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Struggling listed property developer Sunland has put its flagship Palazzo Versace hotel on the Gold Coast up for sale with price expectations of around $80 million arising from strong expected Asian buying interest.
The decision to sell the hotel comes just seven months after Sunland acquired the hotel outright following a swap arrangement with Dubai development partner the Enshaa Group.
The sales campaign is being handled by father and son real estate agents Dan and Sam McVay from boutique commercial real estate agency McVay Real Estate, which has offices in Brisbane and Sydney.
Sam McVay told Property Observer he expected the buyer will most likely come from offshore though there will also be interest from high-net-worth individuals in Australia given the hotel's iconic status.
"We have had a lot of interest in the hotel in the past," he says.
The hotel will be marketed via a five week expressions of interest campaign with a sale expected to be concluded within three months.
Dan McVay told the Gold Coast Bulletin Asian buyers were "probably at the front of the queue".
The hotel features 200 rooms, three restaurants, a ballroom, shops, a gymnasium, a spa, a marina and other facilities.
Under the terms of the agreement, Sunland agreed to exchange its joint venture Dubai projects – the Palazzo Versace Dubai and D1 Tower – <a href="https://www.propertyobserver.com.au/leisure/sunland-swaps-palazzo-versace-dubai-for-gold-coast-counterpart/2011101751958">for 100% ownership of the Palazzo Versace hotel on the Gold Coast</a>.
Enshaa had purchased its 49% stake in the hotel for $42.5 million in 2005.
<img src="/images/stories/palazzov.jpg">
The Palazzo Versace was the world's first fashion-branded hotel when it opened in 2000. The Palazzo Versace name will remain until 2020.
Sunland managed interim profits of just $185,000 for the half-year to December 31, with the company taking a hammering from a slowdown in sales in projects in south-east Queensland and Victoria.
The company had forecast profits of $1 million for the half year.
Annual accounts show that the Palazzo Versace contributed revenue of $14.7 million for the year ending June 30, 2011, compared with $13.5 million for the year ending June 30, 2010.
For the half-year to December 31, Sunland sold 219 off-the-plan apartments and house-and-land packages, worth a combined $102 million.
It settled 263 sales over the six-month period, totalling $59 million.
In its results, Sunland notes a significant decline in enquiries, sales activity and subsequent delay in settlements towards the end of the year, particularly in south-east Queensland and Victoria.
It says the continued rate of sales and timing of settlements will be crucial to the full-year result.
Chief executive Soheil Abedian says the results reflect the uncertainty in relation to settlements and a loss of confidence in the market.
Residential projects that contributed to sales over the six-month period were the Queensland townhouse projects Cassia and Gardene, the Boulevarde Residences at the Royal Pines Resort on the Gold Coast as well as the NSW Sedyr project at the entrance to the Georges River.
Sales were also recorded at the master-planned developments of Bushland Beach near Townsville and Bluestone, 35 kilometres from Melbourne.
The future looks brighter, with a significant amount of settlements pushed forward into the second half of the year. Unconditional sales totalled 470 worth $200 million, while settlements worth $130 million are expected in the first half of 2012.
Sunland is forecasting a 30% drop in full-year profits of between $14 million and $15 million.
The interim accounts show the developer has an unused $66 million line of credit and $19.2 million in cash on hand.
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Sunland lists Gold Coast’s Palazzo Versace after company profits slump

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Property group Valad has listed its 16-level A-grade office building at 575 Bourke Street for sale.
The listing is expected to test the strength of the tightly held Melbourne CBD market, which has an office vacancy rate of 5.3%, according to CBRE.
Valad acquired the tower in 2005 for $50.87 million on a yield of 6.34%.
An expression-of-interest campaign closing May 31 will be conducted by James Kaufman and Robert Anderson of Jones Lang LaSalle in conjunction with Martin O’Sullivan and Mark Coster of CBRE.
The property comprises a 16-level quality office tower, with ground-level retail, 15 office floors and two-level basement car park.
“Melbourne is such a tightly held market, particularly for well-leased A-grade assets such as 575 Bourke Street.  It will be a great test of the market, and interest is expected from both local and international investors,” says Anderson.
“The building occupies a premium CBD location surrounded by some of Melbourne’s most highly regarded commercial towers, the law courts and Southern Cross train station.  It benefits from significant base building refurbishment and large highly efficient floor plates,” he adds.
The office comprises a net lettable area of approximately 16,201 square metres and floor plates of 1,050 square metres.
The property at 575 Bourke Street is currently 89% leased, with long-term tenants including Logie Smith Lanyon, McKean &amp; Park, EO Financial Services and Equity Trustees Limited, who occupy two floors in the building.
“A number of the current tenants have been occupiers in the building for multiple terms, a testament to the strength of the asset and its ability to attract and retain tenants. The multi tenanted nature and staggered lease expiry of the asset underpins the high quality cash flow,” says Mark Coster of CBRE.
The sale of the building follows Valad announcing in February last year that would exit its Australian funds management business and focus on direct property ownership.
 
