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Bendigo and Geelong star performers in otherwise mixed bag for Victorian house prices: REIV

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Thousands of small investors who have their funds tied up in Provident Capital debentures will have to wait until at least the second week in August for any update on their investments.
An exact date for the meeting has not yet been confirmed.
Receivers Phil Carter, Tony Sims and Marcus Ayres of PPB Advisory are currently carrying out an assessment of the failed fund manager and non-bank lender’s financial position ahead of an August meeting in Sydney.
At the “information session” debenture holders will have the opportunity to put questions directly to the receivers, and they will also receive an update on the status of the receivership.
About 3,000 debenture holders are owed <a target="_blank" href="/news">around $128 million by Provident Capital</a>, with redemptions frozen following the appointment of receivers.
Over $22 million worth debentures were due to reach maturity by the end of June 2012, with close to $54 million falling due by December 2012.
Debenture holders rank as secured creditors of Provident alongside Adelaide and Bendigo Bank.
December 2011 Provident Capital financial statements show that Adelaide and Bendigo Bank provided $91 million in funding to Provident.
Receivers are currently preparing an application to the NSW federal court for guidance as to how interest repayments and other distributions are to be made to debenture holders, as there “presently exists a conflict within the trust deed”.
The receivers expect that debenture holders will “suffer a shortfall on their total claims”, but are confident that it distributions will be made “in the near future, albeit at a reduced rate”.
Debenture holders were offered annual returns as high as 9% or more for three- and five-year fixed-term investments, with the money lent to property developers at high rates of interest.
Provident was placed in a court-ordered receivership on July 4 following an application by Australian Executor Trustees Limited (AET), a trustee for Provident Capital debenture holders.
The receivers also released information about two other mortgage funds.
The Provident Capital High Yield Fund
<ul>
<li>Was closed on June 25</li>
<li>Any investor who invested after this date will be refunded.</li>
<li>Distributions for the month of June 2012 have been paid.</li>
<li>Redemptions have been temporarily suspended.</li>
<li>Funder under review and receivers yet to confirm the position regarding future distributions.</li>
</ul>
The Provident Capital Monthly Income Fund 
<ul>
<li>Was closed on June 25</li>
<li>Any direct investor or investor directed portfolio service (IDPS) operators who invested after this date will be refunded.</li>
<li>Distributions for the month of June 2012 have been paid.</li>
<li>Redemptions have been temporarily suspended.</li>
<li>Receivers currently reviewing the overall future strategy of the fund.</li>
<li>Unit holders will be contacted in due course with a further update regarding the fund’s future.</li>
</ul>
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Provident debenture holders’ meeting set for second week in August

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There was bounce in Melbourne auction clearance rates in the last weekend of school holidays, with 61% of homes selling under the hammer compared with 52% last weekend and 55% the same weekend last year.
There were 342 auctions over the weekend, with 208 selling for a combined $118.4 million and 134 being passed in, 84 of those on a vendor bid, the Real Estate Institute of Victoria (REIV) reports.
The median selling price was $611,500 for houses and $500,750 for units.
For the June quarter the clearance rate was 60% compared with 61% in the March quarter and 59% in the June quarter last year, with a median auction price of $701,000.
This was 2% lower than the $715,000 recorded in the March quarter.
In comparison, there were 493 private sales over the weekend with a cumulative value of $223.4 million.
Across the quarter, private treaty sales achieved better results for vendors, with prices rising by 2.1% to a median of $469,950 in the quarter.
Figures analysed by the REIV also show a definite shift towards more private treaty sales over the quarter
The REIV calculated a 23% drop in the number of homes sold at auction and a 14% increase in those sold privately off a similar volume of homes sold compared with the June quarter of 2011.
REIV chief executive Enzo Raimondo says this reflects “the traditional shift back to private sales in a range of suburbs when the overall market is flat”.
John Sommers, buyers’ advocate and valuer with McRae Property, told The Sunday Age the “really good-quality stuff is still selling and still selling well”, but properties with “any problems attached” were not selling well or not selling at all.
Over the weekend the top-selling house was four-bedroom Federation Queen Anne residence in Ivanhoe, dating to around 1908, which sold at auction for $1,625,000,  with the listing held by Miles Real Estate. Next weekend the REIV expects about 360 auctions. Sydney achieved a clearance rate of 58.8% compared with 56.2% last weekend, with 134 out a 199 properties selling under the hammer with a total value of $86.9 million, according to Australia Property Monitors.
The median auction price for a house was $733,500 and $652,000 for a unit.
Dr Andrew Wilson, senior economist at APM, says Sydney’s 58.8% clearance rate was the best for weeks.
“Momentum is growing despite slower winter season. Consistently better than same time last year,” Wilson tweeted.
The top seller at auction over the weekend in Sydney was a three-bedroom unit at Milson Point, which sold for just over $2 million through McGrath.
“Now that we are halfway through winter, we are seeing a clearer picture of the impact the cooler months are having on the property market,” says Real Estate Institute of NSW (REINSW) chief executive Tim McKibbin. 
“The past few weeks have seen the clearance rate remain just below 60%, however this figure is expected to increase from now until spring, along with the number of auctions held each week, which should rise to around 500 to 600.” 
The REINSW calculated a Sydney clearance rate of 63% over the weekend, with 172 properties sold and 100 passing in.
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Melbourne weekend auction clearance rate picks up to 61% but private sales on the rise: REIV 

