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Failed mortgage broker Refund Home Loans has been sold to the listed non-bank lender Homeloans Ltd.
The company has signed a sales agreement and is set to acquire the business in early June, Property Observer has learned
It will acquire the Refund mortgage book, distribution network and other selected assets of the business.
Refund Home Loans franchise holders will have the opportunity to become brokers with Home Loans Ltd.
The holding company Refund Pty Ltd has been placed in liquidation.
Refund Home Loans, which was founded by Wayne Ormond, collapsed in October last year.
Homeloans Ltd was founded by Tim Holmes and Rob Salmon in 1985. It was previously named International Financing and Investment (IF&amp;I) and originated mortgages for RESI Building Society, which later became The Bank of Melbourne.
In late 1993 it was rebranded as WA Home Loans and then expanded Australia-wide with the development of five similar state-based brands; Homeloans VIC, Homeloans NSW, Homeloans QLD, Homeloans SA and Homeloans Canberra Pty Ltd.
In March 2001 the company was publicly listed on the Australian Stock Exchange.
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lschlesinger-FZcF9M3vE6

Wayne Ormond's Refund Home Loans sold to non-bank lender Homeloans Ltd

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Nearly 18,000 borrowers refinanced their home loans in March, the biggest number of refinanced home loans in one month since April 2008, according to ABS figures.
In addition, there was a 19% increase in refinanced home loans for the 12 months to March 2012 compared withfsd the previous 12 months, according to further calculations by mortgage comparison website Ratecity.com.au.
On a state-by-state level, NSW borrowers were the most active switchers in March, with 41% of all loans comprising borrowers ditching their lenders for better deals. <state><place>Victoria</place></state> followed, with 38% of all home loans financed in the state refinancers.
Before the increase in refinancing, ANZ increased its standard variable rate by 0.06 percentage points on February 10 while lenders continued to decrease their fixed-rate mortgages over the month, including CUA, which cut its three-year fixed rate by 39 basis points on February 13.
May 2012 figures released by mortgage broker AFG also revealed an increase in refinancing activity, with borrowers showing a greater willingness to move away from the major banks and refinance with a non-major lender.
Non-major lenders grew their share of the mortgages refinanced by AFG brokers from 24% to 26% over the three months to May 2012, compared with 21% for the last six months of 2011.
Non-major lenders with greatest market share were Suncorp (3.6%), AMP (3.5%) <place>Macquarie</place> (2.5%) and ING Direct (2.1%).
Among the smaller lenders to record an increase in refinancing activity has been the Greater Building Society, which says it is continuing to experience an increase in people wanting to switch from the major banks and other financial institutions.
Product manager David Bryde says that to the end of April 2012, the number of customers refinancing to The Greater is up 24.6% on the same period last year following previous apathy and misinformation about switching lenders.
“People are starting to vote with their feet as they realise that there are large, safe, well-run alternatives to the major banks offering more competitive rates, lower fees and better service,” Bryde says. 
“People can save thousands, sometimes tens of thousands of dollars by switching. 
“Switching is easier than people think and in many cases, people don’t even have to talk to their existing lender,” he says.
 
RateCity spokeswoman Michelle Hutchison says the number of borrowers who switch lenders is likely to increase in the coming months
“While there’s still a lot of work to do to make switching easier, it’s clear that Australian borrowers are far more comfortable switching their home loan than ever before, and the ban on exit fees for new variable rate loans since July 1, 2011 must be playing a part,” she says.
“We believe we’re only beginning to see the very start of the impact of these changes and it’s likely that more borrowers will switch lenders more often than in the past.”
{module Have you changed lenders in the last six years?}
{module What do you intend to do given the current interest rate fluctuations?}
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Mortgage refinancing at four-year high as non-major bank lenders pick up market share: ABS

