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ANZ chief executive Mike Smith has played down concerns about the subdued housing market by providing measured commentary on the contraction in house prices as the bank reports underlying profit of $4.5 billion for the nine months to the end of June.
The result was up 5.5% on the previous corresponding period, in line with half-year forecasts.
“There has been a correction in housing prices, but frankly this has been modest and quite orderly,” said Smith in a results briefing today.
Smith says the bank is “not running the business on the hope that the subdued lending environment will end anytime soon”.
“We won’t see pre-GFC credit growth anytime soon in the future,” he said, adding that this was the "new norm".
“We are not seeing anything that surprises us.
"Boring is the new black, and we are happy to be boring."
Smith reported that lending assets grew by 7.7% over the nine-month period, strengthening ANZ's funding profile, and he called the overall result a “solid performance”.
“We are upbeat about the business and where it is heading,” he added.
ANZ chief financial officer Shayne Elliott confirmed this subdued outlook, saying credit trends have been “as expected”.
Elliott says the bank’s retail lending book (mortgages) is performing well, "although there has been some stress in our commercial lending book, but this is not having a material impact".
While big four rival the Commonwealth Bank reported a small contraction on net interest margins on financial products, ANZ said group margins have been stable and Australian margins had increased slightly after declining 13 basis points in first half of the year.
The Australian Financial Review reported that this was a sign that the bank’s contentious decision to adjust interest rates outside of the Reserve Bank of Australia’s cycle on the second Friday of every month was starting to pay off.
However, Smith also acknowledged the decline in customer satisfaction ratings for ANZ – as reported by Roy Morgan – dating to the decision to implement the independent interest rate review.
He said the bank was looking to address this and was working on new initiatives in the Australian network with details to be announced later in the year.
“Market share in traditional banking, household deposits, household lending and commercial has increased despite challenging economic conditions. While asset repricing has been largely offset by deposit pricing pressure the divisional margin has recovered slightly since the end of the first half,” said the bank in a statement.
“The productivity program announced earlier in the calendar year is on track to deliver a half on half decline in expenses. Credit quality is sound and within expectations in both the retail and commercial books including 90 day mortgage arrears which have reduced further from the end of the half."
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House price correction 'modest and orderly': ANZ boss Mike Smith

