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Harry Triguboff’s Meriton Group has warned that the end of full stamp duty concessions on Saturday for off-the-plan purchases will create a sales vacuum
The Meriton Group, the biggest builder of new apartments in Sydney, has also expressed a lesser concern that first-home buyers will be put off buying off-the-plan apartments until the first-home owners grant doubles to $15,000 (for new home purchases only) on October 1.
James Sialepis, national director of sales at Meriton, says first-home buyers make up only a small percentage of its off-the-plan sales.
Instead, he is more concerned about the elimination of the full stamp duty concessions for investors, which he says “will have a far greater impact on development activity”.
From July 1 investors and non-first home buyers will receive a $5,000 handout from the NSW government for off-the-plan purchase priced under $650,000 as opposed to up to $22,490 under the previous full stamp duty concession for off-the-plan purchases valued up to $600,000.
“It will take time for investors to adjust to paying full stamp duty again, which could have ramifications for those developers, unlike Meriton, who require pre-sales in order to finance construction,” says Sialepis.
But, he says, being dependant on first-home buyers to secure pre-sales would seem naive, especially considering the financial hurdles placed on them by the banks.
CBRE managing director David Milton expects a return to a more “normal” sales environment.
David Milton says about 30% of the record 360 sales in Sydney projects being marketed by CBRE over June were for apartments priced above $600,000 - meaning buyers were not eligible for stamp duty concessions.
He says a major shortage of property in Sydney is driving sales and adds that there has been too much of a focus on first-home buyers, which accounted for around 10% of off-the-plan CBRE sales in June.
He expects more normality to return to the market now, saying before the focus was on “what you can get for under $600,000”.
“Buyers will now be more objective about their purchasing decisions more focused on buying what they want. There are a lot of owner-occupier buying two-bed apartments.
“There’s an enormous shortage of stock in Sydney that is driving the market.
“People are buying off the plan because they like apartment living,” Milton says.
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lschlesinger-FZcF9M3vE6

End of NSW stamp duty concessions will create a short-term sales vacuum: Meriton

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Off-the-plan buyers have rushed to exchange contracts at Crown’s V apartment tower in Parramatta over the weekend and take advantage of up to $22,490 in stamp duty concessions.
The home builders’ bonus, which offered full stamp duty concessions for buyers of property up to $600,000, ended on June 30. From July 1, non-first-home buyers and investors received a $5,000 grant for buying off the plan up to $650,000.
Haig Conolly says 21 apartments were sold over the weekend in the $300 million V project, which will be the tallest residential tower in Parramatta when completed in 2014.
Crown had lawyers on site on Saturday so that buyers could exchange contracts before the expiry of the full stamp duty concession.
Conolly says it ended up being a late night.
CBRE managing director David Milton predicted 50 off-the-plan sales over its various projects ahead of the weekend and told Property Observer it managed just under that figure.
Milton says there have been about 360 sales during the month of June, making it the strongest June on record. Not all were under the $600,000 threshold, indicating off-the-plan demand should remain strong.
<img src="/images/stories/2012/05/harbourmill1.jpg">
Milton says the two strongest-selling projects were the Harbour Mill project (pictured above and below) in Pyrmont and the last stage of at Macquarie Central Apartments in Macquarie Park.
<img src="/images/stories/2012/05/harbourmill10.jpg">
Brand-new apartments in Harbour Mill, which incorporates Pyrmont's historic Edwin Davey &amp; Sons Flour Mill, start from $475,000 with a car space. The project has been designed by Grimshaw Architects.
Milton says 130 out of the 141 apartments released in the last stage of Macquarie Central have been sold, with prices starting from the mid $500,000s for a one bedder plus study to $650,000 to $700,000 for two-bedroom apartments.
<img src="/images/stories/2012/06/v1.jpg">
<a href="https://www.propertyobserver.com.au/developments/stamp-duty-handout-expiry-helps-sell-out-first-stage-of-v-development-in-parramatta/2012061855159" target="_blank">V (pictured above and below) will feature 466 luxury apartments</a>, a resort-style hotel with pool, gym and conference facilities, as well as office and retail space and is due for completion in 2014.
<img src="/images/stories/2012/06/v2.jpg">
The project features 50 studios (from 40 square metres) priced from $350,000; 70 one-bed-plus-study apartments (from 50 square metres) from $399,000; 260 two-bedroom apartments, which include two studies, (from 80 square metres) from $500,000; and 50 three-bedroom units (from 100 square metres) from $600,000.
<img src="/images/stories/2012/06/v3.jpg">
The $300 million “vertical village” was officially launched on June 18 with a display suite opening.
The doubling of the first-home owners’ grant to $15,000 for new home purchases kicks in on October 1, with the current $7,000 bonus ending for those buying established dwellings.
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June 30 buyers took advantage of stamp duty concessions, boosting NSW off-the-plan sales for Crown V

