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ASX-listed non-bank lender Homeloans Ltd will look to acquire other broker networks following the acquisition of the $1.9 billion Refund Home Loans loan book and distribution network.
The purchase of the loan book, distribution network and assets of Refund Home Loans will be settled on June 8, after which Wayne Ormond’s Refund Home Loans brand, which once had around 350 loan writers, will disappear.
“The Refund Home Loans brand is tarnished and will no longer exist,” says Homeloans Ltd spokesman Scott McWilliam.
The purchase price has not been disclosed.
McWilliam tells Property Observer the Refund deal is a “distribution and acquisition play” for Homeloans Ltd, which is on the look-out for further ways to grow its brand and distribution network.
The acquisition will grow the current Homeloans Ltd book from around $6 billion to close to $8 billion while its current retail broker network of around 30 could soar to more than 160 should all of the remaining 135 Refund loan writers choose to sign up with the non-bank lender.
McWilliam says brokers that sign up with Homeloans Ltd will still have the option to offer customers mortgage refunds (paid from the commissions they receive) but says he does not expect many will continue do so.
“A lot of them would prefer not to and they don’t see as a selling point,” he says.
All current Refund Home Loans brokers will be given the opportunity to sign “branded broker contracts” with Homeloans Ltd.
Refund Home Loans branded cars and other marketing material will be rebranded with Homeloans Ltd, while brokers will also receive marketing support, lead generation support and the support of the Homeloans Ltd business development manager (BDM) network and company infrastructure.
“Brokers will continue to offer the same range of products and continue to aggregate under Choice. Homeloans Ltd are already a lender on the Choice panel,” says McWilliam.
The purchase is to be funded from Homeloans Ltd’s cash reserves.
 
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Homeloans Ltd looking at other acquisitions following Refund deal

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Westpac is tipped to relocate its back-office operations to Lend Lease’s new Barangaroo development on the Sydney shore.
The decision to relocate was taken at a board meeting last month, according a report in the Australian Financial Review, which quotes “senior sources”.
Lend Lease declined to comment on the speculation while Westpac told AFR it had yet to make a decision.
Over the past few years <a href="https://www.propertyobserver.com.au/office/big-banks-have-big-investments-in-cbd-office-space-in-melbourne-and-sydney/2011122052906" target="_parent">Australia’s four biggest banks have collectively invested about $2 billion dollars in new office developments in Melbourne and Sydney</a>, with NAB’s new futuristic building next to Etihad Stadium at Docklands currently taking shape.
A spokesperson for Westpac says it is currently reviewing its property requirements in the Sydney CBD.
“At this stage no commitment has been made and we are considering our options,” the spokesperson added.
KPMG has also been linked to the project, which is expected to include two towers known as C4 and C5.
According to the April Barangaroo update, construction of the retention wall at Barangaroo South while piling underway is for the foundations of the first commercial building and shared basement.
 
 
 
 
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Westpac mooted as Barangaroo anchor tenant

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The Reserve Bank has presented the carrot, but few borrowers appear to be biting, according to mortgage enquiry figures from mortgage broker Loan Market. 
Loan Market, part of the Ray White Group, has recorded only a 5% increase in loan enquiries to date in May compared with April. 
The Loan Market update follows mortgage comparison website Ratecity.com.au noting that the biggest change in borrower behaviour of late has been an increase in refinancing activity, with 18,000 borrowers refinancing their home loans in March – the highest number of refinanced home loans in one month since April 2008. 
Loan Market says the underwhelming response from consumers to date means further stimulus is needed. 
“The RBA’s 50-basis-points rate reduction was an essential starting point and with most banks passing on a significant amount of the rate cut, mortgage holders have been able to start better combat the rising cost of living,” says Loan Market corporate spokesman Paul Smith. 
“But it looks as if more reductions from the RBA will be needed to make a real impact on the economy, especially in housing and retail.” 
“With the situation in Europe deteriorating over the past few weeks again, fresh concerns over the domestic impact of a eurozone collapse will keep consumer confidence reserved and subdued.” 
“The RBA has room to take the cash rate down significantly, and we expect to see the official rate lowered again at the central bank’s June meeting,” he says. 
A recent Loan Market online poll found <a target="_blank" href="/news">almost 80% of consumers were using the benefits from the May rate cut to boost their home loan repayments or increase savings. </a>
Only 2% of respondents were planning to spend the extra cash resulting from the interest rate reduction. 
“Further rate cuts are essential to revive struggling sectors such as retail and housing which have been floundering in this two-speed economy,” says Smith.
 