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Developer Mirvac represents quality, stability and performance. Real estate agents use ‘built by Mirvac’ as a sales tool. The company's careful character is one reason investors were surprised – some say shocked – when chairman James MacKenzie announced the resignation of Mirvac’s CEO, Nick Collishaw, after four years in the top job.
The company has a replacement: Susan Lloyd-Hurwitz. Currently overseas, Lloyd-Hurwitz has an investment background, including with Macquarie Group, a factor that flags a potential shift in business model for Mirvac, according to investment researcher Morningstar’s property analyst, Tony Sherlock.
“Lloyd-Hurwitz brings extra experience in the funds management side,” he says. Sherlock says others in the industry have moved to a different capital structure for developments and Mirvac may be looking to catch up.
Mirvac’s performance has not been bad; certainly not worse than other developers caught up in the slowdown in construction, and housing prices, created by the GFC, Sherlock points out.
So what does a board, such as Mirvac’s, have to weigh up when it decides to part ways with its chief executive?
Industry expectations
Developers have had a spate of leadership changes – Stockland’s longstanding leader, Michael Quinn, will depart next February; earlier this year, Victor Hoog Antink left the top job at DEXUS Property Group, and FKP Property Group’s Peter Brown is also set to leave.
Whatever the factors influencing Mirvac’s share price – down from more than $5 in 2008 to $1.35 today – it is clear that rivals are clearing the decks for change.
The risks of a clean sweep
Mirvac’s CFO, Justin Mitchell, resigned in April and was due to leave in October, but he has already been replaced, prompting his departure in July. He had been there for eight years, and worked closely with Collishaw through the GFC.
With both leaders’ departures, Mirvac lost a lot of experience in one hit.
Peter Wilson, the national president of the Australian Human Resources Institute, says: “The CEO and CFO are two very important positions … Clean sweeps are unfortunate.”
What walks out the door with senior executives are their general expertise and their relationships. “Those always walk with senior people,” Wilson says. “You protect yourself by ensuring a range of people are involved on important projects. The CEO won’t have a lot of detail; not enough to replicate the project.”
The benefits of a clean sweep
A new leader brings fresh ideas and a morale boost. Chief executives and chief financial officers work closely together and it can be difficult when one leaves for the remaining leader to switch allegiances.
With both gone, Lloyd-Hurwitz can come in and stir things up, add new perspectives and bring a fresh look at old problems, Wilson says. “That is healthy. We expect that,” he says.
It provides an opportunity for the company to reposition itself.
Collishaw is a ‘details man’, according to reports. “Steady, straight, direct and knew his stuff,” is how he was described in an article last year in The Australian.
Lloyd-Hurwitz suggests a progressive, more daring appointment – a woman, relatively young, with global expertise and a different skill set: less in the nuts and bolts of real estate, and more in broader strategies and financial nous.
Strategy change
Sherlock says that rivals such as Westfield, Goodman and Lend Lease have changed their business model to a “capital light” approach. For any one project, half the money comes from debt, and half from equity. “The developer puts in 20% of the equity, and gets 80% from other investors – sophisticated investors – and they earn management fees on the other equity,” he says. “There is a flavour of the old Macquarie model.”
Prior to her current role as managing director, Europe, of LaSalle Investment Management, Lloyd-Hurwitz held senior executive positions at Macquarie Group and Lend Lease in Australia, America and Europe. Mirvac’s announcement says: “Susan’s real estate experience spans fund and portfolio management in both direct and indirect markets, fund development, mergers and acquisitions, disposals, research and business strategy,”
Managing nerves
If investors were surprised by the news, staff will also feel nervous. However, the announcement of a new CEO, the quick replacement of the departing CFO and the appointment of the chair, James MacKenzie, himself an experienced CEO, will all go towards alleviating staff concerns, Wilson says.
“People are going to get nervous if the company doesn’t have a sensible response, and that sensible response is five years of planning,” Wilson says. “People leave jobs about every five years. The foundation for any board’s response to a departure is to have a strong succession planning framework. It doesn’t matter which executive is departing; you must have a pipeline of successors. If you have that, the easiest way to respond is to say, ‘It is sad that this person is leaving, but we are a strong organisation and we have X who can step into the role.”
The next step
Mirvac has already issued guidance to the market about its upcoming result, Sherlock says. “What is more important is what will happen going forward. They are positioned at the premium end of the development market, at the top end of $2 million-plus,” he says. “They might find them harder to offload. I am not saying they will move out of that space, but rather than doing 10 more of those, they might put effort or capital into other areas.”
Such as? Cutting corporate overheads, which are seen as fairly high. Rivals such as Stockland and Westfield have had job cuts. Other have also been doing share buy-backs to allow investors a way out.
This article originally appeared on <a target="_blank" href="https://www.leadingcompany.com.au/">Leading Company.</a>
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The challenges Mirvac will face after two departures from its board