 
 
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Valad’s 575 Bourke Street listing to test Melbourne CBD office market

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A number of developer and builder incentives aimed at encouraging the take-up of new houses and apartments will soon come to an end around the country.

The schemes range from grant top-ups to gift vouchers to cashback offers.
<img src="/images/stories/convesso4.jpg">
First to go will be Lend Lease’s luxury furniture and interior design offer for its <a target="_blank" href="https://www.convesso-convaco.com.au/">Convesso Concavo apartment project</a> (pictured above and below) in Melbourne’s Docklands, which expires on April 30.
<img src="/images/stories/convessooffer.jpg"> 
The developer is offering gift vouchers ranging in price from $15,000 to $60,000 depending on the type of apartment. Luxury harbourside apartments range in price from $465,000 to $3.15 million.
Up until May 13, Stockland is offering to <a target="_blank" href="https://stacksmore.stockland.com.au/">triple the $13,000 Victorian first-home bonus to $39,000 for first-home buyers in five of its residential communities</a>, taking the total incentive when the first-home owners’ grant is included to $46,000. The residential communities that qualify are Highlands, Mernda Villages, Eucalypt, Selandra Rise and Arbourlea.
Other incentives being offered by developers and builders include:
<ul>
<li>In WA <a target="_blank" href="https://happyhousewarming.com.au/">home builders Bluprint Homes and nuhomes in conjunction with St George Bank</a> are offering a $2,000 cashback for the first 25 home buyers who sign up to build a new home by June 23 with either building brands and take out a home loan with St George Bank. 
</li>
<li>Also in WA, the <a target="_blank" href="https://www.wahousingcentre.com.au/returnofthe21kgrant">WA Housing Centre is offering to triple the first-home owners’ grant</a> to $21,000 on some of its Perth residential communities 
</li>
<li>Also in WA <a target="_blank" href="https://www.dalealcock.com.au/32kbonus/">Dale Alcock homes is offering for a limited time a $32,000 bonus package</a> including ducted air-conditioning, wall painting and floor coverings 
</li>
<li>In Queensland, <a target="_blank" href="https://www.coralhomes.com.au/default.asp">Coral Homes</a> is offering a $22,000 discount on two-storey Eclipse homes and $15,000 off single-storey Eclipse homes as well as $81,400 worth of luxury inclusions as standard items.</li>
</ul>
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Time running out for incentives from builders and developers, with Convesso Concavo offer the next to expire

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Queenslanders buying or building a new home worth less than $600,000 have just one more week to take advantage of the Queensland government’s $10,000 building boost grant.

Ahead of the April 30 deadline, there has been no announcement from the <a href="https://www.propertyobserver.com.au/residential/queensland-government-to-extend-building-boost-until-april/2012011253029">Newman government about a second extension of the building boost</a>.

The deferred September 11 Queensland budget is expected to provide details of new home building incentives.

The building boost scheme kicked on August 1 last year with the aim of “igniting” new home construction in the state following the January 2010 floods.

The Bligh government had set aside $140 million for the scheme, but it has enjoyed a poor take-up with just 1,200 applications lodged as of December, equating to $12 million in handouts.

It was due to end on January 31 before being extended for a further three months on January 13.

Those buying or building a new home or buying off the plan must have entered into a contract by April 30 to receive the grant. 

Completed application forms are only required by September 1, 2012.

The building boost is one of a number of state and territory home buying and building incentives that will be phased out over the coming months and years.

<a href="https://www.propertyobserver.com.au/resources/government-property-grants-and-stamp-duty-concessions-the-expiry-dates-you-need-to-know/2012041054208">Four schemes are set to expire on June 30 and another two on July 1</a>, among them the Victorian government’s $13,000 first home bonus and its $6,500 regional relocation grant.
 
