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There are many residential investment opportunities in NSW under the magical $500,000 mark, according to the Westpac Property Report, a quarterly snapshot compiled by valuation firm Herron Todd White (HTW).
Herron Todd White CEO Brendon Hulcombe says the report “challenges the notion that owner-occupiers and investors have limited choice on a tight budget when it comes to purchasing property”. “The slowdown impacting markets over the past 12 months has provided exciting buying opportunities,” Hulcombe says.
“Quality properties that a few years ago would have been well beyond this price bracket can now be secured for $500,000, in some cases with change to spare.”
HTW’s NSW state-based team has identified opportunities under $500,000 in western Sydney, in the Newcastle and the Hunter region, on the central coast and on the mid-north coast where yields can be as high as 8% –  well above the savings rates being offered by banks.
Sydney
In the capital city, a budget of $500,000 limits investor options to units or lower-quality houses in the city’s western suburbs, according to HTW.
Unless investors have an underlying need to own a house in this region, HTW valuers suggest considering the apartment market, which will “generally deliver a wider choice of locations, stronger rent returns and more stable capital growth.
“If we focus on the apartment market, the central western suburbs of Auburn and Parramatta offer the strongest yields, typically between 5.4% and 5.7%. The area’s median price of $370,000 will fund a reasonably modern 2-bedroom apartment.
“For investors seeking longer term capital growth, inner ring suburbs like Neutral Bay, Leichardt and Randwick have historically recorded stable price gains, and this is expected to continue over the coming years,” HTW says.
Hunter region and Newcastle
According to HTW, there are good investment opportunities under $500,000 across the Hunter region.
“Rental vacancies are very low at 1.5% and rental growth is strong, taking many properties close to being cashflow positive.
“It is worth focusing on areas with proximity to major employers, as these offer year-round tenant demand. Waratah, Jesmond and Shortland for instance are all close to either major Newcastle hospitals or the University of Newcastle,” says HTW.
HTW picks the Hunter Valley towns of Singleton, Rutherford and Aberglassyn as good investment opportunities, with all benefiting from the strong mining sector with “very healthy” rental growth.
“Plenty of new housing stock is becoming available, and these properties offer more generous depreciation allowances than older dwellings,” HTW says.
Central coast
The median house prices for Gosford and Wyong is currently $400,000 and $325,000 respectively, which gives investors with a $500,000 budget a multitude of options on the NSW central coast, notes HTW.
The investment opportunities vary widely, from a house in Woy Woy or a unit at Umina to a holiday letting in Avoca.
NSW valuers from HTW say there has been a noticeable escalation of investor interest in San Remo, Blue Haven, Narara, Umina Beach and Woy Woy, with yields ranging from 4.5% to 6%.
Mid-north coast
HTW advises investors consider the option of purchasing two or more properties at the lower end of the market, where “rental vacancies are very tight, yields are high and there is greater potential for capital growth”.
“As a guide, in Port Macquarie and Forster it is possible to buy an older-style two-bedroom unit close to the beach for less than $250,000.
“Alternately, pre-1975 houses close to the town centre or modern villas suitable for retirement can be purchased for under $350,000,” says HTW.
In the small country towns of Taree and Kempsey, HTW says investors can afford to purchase three dwellings and recommend targeting prime locations – “notably older houses on large lot sizes”.
“The older part of Taree West, which was developed pre-1985, offers excellent value for money with a good selection of houses currently listed for sale for less than $250,000.”
Some former Department of Housing properties can be purchased for less than $125,000. These properties are returning rental yields in the order of 7% to 8%.
HTW valuers also note that in the current weak market both investors and owner-occupiers stand to benefit from a growing number of forced sales.
“This is being exacerbated by an oversupply of modern high-rise units in Forster, and weakened demand in the $450,000-plus price range throughout the greater Taree area.”
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High-yielding investment opportunities for under $500,000 in NSW include western Sydney and regional areas: HTW