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REA Group, the dominant online real estate listings business and publisher of realestate.com.au, has posted a<a target="_blank" href="https://www.afr.com/p/business/marketing_media/rea_reports_pc_profit_jump_sK50CeCzO76euVYulKkHCM"> </a>29% rise in net profit to $87 million for the 2012 financial year ahead of analysts’ expectations, but real estate agent numbers have fallen 5%.
The group earned revenues of $278 million for the year ending June 30, a 16% rise on revenue of $238 million in the previous financial year.
Over the full year, the number of paying real estate agents declined by 5% to 9,069 and the number of listings dropped 2% to 761,329 - despite figures from SQM Research showing residential listings rising from 377,000 to 387,000 over the course of REA's reporting period.
REA Group said the decrease in paying agents to 21,448 in 2012 from 22,919 in 2011 was the result of “market contraction and consolidation”.
The drop in agent numbers was offset by a 16% rise in revenue per agent to $1,693.
Two years ago, REA Group reported it had 9,612 agents subscribing to its online offerings.
It reported that it had a unique audience of 2.9 million during 2012, with its nearest competitor, Fairfax’s Domain, achieving 1.6 million.
On the key measure of unique browsers for the year, realestate.com.au reported a figure 6.49 million – comparative figures on this metric appear not to be available in the current or previous year's results.
Realestate.com.au accounted for 61% of total minutes Australian spent on residential property portals as of June 2012, with Domain managing 17% of total minutes.
More than a third of total visits (34%) to property portals are via mobile devices, and REA chief executive Greg Ellis expects most of REA’s traffic to come from smartphones and tablets within three years.
Downloads for realestate.com.au’s iPhone, iPad and Android apps have reached 1.1 million, with mobile continuing to be a growth platform for the group.
Residential revenue increased by 12%, commercial revenue grew by 17% and media and developer revenue grew by 31% due to increased take-up of value-added products across all segments.
Ellis says he is cautious about the short-term outlook for the Australian property market with the downturn that began at the start of 2012 “out of alignment with the general economy”.
Despite this cautious outlook, Ellis is confident of double-digit growth in the current financial year.
“In Australia, we achieved 15% growth across the residential, commercial and media businesses and surpassed one million downloads of our realestate.com.au mobile apps.  Our high-growth Italian business achieved revenue growth of 35%. 
"In other international markets we achieved solid growth and continued to increase our leadership.”
The group derives 88% of its revenue from its Australian listings businesses – realestate.com.au, realcommercial.com.au, holiday rentals business homeaway.com.au and property.com.au.
Australian revenue growth was 15% for the full financial year, but slowed to 14% year-on-year in the second half, down from 16% in the first half – reflecting the impact of the market downturn Ellis referred.
The publisher also announced that it would pay shareholders a better than expected final dividend of 20.5¢ per share.
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REA Group says market contraction to blame for drop in realestate.com.au agent numbers as profits rise 29%

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ASIC has cancelled the Australian financial services (AFS) licence of investment firm Lion Advantage Limited and banned its chief executive, David Hickie, from providing financial services for two years after undertaking a surveillance of the business.
Hickie provided consulting services to Mark McIvor’s failed mortgage fund operator Equititrust in November 2011 and was appointed a director of Equititrust in January 2012.
He was a director at ASX-listed software group Sofcom from March 2008 to April 2009.
At the time of his appointment Sofcom noted that he had over 39 years'experience in banking, finance and funds management and says tha for a "period of approximately a decade" he was a non-executive director of Societe Generale Australia Limited securitisation conduits, ACE Limited, ACE Funding Limited, AUSTRA Limited and HOMES Limited and has also provided consulting for structured finance to a number of parties locally as well as offshore.
Lion Advantage provided financial product services to retail clients and acted as a responsible entity, operating four registered managed investment schemes that invested in real property.
The firm’s services included issuing, acquiring and disposing of interests in managed investment schemes.
The cancellation of Lion’s AFS license was effective August 10, 2012, and Hickie’s banning was effective from August 14. ASIC found that Lion Advantage had breached a number of the financial, reporting and other obligations of a financial services licensee in contravention of the Corporations Act.
Among its failures, ASIC found that Lion Advantage repeatedly failed to lodge audited financial reports on time for Lion Advantage and the schemes it operated and did not and did not have adequate professional indemnity (PI) insurance in place.
ASIC was also concerned that Lion Advantage and David Hickie “failed to comply with the obligation to notify ASIC of significant breaches, and did not have adequate compliance measures in place to ensure compliance with financial services laws”.
"Companies have important obligations that are central to ensuring the transparency and accountability of the reporting process and must comply with their reporting requirements to ensure users of financial reports like shareholders and creditors have the information available to them to help them make informed decisions," said ASIC commissioner Greg Tanzer.
"Licensees who fail to maintain adequate PI insurance expose retail clients to the risk that they go uncompensated in circumstances where a licensee has insufficient funds to meet client claims. EDR schemes are equally important as they provide consumers with alternatives to legal proceedings in respect of resolving complaints with their financial service providers.’ In an April 2012 report, David Whyte, the ASIC-appointed receiver of Gold Coast mortgage fund operator Equititrust, noted that David Hickie had been engaged by Equititrust in November 2011.
The Supreme Court of Queensland appointed Whyte to wind up the Equititrust Income Fund (EIF) and Equititrust Priority Class Income Fund (EPCIF) on November 21. The court also appointed Whyte as receiver of the property of EIF and EPCIF.
Whyte says that “David Hickie of Lion Advantage has worked closely with Mark McIvor and Ross Honeyman (director of financial services)” devising an alternative strategy for Equititrust.
McIvor and Honeyman had sought to be reimbursed for the consultancy fee paid to Hickie, but Whyte had refused on the grounds that it was “not properly and reasonably occurred in the winding up of the fund”.
Richard Albarran, Blair Pleash and Glen Oldham of Hall Chadwick as liquidators of Equititrust Ltd on April 20, 2012.
Lion Advantage and David Hickie have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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Lion Advantage loses financial services licence and CEO David Hickie banned by ASIC for two years