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
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May rate cut failing to stimulate mortgage demand: Loan Market

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Melbourne registered a 7.3% increase in housing affordability over the March quarter, with the overall national HIA-Commonwealth Bank Housing Affordability Index improving for the fifth straight quarter to its highest level since September 2009. 
Housing affordability has been trending up since December 2010, according to the index.
The index improved by 6.4% (3.7 index points) in the March 2012 quarter to be 11% (6.1 index points) higher over the year and at a reading of 61.8.
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This reading indicates that housing still remains relatively unaffordable for the average wage earner. 
An index reading of 100 indicates that an individual earning an average income could service a mortgage on a median-priced property with mortgage costs taking up 30% of their income. 
Currently, based on a median house price of $459,000 an individual would need to earn an income of $113,000 to comfortably service their loan and make monthly repayments of $2,800. 
The most affordable capital city housing market is Hobart, with an index of 73, while Sydney is the least affordable with an index of 50.
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The March quarter improvement in Melbourne was matched by an identical improvement in Adelaide, with Brisbane up 6.3%. 
However, both Sydney and Perth recorded deteriorating affordability in the March quarter of 2012, with their indices falling by 1% and 1.8% respectively. 
Among the smaller capital cities, Hobart housing affordability improved by 3% and Canberra by 7.1%. 
Outside of the capital cities, affordability improved in all states with the exception of Victoria, which was unchanged. Affordability in non-metropolitan New South Wales was up by 2.4%, Queensland was up by 4.5%, South Australia was up by 6.4%, Western Australia was up by 8.7% and Tasmania was up by 0.4%. 
Conditions are beginning to tilt back in favour of those trying to enter the housing market, says the HIA.
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Melbourne and Brisbane lead housing affordability increase to highest level since September 2009: HIA-CBA index

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The federal government will fund two-thirds of the cost of mortgage brokers obtaining a diploma-level qualification, the Mortgage &amp; Finance Association of Australia (MFAA) has announced at its annual conference currently underway in Adelaide. 
The MFAA will receive $2.4 million as part of the government’s National Workforce Development Fund. 
The money will pay two-thirds of the cost of around 3,000 MFAA members obtaining a Diploma of Finance and Mortgage Broking Management. 
Also at the conference, the MFAA announced that it would extend the deadline for members acquiring the diploma by six months from June 30 2012 to January 31, 2013. 
However, members must have enrolled in a course by June 30, 2012. 
Under ASIC credit licensing rules, loan writers are only required to obtain the less challenging certificate IV in finance and mortgage broking. 
The MFAA requirement is aimed at raising training standards to a higher level. 
The subsidy is available to MFAA members who are yet to complete the diploma and enrol for training by June 15, 2012. 
The MFAA board has decided to give priority for these grants to members who have joined in recent years and will rely on aggregator and broker group for providing particpants. 
Almost 70% of MFAA members have completed the diploma requirement or are in the process of completing it. 
Participants in the scheme will be able to choose from nine MFAA preferred education and training providers. 
MFAA chief executive Phil Naylor says the funding demonstrates the federal government is “well and truly behind MFAA’s efforts to increase education and service standards in the industry” 
“We are hopeful that, following this success, we will be able to provide members with further financial assistance for their professional development in the future,” says Naylor. 
Based on new home lending figures for the March quarter compiled by the Australian Bureau of Statistics, mortgage brokers were the source of $23.4 billion worth of home lending during the March quarter, with annualised lending volumes of close to $100 billion. 
Mortgage brokers provide 42% of home lending in Australia up from 25% a decade ago.
 
 
 
 
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Federal government to subsidise MFAA mortgage broker training