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Eight apartments in The Rose Group’s $2 billion Breakfast Point development in Cabarita sold over the weekend, with buyers cashing in on NSW stamp duty concessions before they end in less than a month. Four of the sales were to first-home buyers.
All eight properties bought were one-bedroom-plus-study apartments and sold below the $600,000 threshold for accessing the <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">NSW home builders’ bonus</a>, which ends on June 30.
A spokesperson for The Rose Group told Property Observer three first-home buyers had purchased in the recently released Sirius building (below) and one in the previously  released Scarborough building (second photo).
<img width="470" src="/images/stories/2012/06/breakfast1.jpg">
<img width="470" src="/images/stories/2012/06/breakfast2.jpg">
The NSW home builders’ bonus provides full exemption on stamp duty for new homes where the value does not exceed $600,000 and also applies to vacant land up to $400,000.
The scheme is available to everyone, including investors, who purchase a new house or apartment. For homes already under construction, a partial stamp duty reduction of 25% is available up until June 30.
According to Bob Rose, group chief executive of the Rose Group, about 170 buyers in Breakfast Point have claimed the stamp duty concession to date. He says many of these are first-home buyers.
Rose told The Australian Financial Review he was not worried about the ending of the stamp duty rebate impacting on sales in the masterplanned development.
Upon completion in 2016, the 52-hectare waterfront development will accommodate 1,865 homes and house up to 5,000 people.
In May last year, the $2 billion project reached the $1 billion sales milestone, with more than 1,300 homes and apartments sold over the past 11 years by its joint developers Rose Group and Cbus Property.
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Breakfast Point buyers cash in on NSW builders' bonus before it expires July 1

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Aussie Home Loans and the Commonwealth Bank have picked up multiple awards at the 22ndAustralia Banking and Finance Magazine Awards held recently in Sydney. 
John Symond’s Aussie was named mortgage broker of the year for the fifth consecutive year and also won in the “best advertising, marketing and promotional campaign” and “best career development program”. 
In a year in which it acquired prominent Melbourne mortgage aggregator National Mortgage Brokers (nMB) and grew its mortgage book to $43 billion, Symond said winning the mortgage broker of the year award was particularly valued.
The Commonwealth Bank picked up five awards including three for its personnel, with Ralph Norris, who stepped down as chief executive at the end of November (replaced by Ian Narev), named financial services executive of the year.
However, the CBA lost out to ANZ for major bank of the year, while Suncorp was named best of the second-tier banks. Online bank ING Direct picked up the technology kudos with an award for Andrew Henderson, its chief information officer.
Westpac and NAB went home empty-handed on the night.
Newcastle-based lender the Greater Building Society was name building society of the year for the second year running, fending off competition from Illawarra-based IMB as well as Queensland-based Wide Bay Australia.
The building society has almost 250,000 customers across NSW and south-east Queensland and has assets worth almost $5 billion.
Greater chief executive officer Don Magin paid tribute to his staff for helping make the building society a “real competitor to the major banks” and one that is not “beholden to shareholders”. 
Gateway Credit Union was named best credit union. 
The full list of AB&amp; F winners are:
 
INNOVATIVE MORTGAGE PRODUCT OF THE YEAR
QBE – HomeKeeper
 
INNOVATIVE RETAIL BANKING PRODUCT OF THE YEAR
Commonwealth Bank - CommBank Kaching
 
INNOVATIVE CARD AND PAYMENT PRODUCT OF THE YEAR
Suncorp Bank - Visa Prepaid Card
 
BANKING WEBSITE &amp; ONLINE OFFERING OF THE YEAR
HSBC - HSBCnet Mobile
 
ADVERTISING, MARKETING &amp; PROMOTIONAL CAMPAIGN OF THE YEAR
Aussie
 
BEST USE OF SOCIAL MEDIA
Commonwealth Bank - Commonwealth Bank Facebook Places with Deals
 
