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Tenders close tomorrow for 333 hectares of vineyards in the Coonawarra wine-growing region of South Australia, most famous for Cabernet Sauvignon and Shiraz wines.
Up for sale is the Coonawarra Premium Vineyards (CPV) Project No. 1 &amp; 2, a subsidiary of the Coonawarra Australia Property Trust.
There are 309 hectares of planted vineyards on six titles  with red varieties – Cabernet Sauvignon, Shiraz and Merlot – constituting around 85% of total plantings along with smaller parcels of white grapes: Chardonnay, Semillon and Sauvignon Blanc.
Also up for sale is a contemporary masonry residence, currently used as an office, temporary accommodation and staff amenities, a number of sheds and 16 iron clad pumping stations which serve both to irrigate the vines and to provide water for frost protection.
The Coonawarra Australia Property Trust was placed in receivership in March this year, with its shares suspended from trading on the ASX at the same time.
John Hart and David Kidman of Ferrier Hodgson were appointed as receivers, including the CPV property with land title documents showing a mortgage to the Commonwealth Bank.
The vineyards are being sold on behalf of the receivers with the sales campaign led by Tim Altschwager and Nick Dean from Colliers International Rural and Agribusiness Wine Industry specialist practice.
Altschwager says no price guide has been given, but “similar vineyards in the Coonawarra area have recently attracted figures in excess of $20,000 per vine area".
“We expect quality vineyards planted to premium varieties to attract figures well in excess of that rate,” Altschwager tells Property Observer.
Coonawarra is one of Australia’s most renowned wine regions and is acclaimed internationally for its Cabernet Sauvignon and Shiraz wines, which thrive in the cool and sunny climate and in the famous terra rossa soils.
The CPV portfolio comprises two contiguous vineyards, which may be operated separately, having separate infrastructure and water entitlements, are currently operated as one operation.
Historically Coonawarra produces around 40,000 tonnes of fruit per annum out of the 100,000 tonnes produced in the Limestone Coast zone, second largest producer in South Australia after the Riverland Zone.
Premium wines produced in the Coonawarra region are all represented in a tight strip along the Riddoch Highway and include Wynns, Penfolds, Petaluma, Katnook Estate, Lindemans, Orlando, Bowen Estate, Balnaves, Zema Estate, DiGiorgio Wines, Hollick Wines and Majella.
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Tenders to close for premium Cabernet Sauvignon and Shiraz Coonawarra vineyards 