 
 
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Queenslanders have one week left to secure $10,000 building boost 

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Rams, Bank of Melbourne and St George have reinforced their unofficial tag as Westpac “budget” brands by all cutting their fixed-rate mortgage products ahead of an expected interest rate cut on May 1.
Mortgage lender Rams has cut its two-year and three-year fixed rate to 5.99%, while its one-year fixed rate of 6.19%
NSW-based St George Bank and Bank of Melbourne have both cut their fixed one-, two- and three-year home loan rates to 5.99% per annum under the Advantage Package for a “limited time”.
Since September last year St George has cut its fixed rates two times, Bank of Melbourne three times and Rams twice.
In contrast, Westpac has not cut its fixed rate mortgage rate since late September last year and offers fixed rates mortgages at a significantly higher rate than its three subsidiary lenders.
On September 27 Westpac cut its fixed rates by 20 basis points, offering a new one-and two-year fixed rate of 6.49%, and 6.44% for three-year term home loans.
In addition to the lower fixed rates, both Bank of Melbourne and St George are promoting other home loan incentives aimed at encouraging borrowers to switch over.
Until 30 April, Bank of Melbourne is offering discounts of up to 0.9% per annum off new standard variable rate home loans for total borrowings over $500,000 as part of Advantage Package. Great lower discounts of up to .85% p.a. are also available for home loan amounts between $250,000 and $500,000 under Advantage package.
St George is offering new customers $700 towards switching costs on selected new home loans under the Advantage Package, if they switch their current loan of $250,000 or more from another financial institution. The switching costs offer applies for new home loan applications received by May 31 and settled by July 15, 2012.
RAMS chief executive Melos Sulicich says there is “simply no better time to forget the banks and forget rate rises” following its fixed rate cuts.
“With greater competition in the lending market, home buyers now have more choice and flexibility than ever before making it the perfect time to make the break from their current lender,” he adds.
Sulicich highlighted recent research by Rams that shows that “62% of home seekers would prefer an alternative lender such as a credit union or non-bank lender”.
“Only 28% of home owners told us that the major banks generally offer the best mortgage deals. By comparison, 44% felt that the various alternative lenders provide a better deal.”
 
 
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Rams, Bank of Melbourne and St George undercut parent company Westpac on fixed rates

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Federal Treasurer Wayne Swan has come under attack from non-bank lending pioneers John Symond and Mark Bouris for hindering competition in mortgage lending and allowing the major banks to increase their dominance of the home lending market.

Symond and Bouris, as respective founders of non-bank lenders Aussie Home Loans and Wizard Home Loans, were at the forefront of the rise of the non-bank lending sector in the late 1990s up until the start of the GFC.

Prior to the GFC, non-bank lenders accounted for around 15% of all mortgage, but Bouris and Symond have watched the sector founder since, as the major banks have taken a stranglehold on the market. 

Non-bank lenders accounted for just 3% of all mortgages written in February, according to ABS data.

The graph below shows how the market share of the major banks has jumped from around 80% of the market to over 90% since the onset of the GFC.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/feb23.gif"><img src="/images/stories/feb23thumb.gif"></a>
Source: ABS
Symond says the Treasurer’s decision to ban exit fees on new mortgages from July 1 last year had made it tougher for non-bank lenders to compete.
Non-banks charge low upfront fees as a way of differentiating themselves from the major banks and prior to the ban could recoup the fees if the borrower exited a loan early.
Symond says the exit fee made a good headline for Swan but in reality was “bad news for consumers, because it made it even harder for the non-bank sector to compete”.
“At the moment, there is no competition,” Symond told the Australian Financial Review.
“Wayne Swan, regardless of what he has said, he hasn’t helped competition with the small lenders. In fact he has made it tougher.”
Symond does not expect the Treasurer to reverse the government policy on exit fees but says the government could improve competition if the Australian Office of Financial Management (AOFM) were to buy more residential mortgage-backed securities (RMBS) from non-banks.
Non-bank lending virtually collapsed as a result of securitisation markets closing following the GFC.
In September 2008, the AOFM instigated a program of buying RMBS from lenders with the aim of helping support competition in lending.
However, while some non-banks were recipients of the scheme, many of the investment mandates were awarded to the major banks to assist their wholesale lending operations.
Mark Bouris, chairman of Yellow Brick Road and former adversary of Symond in the late 1990s heyday of non-bank lending when running Wizard Home Loans, places the blame squarely on the shoulders of the Treasurer and not on the shoulders of RBA governor Glenn Stevens.
“Don’t blame the Reserve Bank: it only has interest rates to use against a dynamic set of forces that haven’t yet settled into their new shape,” says Bouris.
Bouris does not advocate more regulation of lending markets but says there is a case for “using incentives to alter the structural problems”.
“A first step could be to foster competition by encouraging our regional banks and foreign banks to compete in mortgage lending,” Bouris says.
“There are tax incentives that could be used, and there are models where the Australian government could guarantee the small and non-banks, and not the big banks.
“It doesn’t matter how we get there, but we do need more competition in lending. Competition will bring down the margins on variable rate mortgages and lure the big banks towards business lending again, where they can charge higher margins.
“The market is actually poised to correct itself, but there has to be an incentive,” he says.
Despite their miniscule share of the market, Swan claimed in his February economic update that there was more competition in the banking sector due to the government’s decision to ban exit fees on new mortgages from July 1 last year and other reforms such as the introduction of <a target="_blank" href="/news">one-page fact sheet</a>s to make it easier to compare mortgage products.
“Reforms like these have clearly turned up the heat on competition in the banking sector,” said Swan as part of the note, highlighting that smaller banks had increased their share of mortgage lending by $9.7 billion over the 12 months since the reforms were implemented.
 