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The Australian housing market is not in a bubble, according to Sunrise breakfast host David Koch, who says the market will start to turn around once the economy picks up and investor confidence returns.
Koch says anyone following the property market might be left a little bit confused by “contradictory news headlines and expert opinions” but says the bottom line is that in the medium term, “the tough times for Australian property appear set to continue”.
He says “there’s no bubble to burst, but prices are unlikely to have increased of late either”.
“A sharp global economic downturn would ensure they stayed this way for a while yet,” Koch writes in a thought piece for Yahoo7 Finance.
“But once the green shoots of economic growth return, and with them increasing investor confidence, things should turn around.
“Further interest rate cuts, continued low unemployment, population growth and improving housing affordability will all help to support the house price growth when it happens.
“It’s just not happening yet,” he says.
Koch says while RP Data reported that Melbourne house prices rose 1% in June, there was also data released by SQM Research showing there are now a “whopping” 386,857 properties for sale across the country, up 6.4% from a year.
“All else equal, this points to softening prices”.
“Digging a bit further into the data reveals that Melbourne and Hobart in particular are facing tough times with 28% and 29% annual increases in stock levels respectively.
“Going back to Economics 101, the reports of increasing property prices in these supply flooded areas is a bit hard to fathom,” he says.
However, outside of Melbourne and Hobart, Koch says supply levels seem to be stabilising, although at a higher level.
“This should ensure prices remain subdued for a little while longer until interest rate relief entices a few more first-home buyers into the market and some more properties are cleared from the auctioneers’ books,” he says.
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No Australian housing bubble, but tough times ahead for property market: David Koch

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ANZ has left its variable interest rates unchanged today following its July independent interest rates review as economists remain divided about whether the RBA will cut rates on August 7.
The latest Bloomberg survey of economists found that 13 out of 24 expect the RBA to cut the cash rate to 3.25% on August 7 (unchanged from a week ago) with the rest expecting the cash rate to remain unchanged at 3.5%.
ANZ's standard variable rate remains at 6.80% the same as that of the Commonwealth Bank and just above NAB at 6.78%, which has pledged to offer the lowest standard variable rate among the Big Four throughout 2012.
Westpac remains the outlier with a standard variable rate of 6.89%.
ANZ CEO Australia Philip Chronican says the bank left variable mortgage rates unchanged “despite funding costs remaining elevated”.
Chronican says competition for deposits remains strong and is continuing to put pressure on margins, while “recent news from Europe has helped somewhat in stabilising offshore funding markets”.
Among the 24 economists surveyed by Bloomberg, the major banks are neatly divided with Westpac and Commonwealth Bank expecting a rate cut on August 7 and NAB and ANZ expecting the RBA to hold firm.
ANZ is pencilling in two 25 basis point rate cuts for October (previously August) and November this year.
Yesterday ANZ said the small increase in the June unemployment rate to 5.2% was unlikely to cause too much concern for the RBA.
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ANZ leaves mortgage rates unchanged as economists remain divided on August rate cut