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Brisbane house prices fell by 1.3% in the June quarter to a median of just under $428,000 – the lowest reading since December 2008 and the eighth straight quarter that house prices have fallen – according to the latest quarterly figures from Australian Property Monitors (APM).
The decline in Brisbane house prices, which dates from the June 2010 quarter, came on the back of a very buoyant market with Queensland one of the last housing markets to feel the effects of the GFC.
The housing market took another battering following the January 2011 Brisbane floods and other natural disasters in the state.
Brisbane remains the most affordable mainland capital city detached housing market, below Adelaide, where house prices remained unchanged over the June quarter at a median of $436,000.
Year-on-year, Brisbane house prices have fallen 3.7% since June last year, more than Melbourne's 2.6% year-on-year decline, with Adelaide (- 2.1%) and Sydney (-1%) also recording smaller 12 month declines.
Brisbane unit values declined more steeply over the June quarter – down 1.7% to a median of $356,744 – but are down a more modest 0.8% over the 12 months to June, compared to house prices.
APM recorded a Brisbane auction clearance rate of just 29% last weekend.
<img alt="brisbane-median-price" src="/images/stories/2012/brisbane-median-price.gif" height="225" width="400">
Both RP-Data and Rismark have the Brisbane housing market well down over the 12 months to June – with their data pointing to an even steeper annual decline.
However, RP Data-Rismark reported a 0.9% gain in Brisbane house prices in the month of June to a median of $435,000 – suggesting the market may have begun to finally turn around.
RP Data-Rismark has Brisbane house prices down by 4.9% for the year.
Residex says Brisbane house prices fell 2.37% in June, 3.75% over the June quarter and are down 6.5% for the year with a median value of $412,500.
The Real Estate Institute of Queensland (REIQ) reported an easing in the Brisbane rental vacancy rate over the June quarter to 2.1% from 1.7%, although the inner city suburbs remain tightly held at just 1.6% “with property managers from REIQ accredited agencies reporting some rent increases taking place, especially for houses, due to stronger demand”.
The REIQ has Brisbane house prices down 4.7% over the March quarter to a median of $505,000 and has yet to release June quarter results.
According to Dr Andrew Wilson, senior economist at APM, Brisbane house prices are showing no signs of price growth at this stage and the market is likely to fall further.
He says the recent performance is somewhat “counterintuitive” given that recent ABS housing finance figures show that the value of investor loans approved over the first five months of the year rose 31% in Queensland.
“Brisbane is suffering from a lot of stock that needs to be absorbed,” Wilson says.
“There is not much competition for properties. This will only increase when the amount of residential stock listed for sale comes down.”
According to RP Data, Brisbane residential listings fell 3.5% for the year to July 8.
SQM Research recorded a 4.4% year-on-year decline in Brisbane residential stock-on-market to end of June, but recorded a 3% rise over June counting 30,080 property listings.
Wilson says there are positive signals of longer-term recovery for Brisbane including stronger population growth in South East Queensland due to people chasing higher wage growth in the state (off the back of mining activity).
“But I don’t see the bottom of the market yet,” he says.
Noting the volume of apartment projects underway in the inner Brisbane suburbs (there are more than 40 at various stages of development at present), Wilson says there is growing demand for inner city Brisbane living.
However, given that it’s an emerging new market, he says it will take time to gain traction.
“It took decades for the Melbourne inner city market to gain traction and we are still seeing prices coming down.”
"The Brisbane inner city market is on watch."
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Brisbane house prices decline for eighth straight quarter but not yet at the bottom: Australian Property Monitors

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Mining towns like Chinchilla in Queensland’s Surat Basin offer potential for capital growth.
However, its promotion (and others like it) should also serve as a reminder to investors that they should bear in mind who is making the recommendation, what interest they may have in the hotspot and whether they will earn income from selling real estate in this area.
Among those promoting Chinchilla is Sam Saggers of Positive Real Estate, who describes it as a mining boom town that should be on the “radar” of all property investors.
<img src="/images/stories/2012/07/chinchilla.jpg">
Saggers says he expects Chinchilla will soon have rents that rival those in Moranbah and Port Hedland, and says average annual price growth has been at 17% – “with no signs of stopping any time soon”.
“Chinchilla has a diverse economic base,” Saggers reassures investors.
“This small but growing region is known as the ‘Home of the Melon’, which is a well-deserved name considering that a quarter of Australia’s watermelons, rockmelons and honeydew melons come from this region.”
“Chinchilla doesn’t rely solely on mining for its ‘bread and butter’.” says Saggers. “The area has a big agricultural base, selling produce such as cotton, wheat, barley and sorghum. They have large cattle and pig farms, as well,” he says.
While this may all be accurate, investors should bear in mind that it is Saggers’ job to promote all the best that Chinchilla has to offer as he sells many properties in the mining town and others like it. Saggers does not hide this fact: you can find examples of off-the-plan projects he is marketing in Chinchilla, Mackay and Gladstone on the Positive Real Estate website.
But even Saggers himself acknowledges that there are risks to investing in mining towns and investors need to consider that mining demand could slow, so investors must assess the risk of that happening.
And, he says, not all mining towns are wise investments.
He describes Moranbah, Middlemount, Dysart and Karratha as mining towns where “rents have been driven out of control from the mining boom” and where he expects a “market contraction”.
Chinchilla, Mackay and Gladstone though are not on the list.
Surat Basin Property Group is also promoting Chinchilla and other nearby Queensland mining towns as “opportunities for ‘mum and dad’ investors to capitalise on the country’s resources boom”.
Similar to Saggers, the SBPG does not keep it a secret it has a vested interest in Chinchilla.
The company has its headquarters in the town and has “land holdings in the region that will ultimately deliver approximately 2,500 dwellings”.
SBPG has already built and sold 200 house and land packages in Chinchilla.
It should not be surprising then that SBPG chief operating officer, Jason van Hooft says opportunities for investors in the Surat Basin area are “unique in Australia”.
“For a start, we are not that isolated, being only 3.5 hours' drive from Brisbane, and secondly the towns of Chinchilla and Miles are long established country communities with existing infrastructure, existing thriving communities and broad-based economies.”
“If you like, the resources boom is the icing on the cake for these centres,” van Hooft says.
SBPG is offering house and land packages from $390,000 to $452,000, which it says will attract rents in the order of $550 to $800 a week “with a waiting list of prospective tenants in a number of the towns”.
“Similar properties, probably not as well built, in Western Australia’s mining regions would command prices of around $800,000 to $1 million,” van Hooft adds.
SBPG currently has 60 residential blocks available to be developed in Chinchilla and Miles and hundreds more in the pipeline; van Hooft says the certainty of tenancy and the potential for capital gains (16% on average over the past 10 years) cannot be duplicated anywhere else.
All of this can sound enticing, but investors should ensure they also obtain an objective opinion of locations like Chinchilla.
While there are many positives about investing in these locations, there is significant risk as well – risk that will not be highlighted by anyone with a vested interest or who stands to earn commission on property sales.
For advice on navigating hotspots, download our free eBook: <a target="_parent" href="https://bit.ly/O6ekCX">Tools for Getting Through the Hotspot Maze.</a>
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Chinchilla, Queensland: Mining hotspot or one underpinned by marketeers?