 
 
 
 
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Mark Bouris and John Symond slam Treasurer Wayne Swan for allowing major banks to dominate mortgage market

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An underlying quarterly inflation reading of around 0.6% tomorrow would give the RBA the green light to cut interest rates on May 1, say economists.
This is the median underlying inflation forecast by market economists, which would take the annual underlying inflation rate from 2.6% in the December quarter to 2.4% in the March quarter.
According to a survey of 17 economists by AAP, CPI is forecast to rise by 0.7% in the March quarter for an annualised rate of 2.1%, with median underlying inflation forecast at 0.6% for the quarter and 2.4% over the year.
The RBA targets an annualised average inflation reading of between 2% and 3%.
RBA governor Glenn Stevens stressed the importance of the inflation outcome in the release of April monetary policy meetings:
“If slower growth in demand could be expected to result in a more moderate inflation outcome, then a case could be made for a further easing of monetary policy.
“The Board would have the opportunity at its next meeting to review the inflation outlook based on comprehensive new data on prices, as well as information on demand and output. Members judged it prudent to evaluate those data before considering a further policy adjustment,” said Stevens.
The Commonwealth Bank is forecasting underlying inflation of 0.6% in the March quarter, with CBA chief economist Michael Blythe saying the data is “unlikely to stand in the way of a rate cut”.
Similarly, HSBC chief economist Paul Bloxham wrote in his most recent RBA Observer update: “We are sticking by our view that a trimmed mean CPI print of 0.6% or below would be enough to the see the RBA cut rates in early May, while at 0.7% it would be a close call and a 0.8% would see them on hold”. 
Borrowers will be hoping the major banks pass on the full rate cut.
It is now over a week since <a href="https://www.propertyobserver.com.au/mortgages/anz-lifts-rates-again-after-keeping-consumers-in-suspense-until-knock-off-time-rba-interest-rates-aftermath">ANZ raised its variable mortgage rate by 0.06% to 7.42%</a> as part of its monthly independent rate review, with the higher rate kicking in on Friday.
None of the other major banks have lifted their standard variable rates in April to date.
Westpac subsidiary brands <a href="https://www.propertyobserver.com.au/mortgages/no-variable-interest-rate-decision-from-remaining-big-banks-as-st-george-trims-fixed-rates">St George</a> and Bank of Melbourne along with mortgage lender RAMS have all cut their fixed-rate home loans, with Mortgage Choice tweeting that this could be an indication that borrowers should not expect variable rate increases.
 
 
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Quarterly inflation number will decide May RBA interest rate cut: Economists

