of the 296 lots at the 10.6-hectare site at Harold Park have now been sold, contributing revenue of $262 million.
Collishaw called it Mirvac's most "significant" project" and said it was being developed on target.
Site works at Harold Park are expected to commence in August.
Mirvac’s <a href="https://www.propertyobserver.com.au/developments/docklands-development-yarra-point-three-quarters-sold-as-mirvac-says-the-price-is-right/2011110252174" target="_blank">Yarra’s Edge river houses and Yarra Edge Towers</a> are more than 80% sold, with Collishaw saying the apartment project was the highest contributor to earnings. 
Mirvac has just under 30,000 lots in the residential development pipeline, with future projects include Clyde North in Melbourne’s south-east growth corridor, a 200-hectare site acquired in December 2011, which will have 2,100 lots on completion.
</body></html>

Mirvac doubles profits, with strong contributions from Glebe's Harold Park

<html><body>
Pittwater at the far end of Sydney's northern beaches and Campbelltown in the outer south-west have been the strongest-performing rental markets in and around Sydney over the year to June, according to research by PRDnationwide.
Pittwater and Campbelltown units recorded annual rental increases of 16.3% and 14.8% respectively over this period.
RP Data shows that Pittwater units have a weekly rental of $320 while Campbelltown has a median weekly rental of $305.
There was also double-digit rental growth in Shellharbour, the southern beachside suburb of Wollongong and in Lake Macquarie, about 150 kilometres north of Sydney as the outer ring of Sydney and outer parts of the greater metropolitan region (GMR) experienced strong growth in median rent prices.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/prdaug211.gif"><img src="/images/stories/2012/08/prdaug211thumb.gif"></a>
Source: PRDnationwide
The top-performing Sydney housing rental market was the inner-west suburb of Canada Bay, about 11 kilometres from the CBD. Canada Bay and Maitland (in contrast to its unit market) were the only two localities to manage rental growth in excess of 10% for the 12-month period.
Overall, house rents in Greater Sydney, which includes municipalities between Sutherland in the south and Wyong in the north, increased by 4.5% over the period, compared with a rise of 5.6% for the state.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/prdaug212.gif"><img src="/images/stories/2012/08/prdaug212thumb.gif"></a>
Source: Housing NSW
For the standard three-bedroom house, the top performers were Hurstville (7.3%) and Shellharbour (7.1%).
"Interestingly, the northern part of the greater metropolitan region (GMR), which includes the central coast and Hunter regions, dominated the top-10 list for a three-bedroom house, with five entries," notes PRDnationwide.
The Mosman, Woollahra and Waverley municipalities recorded the highest median rent.  These municipalities capture some of Sydney’s most dense suburbs, and Mosman and Woollahra are among the most exclusive.
Woollahra has a median weekly rent of $1,275.
“The high rent prices are the result of scarcity in detached houses in these locations, and their proximity to iconic beaches, the Sydney CBD and vibrant commercial centres,” says PRDnationwide.
The five areas to record a decline in detached housing rent – Wollongong, Lane Cove, Botany Bay, North Sydney and Woollahra – reveal a shift toward affordability, says the property group.
In North Sydney, the median rent for a house declined by 10.8% over the 12 months between June 2011 and 2012.
“In the Botany Bay LGA, the decline in the median house rent may be linked the rise in medium density developments, with tenants preferring modern apartments over mostly older house stock,” says PRDnationwide.
The strong increase in rent on the outer parts of the greater metropolitan region is also linked to the search for affordability, with the high rental growth areas of Shellharbour, Wyong and Cessnock also identified in the most affordable in the Sydney greater metropolitan region.
</body></html>

Battlers and the beach - Campbelltown and Pittwater units strongest Sydney rental markets