BEST CAREER DEVELOPMENT PROGRAMME
Aussie 
MORTGAGE BROKER OF THE YEAR
Aussie
 
BUILDING SOCIETY OF THE YEAR
Greater Building Society
 
CREDIT UNION OF THE YEAR
Gateway Credit Union
 
LAW FIRM OF THE YEAR
King &amp; Wood Mallesons
 
AUSTRALIAN FINANCIAL INSTITUTION OF THE YEAR – Non-Big Four
Suncorp Bank
 
AUSTRALIAN FINANCIAL INSTITUTION OF THE YEAR – Major Banks
ANZ
 
CHIEF INFORMATION OFFICER OF THE YEAR
Andrew Henderson, Chief Information Officer, ING Direct
 
CHIEF RISK OFFICER OF THE YEAR
Alden Toevs, Commonwealth Bank
 
CHIEF FINANCIAL OFFICER OF THE YEAR
Peter Marriott, ANZ
 
BANKING AMBASSADOR AWARD
Bryan Fitzgerald, Commonwealth Bank
 
FINANCIAL SERVICES EXECUTIVE OF THE YEAR Ralph Norris, Commonwealth Bank
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Wins for Aussie, Greater Building Society and CBA at annual banking awards

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The inability of developers of residential property and the commercial property sector to access financing for their projects remains one of the biggest changes to the banking sector following the 2007 GFC, according to the Reserve Bank.
“The most significant change in business lending since the onset of the global financial crisis has been in the provision of finance to the commercial property sector, including developers of residential property,” says the RBA in its submission to the Senate Economics References Committee’s inquiry into the post–GFC banking sector.
“Some of this reflects the fact that the foreign banks which have scaled back their operations in Australia had large exposures to this sector. Other banks have also reassessed the risks of lending to this sector, in light of commercial property exposures accounting for a disproportionate share of impaired bank loans.
<img src="/images/stories/2012/06/rbajune51.gif">
“Beyond developments in commercial property, the softness in business credit in the years following the global financial crisis has reflected both weak demand from the non-mining business sector as it has taken a more conservative approach towards debt in an uncertain environment, and the mining sector making little use of domestic intermediated credit,” says the RBA.
Recently though, the RBA says, there have been some “tentative signs that larger business borrowers are willing to take on some additional debt”.
<img src="/images/stories/2012/06/rbajune52.gif">
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Residential developers struggling to access financing post-GFC: RBA

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Commercial property investors can earn rental yields as high as 11%, about double the yields from bank deposit products, if they are willing to bear the risk, according to research by Colliers International.
Primary yields in the bulky goods store sector range from 8.5% to 9.5%, and yields can be as high as 11% in secondary markets like the Gold Coast.
But Colliers head of national research Nerida Conisbee warns that this market is currently oversupplied due to a lot of development in the mid-2000s.
There are 112 bulky good centres in Australia covering more than 2 million square metres of retail space with an average size of 18,000 square metres, according to Colliers
In 2011 an additional 318,000 square metres of bulky good space was added to the market.
According to realcommercial.com.au, there are close to 100 bulky good stores up for sale on the Gold Coast, with 335 stores available for lease
Conisbee says the Gold Coast is seen as an even risker bulky goods investment because there are fewer tenants than other markets and higher vacancy rates.
“A longer-term hold might be OK,” she says.
Investors looking for less risky investments with strong yield potential should consider the neighbourhood regional shopping centre market, Conisbee says.
Prime yields in sub-regional and neighbourhood shopping centres start from around 7% and rise up to as 10% in the secondary market.
Conisbee suggest investors consider regional shopping centres under $5 million as well as suburban strata offices.
Those investors with shallower pockets might consider investing in a listed or unlisted retail trust to gain exposure to the sector.
Conisbee says smaller industrial assets are also doing particurlarly well in Melbourne and Brisbane, where there is an undersupply, with yields ranging from 7.75% to 8.5%
There are, she says, opportunities in strip retailing, but she says investors should tread carefully because of huge variation in quality and returns.
She says the most sought-after assets are Sydney and Melbourne offices and regional shopping centres – out of reach of smaller investors, though exposure is possible through buying shares in REITs and investing in unlisted trusts.
However, yields are lowest in these “sharpest investment categories” because of the strongest investor demand.
“This is because foreign investors are really looking and competing for these assets,” she says.
Other prime assets being sought by foreign investors and superfunds are Perth and Brisbane CBD offices.
The average yield in Sydney and Melbourne CBD offices ranges from 6.5% to 7%; from 7% to 7.75% in Brisbane and between 7.5% and 8% in Perth.
Outside of the sought-after CBD markets, prime yields range from 7.5% to 8.5% in CBD fringe locations like North Sydney, rising up to more than 10% in secondary locations in places like Chatswood and St Leonards.
Adelaide prime CBD fringe yields range from 6.5% to 7.25%, according to Colliers.
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Commercial property offers yields as high as 11% but comes with risk: Colliers