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Property investors who borrow through their self-managed super funds to acquire a property will be allowed to undertake some improvements following the release of a final ruling by Tax Commissioner Michael D'Ascenzo. 
The new ruling clarifies what constitutes an allowable repair or maintenance of a property acquired by a SMSF under limited recourse borrowing rules. 
Under the ruling SMSF investors would be allowed to extend their property; add a swimming pool; extend an outdoor entertainment area; and add a garage shed and driveway without breaching borrowing rules. 
“While each of the following changes would be improvements each (or all) of the changes would not result in a different asset,” says the ATO. 
Under previous guidelines issued in July 2010 a renovation was not allowable if the renovation changed the asset so that it was no longer the same asset that was originally purchased. 
The guideline resulted in much industry concerns about the guidelines resulting in a draft ruling in September last year and the final ruling issued yesterday by D'Ascenzo. 
The final ruling distinguishes between repairs as “something that reinstates the function of the asset compared with an improvement that improves the asset,” says Andrea Slattery of industry body the SMSF Professionals' Association of Australia (SPAA). 
“Where the improvement is significant then it is possible the nature and function of the asset that was originally acquired has changed materially to the extent that a new asset has come into existence. 
“The examples provided in the ruling help to clarify what constitutes a significant improvement. 
“It makes it clear that the amount borrowed can be used to repair the asset but where there is an improvement the cost must be obtained from other sources, such as the super fund,” she says. 
Examples include where a 'granny flat' is to be constructed in the backyard of a property that already has a four-bedroom residence established on it. 
“The granny flat will have two bedrooms, a family room, a kitchen and a bathroom and will be connected to utilities such as electricity, water and sewage.
“The character of the asset would remain residential premises and thus the construction of the granny flat would not result in there being a different asset,” says the ATO. 
Another example the ATO gives is of a residential house that is converted into a restaurant by renovations that include fitting out a fully functioning commercial kitchen. 
“As a result of the renovation the character of the asset has fundamentally changed from residential premises to restaurant premises. This is a different asset,” says the ATO.
The other examples provided are:
<ul>
<li>A vacant block of land is subsequently subdivided resulting in multiple titles. One asset has been replaced by several different assets as a result of the subdivision. 
</li>
<li>A residential house is built on vacant land which is on a single title. The character of the asset has fundamentally changed from vacant land to residential premises. This is a different asset. 
</li>
<li>A house is demolished following a fire and is replaced by three strata titled units. The character of the asset has fundamentally changed along with the underlying proprietary rights. This has created three different assets. 
</li>
<li>One bedroom of a residential house is converted to a home office. This would not ordinarily result in a change in the overall character of the asset as a residential house. The conversion of the bedroom into an office does not result in a different asset 
</li>
<li>Fire destroys a four bedroom house and a new superior residential house is constructed on that land using both insurance proceeds and additional SMSF funds. Rebuilding another residential house (whether of the same size or larger) does not fundamentally change the character of the asset held under the LRBA. The addition of a garage, for example, would also not change the character of the asset. 
</li>
<li>To allow a road to be widened, a local government authority undertakes the compulsory resumption of a minor portion of the frontage of a property which has a residence on it. While the resumption results in the existing property title being replaced, the minor extent of the resumption is such that the fundamental character of the asset, taking account of not only the proprietary rights but also the object of those proprietary rights, remains that of being the residential property. </li>
</ul>
You can download the Self Managed Superannuation Funds Ruling SMSFR 2012/1.
<a href="http://propertyobserver.com.au/ebooks/16-questions-self-managed-super-fund-trustees-should-ask-before-investing-in-property" target="_blank">For more on property investors and SMSF, download our free eBook.</a>
For end-of-year tax tips for property investors, watch our free webinar.
 
 
 
 
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ATO ruling specifies allowable repairs and renovations for SMSF property investors