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The number of homes listed for sale in Melbourne has increased four times faster than the national average over the past year, according to figures from RP Data. 
For the year to July 8, Melbourne residential listings have risen 31.5%, compared with a combined 8.2% rise in the capital cities.
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It’s a similar picture statewide, with Victorian residential listings increasing by 33.2% over the year to July 8 to 70,124 while nationally they have risen 9.6% to 301,414
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The RP Data figures break down listings into new listings (those properties that haven’t been advertised over the past six months) and re-listings (properties that have been advertised at least once previously over the past six months). 
The Victorian figures show that just 10,147 out of the 70,124 listings are new listings, compared with 9,572 out of 52,633 a year ago. 
In comparison NSW are up 9.6% for the year to 78,847 (11,535 are new listings), with a smaller 6.6% rise in Sydney. 
The issuance of the residential listing stats from RP Data and <a target="_blank" href="https://www.propertyobserver.com.au/residential/brisbane-and-perth-residential-stock-on-market-declining-while-sydney-static-and-melbourne-at-new-high-louis-christopher/2012071155535">SQM Research</a> within 10 days of each other invites comparison. 
The SQM Research figures calculate a total of 386,857, which is 85,443 more than the RP Data count. 
<a target="_blank" href="https://www.propertyobserver.com.au/residential/melbourne-listings-jump-61-in-june-to-55293-sqm-capital-city-stock-on-market-report/2012070455437">SQM records a 28% rise in Melbourne listings to just over 52,000</a> but just a 1% rise in Sydney listings to 32,390. 
RP Data figures are based on a direct data feed from “Australia’s largest real estate portal” with duplicates removed and the data cleansed by being matched with the RP Data ownership database. 
Outside of Melbourne and Victoria, the RP Data figures show that more properties are being bought and sold in the mining states, with WA recording a 4.6% decline over the past year to 32,851. 
Perth residential listing are down more than 11% over the year, while they are down 3.5% in Brisbane and more than 14% in Darwin. 
Nationally, new listings have declined by has declined over the past year and are 4.6% lower at 42,473 (8% down across the combined capital cities) and 38.4% lower than the historic peak. 
According to RP Data new listings are currently at virtual record low levels, excluding the Christmas and New Year periods. 
“Lack of absorption appears to be the issue here,” says RP Data senior researcher Cameron Kusher. 
He says transaction volumes are tracking about 13% lower than what was recorded at the same time last year and adds that homes are taking longer to sell; both of these factors are contributing to the higher stock levels.
“An encouraging sign for the market is that conditions are improving with selling times trending shorter over 2012 as well as a subtle improvement in transaction volumes.
“The fact that new listings have also been diminishing is resulting in a reduced level of effective supply,” says Kusher.
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Melbourne residential property listings rising four times faster than national average: RP Data

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The Commonwealth Bank has cut its one and three-year fixed mortgages by 20 basis points to a rate of 5.79% per annum for both products.
The new rates take effect from tomorrow (July 13) and are available for new borrowings over $150,000.
This means the bank is offering one of the cheapest fixed rates currently offered in the market, matching the three-year fixed rate offering of the Greater Building Society and QT Mutual Bank (QTMB), according to mortgage comparison website RateCity.com.au.
The Greater Building Society offers a one-year fixed rate mortgage at 5.64% per annum.
The Commonwealth Bank is now offering its lowest fixed rate home loans for more than three years and the lowest three-year fixed package rate of all the major banks.
“This latest rate cut is good news for customers looking to lock in rates, giving them greater certainty,” says Michael Cant, executive general manager of retail products and customers at the Commonwealth Bank.
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Commonwealth Bank cuts fixed rates by 20 basis points to 5.79%