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The upmarket inner-Hobart suburb of Battery Point, known for its convict history and million-dollar houses, is Tasmania's most crowded, at 3,069 people per square kilometre. The 0.68-square-kilometre suburb has a population of 2,097, according to RP Data.
The Launceston suburb of Mayfield is the most densely populated Tasmanian suburb outside of Hobart, with a density of 2,326 people per square kilometre.
According to June quarter sales figures from the Real Estate Institute of Tasmania (REIT), Battery Point recorded a  median sale price of $1.08 million off just four recorded sales, making it also one of the most tightly held suburbs in Hobart.
Steve Yannarakis from Knight Frank Tasmania, who both sells properties and lives in Battery Point, says the suburb does not feel crowded.
“It’s like any other inner-city suburb such as Paddington in Sydney or Middle Park in Melbourne,” he tells Property Observer.
“There are no blocks of high-rise apartments.”
Yannarakis says houses are built on small blocks – compared with the large blocks in Sandy Bay – and land values are high.
“It’s the most expensive suburb in terms of value per square metre of land.”
He says the REIT figures on Battery Point, which show just four sales, tend to lag the market.
Yannarakis recently sold a heritage home in Battery Point for $1.3 million that he says will settle in a couple of weeks and is likely to be the highest sale of the year.
Yannarakis says Battery Point is also popular with mainlanders.
“They like to buy here if they move to Tasmania.”
“It has everything that you need. It is very close proximity to the Salamanca Place entertainment strip and Hampden Road Village
“It’s very cosmopolitan, for Hobart anyway.”
Angelina Droblina from Ripple Property, who has a number of listings in Battery point including this <a href="https://www.realestateview.com.au/Real-Estate/30-11-battery-square-battery-point/Property-Details-buy-residential-4296751">two-bedroom unit at Battery Square</a> priced at $330,000 and above, describes it as one of the most exclusive suburbs in Hobart.
“It has loads of historically significant property and is aesthetically beautiful offering a village lifestyle on cusp of the CBD,” she says.
She agrees with Yannarakis that it does not have a crowded feel.
“There is only one very tall building in Battery Point -  Empress Towers - and five other blocks with no  more than 20 or 30 apartments in each.
“It is a very highly sought after area."
She says the REIT June quarter figures reflect the current state of the market.
Her most recent sale was a four bedroom, two bathroom townhouse, which she sold to mainlander, who was buying it for his daughter. It sold for $650,000.
According to realestateview.com.au, there are 23 properties for sale in Battery Point.
They include this striking waterfront home at 58A Napolean Street, one of a number of listings being marketedy Yannarakis, which featured in<a href="/news"> Title Tattle in April this year.</a>
The Maria Gigney-designed home (pictured below) incorporating glass and steel blend with Jarrah timber accents and has views across the Derwent River from the Casino to Hobarts Eastern shore.
{yoogallery src=[images/stories/2012/08/aug15battery]}
The original house dates back to 1962 before being upgraded by owner and pharmacist Greg Kay. It includes a 12.5-metre indoor saltwater lap pool.
Given the small number of sales the change in the median price in Battery Point is statistically unreliable but over the last two years, house prices have shown strong growth, up 27% since June 2010.
According to the REIT, there were  133 sales recorded in inner Hobart over the three months to June, a 2.3% increase over the quarter with the median house price rising falling 5.6% to $435,000.
The institute also found that Hobart was the only location to record an increase for the quarter, of 4.8% to a median of $370,000.
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Battery Point easily edges out Mount Stuart as Tasmania's most crowded suburb

