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Aussie Home Loans founder John Symond has taken a circumspect view <a target="_blank" href="https://www.propertyobserver.com.au/residential/rate-cuts-help-housing-market-recover-in-june-with-1-rise-in-capital-city-dwelling-prices-rp-data%E2%80%90rismark/2012070255375">on the 1% rise in dwelling prices recorded by RP Data-Rismark over the month of June</a>.
“It’s a bit early to be cracking open the bubbly,” Symond says.
“You have double the number of homes on the market and double and treble the length of time for them to sell – that creates a lag.”
Symond says what may have helped the RP Data numbers were state governments bringing forward incentives for first-home buyers.
“There’s a whole lot of reasons.”
“It’s just too early… It’s still all negative news,” Symond said on Channel 7’s Sunrise program today.
He says normally a 1% to 1.25% drop in interest rates (the cumulative size of RBA rate cuts since November is 125 basis points) would result in a surge in home-buyers, but consumers remain cautious and are not diving into the market.
Symond says the RBA may cut rates again in the next few months but this will depend on what happens in Europe and if local data continues to be soft.
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lschlesinger-FZcF9M3vE6

Don’t crack open the bubbly yet on housing market recovery: John Symond

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The construction sector has received a boost with the number of dwellings approved for construction rising 27.3% in May on a seasonally adjusted basis, according to ABS estimates.
 The May rise follows a 7.6% fall in April.
 The value of total building approved rose 43.4% in May after falling for 3 months with the value of residential building rising 26.8% while non-residential building rose 71%.
 The rise in dwelling approvals was driven by a number of large private sector projects in New South Wales, Victoria, and the Australian Capital Territory, says the ABS.
The strongest gains were recorded in Victoria where building approvals rose 31.8% in May followed by New South Wales (25.1%), Western Australia (24.8%), South Australia (16.2%) and Queensland (10.3%).
Building approvals fell by 12.1% in Tasmania.
Approvals for private sector houses rose 8.7% in May led by South Australia (16.5%), Western Australia (13.2%), Queensland (12.3%), Victoria (6.5%) and New South Wales (3%).
Commenting on the May figures, Julene Lee  from Westpac economics says that while overall, "the spectacular headline rise in dwelling approvals may exaggerate the situation...there is enough strength left over to indicate a material improvement in conditions".
"Dwelling construction activity will still fall in a 'hole' through the middle of this year, particularly in Victoria, but the May approvals data suggests there is likely to be a recovery on the other side," Lee adds.
Peter Jones, chief economist for Master Builders Australia says the figures are welcome relief for industry "but it is too early to confirm the results as the beginning of a sustained recovery".
“The figures are certainly good news for an industry in survival mode. They suggest the recent Reserve Bank interest rate cuts and various state government housing incentives may be starting to take hold.
“Despite the positive signs, it is too early to declare the industry on the recovery path from what has been a prolonged period of downturn. Key forward indicators remain down and the multi-unit sector is notoriously volatile," he says.
Jones says "more easing of monetary policy is required to further boost confidence and encourage a return of new home buyers into the market".
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Victoria leads 27.3% resurgence in building approvals in May: ABS

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Tokyo-based Sony Bank, a division of financial services group Sony Financial Holdings, has won APRA approval to undertake a feasibility study about setting up an online mortgage lending operation in Australia.
Sony Bank operates as a low-cost branchless bank in Japan.
The bank plans to use deposits raised in Japan to fund its mortgage lending in Australia, according to a report in The Australian Financial Review.
Yellow Brick Road executive chairman Mark Bouris – who took on the major banks with Wizard Home Loans in the late 1990s – says the Australian banking sector appeals to overseas banks because of attractive profit margins and low mortgage arrears.
Foreign-owned online banks have already had success in Australia, with ING Direct – a division of Dutch-owned financial services giant ING – launching in Australia in 1999 and growing to be the country’s fifth biggest lender with a mortgage book in excess of $38 billion.
In 2008 NAB launched low-cost online offering Ubank, which currently has one of the lowest advertised variable mortgage rate at 5.62% for those refinancing their mortgage.
Other foreign-owned banks with a mortgage foothold in Australia include Citigroup ($8 billion loan book) and HSBC Bank Australia ($7.5 billion)
The big four banks – NAB, ANZ, Commonwealth Bank and Westpac – have more than 90% of the mortgage market and cemented their control of mortgage lending by opportunistically buying up some of their smaller rivals in the wake of the GFC.
Japanese banks are targeting overseas markets for growth due to the contracting lending market in Japan.
Japan’s three biggest banks – Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Financial Group and the Mizuho Group – already provide corporate loans to companies in Australia.
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Tokyo-based Sony Bank investigating online mortgage lending in Australia