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Australian houses are not overvalued, according to a report into the current state of housing and mortgages by investment bank Credit Suisse.
The report questions the likelihood of a house price crash and says households can manage their debt obligations. 
Australian houses appear to be fully priced according to the authors of the report, analysts Jarrod Martin and James Ellis along with Omkar Joshi.
They base this view “on a range of usual metrics for assessing house price levels”, including house prices to income, house prices to rents, house prices to GDP, per capita value of the housing stock to household income
The report notes that housing affordability has deteriorated.
However it questions the argument that an improvement in the ratio of income to house prices will be achieved through a “a sharp and disorderly retracement of house prices” (a house price crash) rather than a “slow re-balancing of this ratio through real house price erosion or flat nominal house prices combined with on-going growth in household income”.
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Source: Credit Suisse
According to Credit Suisse, Australian household leverage is relatively high in both an Australian historical and in an international context – above that of both the <country-region>US</country-region> and <country-region><place>UK</place></country-region>.
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Source: Credit Suisse
However, it notes that as the RBA has previously stated household debt in <country-region><place>Australia</place></country-region> is mainly held by higher income households, with households in the top two income quintiles holding almost three-quarters of household debt. 
While the report says there is a risk that the relative resilience of Australian house prices will not be sustained in the future, it says there are “numerous arguments” cited as to why Australian house prices “are (and presumably should be) relatively high by international standards”. 
Some of these include: 
<ul>
<li>Australia is a highly urban society by international standards with a cultural preference towards living close to central business districts / coastal cities (limiting desirable land area in an otherwise large land mass country) such that Australia’s capital city house prices to income ratio is comparable with coastal city metrics globally; </li>
</ul>
<ul>
<li>Australian housing stock is relatively of high quality in nature and both relatively large and land-intensive by international standards; </li>
</ul>
<ul>
<li>the supply of housing stock in <country-region><place>Australia</place></country-region> has been excessively constrained in long-term by land zoning and development restrictions (concurrently in some recent years by accelerating population growth); and </li>
</ul>
<ul>
<li>the Australian taxation system is unusually generous with respect to residential dwelling investment, reinforced by a cultural personal investment bias towards the residential real estate.</li>
</ul>
Due to Australian banks being so heavily exposed to the residential lending market (<a href="https://mail.privatemedia.com.au/exchange/cknowlton/Inbox/wednesday%20flicker%205%20http:_xF8FF__xF8FF_www.mcgrath.com.au_xF8FF_buy_xF8FF_house-mermaid-beach-qld-4218_xF8FF_152394.EML?Cmd=openhttps://www.propertyobserver.com.au/mortgages/dark-cloud-risk-for">59% of bank loans are residential mortgages</a>), Credit Suisse says there is a strong connection between house prices and financial stability, noting “house prices have the scope to create financial system instability, and financial crises have scope to exacerbate house price declines”. 
But it says factors in favour of a stable mortgage and housing market include the overall strength of the macro economy and an apparently “increased consideration of house price inflation in RBA monetary policy deliberations in the wake of the financial crisis” and the extent to which “mortgage interest rate changes are being undertaken outside of cash rate changes”. 
It also notes the stable rates of home ownership in recent years in <country-region>Australia</country-region> compared with rising home ownership rate in the <country-region><place>US</place></country-region>, “widely seen as a factor exacerbating the subsequent delinquencies crisis”.
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Australian housing market crash unlikely: Credit Suisse

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Australia’s economy is forecast to grow by 3% over the next two years on the back of the mining boom but house prices could fall further, according to the latest economic outlook from the OECD.
In comparison, the US economy will grow by just 2.4% and Britain 0.5%, with Italy and Greece sliding further into recession. The report notes that Australia is one of a number of countries including Canada, Belgium and France where house prices are now “very high” relative to rents and incomes “pointing to possible price corrections at some point or further price corrections in those countries where house prices are already declining".
Australian households remain heavily geared with a high ratio of household debt to disposable income of 183.7%, but this has declined from the pre-GFC level of 186.4%.
In 2000 the ratio was 124%.
The Netherlands has the highest household debt to income ratio of the OECD countries of 290% with the OECD average being 98%.
The report highlights that Australia will continue to reap the benefits of the mining boom, but notes “sharp sectoral disparities”.
It says the high exchange rate, the cautious consumer consumption and investment behaviour of households since the GFC and continued fiscal consolidation are weighing down on many sectors of the economy.
It also notes the recent May 1 rate cut by the RBA of 0.5 percentage points, which although not being passed on fully by the banks due to funding costs, has been an “accommodative stance”
The OECD says that prices of financial assets and property have levelled off since the start of 2012.
 