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Born in Britain, educated in Australia, Susan Lloyd-Hurwitz has become the face of women in property, whether she likes it or not.
In an industry still heavily dominated by men, Lloyd-Hurwitz's appointment as CEO of Mirvac marks a significant first for women.
The stats are truly against women when it comes to development, real estate and property  in Australia. Back in 2006, the ABS reported that just 15-20% of the property and development sector is female, despite this sector employing almost a fifth of the workforce.
Mirvac made the announcement yesterday that Lloyd-Hurwitz would become its new CEO, following the departure of Nick Collishaw.
Lloyd-Hurwitz, 45, is currently based in London as the Europe managing director of LaSalle Investment Management. She has previously held senior executive roles at Macquarie Group and Lend Lease in Australia, Europe and the US.
Mirvac Group chairman James MacKenzie says Lloyd-Hurwitz has spent 23 years in the industry, working accross four continents and a variety of facets in the property sector.  "She is a respected leader of people and businesses, has a global outlook and is well-versed in the opportunities and challenges associated with all parts of the business cycle," he says.
This article originally appeared on <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda</a>
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Mirvac's Susan Lloyd-Hurwitz the face of women in property

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Listed property trust Dexus has announced the acquistion of two prime office acquisitions in the Brisbane and Sydney CBDs as its portfolio weighting in office assets increased to 70% over the course of 2012 financial year to June 30.
Dexus has acquired the 12 Creek Street office tower in the Brisbane CBD known as the “Blue Tower” due to its distinctive blue glass façade for $241.6 million.
The 34-level building, which was built in 1989, has 32,000 square metres of office space and was put up for sale by the Australian Property Growth Fund marketed by Bill Tucker and Rick Butler of CBRE and Geoff McIntyre and Ben McGrath from Jones Lang LaSalle.
Tenants include a number of resource and mining businesses including Esso Australia and BMA Coal as well as Optus, Macquarie Bank and the Reserve Bank of Australia.
Dexus is expecting mining and business services to drive demand growth in the medium term in the Brisbane CBD with the current vacancy rate of 8.3% expected to trend downwards.
Chief executive Darren Steinberg says Dexus is targeting an internal rate of return of 10.2% per annum over the next 10 years for the building, which has been significantly upgraded.
“We are increasing our presence in Brisbane which has favourable growth forecasts,” Steinberg said at today’s full results briefing.
The Blue Tower is only the second Brisbane office tower owned by Dexus.
It’s other Brisbane office holding is the 26-level 123 Albert Street building, which opened in October last year  with a six star Green Star energy rating.
It is more commonly known as the "Rio Tinto" tower with the mining giant leases 25,600 square metres of the total 37,000 square metres available in the building in a 10 year deal, which commenced with the opening of the building.
The 12 Creek Street acquisition means Dexus operates over 55,000 square metres of Brisbane office space - 10% of its office portfolio.
Dexus has also acquired 50 Carrington Street, a 19 level tower in the Sydney CBD, overlooking Wynyard Park with tenants including REST Super fund, Austral Mortgage Corporation and Goldberg lawyers.
Steinberg says the office tower, which was built in 1982 is a “well located boutique property” that it intends to refurbish.
Dexus is targeting an internal rate of return of 10.6% over the next three years and Steinberg says he is excited about the acquisition, with new leasings to be targeted at lawyers and accounting businesses.
Dexus expects demand for Sydney office space from the banking sector to be subdued in 2013 – Dexus has 52% of its office portfolio in Sydney covering 259,000 square metres of space.
Steinberg says that under the revised Dexus strategy, it will focus on “office sector leadership” and expects investors to gravitate to “quality real estate”.
“We will be the proxy for high quality Australian offices and aim to be the leading owner and manager of Australian offices,” he said.
Steinberg says the new strategy includes “keeping close to our tenants and have proactive approach to managing our tenants”.
“We are confident we can retain key tenants.”
Following the sale of the US portfolio, Steinberg says Dexus's offshore exposure is now considered “non-core”.
“We will focus on the core CBD office markets of Sydney, north Sydney, Brisbane, Melbourne and Perth.”
However, he says Dexus will not target specific percentage holdings in CBD markets, but will make acquisitions where it sees value.
Ross Du Vernet, Dexus head of strategy, transactions and research, says the growing divergence in views about global growth will impact on tenants' commitments to longer-term office leasings.
However, he says the view among Dexus's key office tenants is “not too bad” but they remain cautious.
Du Vernet says most CBD office markets are at equilibrium except for Perth, which is undersupplied, while the Melbourne market is oversupplied.
“Melbourne is the toughest, with Perth and Brisbane the best.
“Rental growth is expected to soften in Sydney due to the Barangaroo South project, but we still expect growth," says Du Vernet.
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Dexus acquires Brisbane’s “Blue Tower” as it sees office growth potential in Queensland capital