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Lawyers representing WA couple Hugh Wilson and Marilee Coombs have confirmed that they have resolved their dispute with Brisbane-based The Investors Club over a Gold Coast apartment they purchased with the help of the property investment club in 2007.
The dispute was due to be heard in a Perth court later this year after two previous attempts at mediation between the parties failed.
A spokesperson for law firm Slater and Gordon, which represented Wilson and Coombs, says the terms of the resolution are confidential.
Coombs and Wilson launched a claim against The Investors Club and two staff members in August last year alleging they had been advised to purchase a three-bedroom bushland house in Highland Park on the Gold Coast that they later claim was grossly overpriced.
The property reputedly cost $630,000 when the couple bought it in 2007, though official records show a public sale price of $905,000.
The Investors Club also negotiated a $60,000 discount for the couple on the sale price.
After the couple purchased the property they say an independent valuation revealed the unit was worth as little as $450,000 at the time of the deal.
The townhouse was sold by Matthew Mariconte, principal of Champions Property Sales, for $391,000 on October 24 last year.
The Investors Club denied the allegations and blamed the fall in value of the townhouse on the effects of the GFC.
Founder of The Investors Club Kevin Young told the Australian Financial Review it had found an “amicable solution” to its dispute with Wilson and Coombs.
As part of the resolution to proceedings Wilson and Coombs issued a statement to The Investors Club.
The statement reads: “We acknowledge that at all times The Investors Club were honest and genuine in their dealings with us.”
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Investors Club reaches confidential resolution with former clients over Gold Coast apartment purchase

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Former RBA board member Warwick McKibbin says the central bank made a mistake at its last meeting by cutting the cash rate and misread the economic signals.
He says RBA should raise the cash rate at its meeting today to stem the “boom in the economy”.
McKibbin was a member of the RBA board from July 2001 until the end of July 2011 and is now professor of economics at the Australian National University and a member of its “shadow” RBA board.
McKibbin says the RBA missed reading the boom in the economy as he saw it and cut rates in anticipation of what might happen in Europe.
“If you’re always adjusting to what you think is going to happen, you’ve got the problem that if it doesn’t happen, you’re in the wrong place,” McKibbin said as reported the Australian Financial Review.
Of the other members of the ANU’s shadow board, only Jeffrey Sheen, professor of economics at Macquarie University agreed that the cash rate should go up.
Just 16% of the board called for a rate cut.
The full list of the shadow board is:
<ul>
<li>
Shaun Vahey, Professor, RSE, ANU. (non-voting chair)</li>
<li>
Paul Bloxham, Chief Economist (Australia &amp; New Zealand), HSBC Bank Australia Ltd</li>
<li>
Mark Crosby, Dean of the Global MBA Program, Acting Dean of the Global BBA Program, and Professor of Economics, S P Jain Center of Management in Singapore</li>
<li>
Mardi Dungey, Professor, University of Tasmania, CFAP University of Cambridge, CAMA</li>
<li>
Saul Eslake, Chief Economist, Bank of America Merrill Lynch Australia</li>
<li>
Bob Gregory, Professor Emeritus, RSE, ANU, Professorial Fellow, Centre for Strategic Economic Studies, Victoria University, Adjunct Professor, School of Economics &amp; Finance, Queensland University of Technology</li>
<li>
Warwick McKibbin, Professor, RSE, ANU, CAMA</li>
<li>
James Morley, Professor, University of New South Wales, CAMA</li>
<li>
Jeffrey Sheen, Professor &amp; Head, Department of Economics, Macquarie University,Editor, The Economic Record, CAMA</li>
<li>
Mark Thirlwell, Director, International Economy Program, Lowy Institute for International Policy</li>
</ul>
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RBA should raise interest rates following June rate cut mistake: Warwick McKibbin