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Investors and owner-occupiers may now be able to borrow at loan-to-value (LVRS) ratios as high as 95%, according to Ray White deputy chairman Sam White.
Banks were only willing to lend up to 90% of the value of the property last year, but this has now risen to 95%, says White, who is also the executive chairman of Ray White’s mortgage broking arm Loan Market.
However, the catch is that property valuers continue to be conservative, meaning a 95% loan could actually be under 90% of the agreed purchase price if the bank receives a lower valuation.
Banks lend based on the independent valuation they receive of the property – not the agreed purchase price – meaning borrowers must make up the shortfall themselves.
Overall, though White says Loan Market brokers are seeing “more aggressive lending”, with lenders also reviewing their serviceability criteria.
A similar phenomenon was noted by mortgage broker Smartline, which said banks were now willing to look at secondary incomes when considering loan applications
White says some lenders will consider rental payments as well as irregular income, such as bonus payments and commissions.
“We can place clients with a strong rental history,” White told The Australian Financial Review.
Furthermore he says fixed interest rates remain attractive, while variable mortgage rates are set to fall with more RBA rate cuts expected.
Find out why buying an investment property as your first purchase could be the easiest and cheapest way to get your foot on the property ladder by signing up for tomorrow’s free Property Observer webinar with Michael Matusik: Tips for buying your first property as an investment. The webinar will take place on Tuesday, June 5 at 12.30pm.
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Banks relaxing LVRs and serviceability criteria but valuations still conservative: Sam White

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There are now proportionally fewer properties to rent in the middle suburbs of Sydney than in suburbs closest to the Sydney CBD, according to April figures compiled by the Real Estate Institute of NSW (REINSW). 
Despite the overall state vacancy rate lifting by 0.1 percentage points to 1.7% during April, the vacancy rate in the middle suburbs (10 to 25 kilometres from CBD) tightened 0.3 percentage points to 1.6%. 
The residential vacancy rate in the middle suburbs has been falling since the start of the year – in January it stood at 2.1% 
In comparison the vacancy rate rose 0.2 percentage points to 1.7% in the inner-city suburbs and in the outer suburbs (more than 25 kilometres from the CBD) over April.
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Despite a fall of 0.1 percentage points to 2.9%, Wollongong remains the NSW city with highest percentage of available rental properties. 
Vacancy rates in Newcastle remained unchanged at 1.6% while on the central coast, the percentage of available rental properties rose 0.1 percentage points to 2.3%. 
Regionally, vacancies fell sharply in the Riverina shire in the south-west from 4.4% in March to 3.1% April. 
The Coffs Harbour market also tightened noticeably from 4.9% to 4%, but the region still has the highest vacancy rate in the state. 
 
The shire of Murrumbidgee, 630 kilometres west of Sydney, which has a population of around 2,400, recorded the lowest vacancy rate of 1%.
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REINSW president Christian Payne describes the April data as a “mixed bag” proving the point that the “rental market varies significantly from one area to another”. 
However, he says the message underlying the mixed results is that “much more needs to be done to address the chronic shortage in rental accommodation. 
“Sydney, the nation’s global city, has a rental vacancy rate that hasn’t managed to claw its way above 2% at any time in the past 12 months. 
“This situation has very human consequences, with prospective tenants struggling to find accommodation in a timely and affordable manner. 
“What we need urgently is a commitment from government to work cooperatively at all levels on resolving this problem and getting investors back into the NSW property market,” he says.
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Fewer rental vacancies in Sydney middle suburbs than in the inner city: REINSW