 
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OECD warns of further Australian house price corrections but expects strong overall growth

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The NSW Department of Finance and Services will assume management of 13 state social housing projects in regional NSW that were to be completed by failed builder St Hilliers Construction.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-creditors-meeting-set-for-may-25-as-hundreds-of-contractors-still-await-payment-on-projects/2012051854750">NSW Finance Minister Greg Pearce has come under fire for awarding the $25 million contract to St Hilliers Construction</a> just a few months <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713">before it collapsed</a> and following the collapse of the previous contractor, Sydney-based building company Perle, in February last year.
Administrators of St Hilliers Construction Trent Hancock and Michael Hird of Moore Stephens Sydney Corporate Recovery Group along with St Hilliers executive chairman Tim Casey said they were disappointed with this decision as they had advised the department that the company was in a position to reopen all 13 sites under the original contracts and to meet all subcontractor payments, which will become due at the end of May. The administrators say they would have been able to complete the projects on time and on budget.
“We are disappointed with this decision as we were ready and able to reopen all 13 sites. Regardless, St Hilliers will provide full support to the Department and to NSW Public Works to ensure all information is transferred and we will do everything we can do to support the reopening of the Project sites as soon as possible,” says Casey.
A number of St Hilliers staff will be available to NSW Public Works to ensure a smooth transition.
Casey says the decision in no way impacts upon its objective to reopen other project sites for all clients, which we are working towards doing as soon as possible.”
To date eight St Hilliers construction sites have been reopened <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/four-st-hilliers-sites-being-built-for-department-of-defence-to-reopen-today/2012052154764">following the reopening of four Department of Defence sites</a> where training facilities are being built.
 
 
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NSW government to take over management of 13 St Hilliers public housing projects

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The GFC forced Australia’s major banks – among the most heavily exposed in the world to the local residential property market – to raise their mortgage underwriting standards and helped avoid a mortgage arrears crisis, according to a new report by investment bank Credit Suisse.
However, in the current slow housing credit market (the value of owner-occupier loans fell 0.3% in March) Credit Suisse warns there could be the “commencement of the next cycle of degradation of mortgage credit underwriting standards”.
“Our industry liaison suggests that this process is starting to occur (albeit has not slackened to the extent seen in the pre-crisis era), with banks more selectively retaining mortgage credit risk that previously would have been transferred to the lenders mortgage insurance (LMI) industry,” says Credit Suisse.
The report also notes that lenders resumed offering 95% LVR mortgages in 2011, with loans with LVRs of more than 90% rising from a trough of 11.5% in the June 2010 quarter to 17% in the December 2011 quarter.
The present decline in mortgage standards, Credit Suisse analysts say, is being driven by “challenges of achieving mortgage balance growth and revenue growth in a subdued macro environment”.
The Credit Suisse report shows that Australian lending institutions are among the most heavily exposed to the residential property market, with 59% of their loans offered to this sector, compared with 38% in the US, 33% in Canada and 13% in the UK.
Within Australia, the Westpac group has the most exposure to the residential property market, with 67% of its lending in the form of home loans.
The Commonwealth Bank has a 65% home loans exposure, followed by ANZ (53%) and NAB (52%).
Released at a time when APRA figures show the stock of bank-problem mortgage assets is now declining, the report says the GFC “reset the clock” in 2008 and 2009 and was a key reason why the 2009 mortgage vintage proved so resilient despite it having many unfavourable credit characteristics, such as “first-home owners that had received the first-home owner grant boost, written at or near-peak house price levels in many markets, and written at or near trough mortgage interest rates”.
Report authors and Credit Suisse analysts Jarrod Martin and James Ellis contend that “a potential mortgage arrears crisis was probably averted in Australia by the onset of the global financial crisis from mid-2007”.
They argue that a mortgage arrears crisis is founded upon “substantial, enduring and widespread degradation of origination underwriting standards, “not merely upon (say) overpriced housing or highly indebted households”.
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“Conversely, had the global financial crisis not occurred, the alternative future might have been that ongoing growth and development of higher-risk mortgage products such as low-doc mortgages might have degraded Australian mortgage underwriting standards to a sufficient degree, across a wide enough range of mortgage originators and for a long enough period of time — that a material portion of the system’s mortgage stock would have become tainted with low credit-quality mortgages that had high probability of loss given default characteristics,” the report says.
Putting it another way, Credit Suisse argues that the “silver lining of the GFC for Australian banks” was that it brought to a halt lending by “highest risk mortgage providers (many non-banks and some regional banks)” and prevented the “meaningful spill-over of lax mortgage underwriting standards over to the major banks”.
“In this regard, we note that, even Westpac’s mid-2000s staunch resistance to offering low-doc mortgages saw a capitulation when Westpac’s on-going mortgage market share losses coincided in a de-rating of Westpac’s stock multiple.”
Westpac ramped up its play in the riskier low-doc loan market in 2005 in an effort to capture market share as lending slowed, prompting the RBA to warn that an increase in these riskier loans was a potential threat to the banking system.
 
