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New home sales rose just 0.7% in the month of May despite the RBA’s 50-basis-point rate cut at the start of the month, according to the May HIA - JELD-WEN New Home Sales report.
The rate cut – most of which was passed on by lenders – helped drive a 21.1% increase in sales of multi-units (apartments) over the month, but detached houses fell 2%.
The figures are based on the HIA’s monthly survey of Australia's largest volume residential builders.
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AMP Capital chief economist Shane Oliver says the May HIA results “confirm that the housing market remains chronically weak right now”.
“New home sales rose 0.7% in May but remain at very depressed levels confirming that mortgage rate cuts to date have not had much impact so far.
“Our assessment remains that, with Australian households now very cautious about taking on debt and having lost confidence in the outlook for house prices, against a back drop of ongoing global uncertainty and benign inflation, further cuts in the cash rate will be required over the next six months," he says.
Oliver expects the cash rate to fall to 2.75% by year end.
The only mainland state to record a seasonally adjusted increase in new detached sales was Victoria, with a modest 3.9% rise – mainly attributable to buyers rushing to secure the $13,000 first-home bonus, which ends on June 30.
Detached house sales fell by 6.3% in Queensland and were down by 5.5% in New South Wales, 4.7% in Western Australia, and 1.5% in South Australia.
"The impact of interest rate cuts at the end of 2011, together with the announcement of a 50-basis-point cut to the official cash rate on May 1 this year, has so far done little to spur new home sales, given the soft outcomes evident for detached houses," says  HIA chief economist Harley Dale.
Dale says it is encouraging to see a second consecutive increase in the sale of multi-units, a result which saw a lift of 11.6% over the May 2012 quarter.
"We expect that through the second half of 2012 the aggregate impact of interest rate cuts in late 2011 and then mid-2012 will at the very least put a floor under new home sales, and other leading housing indicators which also remain very weak," says Dale.
“Further interest rate reductions are warranted, but rate cuts can’t do all the heavy lifting
“Government investment and reform is required to complement the helping hand that lower borrowing costs should provide new home building in the second half of 2012, and the Federal government should be leading from the front.”
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May 50 basis point cash rate cuts deliver little fillip to new housing market: HIA

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A free-standing Ritchies IGA in Mount Waverley has sold to an Asian Melbourne-based buyer for nearly $700,000 above the reserve after attracting more than 23 enquiries from offshore Asian buyers prior to its June 27 auction.
Many of the bids included the number 88 – the Asian symbol of good fortune and good luck.
In a room packed with 200 people the 2,500-square-metre supermarket was the subject of a bidding war between four potential buyers in the room - three of whom were Asian - and a Hong Kong investor on the phone.
"Two bidders locked horns over the property" says Graeme Watson, joint selling agent alongside Raoul Holderhead from Burgess Rawson.
The supermarket had a $6.5 million reserve and eventually sold for $7.19 million.
The sale price reflected a yield of 6.51% based on rent of around $477,000 per annum plus GST, with the property leased to long-term tenant Ritchies IGA on a 15-year lease with renewal options to 2034.
It had previously been marketed in Asian publications given its location on the corner of Stephensons Road in Mount Waverley, a suburb where houses are regularly snapped up by Asian buyers looking to live in its sought-after school zone.
Recently Jeremy Desmier, Fletchers real estate director, said suburbs like Balwyn and Glen Waverley were popular among buyers with temporary residency because of their highly rated government schools.
Holderhead tells Property Observer the high yield reflected the fact the shopping centre is a “very rare” asset in the “dead centre of Melbourne” in a fairly affluent suburb with no available land pockets.
“The only competition is a Woolies round the corner,” he says.
Another appealing factor, he says, is the fact that it was only built in 1999 and thus is relatively new.
He says the buyer is willing to pay well above the reserve price despite “turnover being knocked around a bit from the recent supermarket price wars”.
He estimates that a Coles or Woolies in the same location could fetch $10 million or $11 million, with yields of around the 4% mark.
Graeme Watson describes Mount Waverley as a “very established, affluent area with a substantial Asian population".
"The IGA is located in a very comprehensive strip style centre” with none of the 100 shops on the strip vacant.
“All the major banks are on the strip plus there are four pharmacies and four bakeries,” Watson says.
He says the IGA's free-standing nature also made it an attractive asset for investors.
The sale of the IGA suggests Glen Waverley and surrounding south-eastern Melbourne suburbs are becoming something of a commercial as well as residential hotspot.
In March The Palms restaurant at 213-215 Blackburn Road in Mount Waverley, standing on a 1,015-square-metre block, sold for $2.03 million to a private investor on a yield of nearly 7%.
It sold with a 10-year lease to the restaurant, having attracted interest is in the vicinity of $1.9 million to $2 million.
Selling agents were Colliers International's Hamish Burgess and Ben Baines, who said three strong bidders pushed the price well above the reserve.
Burgess said at the time there was a strong demand for development sites in the Melbourne eastern metropolitan market, with developers now favouring medium-density sites in the eastern suburbs.
As an example of the demand for residential property in nearby Glen Waverley he pointed to the recent off-the-plan success of Consolidated Properties $70 million 11 storey Ikon apartment project.
All 116 one- and two-bedroom apartments in the mixed-use development were snapped when it launched last year. The project also includes an office and retail precinct. Construction began in April.
Recent Melbourne suburban shopping centre sales have included a Mentone supermarket anchored by Woolworths, which sold on a yield of close to 8%, and a Coles-anchored Bundoora Square in the north east, which sold on a yield of 7.4%.
Mount Waverley ranked as the 121st most liveable suburb in Melbourne in the 2012 Age liveability survey, with the report noting that neighbouring Clayton ranked 272 with the only sizeable difference between the two is Mount Waverley's good rating on crime.
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Mount Waverley IGA with lucky 88-dollar bids sells for $600,000 above the reserve