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The 1% rise in capital city house prices in June as recorded by RP Data-Rismark has coincided with an improvement in confidence among home buyers and investors, according to Yellow Brick Road executive chairman Mark Bouris.
Bouris says the positive housing data “signals the light at the end of the tunnel for home owners and property investors”.
Bouris says Yellow Brick Road has seen an increase in consumer enquiry specifically around refinancing and financial planning, “as people have begun to wake up and take their financial matters into their own hands”.
<a href="https://www.propertyobserver.com.au/australian-capital-territory/refinancing-borrowers-take-advantage-of-competitive-market-in-june-afg/2012070255377" target="_blank">Over June mortgage broker AFG</a> recorded an increase in refinancing to nearly two out of every five mortgages arranged by its loan writers as well as a drop in fixed-rate mortgage demand as borrowers anticipate further rate cuts.
“The 55-basis-point reduction in the average discounted home loan rate over May and June means that refinancing is becoming increasingly competitive, with lenders vying for business and consumers becoming more active in finding the best possible mortgage rate,” says Bouris.
“Average monthly home loan repayments can differ by over $100 per month between the major four banks and non-bank lenders such as Yellow Brick Road, which shows how much savings there are to be had by shopping around,” he says.
Bouris claims people now have a better understanding of market volatility and have turned to more conservative investment opportunities that will offer a steady return without as much risk.
Bouris says there has been “a massive uptake of Yellow Brick Road savings products among first-time home buyers and people looking to invest in high-yielding, conservative assets.
“Consumers know that there’s a lot of volatility in the share market and many simply don’t want to get in over their heads. On a positive front, the current economic environment has taught people to be more cautious, which will hopefully assist in preventing mortgage arrears and business bankruptcies in the long term,” he says.
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Rise in property prices coinciding with more confident home buyers and investors: Mark Bouris

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Economists are for once unanimous in their opinion that the official cash rate will remain unchanged today at 3.5%.
All 28 economists polled by Bloomberg expect the RBA to sit tight, but in the past they have often disagreed on the direction of the cash rate and changed their minds as local and global economic factors have shifted.
Here’s a guide to how economists’ thinking has shifted over the past 12 months.
June 6, 2011
Hard for RBA to push up rates: Bill Evans, Westpac
At the time <a href="https://www.propertyobserver.com.au/news/economists-say-the-rba-should-not-raise-rates-but-five-think-it-will/2011060650420">Westpac chief economist Bill Evans</a> said the fall in GDP in the March quarter, the weakest since March 1991, along with the weaker data flow, would make it very difficult for the RBA, “from a public relations perspective, to push up rates in June”.
July 27, 2011



Higher-than-expected inflation figures could trigger rates rise: Warren Hogan, ANZ

<a href="https://www.propertyobserver.com.au/news/higher-than-expected-inflation-figures-could-trigger-rates-rise/2011072750934">ANZ chief economist Warren Hogan</a> said pressure would grow on the RBA to consider an interest rate increase following CPI rising 0.9% in the June quarter. However, Hogan said that given heightened global uncertainty and weak domestic confidence (consumer and business), “we do not think the RBA will respond immediately”.

August 4, 2011
Case for cut steadily building: Shane Oliver, AMP
<a href="https://www.propertyobserver.com.au/news/case-for-interest-rates-cut-steadily-building-shane-oliver/2011080451032">AMP Capital Investors chief economist Dr Shane Oliver</a> said the global outlook was looking softer than the Reserve Bank of Australia had been assuming. “In fact, the case is steadily building that the next move in the cash rate will be down,” he said.
September 15, 2011
Interest rates likely on hold until November 2012: Alan Oster, NAB
 