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Melbourne was the strongest performing capital city detached housing market over the June quarter, recording a 1.6% rise to a median of $531,167, according to figures compiled by Fairfax's Australian Property Monitors (APM).
Dr Andrew Wilson, senior economist at APM, says the Melbourne market is being driven by demand at the lower-end and top-end of the market.
"We've seen a big lift in first home buyers since the announcement of the end of state incentives which has brought demand forward," Wilson told Property Observer.
"In May this year we had the highest numbers of first home buyers since first home buyer incentives were introduced in 2009," he says.
There has also been "solid resilience in the top end leafy suburbs" with prices rising off a low base.
In addition, Wilson says there has been improved affordability and interest rate cuts – though oversold as a driving force – have also been a significant contributor to the recent stronger performance.
Furthermore, auction clearance rates have also pushed up of late.
"It will be interesting to see, when this wave of first home buyers are out of the market, whether the upper end resilience can sustain the market over spring."
"The middle section of the market is always susceptible to the wider Melbourne economy and things like wages growth."
"The Melbourne market is on watch."
Wilson's explanation aside, the APM data is likely to create more confusion for investors and buyers as to the direction of the Melbourne market, with other providers recording different results over the same period of time:
<ul>
<li>RP Data-Rismark recorded a substantial 3.1% drop in Melbourne house prices over the June quarter to a median of $517,500, though it did record a 1.4% gain over the month of June, with Rismark CEO Ben Skilbeck saying the market had “rebounded”. 
</li>
<li>Residex recorded a 1.3% fall in Melbourne house prices over the June quarter to a median of $555,500 and a 0.5% fall over the month of June.</li>
</ul>
<ul>
<li>The Real Estate Institute of Victoria (REIV)’s results could be read as the most bullish, with the institute recording a 2.9% gain to $535,000 over the June quarter, with the metropolitan Melbourne market described as “steady”.</li>
</ul>
Nationally APM reported little change in house and unit prices with house prices up 0.4% to a median of $536,075 and unit prices down 0.8% to a median of $411,810.
Over the 12 month period to June, house prices are down only 1.6% while unit prices are unchanged.
Sydney and Perth house prices hardly moved over the quarter – both up 0.2% to medians of $642,425 and $536,151 respectively.
<img src="/images/stories/2012/stratified-prices1.gif" alt="stratified-prices1" height="181" width="470">
Among capital city unit markets, the trend was down, led by Perth (down 4.5% to a median of $348,960) and Hobart (down 3.9% to a median of $260,393) with Sydney unchanged and a 1.2% fall recorded in Melbourne.
Only two capital cities recorded gains in their median unit prices over the quarter, led by Canberra, recording a 2.5% gain to a median of $421,339 and Adelaide, up 1% to a median of $296,802.
<img src="/images/stories/2012/stratified_prices2.jpg" alt="stratified_prices2" height="193" width="504">
Commenting on the June quarter data, Dr Andrew Wilson, senior economist at APM, says that following a subdued period of buyer activity, “most Australian capital city housing markets appear to have bottomed out in the December quarter 2011, with modest price growth evident over the first two quarters of 2012 in Sydney, Melbourne, Perth, Canberra, Hobart and Darwin."
“Brisbane and Adelaide however are the exceptions, with no clear signs of median house price revivals in those markets,” he says.
“This trend towards modest improvements can be expected to continue in most capital city markets over the second half of 2012, underpinned by the prospects of an active spring selling season signalled by recent improvements in auction clearance rates, recent interest rate cuts and positive ABS home loan data.”
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Melbourne house prices up 1.6% in June quarter to lead 0.4% national gain: Australian Property Monitors 