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Banks are willing to provide loans to first-home buyers purchasing a new home off the plan – with the proviso that a lower valuation on settlement could force them to scramble for cash to make up the potential shortfall.
Their response follows a media report suggested the banks are reluctant to lend to off-the-plan first-home buyers.
The concern emerged ahead of changes to the NSW first-home owner grant from October 1, which will provide $15,000 towards a new home (including those bought off the plan) but nothing for first-home buyers purchasing an established property.
CBRE managing director David Milton was reported in the Sydney Morning Herald as saying that banks “frowned” on lending to first-home buyers.
He said the issue was one of confidence for first-home buyers, as banks were only willing to provide a conditional six-month loan approval, when a project could take much longer to complete.
“An off-the-plan project can take from 18 months to over two years to complete,” Milton said.
But he acknowledged to Property Observer that this was not applicable to all transactions and that the scenario of final property valuations being less than the off-the-plan valuation was only a problem when markets are in downturn.
Westpac, Commonwealth Bank, Suncorp and NAB have all told Property Observer they will finance long-term off-the-plan purchases, but with an understandable caveat around the final valuation.
“There has been no change to our first-home buyer policy,” a spokesperson for Westpac tells Property Observer.
“We give people approval in principle if they are buying off the plan. We will do an assessment based on the information provided and all the normal stuff we do in assessing a home loan application,” he says.
The bank will provide a conditional approval for up to for six months, which the bank says gives borrowers an idea if they should go ahead and make the purchase.
“There is the risk element that the apartment will not be built by the time the offer lapses – but there has always been that risk element. It’s the same for people who buy at auction with a long settlement plan,” he adds.
“If it does take longer, the borrower can come back to Westpac and go through the same process of assessment but in the knowledge we have been involved before.
“However, there may be a price valuation difference.”
Suncorp, which has been an active lender to first-home buyers this year, according to AFG figures, will also provide financing for eligible borrowers but has flagged the valuation at settlement as a risk the buyer must bear.
“Banks absolutely want to ensure the quality and value of the end product meets what the developer has specified and agreed to build,” says Suncorp Bank executive manager for personal lending Tony Meredith.
“When a bank agrees to finance a new home construction it is essentially committing to something that is only proposed on paper at the initial stage, which means making sure the end product is in line with this proposal is crucial.
“New construction loan customers are told this up front, so there are no surprises,” he says.
Meredith says customers can also protect themselves and their deposits by ensuring the contract stipulates that the end product needs to meet the market valuation.
The Commonwealth Bank says its provides a conditional loan approval available for up to 18 months if lenders mortgage insurance (LMI) is not applicable and up to six months if LMI is applicable.
To avoid LMI a borrower needs about a 20% deposit.
“Applicants must be able to demonstrate genuine savings of at least 5% of the purchase price, grants or subsidies are not able to be used for the deposit,” says a spokesperson for the Commonwealth Bank.
The bank says it will not accept guarantees from parents in these situations.
As in the case of Westpac and Suncorp, the Commonwealth Bank’s loan approval is conditional subject to a satisfactory “on completion” valuation conducted 90 days before settlement and re-confirmation of the customer's financial details.
“If there are any changes to the security position and / or the repayment capacity, the approval may be withdrawn.”
A spokesperson for NAB says all home loan applications are considered on a case-by-case basis, “taking into account property value, including size and location – as well as the customers' deposit and ability to repay”.
The bank’s home loan applications are valid for 90 days, from approval to settlement, for all property types and buyers. “This ensures the approved loan amount reflects both the current value of the property and the customers' ability to repay the loan, at settlement.”
Assurances by the banks that they will lend to these borrowers are supported by mortgage broking franchise Mortgage Choice, “provided they have a deposit of at least 5% including evidence of genuine savings, additional funds to cover expenses associated with property ownership, and are able meet the individual lender’s loan serviceability criteria”.
But Mortgage Choice spokesperson Belinda Williamson says raising a deposit of about 10% – even if not required – is particularly important for those buying off the plan to help protect them against valuation variances.
“If the valuation on the completed property comes in lower than the purchase price that was agreed at the time of making a deposit, the borrower will be required to make up the shortfall,” she says.
Williamson says first-home buyers are generally more at risk, “as they often lack the available equity or funds to fill this gap,” she says.
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Banks willing to finance off-the-plan first homes but buyer must take valuation punt 