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Many borrowers may not have heard of Collins Home Loans, which currently offers a standard variable mortgage rate of 6.32%, the lowest in Australia. 
The decision by ANZ to raise it is variable mortgage rates by six basis points to 7.42% on Friday means it currently offers a standard variable mortgage that 110 basis points more expensive the Collins Home Loans. 
The Melbourne-based mortgage lender was founded by CEO Rob Emmett in 1992 and currently has mortgage book of about $800 million. 
Collins Home Loans finances its lending through a mix of its own residential mortgage backed securities program, on-balance sheet lending and from residential mortgage-back securities funding from other lenders. 
Its home loans are distributed nationally via mortgage brokers. 
“We broadcast ourselves far and wide… We have found a sweet spot with the first-home buyer market and also with borrowers seeking construction finance,” Emmett, a qualified CPA and fellow of the Mortgage and Finance Industry Association, tells Property Observer.
“We have a healthy mix of loans,” he says.
The Collins Home Loans mission statement says that it sources its funds in “exactly the same way as the banks”.
“The only difference is that we deliver a much more competitive and flexible product because we don’t have to accommodate a branch network and over-priced marketing budgets like the banks.”
In March, Collins Home Loans general manager Allan Willoughby told mortgage broking magazine The Adviser that non-bank lenders were ready to step in when major banks lifted rates out of the RBA cycle.
“People are already expecting the majors to move out of cycle with the Reserve Bank. If and when this happens, the non-bank sector will be ready to swoop in and reclaim some of that all-important market share,” he said.
The range of Collins Home Loans includes first-home buyer loans, investment loans, fixed rate loans, self-employed loans and low-doc loans.
 
 
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Small Victorian lender Collins Home Loans undercuts major bank mortgage interest rates

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Wagga Wagga’s status as a property hotspot may come under threat in 2012 with the current oversupply of rental properties expected to persist despite an increase in demand for temporary accommodation due to the March floods. 
Located 450 kilometres from both Sydney and Melbourne, Wagga Wagga is NSW’s largest inland city, with a population of 63,500 people. 
About 250 properties were flooded when the Murrumbidgee River burst its banks in early March this year. 
Research carried out by PRDnationwide has found there are currently 230 houses and 100 units available for rent in the city. 
The property group expects that some of these properties will be rented by residents whose houses have been flooded. 
However, the long-term forecast is for rental vacancies to rise due to the completion of nearby Sturt and Hume highway upgrade projects, during which workers have vacated their rental properties in Wagga Wagga. 
In addition, the expansion of Charles Sturt University in North Wagga, due for completion next year, will add about 160 bedrooms, further adding to the supply of properties in the region. 
In 2011 there was a 10% drop in housing transactions in 2011, with 463 properties sold, according to PRDnationwide. 
Over this time the median house price declined by 3.4% to $259,000 while units were more resilient, recording a 0.9% decline to $217,000. 
Despite the drop in house prices, vendors selling detached houses in 2011 still recorded solid capital gains of around 5.9%. 
The most sought-after locations were suburbs closest to the city, with the Wagga Wagga town centre accounting for nearly half of all sales, followed by nearby Kooringal, Glenfield Park and Lake Albert. 
A smaller number of sales was recorded in newer suburbs like Springvale and Tatton.
Click to enlarge
<a href="/images/stories/prdapril16.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/prdapril16thumb.gif"></a>
House prices between $250,000 and $299,000 accounted for nearly one in four sales while there was also strong appetite for properties prices up to $450,000. 
There are currently 207 properties for sale in this price bracket according to realestate.com.au including <a href="https://www.realestate.com.au/property-house-nsw-wagga+wagga-109518801">this original three-bedroom Federation cottage</a> (pictured below) on the market for $295,000 complete with pressed ceilings and an outdoor toilet.
It last sold for $132,500 in 1996.
It is being sold by Grant Harris of Raine &amp; Horne Wagga Wagga.
<img src="/images/stories/wagga1.jpg" width="470">
A more modern offering aimed at investors is <a href="https://www.realestate.com.au/property-house-nsw-glenfield+park-109045836">this three-bedroom house in Glenfield Park</a> (below) available through Mark Steel from PRDnationwide Wagga Wagga. It is on the market for $269,500 with rental potential of $300 per week, a yield of around 5.8%.
<img src="/images/stories/wagga2.jpg" width="470">
Wagga Wagga was picked as a hotspot in the top 100 suburbs list by Your Investment Property magazine in 2011, with the publication noting that house prices had risen by 9% every year for the past 10 years. 
According to Hotspotting.com.au director Terry Ryder, the appeal of Wagga Wagga includes its standing as a regional centre for a very wide area, its status as an educational hub and as a good place to retire to due having a number of very good medical facilities. 
“It has got a multi-faceted economy, and some of the big impetus comes from the RAAF base – there is an army base outside of Wagga Wagga that is expanding. 
“These expansions will generate economic activity, jobs, demand for housing,” he says. 
Wagga Wagga is one of seven cities that form part Evocities, a project funded by the Australian government aimed at encouraging more people to relocate from Sydney and other metro regions to one of seven regional cities. The others are Albury, Armidale, Bathurst, Dubbo, Orange and Tamworth and take advantage of the NSW government’s $7,000 regional relocation grant. 
Evocities lists Wagga Wagga employment prospects as being “medical and allied health, aviation, education &amp; training, engineering, construction, retail, property and business services, public sector and hospitality”. 
It says there are 20 primary schools and eight secondary schools in Wagga Wagga as well as the a number tertiary education facilities including the aforementioned Charles Sturt University, the University of NSW Rural Clinical School, the University of Notre Dame Rural Clinical School, TAFE NSW and Australian Airline Pilot Academy. 
Wagga Wagga is a one-hour flight from Sydney, with 58 flights per week.
 