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Borrowers can forget about an RBA cash rate cut on Tuesday, according to the latest Bloomberg survey of 28 economists.
All 28 expect the RBA to leave the cash rate on hold at its July 2 meeting at 3.5%.
A decided majority – 19 out of 28 – expect the RBA to reduce the cash rate at its August 7 meeting – including economists at all four of the major banks.
One economist – Stephen Koukoulas from policy group Market Economics and former advisor to the Gillard government – is forecasting a 50 basis point rate cut in August to bring the cash rate down to 3.5%.
The verdict on where the cash rate will be at the end of the year is quite mixed, but the majority (15 economists) expect just one rate cut in the second half of the year bringing the cash rate down to 3.25%.
Six are forecasting a 3% cash rate and three a 2.75% cash rate by year-end.
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August awaits as economists unanimous on no RBA cash rate cut at July meeting: Bloomberg survey

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The May 2 cash rate cut of 50 basis points has failed to stimulate demand for mortgages, with just 0.3% growth in housing credit issued by lenders over the month, according to RBA seasonally adjusted figures.
Annualised growth has now fallen to 5.1% setting a new record low for RBA records dating back to August 1977.
The last time monthly mortgage growth slumped to 0.3% was in June last year. Monthly mortgage growth has not been above 1% since June 2007, when it rose 1.3% over the month.
The May 0.3% figure follows growth of just 0.4% in February, March and April and 0.5% in January.
Owner-occupier lending rose 0.3% over May, and loans for investment housing rose 0.4%.
Savanth Sebastian, economist at CommSec, says the housing sector has been a "key area of weakness over the past year"
"And the latest data on housing credit suggest that the sector is not turning around all that quickly.
"Granted there does seem to be a pickup in enquiry levels as more potential homebuyers are enticed by the attractive lower interest rates on offer, but it will take time for activity levels to pick up," he says.
Also commenting on the figures, John Peters senior economist at the Commonwealth Bank says consumer sentiment surveys reveal "deep household pessimism regarding Australia’s economic outlook, employment prospects, and consumer’s future financial situations".
"Combined with softening house prices and wilting local equities, consumers are currently unwilling to take on additional debt, and are in fact paying down debt at a great rate of knots," he says.
The total value of owner-occupier mortgages increased from $838.2 billion to $840.8 billion.
The total value of loans for investment purposes increased from $401.8 billion to $403.8 billion.
Business lending increased by 0.8% over May, after growing by 0.7% over April, to be up 3.3% for the year to May.
Personal lending increased by 0.1% over May, after decreasing by 0.3% over April, to be down 1.6% for the year to May.</body></html>

Mortgage lending growth slumps to new record low in May despite 50-basis-point cash rate cut: RBA