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Brisbane new high-rise apartment sales fell 31% in the May quarter, with 128 sales recorded compared with 186 in the February quarter, according to the latest Midwood Report.
The total number of apartments for sale also fell to 1,227, the lowest level since November 2010.
The report notes that the current sales rate is in line with average sales rate over the past 12 months.
Three projects dominated sales – Metro Property’s Madison Heights project in Bowen Hills; the big Hamilton Harbour project being co-developed by Devine and Leightons and FKP’s The Milton in the inner west.
Here’s a breakdown of the top six high-rise sellers in Brisbane during the months of March, April and May:
<img src="/images/stories/2012/06/55.gif">
The number of apartments sold in Metro’s Madison Heights development in Bowen Hills. There are 308 units in the project, with 255 sold to date. The median price paid per square metre was $6,616.
 
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The number of apartments sold in Devine and Leighton’s Hamilton Harbour – Riverside Hamilton development. There are 189 units in the project, with 127 sold to date. The median price paid per square metre was $6,831.
 
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The number of apartments sold in the Metro Pearls Brooklyn on Brookes project in Fortitude Valley. There are 216 units in the project, with 88 sold to date. The median price paid per square metre was $7,761.
 
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<img src="/images/stories/2012/06/17.gif">
The number of apartments sold in the FKP’s The Milton project in Milton. There are 298 units in the project, with 145 sold to date. The median price paid per square metre was $7,244.
 
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<img src="/images/stories/2012/06/6.gif">
The number of apartments sold in the Laing O’Rourke/Trident Corp McLachlan &amp; Ann (M&amp;A) project in Fortitude Valley. There are 234 units in the project, with 172 sold to date. The median price paid per square metre was $7,692.
 
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<img src="/images/stories/2012/06/5.gif">
The number of apartments sold in the Metro Property Development The Chelsea project in Bowen Hills. There are 195 units in the project, with all sold. The median price paid per square metre was $7,087. The project settled in February.
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Brisbane high-rise apartment sales down 31% in May quarter: Midwood

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Declining auction sales, falling private sales and lower clearance rates are three clear trends emerging in the Melbourne housing market, according to the Real Estate Institute of Victoria (REIV).
The trends have emerged as the REIV cautions that there will be no house price growth in Melbourne over the next few years.
In its  2012 State of the Victorian Property Market report the REIV calculates that there have been 6,925 auction sales in Melbourne up to the weekend of June 18, compared with 8,566 at the same time last year and 11,647 in 2010 – representing a 19% decline from the same period last year and 41% down on 2010.
Clearance rates over the last two years are also about 20% below historical levels.
REIV spokesperson Robert Larocca says the number of private sales is also declining.
But he cautions that these figures will be revised upwards as the institute gets more complete data from estate agents.
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Source: REIV, for the calendar year to June 18, 2012
Economics website macrobusiness.com.au points out that auction sales numbers are currently 21% below the five-year average while the clearance rate is 18% below the five-year average.
Macrobusiness.com.au calls the figures a “sobering assessment” of the Melbourne housing market.
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Melbourne auction sales down 19% on same time last year: REIV

