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Gold Coast property developer and mortgage fund manager LM Investment Management has been placed in liquidation.
Creditors voted to wind up the company at a meeting on the Gold Coast yesterday.
“The Administrators have advised that at a creditors meeting held yesterday creditors voted that LM Investment Management Limited (LMIM) be placed into liquidation and that the administrators, Ginette Muller and John Park be appointed the liquidators to wind up the Company,” said a spokesperson for FTI Consulting.
LM Investment Management said it managed around $3 billion of funds under management before it collapsed in March this year with its various mortgage funds promoted in over 70 countries through a network of financial advisers.
However, the book value of LMIM’s assets is just $7.934 million, just a fraction of the  $400 million poured into LM mortgage funds by overseas investors, reported the Gold Coast Bulletin.
Its biggest residential project is the Maddison Estate Development in Pimpama which was lent $249 million through the LM Managed Performance Fund.
Ahead of the creditors meeting, an administrators’ report sent to creditors on July 25 recommended that it would be in the best interests of creditors for the company to be wound up.
“In our view, the winding up of the company is the best option for creditors. If creditors resolve to wind up the company, Liquidators will be appointed to realise the company’s assets for the benefit of creditors,” said of John Park and Ginette Muller of FTI Consulting.
“This option also allows voidable transactions, insolvent trading, breaches of director duties and other offences to be investigated more thoroughly.
“If the company is wound up, creditors with guarantees from the company’s director(s) could pursue the director for those debts immediately.”
FTI Consulting said that at this stage the estimated dividend to creditors for winding up the company is unknown.
“We anticipate a dividend to creditors may be distributed in liquidation, however at this stage we are unable to quantify the amount of such a dividend due to the commercially sensitive nature of the property-related assets of the company and the unknown recoveries in relation to voidable transactions,” the administrators said.
The administrators also said their investigation had found some evidence to indicate that the company may have traded whilst insolvent for a period and entered into certain transaction that may be voidable against a liquidator.
The administrators also said investigations revealed that some LMIM directors may be guilty of various offences committed prior to the appointment of the administrators.
ASIC is seeking orders in the Queensland Supreme Court that liquidators from PricewaterhouseCoopers be appointed to wind up the $326 million LM First Mortgage Income Fund (FMIF).
The fund is the subject of a dispute over who should be the responsible entity. Deutsche Bank appointed receivers from McGrathNicol to manage the fund whilst Trilogy Funds Management Limited seeks control.
Deutsche Bank has provided a line of credit facility worth $25 million to the fund.
A judgement on who should control the fund has not yet been made.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/lmim-founder-peter-drake-under-pressure-to-repay-%2417-million-loan-as-receivers-appointed-to-%24326-million-mortgage-fund/2013071163189">Trustees of the $400 million LM Managed Performance Fund</a> are demanding that group founder Peter Drake pay back more than $17 million in loans.
 
 
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Creditors vote to wind up LM Investment Management with possible action against directors

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While there is no great growth spurt in the property market, Sydney is performing at its best in 20 years says Residex chief executive John Edwards.
Sydney house prices are up 7.37% over the past 12 months to June with a median house price of $715,000 according to Residex calculations.
RP Data-Rismark has a Sydney median house value of $645,000 as of the end of July but almost identical year-on-year growth to July of 7.3%.
“That is the largest rate of growth we have seen in Sydney over the last 20 years and even over the last decade,” Edwards told Peter Switzer on Sky Business.
“You’ve got an 80% clearance rate [in Sydney],” added Edwards.
Sydney's annual growth is more than double the overall market performance with Residex recording 3.48% growth in national house prices over the year to June.
Residex figures show Perth performing even better with an 8.23% rise in its median house price over the past 12 months to $505,500.
RP Data-Rismark figures are similar, recording an 8.8% rise in Perth house values and with an almost identical median of $510,000.
Edwards attributed the rise in Perth to the resources boom and also to miners in the northern regional areas of Western Australia heading back to buy in the capital as the investment boom peaks – Residex records a 3.92% adjustment in regional WA house prices over the past quarter to $335,500 and a 2% fall over June.
Overall, WA mining towns are up just 1.2% over the past year – well below inflation.
Edwards says he expects a “period of adjustment in WA country areas”.
Residex has Melbourne house prices up 4.82% over the year to June to $582,500 with Edwards saying he was a little bit bemused as to the Melbourne performance.
“I don’t know quite what is going on there,” he told Peter Switzer.
RP Data-Rismark records similar annual growth for Melbourne, up 4.4% to July with a median house value of $530,000.
He has Brisbane up 6.37% over the past year to a median house price of $439,000 – out of synch with RP Data-Rismark which records annual growth to July of just 1% though with a similar median of $450,000
Edwards said the major regional cities in Queensland are doing rather well as are those more reliant on tourism such as Cairns, given the fall in the dollar.
“Mackay is suffering because the mining boom has come off, but it suffers less than Gladstone, because it has some offset through tourism,” he says.
Residex has the unit market not doing as well as houses up just 1.26% over the past year to June with Perth strongest at 5.43% and a median of $444,000 with more modest growth in Sydney (2.29%) and Melbourne (1.87%).
Brisbane unit prices fell 0.85% over the past 12 months but are up 0.8% over the June quarter, with Edwards suggesting the market may be “starting to come out of its slump”.
The relatively poor performance of units, says Edwards, is a function of supply “being brought too easily on to the market”
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Sydney housing market strongest in last 20 years: Residex