NAB chief economist Alan Oster <a href="https://www.propertyobserver.com.au/economy/interest-rates-on-hold-until-november-2012-nab/2011091551567">predicted the cash rate could stay on hold until November 2012</a> following the release of revised, softer inflation figures. The bank had previously anticipated rates would stay on hold until May 2012, but Oster and fellow NAB economist Rob Henderson said the inflation figures “fundamentally altered the history of the underlying CPI”.
September 27, 2011
Slowing spending makes rate cut more likely: Bill Evans 
<a href="https://www.propertyobserver.com.au/economy/slowing-spending-makes-rate-cut-more-likely-bill-evans/2011092751697">Evans forecasted consumer spending growth to slow to below 2%</a> for the four quarters to June 2012 and said that would make the case for a rate cut even stronger.  Along with “anaemic credit growth of 3% and modest falls in house prices it seems clear that interest rates are well into the contractionary zone,” wrote Evans in the September Coast-to-Coast report.
October 19, 2011
RBA to keep hand on pause button: Michael Workman, CBA,
ANZ, Westpac and the Commonwealth Bank all expected the Reserve Bank to keep its hand on the pause button for at least another month as it weighed up solid domestic growth prospects against global economic concerns. <a href="https://www.propertyobserver.com.au/economy/rba-rate-cut-coming-but-not-this-month-say-major-banks/2011101851975">Commonwealth Bank senior economist Michael Workman</a> said the most likely scenario was that the RBA would leave the cash rate at 4.75% in coming months rather than opt for a rate cut.
October 28, 2011
History suggests the RBA will sit in November: Paul Bloxham, HSBC
History suggested the RBA preferred to hold steady for long periods, rather than fine-tune, so <a href="https://www.propertyobserver.com.au/economy/history-suggests-rba-will-sit-still-next-week-hsbc-s-paul-bloxham/2011102852110">former RBA insider and now HSBC Bank Australia economist Paul Bloxham</a> suggested the RBA would keep the cash rate on hold in November. 
November 2, 2011
The RBA cut rates by 25 basis points, bringing the cash rate down to 4.5.%.
December 7, 2011
The RBA cut rates by 25 basis points again, bringing the cash rate down to 4.25%.
January 13, 2012
Two rate cuts in 2012 starting in February: Besa Deda, St.George
<a href="https://www.propertyobserver.com.au/economy/february-rate-cut-tipped-to-boost-australian-housing-market/2012011253030">St George Bank’s chief economist Besa Deda</a> forecast a February rate cut mainly as a result of continued uncertainty in Europe. She said two cuts were likely in 2012 but that external factors were likely to play a large part in determining what the RBA would do.
April 24, 2012
Further relief now certain for borrowers: Christopher Joye, Rismark
Rismark International and Yellow Brick Road director Christopher Joye said the RBA will “probably choose to wait until it has the benefit of seeing the Gillard government’s budget (May 8) after its May 2 meeting” and cut by 25 basis points rather than go with a 50-basis-point cut. “If it does so, its view of the world remains unchanged, and, finally, the banks do not pass on the May cut in its entirety, then the probability of follow-up relief in June would rise materially.”
May 2, 2012
The RBA cut rates by 50 basis points, bringing the cash rate down to 3.75%.
May 31, 2012

Cash rate to reach to 2.75% by year-end: Bill Evans, Westpac

Taking into consideration the gap between the cash rate and bank mortgage rates, <a href="https://www.propertyobserver.com.au/news/rba-to-cut-rates-by-25-basis-points-next-week-with-three-more-to-come-taking-cash-rate-to-reach-275-by-year-end-westpac/2012053154924">Westpac chief economist Bill Evans said a move to 2.75% in the official cash rate</a> was likely to bring the cash rate somewhere between 100 basis points and 145 basis points below neutral. Evans said the two extra rate cuts are based on the banks assessment that “the global environment – read Europe - has deteriorated even further since we revised down our call for the low point from 3.75% to 3.25%”.

June 6, 2011 
The RBA cut rates by 25 basis points, bringing the cash rate down to 3.5%.
June 29, 2012
Only one more rate cut in second half of 2012: Paul Bloxham, HSBC
<a href="https://www.propertyobserver.com.au/news/rba-to-leave-cash-rate-on-hold-next-week-with-one-more-cut-likely-this-year-hsbcs-paul-bloxham/2012062855336">The Reserve Bank was “ahead of the curve” on its cash rate setting</a> and was set to leave the rate unchanged at 3.5% at its July meeting on Tuesday, said HSBC Australia chief economist Paul Bloxham. He said interest rate markets pricing in 90 basis points in cuts was “overdone”.
For tips on investing in property following times of turmoil, <a target="_blank" href="http://propertyobserver.com.au/ebooks/investing-in-property-in-times-of-turmoil-free-ebook">download our free eBook.</a>
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The 12 twists and turns in the RBA interest rate debate in a year of economic turmoil