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Less than half of the 416 estate agencies polled by Macquarie Group reported an increase in revenue in 2011, according to the investment bank’s recently realeased 2012 residential real estate benchmarking report.
 Nationally, 47% of agencies reported an overall increase in revenue compared to the previous year.
Two out of every five estate agencies (40%) reported a decrease in revenue, with 13% saying revenue did not change.
"The Australian residential property market in 2012 is an increasingly challenging landscape for real estate agencies to navigate," says Shaun Bassett, national head of residential real estate at Macquarie Relationship Banking.
Bassett says estate agents must have the ability to "adapt quickly and be sufficiently robust to survive, and thrive, in an environment where they are increasingly affected by factors outside their control".
"The focus therefore has to be on factors that are controllable – elements within and outside of the businesses that principals, owners and managers alike can exert influence over – to better place themselves to generate a return irrespective of what is happening in the broader environment," he says.
The 2012 report found that many estate agents are turning to property management as a way to diversify their income.
It also found some disparity by states when it comes to revenue growth, most notably between NSW and the rest of the country.
Click to enlarge 
<a rel="shadowbox" href="/images/stories/2012/07/didyour800.gif" title="Click to enlarge"><img src="/images/stories/2012/07/didyour470.gif"></a>
A comparatively high 57% of NSW agencies are experiencing an increase in revenue, with Macquarie attributing this to sales revenue growth, with the survey also finding that 44% of NSW agencies versus 32% nationally reported an increase in sales commissions over the same period.
In no other state did a majority of agencies report an increase in revenue over 2011.
Victoria and Queensland both reported the highest percentage (46%) of agencies reporting decreasing revenue.
For those agencies that did report revenue increases over 2011, more than three quarters cited property management as a key area contributing to growth.
Around 60% attributed their revenue increase to rising sales revenue with 39% of respondents identified both.
“This tells a compelling story about the value of property management as a very real driver of revenue and business growth,” says Macquarie.
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Less than half of estate agents report revenue rise in 2011, with NSW agents best placed: Macquarie survey