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Home buyer confidence has rebounded significantly and is now at its highest level since lenders mortgage insurance (LMI) provider Genworth began surveying mortgage holders in 2007.
The latest Homebuyer Confidence Index, based on a survey of 2,124 mortgage holders, jumped from an index reading of 93.4 in March 2013 to 100.1 at the end of July 2013.
What this means is that confidence about the housing market has rebounded to what it was before the 2008 global financial crisis.
"The spike in consumer confidence recorded since March was driven by a 37% decrease in the proportion of surveyed borrowers who expected to experience mortgage stress over the next 12 months,” said Genworth’s chief commercial Officer, Bridget Sakr.
<img alt="GENWORTH_TRENDS" height="181" width="470" src="/images/stories/2013/larry_uploads/GENWORTH_TRENDS.jpg">
“It appears that consumers are becoming more confident about making repayments, with the index showing that 29% of homeowners expected interest rates to decrease over the next 12 months – compared to 12% who held this expectation in March."
The index is compiled based on mortgage holders responses to questions about  the proportion of monthly income used to service debts, the maximum loan-to-valuation ratio they are comfortable borrowing at, their repayment history over the last 12 months, their repayment expectations for the next twelve months, and whether they believe that now is a good time to buy a home.
It found that 32% of mortgage holders are comfortable with borrowing more than 80% of the value of the property they are purchasing – the point at which lenders mortgage insurance is usually payable – compared with 28% in the March quarter.
Only 17% of respondents expect to experience mortgage stress over the next 12 months compared with 27% in the last quarter, while the proportion who said they were currently experiencing mortgage stress fell from 23% to 17%.
Mortgage stress fears are greatest in WA (21%) and South Australia (19%) and lowest in NSW (15%) which also experienced the largest fall of the quarter with a reading of 29% three months ago.
“The latest Genworth Homebuyer Confidence Index suggests that homeowners realise that current market conditions – particularly historically low interest rates – make buying property and servicing a mortgage a more attractive proposition than it’s been for a number of years,” says Sakr.
“However, affordability remains a challenge for those yet to enter the market, with 70% of non-property owners believing the dream of homeownership to be unrealistic.”
There was no change in the proportion of respondents who believe now is a good time to buy at 47%, but improvements in NSW (up from 43% to 46%), Queensland (53% to 54%) and South Australia (40% to 46%).
Only 43% of WA mortgage holders believe now is a good time buy – down from 49% from March, a sign of the impact of the mining investment reaching its peak.
Australian suburb picture courtesy of Orin Zebest.
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Home buyer confidence among borrowers at highest level for six years: Genworth