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Fourteen recently completed luxury lakeside villas in Queenstown are expected to sell quickly over the weekend.
Nearly all the newly released Kawarau Village Apartments offer views across Lake Wakatipu, towards the slopes of Coronet Peak, or the snow-capped Remarkables mountain range.
<img src="/images/stories/2012/07/queenstownnew.jpg">
They are available to purchase from Saturday (July 14) with prices starting from NZ$535,000 (A$416,000) rising  to NZ$955,000 ($743,000) depending on configuration of apartment and location within complex.
The apartments are located on a north-facing, sheltered, lakeside site next to the five-star Hilton Queenstown Hotel and the Kawarau Hotel at 98 Peninsula Road, Kelvin Heights.
They are being marketed by to Ray White Queenstown agent Cameron Reed, who says that since the release of the apartments earlier this month enquiry levels have been “fantastic”.
Reed says enquiries have come from local buyers and national and international "out-of-towners"  as well as from the investor market.
“Interest has already been expressed in eight of the 14 apartments in the first release,” he says.
“From July 14 we will be giving out purchase options and sale and purchase agreements, and from there people can decide if they’d like to carry through with the sale.
“It’s a very simple process and there’s no obligation from the purchaser, but from July 14 it's ‘open slather’ on who gets in first," says Reed.
A second stage project called the Reserve Central collection will be released to the market once the first 14 have sold.
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Remarkable views from $416,000 in new Queenstown, NZ, development

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Expectations that the NSW housing market might be on the road to recovery have been quashed in the latest NAB Australian Residential Property Survey. 
NSW house prices are expected to fall by 0.4% over the next two years, according to the June survey of more than 300 property market participants. 
This compares with an expectation just three months ago in the March NAB Australian Residential Property Survey that NSW house prices would rise modestly by 1.6% over the next two years. 
According to survey respondents, NSW house prices will fall by 1.5% over the next 12 months, with the pace of decline slowing from mid-2013. 
The outlook for NSW is worse than that for the national housing market. 
While the national outlook has also declined, there is still an expectation that house prices will rise by 1% over the next two years. 
In the March survey, survey participants anticipated a 1.4% increase in national house price over the next two years. 
This change in mood is reflected in the NAB Residential Property Index (a measure of housing market confidence and expectations), which fell 11 points in the June quarter compared with a five-point rise in the first quarter of the year.
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NSW is not the only market expected to struggle over the next two years. 
Property market participants are most pessimistic about Victoria, with weak demand, low rates of economic growth and slower population growth underpinning a further 0.7% fall in prices over the next two years.
 
The outlook for these two markets is in contrast to the outlook for the mining states, with improved forecasts for both WA and Queensland as well as South Australia/Northern Territory. 
In WA, house prices are forecast to rise by 4.1% over the next two years, compared to a previous forecast of 3.4% while Queensland prices are tipped to rise 2.5% compared to the March estimate of a 1.5% gain.
House prices in SA/NT are expected to rise 1.9% over the next two years. 
Nationally, those surveyed say the recent rate cuts and the prospect of a further rate cut in the third quarter of the will slow the pace of house price declines.
“Combined with an underlying national shortage of housing that is unlikely to be rectified soon given currently low levels of building activity, we would expect house prices to start growing again in 2013 and beyond,” says NAB. 
The survey found that positive rents and falling home values were still supporting rental yield growth, however national rental growth slowed to 0.4% in the second quarter of 2012, from 1.1% in the first quarter of the year. 
“This largely reflected a softer Victorian rental market where rising vacancy rates, slower population growth and higher construction rates saw rents fall by 1% in the second quarter of 2012,” says NAB. 
However, the rental outlook has softened relative to the March quarter survey, with rents now expected to grow by 3.5% (4.3% previously) over the next two years. 
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Expectations softened in all states except WA (6.7% from 5.7% previously), where vacancy rates are likely to continue tightening as population increases are driven by strong state economic growth. 
Rental expectations in the next two years are weakest in Victoria (1.4%), followed by NSW (3.4%) and SA/NT (3.5%). 
The other key findings of the report are: 
<ul>
<li>First-home buyers and resident investors were more active in the new property market in the second quarter. </li>
<li>Demand is strongest for inner-city houses and lo-rise apartments/townhouses, but overall demand still very soft.</li>
<li>Tight credit conditions and housing affordability the most “significant” constraints on new housing development. </li>
<li>The extent of concern over interest rates falling rapidly as official rates continue being cut.</li>
<li>Demand for existing property weaker in most locations and for most property types in the June quarter.</li>
<li>Houses are still the most preferred type of property, especially in the inner city. Owner-occupiers are still the biggest players in the market. </li>
<li>Capital growth expectations are strongest in the sub-$500,000 price range, while the outlook for properties over $2 million remains “poor”.</li>
<li>Employment security now viewed as the biggest impediment to purchasing existing property, especially in Victoria and Queensland. </li>
<li>Access to credit is also still a major issue.</li>
</ul>
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False dawn for NSW housing price recovery but mining state sentiment improves: NAB June residential property survey