 
 
 
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Wagga Wagga rental market still oversupplied despite flooding of 250 homes: PRDnationwide

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Real estate agents selling and leasing properties in Dysart, a small town in Queensland’s Isaac region, expect some reduction in house prices and rents following BHP Billiton’s decision last week to shut down the nearby Norwich Park coal mine indefinitely. 
The mine is about 15 kilometres south of Dysart and according to BHP has been losing money for “several months”. 
The closure of the mine will directly affect 490 mine employees and up to 1,000 people when including contractors. 
However the mining company has said that it will aim redeploy as many employees to the Saraji Mine, about 26 kilometres north of Dysart “to enable, where possible, those employees and families to remain living in Dysart”. 
The town has a population of about 3,100 people, according to the Isaac Regional Council. 
Julie Williamson from Julie Williamson Real Estate told Property Observer she expects a “huge impact on the market” as a result of the mine closure.
“It will free up a lot of rentals, which will bring the rental market down, which in turn will bring house prices down.
“I believe this will last for a few months, but we know there is still a lot of future employment throughout the other mines.  Hopefully, in the not-so-distant future the market will start to rise again,” she says.
Another local agent pointed out that no miners had lost their jobs and that the mine was relocating people to the Saraji Mine.
“It’s not as bad as the media are beating it up. It’s business as usual. The shops are full – there are no vacant shops,” the agent says.
“People like Lawsie (John Laws) are talking about people losing their job, when no one has lost their jobs yet,” says the agent.
However, she accepts that rents and prices are likely to fall back a little.
“They’ll only crash if people start panicking.”
“The market has been strong up until now… It will only plateau out.”
Hotspotting.com.au director Terry Ryder says it is as yet unclear whether BHP is serious about closing the mine, “or merely using the threat as a negotiating weapon with the unions, who have been making life difficult there for the past 18 months”.
“They are doing the same with rents in Moranbah, refusing to sign up for any more house tenancies until landlords drop their rents.
“But it all emphasises the high risks involving in investing in mining towns – the growth rates and rental returns can be enticing, but the risks are high in markets based on a single industry and often a single powerful employer, like BHP,” says Ryder.
Rents in Dysart start from around $800 per week for a three-bedroom house to as much as $1,800 per week for four-bedroom houses providing double-digit rental yields for investors.
Figures compiled by RP Data show that nine houses in Dysart have been sold since the start of the year, with prices ranging from $374,000 to $695,000.
Among the nine properties to sell this year was this five-bedroom house at 44 Beardmore Crescent (pictured below), which was sold for $695,000 to a Sydney investor from Mona Vale in January.
<img src="/images/stories/dysart1.jpg" width="470">
The property was listed for rent by Vision Real Estate Consultants Mackay asking $2,500 per week. 
It was rented out last week at a slighter reduced rent of $2,400 – equating to a yield of almost 18%. 
A five-bedroom house on Brock Crescent (pictured below) which sold to a local Dysart buyer for $579,000 is currently available for rent at $1,600 per week (a yield of 14%), with the listing also held by Vision Real Estate Consultants Mackay.
<img src="/images/stories/dysart2.jpg" width="470">
According to RP Data, Dysart house prices rose 13.6% in 2011 following strong gains in 2008 and 2009. 
RP Data puts the Dysart median house price at $680,000, compared with $437,000 in March 2011 with growth of 13.6% recorded. 
Facilities in the town include a $5 million sports complex including an Olympic-sized swimming pool, a shopping mall, a nine-hole golf course and bowls club, and a Community Civic Centre owned and maintained by Isaac Regional Council.
 
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Mine closure expected to bring down rents and prices in Dysart, Queensland: Agents

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Larry Schlesinger

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