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Property investors who borrow through their self-managed super funds (SMSF) have received clarity over what constitutes a “single acquirable asset” following the release of a much-anticipated ruling by Tax Commissioner Michael D'Ascenzo. 
The final ruling provides 15 examples of what constitutes a single acquirable asset. 
Under limited recourse borrowing rules SMSFs require a separate lending arrangement for each “single asset” they acquire. 
However, guidelines introduced in July 2010 created confusion among investors and their advisors in instances where they acquired what common sense would suggest would be a single property but over two titles – such as an apartment on one title and the accompanying car park under another title. 
The new ruling clarified situations where there may be two separate assets at law but because they are inseparable then they will be treated as a single asset for limited recourse borrowing purposes. 
It says that in the above example of an apartment and car park on separate titles, these will be treated as a single acquirable asset and hence will only require one limited recourse borrowing arrangement. 
Other examples of what is deemed a single acquirable asset by the ATO include a building such as a factory or farm building that straddles two property titles. 
However, an investor acquiring a serviced apartment that also requires the purchase of a furnishing package, even if under one contract, would require two separate borrowing arrangements. 
“The commissioner’s interpretation of these terms has provided a common sense and practical solution to legislation that could be read far more strictly,” says SMSF Professionals' Association of Australia chief executive Andrea Slattery. 
“It’s encouraging to see the commissioner adopt such an approach, and it will certainly make life much easier for trustees – and their advisors – of self-managed super funds.” 
“The issue that arose was around what constituted a single acquirable asset, and with this ruling it has clarified instances where there may be two separate assets at law but, for all practical purposes, are one asset,” she says. 
Other examples provided by the ATO include: 
Two adjacent blocks of land 
As part of the investment strategy of an SMSF, the trustees of the SMSF want to acquire two adjacent blocks of land under a single LRBA. While the vendor will only sell the two blocks together, there are no physical or legal impediments to the two blocks of land being sold separately. 
The two blocks of land are not a single acquirable asset. As a result, the two blocks of land cannot be acquired under a single LRBA. However, the blocks of land could be acquired under separate LRBAs. 
A factory complex on more than one title 
A trustee of an SMSF wants to enter into an LRBA to acquire a factory which is constructed across three titles. The existence of the factory adds considerably to the value of the land and thus is a significant part of the value of the asset. The factory is therefore relevant as a unifying physical object. 
The factory and the land comprised of the three titles, is a single acquirable asset and can be acquired under a single LRBA. 
However, if the factory was derelict and thus not of significant value relative to the land this asset could not be acquired under a LRBA as the factory is not relevant as a unifying physical object and thus the assets are the three titles. 
Purchase of residential premises 
The trustees of an SMSF want to acquire land that has an existing residential house on it. A deposit is paid to the vendor on signing the contract to acquire that land with the house. The balance of the purchase price is paid at settlement 60 days later. The relevant asset acquired is the land along with the existing house. 
The land with the existing house is a single acquirable asset and the deposit and the payment at settlement is applied for the acquisition of that asset. The trustees of the SMSF can enter into a single LRBA to fund both payments. 
Completed 'off-the-plan' apartment 
The trustees of an SMSF enter into a contract to purchase a strata titled apartment 'off-the-plan'. A deposit is required upon entering into the contract with the balance to be paid upon settlement for the completed strata titled apartment. 
A single LRBA can be entered into to fund both the deposit and the balance to be paid under the contract upon settlement. Both the deposit and the settlement payment are applied for the acquisition of a single acquirable asset being the completed strata titled apartment. 
House built over two titles 
The trustee of an SMSF enters into an LRBA where the single acquirable asset is a house which is built across two titles. Subsequently the house is relocated so that it stands on only one of the titles. 
The arrangement ceases to satisfy the requirements of the LRBA provisions. The relocation of the house results in the asset under the arrangement no longer being a single object of property. Following the relocation there are two separate assets, the block of land with the house and a vacant block of land, that could be dealt with separately. If the borrowing is maintained the trustee of the SMSF will contravene subsection 67(1). 
The Self Managed Superannuation Funds Ruling SMSFR 2012/1 is available to be downloaded in full.
<a href="http://propertyobserver.com.au/ebooks/16-questions-self-managed-super-fund-trustees-should-ask-before-investing-in-property" target="_blank">For more on property investors and SMSF, download our free eBook.</a>
<a target="_blank" href="/news">For end-of-year tax tips for property investors, watch our free webinar.</a>
 
 
 
 
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Clarity for SMSF property investors as ATO defines ‘single acquirable asset’

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The Victorian branches of the Urban Development Institute of Australia (UDIA) and the Property Council of Australia (PCA) have welcomed plans to introduce a more transparent and standardised developer contribution system.
The contributions are levied on property developers and are used to pay for essential infrastructure such as roads, sewers, drains and utilities.
They can vary widely from council to council.
The PCA estimates that development charges levied on Melbourne developers as part of council development contribution plans (DCPs) increased about 26% over the past year
The reforms will be released by Victorian Planning Minister Matthew Guy tomorrow and will include a new fee structure and payment timeline determined by an independent committee.
They follow a year-long review of the contribution system.
The committee will shortly be appointed by the minister tasked with putting together the details of the new scheme.
Under the current scheme introduced in 2003 Victorian councils have individual and differing contribution plans.
The new system will feature five categories: community facilities, open space facilities, transport infrastructure, drainage and public land.
Levies will be set for six different categories of development these being greenfield, infill, regional, rural, residential and non-residential development.
Guy told the Australian Financial Review the new model would reduce red tape, improve transparency and provide certainty around the amounts developers must pay.
According to Tony De Domenico, executive director of the UDIA Victoria, getting the reforms right will “put Victoria ahead of the pack”.
“The new system will be a lot fairer because it will clearly set out what developers are responsible for and what should be a council’s responsibility,’’ he says.
Developers have been calling for a reform of the contributions system since 2010.
 