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The megaphone should be taken away from “narrow-minded, self-interested individuals” who oppose the building of new homes in their Sydney suburbs, says think-tank the McKell Institute.
In a paper submitted to the NSW government, the institute supports Planning Minister Brad Hazzard’s vision of a return to terrace housing in Sydney.
The institute says there are 41 suburbs that are “ripe for a terrace revolution” and could incorporate terraces into their communities effectively.
The list of 41 suburbs includes million-dollar locations like Neutral Bay, Cremorne and Mosman on the north shore and Bondi and Bronte in the eastern suburbs.
Sydney suburbs that should return to the terrace
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But the not-for-profit institute warns that “vested interests” are standing in the way of much-needed new housing projects in these Sydney suburbs.
“The era of militant Not in My Backyard (NIMBY) resistance to new housing must come to an end,” write authors of the McKell submission Tim Williams, Sean Macken and Peter Bentley.
“The current planning system has placed too much emphasis on mitigating the local impacts of new housing development and less on the state and regional importance of providing homes for people,” they say. 
“These vested interest groups have been given a megaphone through our planning system while the hundreds of thousands of Sydney residents struggling to enter the housing market or simply meet their rental payments are denied a voice. 
“This is unacceptable.” 
“Whether it is north shore residents in Ku-ring-gai opposing new housing along their railway corridor or inner-west residents in Balmain seeking to stop 300 new homes proposed on a major arterial road, the battle cry of ‘Not in My Backyard’ can be heard echoing throughout Sydney’s town halls, community centres and local cafes,” the McKell Institute goes onto say. 
The institute concedes that some proposed new housing in Sydney is opposed based on “genuine environmental concerns” but says objections “often have far less to do with protecting the local environment then they do with protecting a cloistered group of residents’ property prices or views”. 
“Residents’ action groups in Sydney have reached levels of previously unseen coordination and efficiency in recent years. Their ability to quickly mobilise a crowd to heckle from the gallery at a council meeting or blanket a suburb with erroneous claims of a neighbourhood’s demise if a new housing proposal goes ahead is impressive, but disastrous for sensible housing policy,” says the institute. 
In its submission it claims that while greenfield developments face the challenges of building and funding new infrastructure including water, sewerage, electricity, gas, roads, transport links, community infrastructure and amenities, on top of planning and rezoning challenges, infill developments only face planning and rezoning challenges. 
It also notes that there is already a move towards more terrace housing living as found in the 2011 census, with terraces and townhouses making up 12.8% of housing stock and the percentage of detached houses falling from 60.9% to 58.9% since 2006. 
It claims that the “seemingly endless opposition to infill development” is one of the key drivers in Sydney failing to build the number of homes we need in existing suburbs. At a macro level this drives up the price of homes and rental costs and denies the next generation of Sydneysiders the ability to own their own home. 
The report notes that areas like the inner north and Sydney City have failed to come even close to meeting their modest targets for infill development.
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“This is in small part due to local councils and local residents in these regions opposing and delaying infill development,” says the McKell report. 
The institute says “drastic action” must be taken to fix Sydney’s housing crisis. 
“For the past three decades NSW has lacked a coherent housing policy and what policies it has had to support housing has been inconsistent and contradictory. 
“Bad housing policy is bad social policy, as Sydney residents are forced to pay higher prices to either rent a home or own their own home. 
“Sydney’s average house price is now $641,000 compared to Melbourne’s average price of $529,000,” says the McKell report. 
The McKell Institute believes 35,000 new homes must be built each year within the Sydney region in order to meet demand – compared to the annual target of 23,000 agreed to in 2010 in the NSW government metropolitan srategy for 2036.
The NSW government discussion paper <a target="_blank" href="https://www.planning.nsw.gov.au/sydney-over-the-next-20-years">Sydney over the next 20 years</a> forecasts that Sydney will have 1.4 million more people by 2036 and will need 570,000 more homes than are currently standing.
For more on <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney's present and future download our free eBook.</a>
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‘Militant NIMBYism’ from Mosman to Bondi ruining development of Sydney housing market: McKell Institute's 41-suburb hit list