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The Sydney inner-city apartment market will remain undersupplied until 2019, pushing up rents and delivering rising returns for investors, while Melbourne landlords will struggle due to an oversupply of new apartments, according to BIS Shrapnel.
This is despite more apartments due to be completed in Sydney than in Melbourne between now and 2016.
The most recent apartment construction phase commenced in both cities from 2009-10 following an improved economic outlook and rising rents and yields, but construction was more pronounced in Melbourne, creating the current oversupply.
“The pipeline of construction in inner Melbourne points to record levels of supply, while activity in inner Sydney is also coming to recent highs,” says BIS Shrapnel senior manager Angie Zigomanis.
BIS Shrapnel is forecasting an undersupply of 2,500 apartments in Sydney in 2012.
This will fall over the next four years to an undersupply of 500 apartments as new apartments are completed but will then start rising again from 2017, reaching a shortfall of close to 2,000 apartments in 2018 and 2019.
The forecast is for about 2,000 rental apartments to be completed in inner Sydney in 2013-14 —similar to its 2003-04 peak but below the 1999-2000 peak of 2,500 apartments.
However, this will be insufficient to erode the pent-up rental demand in the inner-Sydney apartment market, and despite further high construction over the following two years, BIS Shrapnel anticipates a modest deficiency of apartments in inner Sydney will still be in place by 2016.
“This environment should continue to support rental growth in inner-Sydney apartments,” says Zigomanis.
“The continued tight rental market and rising rents are expected to support further investor demand and consequently price growth over the next two to three years, particularly if economic growth starts to recover and confidence returns.”
Sydney inner-city apartment rents are forecast to rise by around 5% to 6% per annum over 2012-13 and 2013-14 (compared with 6.7% between 2006 and 2012) before slowing in subsequent years as the deficiency eases with new supply coming on stream
Price growth is expected to be similar, says BIS Shrapnel.
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Source: BIS Shrapnel
Melbourne is forecast to have an undersupply of 1,800 apartments over the next two years but once projects in the pipeline are completed over the next two years the undersupply will more than halve by 2014 before tipping into oversupply by 2015.
In 2016, the surplus of inner-city Melbourne apartments is set to peak at over 2,500 before declining over the next two years and returning to a small undersupply by 2019.
The oversupply of Melbourne apartments is forecast to be driven by an annual rate of 2,800 rental apartment completions from 2013-14 to 2015-16 compared with just 1,800 completions in 2011-12.
Over the past decade Melbourne rental apartment completions have averaged 1,600 per year while tenant demand has remained at 1,500 apartments per year.
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“The record levels of new apartment supply in inner Melbourne over 2013-14 to 2015-16 will push the market into oversupply and vacancy rates will rise,” says Zigomanis.
“The high level of competing stock means that landlords will be unable to command the premiums that are traditionally available for new apartments, while owners of older established apartments will have to discount the asking rent on their apartments in order to compete,” he says.
The lower rents will translate into lower returns for potential investors.
Prices for inner-Melbourne apartments are forecast to remain flat while sales volumes fall until the excess supply is absorbed.
According to BIS Shrapnel, in many instances, owners will experience a decline in prices if they resell.
In its forecasts, BIS Shrapnel breaks down the inner-city population profile in Sydney and Melbourne into three categories:
<ul>
<li>Students, with the growth mainly coming from overseas students;</li>
<li>Young professionals, who are typically employed in white-collar occupations in the CBD or CBD fringe locations; and </li>
<li>Empty-nesters, such as older singles or couples without children living in the family home. </li>
</ul>
The first two groups, it says, largely create demand for apartments as tenants, while empty-nesters are typically owner-occupiers and will therefore occupy the apartment they have purchased. 
“Apartment rent demand from young professionals experienced a setback during the GFC as employment in the financial sector declined. While this rebounded briefly as the recovery came through, growth has again slowed in line with the economy,” says Zigomanis.
“Student demand has also weakened, although most of the reduction in overseas student numbers has taken place in the vocational education sector compared to the university sector, and with major university institutions located close to the Sydney and Melbourne CBDs, the softening in student demand has been less pronounced. As a result, tenant demand has softened.”
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Sydney inner-city apartments to deliver better returns than Melbourne until 2019: BIS Shrapnel