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The Reserve Bank is likely to wait until November to cut interest rates again, according to the Commonwealth Bank’s chief economist Michael Blythe, following today's benign June quarter inflation rate reading.
The CBA had previously forecast a 25 basis point rate cut in August.
Blythe described the CPI June quarter reading of 0.5% as a “touch below market expectations” with the underlying CPI print (0.6%) in line with the market and the Commonwealth Bank’s own forecasts.
“But whatever way you cut up today’s data the bottom line is that underlying inflation at mid-year was travelling at around 2%pa, the bottom end of the RBA’s target band.
ANZ prepared this graph showing how underlying inflation has tracked within the RBA’s targeted inflation band (2% to 3% since 2011):
<img alt="underlying_inflation" src="/images/stories/2012/underlying_inflation.jpg" height="279" width="399">
Blythe says the inflation reading leaves scope for the RBA to cut interest rates “if necessary”.
“That said, there is a pretty clear theme in recent RBA commentary."
“That theme is a lot of policy stimulus that has been applied over the past six months or so and now is the time to see what impact that stimulus is having."
“RBA Governor Stevens, for example, noted in the Q&amp;A session following yesterday’s presentation at the Anika Foundation that “we think the setting’s about right for the circumstances we face”.
“As a result the 25bpt rate cut we had pencilled in for the August RBA board meeting looks unlikely."
“We have pushed that cut back to November. The projected cut reflects the downside risks to the economic outlook that remains."
“Much will depend on how the European story plays out. But lower rates may also prove necessary in an economy adjusting to the end of a terms?of?trade boom and downward correction to export prices,” says Blythe.
Today, on the back of the inflation reading and Glenn Stevens' well-received speech on the economy and housing market, Aussie Home Loans chairman John Symond came out in agreement on the RBA Governor’s position on the state of the Australian housing market.
“Repayments are now at their lowest in years on the back of low interest rates, income growth and lower house prices and loans sizes,” says Symond.
“I particularly endorse the RBA’s optimism and agree that arrears have remained low or have even seen some decline in the last year, while house prices are now somewhere around their 2004 levels. The likelihood of the so-called ‘bubble’ bursting seems low, in my opinion."
“Now really is an opportune time for first home buyers to consider getting in to the market, especially with the chance of further rate drops in the coming months. Both variable and fixed rates look appealing, and with an increase of houses on the market combined with positive economic indicators, it provides a great environment  to invest in your own place rather than pay someone else’ s rent if you can afford it.”
Thinking about refinancing your home loan as economists change the interest rate forecasts?
Sign up for Property Observer’s free webinar: Refinancing and the interest rates riddle taking place on Tuesday 31 July a 12:30pm AEST.
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RBA likely to wait until at November to cut rates again following low June quarter inflation reading: CBA’s Michael Blythe

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The Consumer Price Index (CPI) rose 0.5% in the June quarter 2012, compared with a rise of 0.1% in the March quarter 2012.
This reading was just below forecasts of a 0.6% quarterly rise, according to a poll of 24 economists by Bloomberg last week.
The CPI rose 1.2% through the year to the June quarter 2012, compared with a rise of 1.6% through the year to the March quarter 2012, well within the RBA's target 2% to 3% per annum inflation band, leaving room for the RBA to cut rates later in the year, should it need to.
Annualised CPI is now at its lowest rate in 13 years, CommSec points out. The most significant price rises in the June quarter 2012 were for medical and hospital services (+2.8%), rents (+1.1%), vegetables (+5.2%) and furniture (+4.5%).
The most significant offsetting price falls were for domestic holiday travel and accommodation (–4.0%), audio, visual and computing equipment (–3.8%) and cakes and biscuits (–2.8%).
CommSec expected underlying inflation to come in at 0.6% for the June quarter and 1.9% for the year and said this should “make the Reserve Bank even more comfortable that over the mid-term inflation remains well contained” providing scope for a rate cut over the next couple of months.
JP Morgan economist Ben Jarman says today's CPI figures won't surprise the RBA "in any meaningful way".
The Commonwealth Bank is now forecasting the next rate cut in November, having previously forecast one on August 7.
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Inflation up 0.5% in June quarter, slightly below expectations, leaving room for future rate cuts

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There was a 30% increase in the volume of vacant land sales on the Gold Coast in the June quarter but the market remains depressed, with house prices still well below pre-GFC levels and more locals choosing to rent, according to the latest quarterly Prodap Report.
The report recorded 208 land sales over the three-month period to June off a record low base of 159 sales in the previous quarter.
Most of the sales were to speculative builders at Gainsborough Greens, Coomera Waters and The Meadows on Yawalpah Road in East Coomera.
This figure is expected to rise higher in the first quarter of the 2013 financial year with end users "in most cases delaying purchasing until the next quarter to avoid paying higher stamp duty".
Prodap Report author Bill Morris says this delay “camouflaged underlying demand over the June quarter”.
But he says funding for new developments remains tight, restricting new housing supply.
The report found that sales of new house and land packages "continue to wallow" at around 70 per quarter for the past two years, reflecting low stock choices because of a limited number of new projects being released to the market.
It notes that only local ASX-listed developer Sunland is adding to the pipeline with new house and land packages at Royal Pines, Sanctuary Cove and The Glades golf resorts.
Over the quarter house sale prices averaged $527,819, down 12% from $600,110 two years ago and 9% below a pre-GFC level of $580,670.
Morris says the effects of the GFC continue to be felt, in particular the contracting pool of available funds for bank lending.
“This situation needs serious attention from the Federal Government, as it is not a local problem."
“It is suggested that the pool of bank funds for lending could be increased if interest earned on bank deposits was not taxable. If this were the case, there would be more incentive for investors to use bank deposits as a serious investment strategy,” says Morris.
Despite stock levels remaining relatively low, the report says falling prices indicate “changing patterns of household ownership, ie. renting or sharing rather than attempting to purchase unaffordable houses”.
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Gold Coast land sales rise 30% in June quarter but funding for new developments still “tight”: Prodap Report