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Australia remains a highly transparent real estate market and thus appealing to offshore investors, but has fallen two spots in Jones Lang LaSalle's biennial 2012 Global Real Estate Transparency Index, with the US and UK ranking higher.
Australia ranked third out of 97 countries and is the top Asia-Pacific country, ahead of New Zealand (fifth) and Hong Kong (11th).
Australia has a 2012 transparency ranking of 1.36, with a perfect score being 1 and 5 indicating “total real estate opacity”
Other countries to rank in the “highly transparent” category in 2012 are Netherlands, New Zealand, Canada, France, Finland, Sweden and Switzerland.
In the 2010 survey Australia ranked number one (1.22) followed by Canada, the UK and New Zealand (tied with Sweden) with the US ranking sixth.
The World’s Most Transparent Countries, 2012
<img src="/images/stories/2012/06/trans1.png">
According to Jones Lang LaSalle, rising levels of transparency are associated with an increase in foreign direct investment, with the index used by investors as a risk management tool "offering comparative information across multiple geographies".
The 2012 survey ranks countries on 83 different factors.
“The results show no deterioration in Australia’s transparency performance since the survey was last conducted two years ago. Our market is highly transparent and stable,” says Australasian head of research at Jones Lang LaSalle David Rees. 
“Changes to the methodology in the questionnaire this year has resulted in a shuffling of the ranking for the top three countries, but the gap in the scores amongst the top three remains paper thin.
“The survey has been extended and refined this year by adding in further questions.  It is worth noting that the Australian score actually remained unchanged between 2010 and 2012 based on a direct comparison between the questions asked in 2010 compared to 2012,” Rees says. 
In 2012 environmental sustainability emerged as an important transparency factor, with Australia ranking second behind the UK on this measure. The UK implemented the world’s first green building rating system.
The report notes that Australia “has been the test bed for new environmental laws, regulations and incentives”. 
The World’s Most Transparent Countries, 2010
<div align="center">
<table width="180" title="Click to view global data" cellpadding="0" cellspacing="0" border="0">
<thead><tr>
<td>
2010 Rank
</td>
<td>
Market
</td>
<td>
2010 Score
</td>
</tr></thead>
<tbody>
<tr>
<td valign="top">
1
</td>
<td valign="top">
Australia
</td>
<td valign="top">
1.22
</td>
</tr>
<tr>
<td valign="top">
2
</td>
<td valign="top">
Canada
</td>
<td valign="top">
1.23
</td>
</tr>
<tr>
<td valign="top">
3
</td>
<td valign="top">
United Kingdom
</td>
<td valign="top">
1.24
</td>
</tr>
<tr>
<td valign="top">
4
</td>
<td valign="top">
New Zealand
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
4
</td>
<td valign="top">
Sweden
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
6
</td>
<td valign="top">
United States
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
7
</td>
<td valign="top">
Ireland
</td>
<td valign="top">
1.27
</td>
</tr>
<tr>
<td valign="top">
8
</td>
<td valign="top">
France
</td>
<td valign="top">
1.28
</td>
</tr>
<tr>
<td valign="top">
9
</td>
<td valign="top">
Netherlands
</td>
<td valign="top">
1.38
</td>
</tr>
<tr>
<td valign="top">
10
</td>
<td valign="top">
Germany
</td>
<td valign="top">
1.38
</td>
</tr>
<tr>
<td valign="top">
11
</td>
<td valign="top">
Belgium
</td>
<td valign="top">
1.46
</td>
</tr>
<tr>
<td valign="top">
12
</td>
<td valign="top">
Denmark
</td>
<td valign="top">
1.50
</td>
</tr>
</tbody>
</table>
</div>
 
The latest survey finds that as real estate markets recover there has been a renewed impetus to being more transparent, with nearly 90% of markets having registered advances in real estate transparency during the past two years.
Transparency advances have been driven by improving quality of data on market fundamentals and performance measurement, combined with better governance of listed property vehicles.
Notably, the 2012 index highlights continued transparency deficiencies in many African, Middle Eastern and Latin American markets. Nations scoring the lowest on transparency, the so-called opaque markets, include Venezuela, Mongolia, Tunisia, Ghana, Iraq, Pakistan, Algeria, Belarus, Angola, Nigeria and Sudan. Many of these countries were assessed for the first time in this update of the index.
The full list of 2012 rankings can be found <a href="https://www.joneslanglasalle.com/GRETI/en-gb/Pages/Global-Transparency-Index-Rankings.aspx" target="_blank">here</a>.
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Australia ranked third most transparent real estate investment market but loses top ranking to US: Jones Lang LaSalle