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Listed office and industrial property developer Dexus has recorded a sharp slump in full-year profits with a mixed outlook for both commercial sectors over the next two years.
Dexus reported annual statutory profits of $181.1 million for the 12 months to June 30, compared with profits for the previous period of $553 million – a fall of 67%.
Much of this was the result of Dexus recording a $117 million loss from the $770 million sale of its US property portfolio.
Delivering his first set of full-year results since replacing Victor Hoog Antink as chief executive at the end of March 2012, Darren Steinberg said the company expected to lift earnings per security by 1.3% to 7.75¢ in 2012-13.
He said Dexus was operating in a challenging and volatile environment with the focus on “actively managing the portfolio”.
Dexus increased the value of its office portfolio from $4.5 billion to $4.7 billion with an occupancy rate of 97% and completed 75,600 square metres of leasing deals.
New office leased completed during the year yielded average rental increases of 4.6%
The flagship <a href="https://www.propertyobserver.com.au/office/dexus-one-bligh-street-named-best-tall-building-in-australasia/2012061555133" target="_blank">One Bligh Street office tower </a>is now 90% leased, while another major project, 123 Albert Street in Brisbane, is 99% leased.
The value of the Dexus industrial portfolio increased from $1.6 billion to $1.7 billion with 300,000 square metres leased over the year.
Major Australian acquisitions over the course of the financial year included the $201.5 million acquisition of the 452 Flinders Street office tower in Melbourne via its third party funds management business.
<a href="https://www.propertyobserver.com.au/western-australia/government-employee-super-fund-to-buy-half-of-perth-office-tower-qv1/2011082551284" target="_blank">It also sold QV1</a>, the third tallest building Perth at 40 stories, for $310 million.
In total Dexus undertook $1.6 billion worth of property transactions involving 95 properties.
From the 2014 financial year, Dexus expects an improvement in tenant demand for office space in line with improved employment forecasts with the national vacancy rate to fall further in 2013.
It also expects an increase in demand for warehouse space in line with projected growth in imports.
Dexus expects the value of prime grade office and industrial properties to increase in value as yields tighten.
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Dexus reports 67% slump in profits, with mixed outlook for offices and warehouses