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Sydney tenants are now paying almost the same weekly rent for apartments as they do for houses, according to June quarter rental report released by Australian Property Monitors (APM).
Over the three months to June, the median weekly asking rental for Sydney units increased by 4.4% to $470 while weekly rentals for houses remained unchanged at $500.
There was a $50 a week gap in the previous quarter. In June 2010 the gap was $40, with houses at $480 a week and units at $440 a week.
Sydney house rents have not changed in the year to June 2012.
APM attributed the gains in Sydney unit rentals in the June quarter to increasing demand by tenants for apartments, “with this rental market remaining highly competitive for prospective tenants, with low vacancy rates being recorded in most areas”.
“In the Sydney market, the price increases in units over the quarter reflect growing demand for this type of accommodation that typically is located closer to the CBD and provides more established urban infrastructure,” says Dr Andrew Wilson, senior economist at APM.
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Nationally median asking rents for houses rose over the quarter by 0.7% while units rose by 2.5% over the three months ending June 2012.
Perth was the other mainland capital city rental market that performed strongly, with house rents up 7.5% to $430 and unit rents up by 8.6% to $380.
Perth has also delivering strong returns for investors over the past 12 months, with year-on-year gross rental yields of 14.4% for houses and 15.2% for units.
In comparison, Sydney has returned a gross rental yield of 2% year-on-year for houses and 3.3% for units.
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Despite the big rise in Perth rents, many tenants there would be better equipped to cope with rises than those in Sydney, where rents are already $70 higher for houses and $90 more for units than they are in the WA capital.
The most recent Australian Bureau of Statistics data shows WA's median gross weekly income was $1,466 in 2009-10, compared with $1,319 in New South Wales.
<img src="/images/stories/2012/07/apmjuly124.gif">
Among the smaller capital city rental market, Darwin house rents soared by 14% over the quarter to a median of $650, which is $150 more than they are in Sydney.
Darwin units increased by 8.7% over the June quarter to a median of $500, making them $30 more expensive than Sydney.
Darwin has delivered investors gross rental yields of over 20% for both houses and units year-on-year to June.
In contrast to Sydney and Perth, Melbourne remained a stagnant market for landlords and the most tenant friendly market of all the mainland capitals, with rental growth for both houses and units remaining subdued.
Weekly rentals for Melbourne house and units remain at the same price they were a year ago of $360 and $350 respectively.
In the closely watched Brisbane apartment market – <a href="https://www.propertyobserver.com.au/developments/construction-of-david-devines-madison-heights-tower-begins-with-87-of-units-sold-off-the-plan/2012071155517">there are over 40 new apartment projects underway in the inner-city suburbs</a> – unit rents fell by 1.4% over the June quarter from $365 to $360 and are unchanged over the 12-month period.
Brisbane house weekly rents were unchanged over the quarter at $380 but up 2.7% over the 12 months to June
Canberra unit rents rose 2.3% over the quarter to a median of $440.
Outside of Sydney, particularly in Perth, Darwin and Canberra, Wilson says “ongoing shortages of accommodation and low levels of new supply are placing upward pressure on rentals, which can be expected to continue over the rest of 2012”. 
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Demand for inner-Sydney apartments drives up rents while Melbourne rents stagnate: APM

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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