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Financial stress levels are rising among Australian households despite low interest rates, according to the latest financial Wellbeing Index compiled by ING Direct.
The index declined from 108.2 in the first quarter of 2013 to 10.7.8 in the second quarter with financial wellbeing declining in every star except for Western Australia.
Around 83% of the 1,030 households surveyed between 4 July and 9 July 2013 reported that living costs had increased by an average of $43 per week over the past 12 months.
However, comfort with home loans continues to enjoy the highest reading across all six financial indicators with a second quarter score of 5.73 – a slight improvement on the first quarter reading of 5.67 and a further advance on the fourth quarter of 2012 of 5.64.
Responses were recorded on a scale from 1 (‘veryuncomfortable’) to 7(‘very comfortable’).
Mortgage comfort levels are highest in NSW/ACT (5.75) followed by WA (5.58), South Australian (5.44), Victoria (5.21) and Queensland (5.10).
A further sign of mortgage comfortableness, 43% of households surveyed said they were ahead with their loan, up from 39% in the first quarter of the year.
More than half of WA respondents (51%) said they were ahead on their mortgage repayments.
Howerver, long term assets including housing investments continue to be a weak spot in household financial wellbeing.
One in three (32%) households are uncomfortable with their long term investments with the reading on this measure dropping  slightly from 3.5 in the first quarter to 3.48.
The results of the survey also demonstrate the current savings culture with one in four (26%) getting more pleasure from saving than treating themselves to a special purchase (21%). 
And 17% would rather pay off debt than buy gifts for friends or family (10%).
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Australian households more financially stressed but not from mortgage repayments: ING Direct Wellbeing index

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A slowing economy and shrinking white collar jobs market has pushed the national office vacancy rate into double figures for the first time since July 1999.
The national office vacancy rate increased from 8.4% to 10.1% over the first six months of 2013 with an additional 126,000 square metres of CBD office space becoming vacant over this period, according to the latest Property Council of Australia office market report.
Including fringe office markets - some of which performed better than their CBD counterparts - total net absorption (the amount of space leased minus the amount of space vacated) was negative 172,000 - the lowest since July 2009.
<img alt="office_market" src="/images/stories/2013/larry_uploads/office_market.jpg" width="470" height="201">
“There is no surprise that weak office space demand mirrors Australia’s lacklustre economic fundamentals,” says PCA chief executive Peter Verwer.
“Stubbornly low business and consumer confidence is impeding job growth and new investment, which translates into dwindling demand for office space.
“The decline in white collar jobs growth to a third of the level experienced prior to the GFC has severely blunted demand and business expansion plans.”
However, according to Colliers International's director of office leasing, Simon Hunt, there is no need to hit the panic button with a low supply environment forecast post 2013 due to a shift in global economic sentiment which will flow through to Australian office markets.
"The forecast for the next 12 months is for just over 93,000 square metres of new supply added to Australia’s CBD office markets (of which approximately 66,000 square metres or 71%, is pre-committed), and only 152,000 square metres (approxiametely)  for the whole of 2014 (of which 95,760 square metres, or 63%, is pre-committed). 
“To put this in perspective, during the first six months of 2013, Melbourne added a substantial 165,000 square metres of which approximately 140,000 square metres was pre-committed.
"In comparison, Sydney had just 54,000 square metres (of which 97%, or just over 52,000 square metres, was pre-committed).
“Long term trends indicate that in cycles when we see limited supply, a decline in vacancy is also observed.”
The biggest spike over the first half of the year was in the Brisbane CBD where the office vacancy rate increased from 9.3% to 12.8% and with the city accounting for more than half (64,000 square metres) of the negative net absorption of CBD office space over the half year.
<img alt="office_market_pca" src="/images/stories/2013/larry_uploads/office_market_pca.jpg" width="470" height="294">
PCA chief executive Peter Verwer attributed the rise in the Brisbane vacancy rate due to “slowing population growth, an inert resource sector and competition from the Brisbane Fringe market”.
Vacancy in Brisbane’s fringe market also increased from 9.6% to 11.8%, largely the result of supply additions of 52,182 square metres – but is now a full percentage point below that of the CBD market.
The vacancy rate in Chermside in Brisbane north is around 7% with many fringe markets performing better than their big CBD counterparts.
The Sydney CBD vacancy rate increased from 7.2% to 8.9% over the first six months of the year with the premium end of the market, the only grade of assets to record positive demand.
The vacancy rate is below 8% in Parramatta and North Ryde, at or just above 10% in Chatswood and North Sydney, with the highest vacancy rate in Crow’s Nest at just below 12%.
Melbourne was the strongest office market over the first half of the year with a negative net absorption of less than 4,000 square metres despite 168,000 square metres of new office space becoming available to lease.
More than 72,000 square metres of office space was taken up in the Melbourne CBD over the six month period.
“During the first half of 2013, supply additions grew by more than two and a half times the historical average at 167,621 square metres leading to a modest rise in Melbourne’s vacancy rates. Yet despite this, Premium and A Grade stock experienced positive demand,” says Victorian executive director of the Property Council, Jennifer Cunich.
“North Eastern and Docklands precincts also performed strongly leading the way with a vacancy rate less than a third of the Melbourne CBD average. These results reflect the strong fundamentals unpinning Melbourne’s expanding office market.”
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National office vacancy rate hits 10% for first time since 1999: PCA