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The Hong Kong-based Shangri-La Hotels and Resorts group has made its second foray into the Australian hotel market in the space of a week, picking up the Holiday Inn Brisbane for around $48 million.
It follows its purchase of <a href="https://www.propertyobserver.com.au/leisure/sydney-shangri-la-hotel-sells-to-hong-kong-shangri-la-asia-group-for-record-%24352-million/2012062555249">Sydney’s Shangri-La Hotel in The Rocks for the $352 million</a> announced earlier this week.
Shangri-La Hotels has also assumed management of the Brisbane Holiday Inn and will operate it as a Traders Hotel.
The hotel is located at 159 Roma Street, within walking distance from the CBD and Suncorp stadium.
The purchase of the Holiday Inn was facilitated by Jones Lang LaSalle Hotels’ Craig Collins, Dean Humphries and Peter Harper, who also advised on The Rocks purchase.
Collins says the Brisbane hotel market has witnessed the most transactional activity in Australia over the past six months, with this being the fourth transaction Jones Lang LaSalle has undertaken in the city over this period.
“Prior to this sale there had been very little activity as Brisbane has historically been one of Australia’s most tightly held investment markets,” he says.
According to Collins, Brisbane has been one of the standout hotel trading markets this year to date, with revenue per available room (RevPAR) growing by 5.9% to surpass the 2008 peak and reach $151.
Total hotel transaction volume in Australia has reached almost $1 billion for the year to date, with Asian investment accounting for over 90% of transaction volume.
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Hong Kong’s Shangri-La group picks up second Australian hotel in a week with $48 million Brisbane Holiday Inn purchase

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About 42% of taxpayers will use any tax refund they receive from the Australian Tax Office (ATO) to pay off their debt, including their mortgages and credit cards, according to a new Bankwest survey.
The 2011-12 Taxing Time survey found – not surprisingly - that taxpayers have a very thrifty mentality as the end of the financial year looms just three days away.
Of the 42% who said they would some of their refund to pay off debt (up from 39%), the majority will focus on paying off their credit cards (63% versus 50% last year) while just over a third will use the refund to pay off more of their mortgage (34% versus 47% last year).
The same proportion of respondents this time round – 31% – said they would put some of the refund into their bank accounts, while nearly one in five (19%) said they would use the money to on basic commodities including rent and food. 
A lower proportion than last year – 15% compared, with 18% – said they use some of the money to indulge in something “exciting” like a new TV or a holiday.
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Taxpayers also expect to receive less from the government this year. 
The average expected tax return has decreased 13% across Australia to $2,017 for 2011-12 from $2,317 in 2010-11 financial year. 
The proportion of respondents who expect to receive a tax refund has dropped to 73% this year from 78% in the last financial year, while the proportion of people expecting to pay additional tax has increased to 9% from 6%. 
The results are based on an online survey of 800 people aged 18 and over carried out in May this year by CoreData on behalf of Bankwest.
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Thrifty taxpayers plan to use tax refunds to pay off home loan and credit cards: Bankwest survey

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Property developer Mirvac has begun talk with coal and liquefied natural gas (LNG) producers about building houses for workers in northern Queensland, its managing director Nick Collishaw has said.
Collishaw says current talks about providing homes for workers building the new mining projects will be followed by discussions in about three to five years' time about longer-term, master-planned communities.
This follows Mirvac being named as the preferred developer of the Karratha city centre in the iron-ore rich Pilbara region in a joint venture project with the local land authority in a deal worth $1.5 billion.
The project will create the new suburb of Mulataga, providing accommodation for 8,000 people, Bloomberg reports.
“What’s been happening in the Pilbara and north of Queensland so far has been one off, ad hoc projects. The debate going on right now in the resource centres and councils is this is no longer boom-bust style development,” Collishaw says.
"We’re now putting together the infrastructure, the cultural facilities, you expect to see in the suburb of a city.”
To capitalise on the mining boom on the other side of the country, download our<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom"> free eBook on investing in Queensland's resources boom.</a>
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Mirvac looking to build residential communities for mining towns in regional Queensland and WA