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Melbourne auction clearance rates appear to be back in sync with changes in consumer sentiment, having diverged noticeably in the last six months of 2011.
From July to December last year Melbourne clearance rates dipped below 60% despite consumer confidence (as measured by the Westpac-Melbourne Institute) rising as the RBA cut rates in November and December
The divergence can be seen in the graph (below) included in the Real Estate Institute of Victoria’s (REIV) June 2012 property report.
This divergence suggests Melbourne buyers were less confident about the economy than the overall national mood and holding off purchasing at auction.
Since the start of the year, auction clearance rates (and Melbourne buyer sentiment) appear to be back in synch with consumer sentiment, rising modestly in tune with the Westpac-Melbourne index.
The gaps in the graph indicate the Easter selling period when sales spike and detract from the actual trend, explains Robert Larocca, spokesperson for the REIV.
Click to enlarge
<a href="/images/stories/2012/06/reivjune29.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/reivjune29thumb.gif"></a>
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Melbourne auction clearance rate back in step with consumer confidence: REIV

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The Australian Tax Office has released updated guides for property investors and real estate employees (estate agents and property managers) to help them complete their end of financial year tax returns.
The 2012 Rental Properties guide explains how to treat rental income and expenses, including how to treat more than 230 residential rental property items.
Among the things it will help landlords determine:
<ul>
<li>which rental income is assessable for tax purposes</li>
<li>which expenses are allowable deductions</li>
<li>which records they need to keep</li>
<li>what they need to know when they sell their rental property</li>
<li>what expenses are not deductable</li>
</ul>
It also includes information about capital gains and goods and services taxes, negative gearing, pay as you go (PAYG) instalments and the effects of the general value shifting regime.
The 2011-12 real estate employees guide (a series of links, not a download) provides a simple summary of ATO tax rulings covering allowances, reimbursements and work-related deductions.
It explains the claims estate agents and property managers can and cannot make by looking at the common expenses they might incur as a real estate employees. It also includes information about some changes to the tax laws that have occurred since the ruling was issued - for example, capital allowances and will real estate employees work out what claims they can make.
<a href="https://www.ato.gov.au/content/00313554.htm">The property investor guide can be downloaded here</a>
<a href="https://www.ato.gov.au/content/00313580.htm">The estate agents guide is accessed here (click on the table of contents link on right hand side of page). </a><a href="https://www.propertyobserver.com.au/https://law.ato.gov.au/atolaw/view.htm?Docid=TXR/TR986/NAT/ATO/00001">The full version of the ATO ruling on real estate industry employees can also be downloaded.</a>
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End of financial year: ATO puts out tax guides for property investors and real estate employees

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The Reserve Bank is “ahead of the curve” on its cash rate setting and is set to leave the rate unchanged at 3.5% at its July meeting on Tuesday, says HSBC Australia chief economist Paul Bloxham.
He says the rate cut in June was insurance taken out against the risk of global conditions worsening further.
“As such, it seems highly unlikely the RBA will cut again next week.
“As it has already accounted for some of the downside risk to global growth, it also suggests there may be fewer rate cuts to come than there might otherwise have been," Bloxham says.
Bloxham expects one more rate cut in the second half of the year due to “global risks” playing out, but thinks a further 80 basis points of cuts being priced by interest rate markets  by the end of the year is overdone.
Bloxham says that the in the days following the June 25 basis point rate cut, “it became apparent that momentum in the local economy was stronger than had generally been expected.
“GDP growth was strong in the first quarter (4.3% year-on-year), as was employment in May (up 39,000 jobs).”
He also highlighted the RBA’s monetary policy statement released two weeks after the June decision, which said it was a “finely balanced” call.
“It is clear to us that the RBA’s last cut was global risk insurance, not a response to local conditions.
“But insurance is not free. By cutting rates further the RBA takes the risk that inflation could pick up more. This risk was clearly weighed against the risk that global conditions worsen further, thereby weakening the local economy.
“In the RBA’s view, it seems that the ‘path of least regret’ was to cut rates in the face of global risks."
Bloxham says the RBA was in the position to cut rates at its June meeting due to inflation being currently low at an underlying rate of 2.2%
He expects inflation will rise in the second half of 2012 – but only marginally – due to the carbon tax .
The carbon tax is forecast to boost headline inflation in the third quarter by around 0.7  percentage points and underlying inflation by around 0.2 percentage points.
"The RBA will look through the impact of the carbon tax on inflation. It is already publishing inflationforecasts that exclude the impact," says Bloxham.
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RBA to leave cash rate on hold next week with one more cut likely this year: HSBC’s Paul Bloxham