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Dark cloud risk for big four banks after GFC mortgage crisis escape: Credit Suisse

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Listed property investment returns were strong in April, but superannuation funds may deliver an end-of-financial-year loss for members, according to research firm Chant West.
Chant West is forecasting super funds financial year to date returns to fall into the red by about -0.5% as a result of the recent global sharemarket woes due to fears that Greece will default on its debts and exit the eurozone.
In its April update, Chant West notes that share markets, the main drivers of growth fund performance, were mixed in April with the Australian share market gaining 1.3% but international shares were down 1.6%.
Listed property performed strongly though with Australian REITs advancing 5.4% and global REITs up 2.8%.
“Superannuation funds were up over the first four months of the calendar year on the back of strong share markets,” explains Chant West director Warren Chant.
“However, in the first half of May we have seen world markets slide on renewed fears that Greece may need to default on its debt and exit the euro zone.
“As a result, we estimate that the median growth fund is down 3% so far in May, bringing the financial year to date return into the red at about -0.5%.
“What that means is that the likelihood of a third consecutive positive financial year return is now in serious jeopardy, with a lot hanging on the outcome when Greece goes back to the polls in June,” he says.
Last financial year super funds delivered average returns of 9.2%.
For end-of-financial-year tax tips for property investors, sign up for tomorrow’s  free webinar (May 23) at 12.30pm.
 
 
 
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Listed property returns strong in April but super funds heading for end-of-financial-year loss

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ANZ’s customer satisfaction ratings as measured by Roy Morgan fell for the third straight month in April, after the bank decided in January to make an independent interest rate call on the second Friday of every month. 
The bank’s retail customer satisfaction rating fell 1.9 percentage points during April to 75.5% to be behind both NAB (up 0.2 percentage points during April to 77.7%) and the Commonwealth Bank (up 0.2 percentage points to 77.2%). 
Westpac was the other major bank to register a drop in customer satisfaction during April, falling 0.5 points to a customer satisfaction rating of 75%. 
ANZ’s satisfaction rating has fallen 3% over the past three months – double the pace of falls in satisfaction for any of the other the big banks in the same period. 
The bank announced its decision to go it alone on interest rates in December and made its first out-of-cycle rate increase in February of 0.06 percentage points followed by the same out-of-cycle increase in April. 
In May, the bank passed on 0.37 percentage points out of the 0.5 percentage points on offer from the Reserve Bank following its May 1 rate decision. 
Norman Morris, a director with Roy Morgan Research, says the main reason for the large drop in satisfaction by the ANZ is its “out-of-cycle home-loan increase in February, which it initiated and was followed by the other major banks”. 
ANZ bank came under fire from Marcus Padley, founder of the Marcus Today stock market newsletter, earlier in the month. Padley said the bank was getting “a lot of flak for no upside”. 
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ANZ’s decline among retail customers has been matched by falls in satisfaction among business customers, with the percentage of customers who say they are fairly or very satisfied with the bank falling from 65% to 63.9%. ANZ is ranked third among the big four. 
Among business customers, Westpac is the clear leader of the big four at 66.8% satisfaction, ahead of NAB (64.9%) with the Commonwealth Bank last at 61.7%. 
The overall customer satisfaction rating for banks declined marginally from a February high of 66% to stand at 65.1% in April. 
Queensland bank Suncorp has the highest business customer satisfaction ranking at 67.8%, followed by St George at 67.5%.
 