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Mortgage holders could be saving themselves thousands of dollars per year just by demanding a discount off their standard variable mortgage rate, says Aussie Home Loans founder John Symond.
“Standard variable is for people who have had a mortgage for three or four years and are too lazy to do something about it,” he says.
According to Symond, two out of three times a bank will be willing to offer variable borrowers a discounted rate if they ask.
The average standard variable rate of the big four banks currently stands at 6.76%, but Symond says borrowers should be able to get a discounted variable rate of around 5.8%.
According to Property Observer calculations, a $400,000 mortgage taken over 30 years at a rate of 6.76% equates to monthly repayments of around $1,950, while at a rate of 5.8% they fall by almost $200 to $1,760.
The difference in total mortgage repayments in these scenarios over the life of the loan is over $70,000.
Symond says it is essential that borrowers do a mortgage health check through a mortgage broker before they go and see their bank manager.
“A finance broker has hundreds of mortgages from all lenders, big and small,” Symond told David Koch on Channel 7's Sunrise this morning.
“What they [mortgage brokers] can do in 30 minutes you could not do in two months, and you can get a free and impartial view.
“And then if you like your bank, you can go to your bank and say: ‘I am paying three quarter of a percent to much here’.
“Two out of three times they will just drop your interest rate – just like that.”
Symond says there is no real need to fix your mortgage at the moment given the discount rates available on more flexible variable products.
“It is enticing to see three year fixed mortgages at around 5.75% now, the lowest in a long time, but anyone taking a mortgage today will get a variable rate around that figure.
"Borrowers on a variable rate of 5.75% or 5.8% should be holding off fixing.
“If it helps you sleep at night and you have a tight budget, go and fix half your mortgage.”
But he warns that a fixed-rate mortgage is an inflexible option.
“If you want to increase your repayments or add a redraw facility, a fixed-rate mortgage restricts your flexibility.
“With a variable rate you can do what you want,” he says.
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Only lazy people stick with undiscounted standard variable mortgages: John Symond 

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US house prices across the 20 biggest metropolitan markets rose 1.3% over April according to the benchmark S&amp;P/Case-Schiller index, with signs emerging that the housing market may be stabilising.
The gain followed seven consecutive months of falling home prices.
The graph below shows the April turnaround as well as the massive drop in house prices that began in late 2007 following the start of the sub-prime mortgage crisis culminating in the US housing bubble bursting and prices falling 20%.
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During April San Francisco was the strongest market,  registering a 3.4% gain, with Washington DC next best, up 2.8%. 
Out of the 20 cities measured by Case-Schiller, only Detroit recorded a house price decline, down 3.6% in April.
New York prices were flat, Chicago house prices rose 1.1%, and Los Angeles house prices gained 1.5%.
Over the past 12 months Phoenix was the standout market, with gains of 8.6%, while Atlanta is far and away the worst with a 17% plunge over the past year to April.
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“Clearly the big headline is that we went up,” <a href="https://video.cnbc.com/gallery/?video=3000097956">David Blitzer, managing director and chairman of the S&amp;P Index Committee, told CBNC</a>.
“Nineteen out of the 20 cities saw gains. Across the board it looks like a very strong report,” Blitzer says.
He says some of the gains may be due to the spring selling season hitting its stride “but certainly not all of it”.
“My guess is at least half of what we're seeing are real gains, not just seasonal shifts.”
Blitzer says price gains were expected in April following increased sales and housing starts over the past few months, “amidst a lot of talk of better housing markets”.
Christopher Low, chief economist at FTN Financial, which “slices and dices” the housing market, says people have been talking about housing recovery for a while but keep being disappointed.
He says data is now stacking up better than it has in a long time, with new home sales “perking up off their lows”.
“What we see in the Case-Schiller Index is that house prices are starting to stabilise, and we keep seeing a handful of cities starting to pick up,” <a href="https://www.bloomberg.com/video/u-s-home-prices-starting-to-stabilize-low-says-nStyghy~Qi~zyhIbALD7Kg">he told Bloomberg TV</a>.
Low says home sales are rising and prices are stabilising.
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US house prices rise 1.3% in April, with San Francisco and Washington the strongest performers: Case-Schiller index

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[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.

[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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