<html><body>
The cautious approach adopted by self-managed super funds (SMSFs) considering investing in residential property is the right one, according to Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.
Oliver, one of the more cautious economists commenting on the housing market, says most investors have sensed that the property market’s has already done its 20-year dash of solid growth.
Oliver says the last time property was a smart investment was in the early to mid-1990s, when investors would have probably seen a three- to four-fold increases in the value of their property investments.
He says it is possible for SMSFs to find an investment property worth buying, but it requires them doing a lot of homework and research.
In a recent investment report looking at which investments offered a decent yield in the current market of declining interest rates, Oliver was not upbeat about returns from residential property investments. He says the boom over the last 20 years has resulted in yields of just 3.7% on houses and 4.7% on apartments, before taking into account the costs of investing. Net yields, once costs have been taken into account, are just 1% for houses and 2.3% for apartments, says Oliver.
Oliver's gloomy outlook comes as figures from SMSF advisory firm Dixon Advisory show that only about 5% the firm’s 4,500 DIY super clients have used limited recourse borrowing rules to include property in their portfolio, reported the Australian Financial Review.
However, Oliver has toned down his sentiments about the degree to which residential property in Australia is overvalued.
In a video update on the housing market in July, Oliver said that a few years back AMP was saying that houses were overvalued by as much as 30% but “the degree of overvaluation has come down, particularly over the last couple of years”.
Now he says they are 10% to 15% overvalued.
“We have very expensive housing in Australia relative to the US and UK, which have seen sharp adjustments in recent years."
However, Oliver says a key difference between Australia and the US is that the US had a housing boom at the same time as a supply boom so as prices started to fall it was made worse by the new supply stream.
“Australia has not seen that – for the last decade we have been under-building, which shows up in our very low rental vacancy rates and the upward pressure on rents."
This, he says, will put a floor under prices.
Oliver says that over the very long term property and shares have offered similar returns to investors – around 11% per annum – which suggests investors should hold both in their portfolios.
According to Tim Coates,  property investment adviser with Dixon Advisory, in addition to requiring special borrowing arrangements, SMSFs need a  plan to pay off their investment property.
Coates says such decisions to invest in property could be affected by the government reducing the tax concessional contribution limits from $50,000 to $25,000.
</body></html>

SMSFs are right to be cautious on investing in property: AMP’s Shane Oliver

<html><body>
<img src="/images/stories/2012/08/52k.gif">
The estimated gross annual rent that national leather and vinyl products restoration company The Leather Doctor will pay to lease a warehouse/office complex in the industrial precinct of Molendinar on the Gold Coast. The company has leased 9/6-8 Enterprise Street, Molendinar, as its headquarters in a deal negotiated by Steve Macgregor of Ray White Industrial Gold Coast. The property has over 500 square metres of warehouse area and 80 square metres of office space.
 
<hr>
 
<img src="/images/stories/2012/08/181k.gif">
The estimated net annual rent that international supply chain/logistics solutions supplier Tomax Logisitics will pay to lease warehouse space at Noble Park in Melbourne’s south-east. The 215 Browns Rd facility comprises a 3,600-square-metre warehouse space on a 10,000-square-metre site with drive-around facility and dual access points. The deal was brokered by Savills Notting Hill office director Lynton Williams. The lessor is a Melbourne-based private investor. 
 
<hr>
 
<img src="/images/stories/2012/08/260plus.gif">
The annual rents per square metre being achieved at 574 St Kilda Road, which is now 100% leased after BIC Australia chose the Juilliard Group’s building for its new Australian office headquarters.  BIC Australia has leased the whole of Level 4 at 574 St Kilda Road in a deal that includes building signage rights. The company will occupy 916 square metres of office space previously home to global IT company Unisys on a 10-year lease commencing on October 15.  Ben McKendry, Colliers International associate director of office leasing, negotiated the deal.
 
<hr>
<img src="/images/stories/2012/08/48k.gif">
 The annual rent plus GST that Epic Recruitment will pay to lease a 272-square-metre commercial unit on the Gold Coast for three years with a three-year option. Rent will increase by 4% each year as part of deal negotiated by James Crawford of Colliers International. The leasing deal was struck before a sales contract for the property at 2/12 Millaroo – also negotiated by Crawford – had a chance to settle. The buyer paid $455,000 plus GST for the commercial unit. It was part of a portfolio of 15 properties Crawford sold for a total of more than $8 million at Helensvale and Oxenford on the Gold Coast on behalf of vendor Victorian-based investor Torlu.
 
<hr>
 
<img src="/images/stories/2012/08/400k.gif">
The net annual rental industry sources estimate global hearing solutions company Bernafon Australia Pty Ltd will pay to lease a warehouse/office complex at Nundah on Brisbane’s northside. The 6,745-square-metre site at Lot 4/629 Nudgee Road, Nundah, was secured in a deal negotiated by Ray White Industrial Milton principal Paul Anderson. Bernafon Australia (a subsidiary of Swiss-based Bernafon) currently employs more than 100 staff and has been manufacturing and distributing in excess of 1 million hearing devices in Brisbane for the hearing-impaired community in Australia over the last 20 years. Bernafon has taken out an eight-year lease with five renewal options of five years.
<hr>
<img src="/images/stories/2012/08/270to290.gif">
The net rental (per square metre) range that two recruitment firms will pay to lease office space at 17-21 Miles Street in Mulgrave in Melbourne's outer south-east. Drake Recruitment will occupy 240 square metres of office space at 17-21 Miles Street in Mulgrave on a five-year lease negotiated by Leah Baxter, Colliers International executive for office leasing. Another recruitment firm Mango Recruitment will move into 50 square metres on a three-year lease at the same address, also negotiated by Baxter.
</body></html>

Commercial leasing: The Leather Doctor takes space on the Gold Coast

Gladstone house price growth stalls in June quarter, but double-digit growth in some suburbs: REIQ

<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