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RBA governor Glenn Stevens has suggested that Australian households are coping well with their mortgage repayments as part of his very well received “Lucky Country” speech delivered to the Anika Foundation Luncheon in Sydney yesterday.
Stevens says the amount of household income required to repay the median mortgage is at its lowest level in more than a decade, excluding the GFC blip.
In addition, a high proportion of households are ahead on their mortgage payments, while house repossessions have also fallen from their peaks in Australia’s two biggest housing markets, NSW and Victoria – with the national repossession rate standing at 0.15% compared to 2% in the US.
"Dwelling prices have already declined, relative to income, and it is in fact not obvious that they are particularly high compared with most countries. Housing ‘affordability’ has improved significantly; over 99% of bank-held mortgages are being serviced fully," he said.
Stevens presented this chart (below) to show that on average, households are spending about 22% of their disposable income to repay their home loan – the same amount they were paying in 2002.
<img src="/images/stories/2012/sp-gov-240712-graph7-small.gif" alt="sp-gov-240712-graph7-small" height="404" width="400">
The chart shows that housing affordability has been improving over the past two years – with Australian households coming under the most strain in 2008 when the percentage of household income to loan repayments peaked at above 30%.
The standard accepted definition of mortgage stress is that you spend 30% or more of disposable household income on mortgage repayments.
“As a result of lower house prices and therefore lower loan sizes, somewhat lower interest rates and a good deal of income growth, the repayment on a new loan on a median-priced house as a share of average income is now at its lowest for a decade (except for the "emergency" interest rate period in 2009),” Steven said.
“It is true that a low unemployment rate is a key factor helping here, but it is also true that the proportion of households that are ahead on their mortgage payments is also high – with some evidence pointing to over half – which would provide a buffer of some months for those households in the event a period of lower income was experienced.
"If we look at applications for possessions of dwellings, they have been running at about 0.15% of dwellings on an annualised basis. Such applications have actually declined since their peak in both NSW and Victoria, though they have risen over the past couple of years in WA and Queensland. In the United States the most comparable figure for repossessions – "foreclosures started" – peaked at over 2% of dwellings.
The conclusion to be drawn from this and other positive indicators (a banking system in good shape; the correct macroeconomic response to the GFC, demand from China rebounding strongly after the GFC among others) Steven said was that “ingredients” the RBA would look to as signalling an imminent housing crash seem, “if anything, less in evidence now than five years ago”.
Stevens said stress tests carried out over recent years showed that "even with substantial falls in dwelling prices, much higher unemployment and associated higher levels of defaults, key financial institutions remain well and truly solvent".
As a result of this upbeat assessment of the Australian economy and the resilience of the financial system highlighted in the speech, <a href="https://www.propertyobserver.com.au/economy/august-rate-cut-hopes-dim-further-following-upbeat-glenn-stevens-lucky-country-speech-commsec-anz/2012072455710">both Commsec and ANZ said the chances of rates being cut in August had dimmed even further</a>.
Commsec chief economist Craig James said that on the question of whether housing is over-valued, Stevens' arguments show that he isn’t convinced, pointing to Stevens' observation that " the housing market bubble, if that's what it is, seems to be taking quite a long time to pop".
James also highlighted that in terms of bank funding vulnerabilities, Stevens said there are grounds for optimism, while also showcasing a number of developments that have worked to strengthen the Australian economy.
James highlighted this statement from Stevens in relation to the strength of the economy:
“Some of the adjustments we have been seeing, as awkward as they might seem, are actually strengthening resilience topossible future shocks. Higher – more normal– rates of household saving, a more sober attitude towards debt, are-orientation of banks' funding, and a period of dwelling prices not moving much, come into this category.”
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RBA’s Glenn Stevens pours cold water on mortgage stress fears with affordability at 10-year high