 
 
 
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ANZ’s independent rate decision turning off customers: Roy Morgan

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Hotel occupancy rates across Australia are expected to rise from 65% to 68% by the end of 2014, but the smaller regional hotels will continue to struggle to fill their rooms, according to forecasts by Deloitte Access Economics. 
By the end of 2014 Perth is forecast to have the highest hotel occupancy rate of 89% on the back of business demand due to the resources boom, replacing Sydney as Australia’s top-performing hotel market. 
Room rates in Perth are also forecast to become the highest in Australia by the September quarter of 2012 “on the back of the sustained strength of mining-related business travel” and are project to reach $249 by the end of the forecast period, an average annual increase of 14% – more than three times the national average. 
Sydney hotel occupancy rates are forecast to rise to 88% by the end 2014, a rise of only 2% from current levels, according to the Deloitte Access Economics Tourism &amp; Hotel Outlook report. 
Sydney room rates are expected to grow by 3.9% annually, increasing to an average of $210 by the end of 2014.
Melbourne occupancy rates are expected to rise by 6% to reach 85% by the end of 2014, with room rates are forecast to grow at an average of 4.3% over the next three years to just under $200.
Across Australia projected average yield per room (revenue per available room – RevPAR) is forecast to increase by an average annual rate of 5.5% over the next three years, reaching $110 by the December 2014 quarter while average room rate is forecast to increase to $163 by the end of 2014, growing at an average annual rate of 4.1%. 
Deloitte says the forecasts are consistent with expected growth in international visitors, strong domestic business travel and a modest roll out of new hotel developments. 
Deloitte Access Economics’ Lachlan Smirl says demand in capital cities in particular has grown, and will continue to grow, strongly, but the stock of rooms, or room nights available, has grown just 2.8% over the last four years. 
“Looking forward, growth in demand is projected to continue to outstrip growth in supply. Room nights sold are forecast to grow by 2.3% a year, with room nights available to grow by just 0.7% a year.  It’s not surprising, therefore, that room rates and occupancies are on the up.”
Regional hotels though will continue to struggle.
Smirl says a clear gap between hotels in regional areas and capital cities will remain.
“We forecast regional occupancy rates to reach 60% by the end of 2014, compared with 80% or higher in many of the mainland capital cities,” he says. 
“Among other things, this reflects the continued shift in the nature of the visitor economy, with international travellers and the business segment becoming more prominent, and their hotel stays being heavily geared towards capital city destinations.”
 
<hr class="system-pagebreak">
 
He says recent investment in hotel construction has been weaker due to Australia’s investment performance being driven primarily by the mining industry. 
“There is no big news on the supply side. The ‘definite’ pipeline in hotel development remains weak, with an 8% decline in value of committed hotel and resort projects over the past year. 
“While the value of those ‘in planning’ – which may or may not go ahead – has improved 30% since late 2010, overall the investment pipeline remains weak. That said, the federal government has recently announced a plan to prepare an annual list of ‘investment-ready’ tourism projects as a strategy to encourage investment in hotels, especially in capital cities.” 
Other key outlooks are: 
Brisbane
<ul>
<li>Occupancies are forecast to remain flat over the projection period, finishing the outlook period just 1% higher than today’s levels</li>
<li>The Brisbane market will still continue to benefit from the Queensland’s resource-related activity, with room rates projected to grow strongly – an average 7.5% per year to $208 by the end of 2014 </li>
</ul>
Adelaide
<ul>
<li>Room occupancy rates in Adelaide are forecast to be flat over the forecast period, gaining just 1% over the next three years </li>
<li>Room rate growth has been stagnant but is expected to increase modestly over the forecast period by 3.7% per year to $159 by the end of 2014 – slower than other mainland capitals </li>
</ul>
Gold Coast
<ul>
<li>Room occupancy rates are projected to increase from 66% in the final quarter of 2011 to 69% by the end of 2014</li>
<li>Yields are expected to grow moderately, increasing by 5.2% per year over the next three years to a RevPAR of $100 at end-2014. </li>
</ul>
Tropical north Queensland
<ul>
<li>Strong recovery in occupancy rates following the natural disasters of 2010 are forecast, growing by almost 9% to 67% over the next three years </li>
<li>Much lower room rates than seen elsewhere in Australia are helping to drive this increase in occupancy, but annual growth in room rates of 5.1% over the next three years to $134 by the end 2014 is forecast.</li>
</ul>
 
 
<ul></ul>
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Hotel occupancy rates to reach 68% by 2014, with Perth hotels forecast to outperform Sydney: Deloitte

Fashionable Paddington with its quintessential Queenslanders leading Brisbane property market recovery: REIQ

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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