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Mortgage broker AFG recorded a noticeable jump in borrowers refinancing their mortgages in June, though the total number and value of mortgage arranged fell back following a very strong May.
AFG’s loan writers arranged 6,690 mortgages in June worth $2.64 billion, compared with 7,635 in May worth just over $3 billion.
The proportion of borrowers refinancing rose from 35.8% in May to 39.1% in June – almost two in five mortgages – as borrowers took advantage of lower interest rates on offer.
Mark Hewitt, general manager of sales and operations at AFG, says refinancing is currently very strong as borrowers take advantage of a more competitive market to secure a better deal.
AFG recorded that the popularity of fixed-rate home loans has fallen to its lowest point since September last year.
Fixed-rate loans peaked at 25.4% of all home loans arranged in March this year – the highest such level AFG has ever recorded.
Since then, there has been a steady decrease in borrowers looking to fix rates, and in June 16.5% opted for a fixed-rate mortgage.
“It’s significant that, as we begin a new financial year, the vast majority of borrowers are opting not to lock in an interest rate. Most see a period of stable or even softer rates for the foreseeable future,” says Hewitt.
{module What do you intend to do given the current interest rate fluctuations?}
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Refinancing borrowers take advantage of competitive market in June: AFG

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Lower interest rates helped Australia’s eight capital cities record a 1% gain in dwelling prices over June to a median of $460,000, according to the latest RP Data?Rismark June Hedonic Daily Home Value Index.
The three biggest markets – Sydney, Melbourne and Brisbane – all recorded dwelling price gains of 1% over June.
Perth was the standout market, with a 2% gain to a median of $460,000, with Perth dwelling prices now down just 1.4% over the previous 12 months.
Perth also had the strongest house price gain over June, with house prices up 2.4% to a median of $475,000.
The combined Brisbane-Gold Coast market was the strongest unit market over June, with a gain of 2% to a median of $355,000.
For the 12 months to the end of June Sydney dwelling prices are down 2% to a median of $541,000.
Melbourne remains the weakest housing market, with dwelling values down 6.6% for the year to June to a median of $480,000. The Brisbane market is down 4.7% to a median of $415,000.
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RP Data research director Tim Lawless says the catalyst for the improvement in market conditions “is likely to have been the 55-basis-point reduction in the average discounted home loan rate over May and June as well as the subtle improvement in consumer sentiment readings that have been reported”. 
“The increase in capital city dwelling values is an encouraging sign that the market appears to be responding to improved housing affordability and lower interest rates,” Lawless says. 
Lawless notes that capital city dwelling values have simultaneously risen over three months and fallen over three months – but the end result is that the market is still down 1.2% over the first six months of 2012. 
“Regardless, while discounted variable mortgage rates are as low as 5.6%, Australian households remain understandably cautious about the economy given the global uncertainty. 
“This is likely to weigh down on consumer demand for high commitment purchases,” he says. 
Rismark CEO Ben Skilbeck described the Melbourne rebound as “perhaps the most significant insight from the daily index”. 
“Between January 2009 and December 2010 Melbourne dwelling values rose by a remarkable 35%. 
“Since that time they have corrected by just over 8%. After reaching a trough on 11 June, Melbourne dwelling values have now recovered by an impressive 1.7%. But they are still off about 4.1% in 2012,” Skilbeck says. 
Skilbeck also notes the impact of lower interest rates on house prices. 
“The rebound in capital city home values during June indicates that the RBA’s relaxed monetary policy stance may have reached the point of inflating asset prices despite households remaining cautious about the economy,” says Skilbeck. 
He says housing market fundamentals are increasingly solid, with asset prices likely to respond to further monetary policy stimulus. 
The only major capital city to record a fall was Adelaide, with dwelling prices down 1.1% to a median of $370,000.
Among the smaller capital city markets, Canberra dwellings rose 2% to a median of $485,000 and Hobart up 2.7% to a median of $342,000.
Darwin dwelling prices fell 0.7% in June to a median value of $468,000 – but it remains the only capital city market alongside Canberra to be up over the past 12 months.
The highest rental yields are Darwin houses and units. Both have a gross rental yield of 6.1%. 
The lowest rental yields are Melbourne houses at 3.7% and Melbourne units at 4.5%.
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Rate cuts help housing market recover in June with 1% rise in capital city dwelling prices: RP Data?Rismark

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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[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.

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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.

[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.

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Larry Schlesinger

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