 
 
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New Victorian developer contribution system welcomed by industry bodies

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Apartment construction in Melbourne is likely to peak in 2013 with as many as 14,000 apartments being completed, according to forecasts by consulting and valuations firm Charter Keck Cramer (CKC). 
However, in 2014 the great spurt in the apartment construction, which kicked off in 2011, will at least halve and possibly fall as low as just 4,000 apartments, taking the market back to average annual rate achieved from 2000 to 2011, the firm says.
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Source: Charter Keck Cramer
In total, about 31,000 apartments are set to be completed or commence construction between now and 2014, with most of these to be built in the inner city.
Around 7,500 apartments will be built within 10 kilometres of the city, more than 4,400 in the middle to outer ring, and only 800 in the outer-growth areas.
Since 2010 apartment construction in Melbourne has risen steeply, with 5,000 constructed in 2010 and nearly 8,000 constructed in 2011 – compared with the annual average of just over 4,000. 
Most of this has been with a 2.5-kilometre radius of the CBD. 
About 9,000 apartments are under construction currently. 
According to 2013 estimates, if those projects that the firm assesses as “more likely” and “possible” go ahead, new apartment numbers will reach 14,000. 
Robert Papaleo, head of research at CKC, says up until 2015 there will be no shortage of apartments available in the market, but the question remains: “will there be enough owner-occupier demand”. 
“To date the product has been well received, but we now have a softer rental market and population growth is slowing,” he tells Property Observer. 
He says the big unknowns are whether Asian developers, which have accounted for about 20% of the market, will continue to target the Melbourne market. 
“If they can access funding offshore, there is no limitation to the number of apartments they could build,” he says. 
According to Papaleo, offshore banks are more willing to provide funding and are less aware of local conditions and carry out fewer checks.
The Manhattanisation of Melbourne began in 2010, when number of off-the-plan apartments reached 17,000 apartments, compared with a historical average to 2010 of about 6,300 apartments being marketed off the plan. 
The following year off-the-plan marketing of apartments fell somewhat, but there were still more than 12,500 apartments marketed to investors and owner-occupiers.
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Source: Charter Keck Cramer 
This week construction of Lend Lease’s 807 Bourke Street tower will begin. The boutique development featuring 21 apartments and four townhouses in Melbourne’s Docklands will be Australia’s first timber high-rise building – and the tallest of its kind in the world. 
In Southbank construction has just commenced on the 652-apartment Prima Pearl project being developed by the PDG Corporation and Schiavello. The project is split into two sections, accessed via separate lobbies, with Pearl starting from level 10 to level 35 and Prima from level 36 to level 66. 
Lower levels start from $351,000 for a one-bedroom apartment and $638,000 for a two-bedroom unit, rising up to $10 million for a top-level penthouse. More than 600 of the apartments have been sold to date.
The Luxton, a six-storey development on Chatham Street in Prahran that will contain 53 one- and two-bedroom apartments to be developed and constructed by Watpac Property, is currently being marketed. One-bedroom apartments start at $405,000.
Further out from the city, the Boom Property Group (BPG) is marketing its Belise development in Caroline Springs with plans for 35 residencies. Building is expected to begin in July and be completed in mid-2013. A further 101 apartments are planned for BPG’s Cascada development also in Caroline Springs as well as 74 apartments in Doreen, to the city’s north.
 
 
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Record number of Melbourne apartments to be completed in 2013 followed by decline in 2014: Charter Keck Kramer

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Westpac chief economist Bill Evans says the Reserve Bank could cut rates by 50 basis points over the next three months, taking the cash rate to a three-year-low of 3.25%. 
He bases this expectation on the deteriorating situation in Europe and “disturbing weakness” in sectors like retail, manufacturing, construction and tourism. 
In addition, growth expectations for the Australian economy are now tracking below trend, according to the annualised growth rate of the Westpac–Melbourne Institute Leading Index. 
The index indicates the likely pace of economic activity three to nine months into the future was 2.2% in March 2012, below its long-term trend of 2.9%. 
“That profile is consistent with Westpac’s forecast for growth in the Australian economy in 2012 of 3% which would mean that Australia had grown below trend for five consecutive years,” says Evans. 
The last time the cash rate was at 3.25% was in April 2009, when the RBA was curbing the effects of the GFC, beginning in November 2008 with a 75-basis-point cut. 
The lowest the cash rate has been since 1990 is 3% – the rate set by the RBA in October 2009. 
“We saw in December last year that the Reserve Bank was prepared to cut rates almost entirely due to its concerns around Europe and relative to December the risks around Europe are now decidedly more severe,” says Evans. 
“Back in December the bank assessed the Australian economy as growing around trend whereas now there is explicit recognition of the disturbing weakness in sectors such as retail; manufacturing; construction and tourism. 
“Policy settings have eased since December, but only from ‘mildly contractionary’ to ‘mildly stimulatory’. 
“Therefore there is a very strong case for further policy easing. The exact timing and extent of the easing is likely to be dictated by global events in the run up to the next meeting but the important point is that the official cash rate is very likely to be lower by at least 0.5% over the course of the next three months.”
 
 
 
 
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Cash rate could fall to 3.25% by August: Westpac’s Bill Evans

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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