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 About 60% of apartments in The Emerald development in Albert Park have been sold about a month after the development launched, with marketing soon to start in Asia. The project is being marketed by Colliers International.
<img src="/images/stories/2012/06/emerald1.jpg">
The 20-storey project features one-bedroom apartments from $345,000 and two-bedrooms from $567,000,<a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863" target="_blank"> under the Victorian' government's $600,000 threshold for the $13,000 first-home bonus</a>.
<img src="/images/stories/2012/06/emerald2.jpg">
The upscale apartment project being developed by the Golden Age Group is situated between the CBD, Southbank arts area and the city’s “garden precinct” of the Royal Botanic Gardens and Albert Park Lake.
<img src="/images/stories/2012/06/emerald3.jpg">
It features 282 apartments across 19 levels in a commanding wave-like building designed by The Buchan Group Architects
<img src="/images/stories/2012/06/emerald4.jpg">
The Emerald will look south-west across Albert Park Lake to Port Phillip Bay, north to the city and east to the Botanic Gardens and the Shrine of Remembrance.
<img src="/images/stories/2012/06/emerald5.jpg">
Three levels of the new building will have “podium” apartments; two levels of apartments will have private terraces; and another two levels will also comprise penthouse-style apartments.
<img src="/images/stories/2012/06/emerald7.jpg">
 
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Designers at Hecker Guthrie have selected natural palettes, organic materials and timeless craftsmanship for the fixtures, finishes and public spaces.
<img src="/images/stories/2012/06/emerald6.jpg">
Purchasers have a choice of colour schemes and with 47 different floor plans across various levels, with emphasis on maximising living spaces, creating highly functional kitchen and laundry areas and making use of generous outdoor balconies.
<img src="/images/stories/2012/06/emerald8.jpg">
“We’re very excited to be bringing a luxury development to this prestigious location and have already seen a lot of early interest from those seeking an inner-city lifestyle with easy access to Melbourne’s best parks and gardens,” says Golden Age Group’s Jeff Xu.
<img src="/images/stories/2012/06/emerald9.jpg">
<img src="/images/stories/2012/06/emerald10.jpg">
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Emerald bringing sparkle to Albert Park for under $600,000 

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Australia’s banks have increased the margins they earn on their loans by 25 basis points over the past 12 months adding to the 130-basis-point buffer built up over the previous four years, says the RBA in a submission on the state of the banking sector, post-GFC.
According to the RBA, the increases “reflect efforts by banks to retain their net interest margins in the face of a combination of higher funding costs  relative to the cash rate, a shift in the composition of funding towards higher-cost forms, including equity, and an increase in expected loan losses".
However, as the graph below shows, households have fared better than small businesses when it comes to the increasing cost of borrowing money:
<img src="/images/stories/2012/06/rbajune5.gif">
In its submission to the Senate Economics References Committee’s inquiry into the post–GFC banking sector, the RBA highlights that since the onset of the GFC in 2007 “there has been a lift in the whole structure of interest rates in the economy relative to the cash rate”.
“This has reflected higher wholesale credit spreads and increased interest rates on deposits due to increased competition. Higher funding costs for financial intermediaries have led to higher loan rates relative to the cash rate.
“This realignment of funding costs and lending rates, relative to the cash rate, has occurred at various stages over the past five years. While funding costs and lending rates had largely stabilised relative to the cash rate by the end of 2010, over the past year there has been a further increase in both funding costs and lending rates relative to the cash rate,” says the RBA.
However, the central bank says the implementation of new capital and liquidity standards under Basel III global bank rules is “likely to have only a marginal effect on lending rates relative to the cash rate”.
“As stated on a number of occasions, the Reserve Bank Board has taken these developments into account in its setting of the cash rate, to ensure that the lending rates faced by bank customers are consistent with the desired stance of monetary policy,” says the RBA.
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Banks have pushed up their lending margins, but funding costs have risen: RBA

<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.

[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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