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Capital city dwelling values have risen 3.5% over the past two months with RP Data-Rismark recording a further 1.6% rise in July on top of a 1.9% rise in June.
It follows a mid-year slip with a 1.7% decline recorded over April and May.
This takes the cumulative recovery in residential home values to 6.5% since the market bottomed out in May last year with a national median dwelling value now at $488,000.
Melbourne was the strongest performer among the big city markets with a 2.3% rise in dwelling values to $492,000 followed by Sydney (up 2% to $570,000) and Perth (up 1.6% to $494,600).
Adelaide’s property market continued to slowly decline with dwelling values falling 1.5% over July to $382,000 making it the weakest performing market over the quarter with a 3.1% fall.
Another weak market is Brisbane with almost no change in dwelling values over July (up 0.1%) and little change over the past year (up 0.8%) with a median of $429,000.
“Despite the strong headline, the market remains somewhat of a mixed bag,” says RP Data research director Tim Lawless.
“The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne.
“At the other end of the scale you have cities like Adelaide, Brisbane and more recently Darwin where conditions are more sedate with dwelling values slipping lower over the past quarter,” he says.
Perth is the best performing capital city for the July quarter (up 4.4%) and over the past year (up 8.3%).
Sydney dwelling values are up 4.4% for the quarter and 6.5% year-on-year with Melbourne up 4.3% year-on-year.
Perth is also delivering the strongest returns to investors with a total gross return - capital gains and gross rental yields – of 13.3% - followed by Sydney (11.2%) Canberra (9.1%) and Melbourne (8.2%).
“By including rental yields in our assessment of the housing market, some clarity is provided as to why investors are becoming so active,” says Lawless.
“The RP Data-Rismark Accumulation Index, which factors in both capital gains and gross rental yields, is up 9.4% over the past year.
“As noted by RBA Governor Glenn Stevens earlier this week, with an easing in monetary policy one of the expected and intended effects will be that people start to shift their portfolios away from the less risky assets such as cash and in the direction of holding equities and physical assets such as property,” he says.
Among the smaller capital city markets, Canberra recorded a 2.5% rise with its median dwelling value recorded at exactly $500,000 while Darwin recorded a 2% rise to $490,000.
Lawless notes that each of the vendor metrics published by RP Data-Rismark has continued to strengthen over the month.
“A typical capital city dwelling is selling in just 45 days compared with 59 days at the same time a year ago.
“Vendors are discounting their prices less and clearance rates remain close to 80% in Sydney and slightly lower in Melbourne.
“With the housing market once again showing solid capital gains and rents also rising, the issue of housing affordability is likely to begin attracting more attention.
“The recent housing market correction which bottomed in May 2012, where values were down 7.4% from peak to trough across the combined capital cities, together with mortgage rates moving to historically low levels, delivered substantial affordability improvements for Australian housing.
“However, with Sydney, Perth and Canberra values now back at record high levels and some other capital cities not far off their previous peaks, there are likely to be a growing number of households who find it challenging to enter the housing market,” he says.
The index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling.
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“Mixed bag” housing market gains momentum with 1.6% rise over July: RP Data-Rismark

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Small investors looking for a near double-digit annual return on $500,000 could consider a tenanted warehouse in Brisbane.
Recently, a large office/warehouse located in the Morningside Industrial Precinct in Brisbane’s east sold to a private investor for $520,000. 
The property, situated at 2A/65 Riverside Place, Morningside, was marketed exclusively by Alex Smith and Stephen Ferguson of Ray White Industrial Milton. 
The 302 square metre property is occupied by independent security and automation company Kobe Integrated Technology.
Kobe Integrated Technology has taken out a two year lease with a further two year option at a gross rental industry sources estimate to be around $46,810 per annum.
This translates into a gross yield of around 9%.
Stephen Ferguson said the facility attracted a number of potential investors because of its versatility and prime location and attractive yield. 
“The site allows for ease of access to and from the Gateway Motorway, which services the ever-growing south-east Queensland corner and links Brisbane with the Sunshine Coast and Gold Coast,” he said. 
“In regards to the Brisbane CBD, it is within 10km, while the Brisbane Airport and Port of Brisbane are also close by.”
 