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Turning 50 on June 16 and a "family board meeting" convinced Stockland managing director Matthew Quinn that he should end his 11 years in charge of Australia's biggest residential property developer.
Speaking at a hastily arranged media conference today following the surprise announcement, Quinn said he had sat down with Stockland chairman, Graham Bradley in April and committed to leading Stockland for the next three years "as it transitioned in tough market.


“But things change. I turned 50 in June. We had a family board meeting and decided it was time to make the change," he said

Quinn, who resides in a McMahons Point house, will step down in February next year, continuing to lead the business until a successor is appointed.
He spearheaded Stockland's "three Rs" strategy - a focus on  the retail, retirement and residential sectors, but no one at the media briefing asked if his own personal retirement was the fourth "R".
The Stockland board will undertake a “comprehensive internal and external search to select Stockland’s next managing director”.
Yesterday, the Australian Financial Review's Street Talk column reported that the market was “abuzz with rumours of a change in leadership” despite Quinn declaring earlier this year that he would remain at the helm for another three years.
In Stockland’s most recent third quarter investor briefing in May Quinn said Stockland was on track to achieve its 2012 financial year guidance.
However, at the end of March Stockland issued an earnings downgrade for the 2012 financial year, saying that the highest rainfall in the Illawarra region in NSW in 50 years, had delayed activities at two residential projects - Brooks Reach in Dapto, comprising 618 lots, and McCauley's Beach in Thirroul, comprising about 160 lots.
And the company is tipped to report a drop in full-year earnings per security to 29.3¢ when it releases its full year results on August 8 compared with guidance released in May of 29.8¢.
Explaining the drop in full-year earnings guidance, Bradley said factors impacting had included provisions made for restructuring costs, which are still ongoing and will lead to costs savings in the years ahead.

The company also did not buy back as many shares as planned due to higher share price, while there was also delay in settlement in contracted super lot sales, which have now slipped into the 2013 financial year.

“There was a delay in the settlement process," said Quinn.

"Contracts on hand in June, did not proceed to settlement before the end of the last financial year, and will come through in first quart of 2013."

However, he said Stockland did achieve a target of 5,000 lot settlements for the financial year.
Street Talk speculated that Investa Property Group’s former head, Chris O’Donnell,was among the names that have cropped up as a potential replacement along with Denis Hickey at Lend Lease.
Bradley said Quinn would be missed and had overseen significant transformation at the developer.

Quinn has been with Stockland for 13 years.

“He has every right to be proud of the legacy of what he has achieved.”

“The board fully understands and accepts his decision.”

Bradley says succession planning is now the board’s top priority from now and process which he says will take no more than 6 months to ensure an orderly and smooth transition.

“Over last 24 hours we have undertaken a comprehensive search to identify a successor to Matthew with rights skills and experience to take Stockland forward,” he said.

“There is no reason to be concerned we will lose momentum and we will fully implement our direction and strategy.”

Announcing his decision to step down, Quinn said: "After much consideration I have decided that it is now the right time to step down. I am committed to working with the Board and executive team to ensure a smooth transition.


“It has been a privilege to lead Stockland and I am very proud of the legacy I will leave behind.” 
Quinn was in born in Northhampton in England and began his professional career as an accountant in the UK before moving to Australia in 1987 with Price Waterhouse.
In 1988 he joined private property group the Rockingham Park Group.
He joined Stockland in 1999 and was appointed as managing director in October 2000.
Among the other positions he has held in the property industry is national president of the Property Council of Australia from March 2003 to March 2005.
He is also a fellow of the Australian Property Institute and the Royal Institute of Chartered Surveyors.
He lives in McMahons Point, a harbourside suburb on the lower North Shore of Sydney.
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"Family board meeting" convinced Matthew Quinn to step down as Stockland managing director next February

<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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