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The Top Ryde shopping centre in north-western Sydney has been formally listed for sale with price expectations in excess of $360 million following an $800 million redevelopment.
The metropolitan regional shopping centre, ranked Australia’s 39th biggest shopping mall by floor space, is being marketed by Simon Rooney from Jones Lang LaSalle on behalf of receivers and managers Joseph Hayes and Jason Preston from McGrathNicol.
The centre was officially opened on August 20, 2010, and comprises approximately 78,000 square metres of lettable area.
The redevelopment has included the opening of a Fitness First Platinum gym in April.
The centre is anchored by a two level Myer department store, Big W, Woolworths, Franklins and ALDI supermarkets and eVent Cinemas.
It also includes a medical centre and an estimated 220 specialty tenancies.
The centre has been in the hands of external administrators since the company behind the redevelopment, Bevillesta, entered voluntary administration in February 2011 after being unable to repay debts.
Numerous potential buyers have run a ruler over the property since it fell into administration, with the retail centre almost sold in July 2010 to a GPT-managed fund.
Bevillesta appointed BRI Ferrier as administrator, with creditors to the company claiming they were owed about $900 million. It included a syndicate of five banks owed more than $600 million, according to Fairfax Media.
It was valued at $350 million in May and was due to be put up for sale shortly after valuation.
“The time is now ideal for a new specialist retail owner/manager to reposition and relaunch the centre, which presents significant value creation opportunities," says Rooney.
“All key stakeholders have approved this transaction process and are genuinely keen to see a successful and early sale outcome, following a successful asset transition programme implemented by centre management.”
“The opportunity to acquire a 100% interest in a virtually brand new, major regional shopping centre asset in metropolitan Sydney is a once in a cycle proposition.”
“Major regional retail holdings have and continue to be tightly held and the attractive investment fundamentals for a fully integrated town centre development such as Top Ryde City are nearlyimpossible to replicate this close to the Sydney CBD."
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Top Ryde Sydney shopping centre returns to market with $360 million-plus expectations

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<img src="/images/stories/2012/08/164m.gif">
How much listed real estate investment trust Charter Hall has agreed to pay to acquire Stockland Bay Village in Bateau Bay on the NSW Central Coast following an on-market expression-of-interest campaign managed by Colliers International. The shopping centre sold in line with book value. Colliers International’s Lachlan MacGillivray, who led the sales campaign with Heath Crampton, says it is the largest agency-negotiated sub-regional transaction for 2012. Stockland Bay Village, to be reverted to Bay Village Shopping Centre, is anchored by Woolworths, Coles, Kmart and Aldi, three mini-majors and more than 80 specialty stores and three pad sites. The shopping centre is situated on a prime 90,000-square-metre site, with a gross lettable area of 29,162 square metres and was expanded and refurbished by Stockland in 2005 and 2006.
 
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<img src="/images/stories/2012/08/150k.gif">
The price paid for a 40-square-metre strata office at 1 Queens Road on the Melbourne CBD fringe just off St Kilda Road. The office has $12,607 net income per annum and was sold by Gideon Marcus from Teska Carson Richmond. The existing tenant is reputably Melbourne's largest service office provider. The office is leased for two years with two further terms of one year.
 
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<img src="/images/stories/2012/08/4point75m.gif">
How much an undisclosed group from the national not-for-profit health sector paid for the The Edmondstone Motel, a three-star-rated accommodation asset at 24 Edmondstone Street, South Brisbane. The sale of the 21-room property was part-negotiated by Hiep Nguyen from First National Commercial.
 
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<img src="/images/stories/2012/08/2point675m.gif">
The price paid for a tenanted industrial warehouse in the Newcastle suburb of Mayfield West. The property at 3 Metal Pit Drive, Mayfield West, was marketed and sold by Ray White Commercial Newcastle Principal John Parnham on behalf of Newcastle developer ATB Morton. The warehouse is tenanted by workplace safety equipment supplier Protector Alsafe on a long-term lease. It was purchased post-auction by a consortium of local investors. The property is located in the Steel River Industrial Estate just 10 minutes from the Newcastle CBD and 15 minutes from the airport. The sale price reflected a net yield of 8.44%.
 
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<img src="/images/stories/2012/08/4point65m.gif">
The price paid in a private sale after auction for 5.6 hectares of freehold industrial land at 169 Australis Drive, Derrimut, in Melbourne’s outer west. The property was sold by Nathan Bingham and Stephen Newsham from Colliers International to a private developer. The vendor was Booth Transport. “The purchaser has acquired the land with the intention of opening the door for pre-lease opportunities," says Bingham. “The land will be developed as a major distribution centre within the next 12 months.”
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Commercial hammer prices: Charter Hall buys Stockland mall for $164 million

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