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The proportion of mortgage holders a month or more behind in their mortgage repayments rose only marginally in the first quarter of the year, according to ratings agency Fitch, which says falling interest rates prevented a greater rise.
In its latest Dinkum Index for the first quarter of 2012 Fitch records that mortgage delinquencies rose from 1.57% in the December 2011 quarter to 1.6% in the first quarter of 2012 – equating to about $35 million loans turning bad.
Click to enlarge
<a href="/images/stories/2012/06/fitchjune29.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/fitchjune29thumb.gif"></a>
The rise was mainly due to the number of loans more than 90 days in arrears, which increased by six basis points.
Fitch usually anticipates a higher rise in mortgage delinquencies in the first quarter of the calendar year due to “a portion of Australian borrowers temporarily affected by Christmas spending”.
“The two cash rates cuts in the fourth quarter of 2011 have indeed outweighed the seasonal Christmas spending in combination with minor increases in bank standard variable rates, as shown by the stable 30-59-day arrears,” says James Zanesi, director of Fitch's structured finance team.
"The decision by the Reserve Bank of Australia to cut cash rates by 25 basis points both in November and December 2011 to 4.25% has given some temporary relief to borrowers, as 30-59-day arrears have been stable overall and have not increased as much as others," he says.
Fitch expects the interest rate cuts on May 2 and June 6 to “impact positively on Australian mortgage performance”, with lower interest rates expected to result in improved affordability for existing borrowers and thus to lower arrears levels.
“Although delinquency rates are increasing and are above the historical Australian average, they remain low relative to other countries and well within the expectations used to derive Fitch's ratings for Australian RMBS transactions,” says Fitch.
It says the only major threat to Australian mortgage performance is declining house prices.
“A drop in housing prices could negatively affect transactions, in terms of recovery rates and time. As house prices drop, eventual sales prices are more likely to be below the mortgage balance, leading to losses and LMI (lenders mortgage insurance) claims. This depends on when the loan was written. Less seasoned mortgages tend to have amortised less and therefore tend to be more sensitive to house price changes,” says the ratings agency.
Zanesi says an increase in the proportion of loans 90 days or more in arrears is usually associated with a stagnating housing market, but in the third quarter Fitch monitored an increase in hardship cases and this may have contributed to the increase.
There was a notable rise in delinquencies among self-employed households.
Fitch's Dinkum Low-Doc Index recorded a growth in 30+ day arrears to 7.08% in the first quarter of 2012 from 6.62% in the December 2011 quarter.
Delinquencies in the low-doc segment tend to be two to 2.5 times those of full-doc loans, but in the 12 months to the end of March 2012 they were four to 4.5 times higher.
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Mortgage delinquencies rise marginally in first quarter, but rate cut forestalled higher increase: Fitch

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Camera-shy investors have registered to bid online for this Saturday’s auction of The Block terraces in South Melbourne.
The online bidding service is provided by inspectbidbuy.com, which specialises in live online property auctions.
Those interested were asked to pre-register beforehand and complete an auction authority form, allowing an agent to place bids on their behalf at the live auction.
<img src="/images/stories/2012/06/inspectbid.png">
Registered bidders have been asked to attend the offices of the four estate agencies to place their bids, and then provide the deposit cheque.
An onsite auction will take place on Saturday June 30 behind the closed doors of the four renovated Dorcas Street terraces. The auctions are by invitation or registration only. 
Prospective buyers have registered at <a href="https://www.inspectbidbuy.com/register-buyer" target="_blank">inspectbidbuy.com's website</a> to bid online.
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Camera-shy investors to bid online for The Block 2012 South Melbourne terraces

<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.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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