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Brisbane warehouses offer 9% yields for $500,000 investment

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The dominance of property investors over owner-occupiers has been confirmed in the latest RBA credit data for June.
It shows there was a 0.6% rise in credit provided for investor housing in June, double the 0.3% rise in credit provided for owner-occupiers.
For the 12 months ending June 2013, credit provided for investors has risen 5.7% - the highest annual growth rate since July 2011 (when annualised growth was 5.9%),
Annualised growth in loans to owner occupiers remains lacklustre at just 4.1%
Overall, housing credit provided by lenders rose 0.4% over June to be up 4.6% over the past 12 months.
Other personal credit increased by 0.2% over June after decreasing by 0.1% over May to be up 0.2% over the past 12 months.
Business credit rose by 0.5% over June after increasing by 0.2% over May. Over the year to June, business credit rose by 0.9%.
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Home lending to investors surges to highest growth rate in two years in June: RBA

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The cash rate will fall to a low of 2.25% before the end of the year says NAB chief economist Alan Oster.
NAB is forecasting two rate cuts - one in August and now an additional one possibly in November if not sooner -  following a more "sober and realistic" outlook from RBA governor Glenn Stevens.
All the major banks expect a rate cut next week with <a target="_blank" href="/news">ANZ changing its forecast from November to August.</a>
"Until yesterday the RBA had been expressing optimism about other drivers of growth picking up," says Oster.
"Yesterday Glenn Stevens provided a much more sober and realistic outlook, suggesting that the economy cannot rely on housing and consumption to plug the growth hole.  This is in line with our forecasts and suggests that having recognised the reality of lower growth with benign inflation more rate cuts are likely. 

"We had already been forecasting a 25 basis points rate cut in August to 2.5% and with the governor giving the green light for lower interest rates this now looks a sure thing.  
"We now also expect an additional 25 basis point cut to 2.25% before year end – most likely in November after the third quarter CPI although it could be earlier.  
"Beyond this, we expect the Australian economy will continue to grow below trend, income growth to be weak, and the unemployment rate to rise to and possibly above 6.25%.  
"So the RBA will retain a bias to ease well into 2014 and a cash rate below 2¼% remains a real possibility."
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a>
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NAB tips two RBA cash rate cuts in August and November

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ANZ has shifted its expectations of an RBA rate cut from November to August following yesterday's speech by RBA governor Glenn Stevens.
It brings it into line with the views of most economists as well as the three other major banks.
"[Yesterday's] speech...provided a relatively downbeat view on the Australian economy, and more so than recent communications from the Bank," says Ivan Colhoun, chief economist for Australia at ANZ.
"We now expect the Bank to lower the cash rate by 25 basis points next Tuesday and for the bias to remain for lower rates.
"We had held the view that the August cash rate decision would be a close one but upon reflection and following <a target="_blank" href="https://www.propertyobserver.com.au/residential/rba-boss-glenn-stevens-dampens-expectations-for-strong-house-price-growth/2013073063674?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">yesterday's dovish speech by Governor Stevens</a> we have brought forward the cut we had pencilled in for November.
"While we will weigh up the medium-term monetary policy outlook in due course, absent a solid pick-up in business and consumer confidence and non-mining-related spending our view is that the bias remains for a lower cash rate from here, although a lower Australian dollar would also be helpful.
Yesterday the Australian dollar fell almost 1 cent to US$0.9070 and is currently trading at US$0.9030.
Colhoun notes that the implied probability of a rate cut in August increased to around 90% following the Governor’s comments from roughly 75% beforehand.
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a>
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ANZ revises RBA interest rate cut forecast from November to August 

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.

Joel Robinson

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;

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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