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Melbourne was the strongest performing capital city housing market over the June quarter with house prices rising 5% to $553,447 to sit just 1.4% below their previous peak recorded in June 2010, according to figures compiled by Australian Property Monitors (APM).
Sydney, Perth and Canberra all recorded record-high median house prices over June.
However, the results suggest a two-speed housing market. with little momentum in house prices recorded for Brisbane, Adelaide and Hobart.
The “volatile” Darwin housing market fell by 2.1% in the June quarter – the only capital city housing market to record a fall in its median house price over this period.
The overall result was a 2.8% rise in the national house price over the June quarter - the best result since March 2010.
It was also the third consecutive quarterly rise in the national house price, which at $564,325 is now at an all-time high and according to APM, and has "clearly fully recovered from the correction phase of 2011".
<img alt="APM_june_quarter" src="/images/stories/2013/APM_june_quarter.jpg" width="470" height="275">
APM has Melbourne house prices up 5% to a median of $553,447 from $527,245 in the March quarter and up 6.1% year-on-year.
This follows substantial downward revisions of the previous March quarter Melbourne median house price of $538,922.
Had the figure not been revised, Melbourne house prices would have gained around 2.6% over the quarter.
It follows the Real Estate Institute of Victoria (REIV) recording a much more modest 2.4% rise in Melbourne house over the same time frame, but also only possible due to a preliminary March median house price being revised down sharply from $561,500 to $549,000.
However, the REIV has a stronger annual gain of 8.4% for Melbourne house prices compared with 6.1% rise recorded by APM.
Perth was the next strongest performer over the quarter with its median house price rising 3.2% to $584,487 andis  also the strongest performer over the year with a 7.5% gain.
There was a small upward revision in the Perth March quarter median from $565,152 to $566,601.
APM has Sydney house prices up 2.7% over the quarter and 6.1% over the year to a median of $694,064 from $672,209 in the March quarter, slightly down on an earlier March figure of $673,681.
Canberra was the only other capital city to record a noteworthy rise in its median house price – up 1.8% from $565,969 in March to $576,248 in June. APM had advised a previous March quarter median of $567,768.
“Australian housing markets have recorded significant rises in house prices over the June quarter, propelled by the lowest interest rates in decades, rising confidence and continued generally solid economic performances,” says Andrew Wilson, senior economist at APM.
“Buyer activity in most capital city housing markets is now charging towards record levels with the fastest prices growth since the government-stimulated house price boom of 2009 and 2010.”
He notes that buyer activity in Melbourne is “consistently solid through most price brackets, buyer types and suburban regions”.
“The results in Sydney and Melbourne are not surprising and are in line with previous forecasts and analysis, particularly with reference to price growth correlation with auction clearance rate data which has proven to be an accurate guide to the general level of house and unit prices growth in those markets.
“Other indicators including ABS housing loan data also provided solid guides to the June quarter house price outcomes,” he says.
“The Brisbane market continues to consistently record quarterly house price growth albeit at a slow pace with buyer activity impeded by a still underperforming local economy.
Wilson says Perth’s housing market continues to surge on the back of “high levels of immigration and a still strong local economy”.
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Revisions help Melbourne house prices rise 5% in June quarter as Sydney, Perth and Canberra record new peaks: APM

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The capital city unit market rose 2% over the June quarter with the median price of an apartment rising from $419,090 in March to $427,573.
The results reveal a patchy, fragmented unit market with four cities – Melbourne, Sydney, Perth and Adelaide - recording gains over June, but three – Brisbane, Canberra and Hobart - recording falls with no change in Darwin, according to Australian Property Monitors (APM) data.
There was a small upward revision to the March quarter median from a previously reported $417,723.
A notably weak market over the quarter was Brisbane with unit prices falling 2.4% over the quarter from $355,589 to $346,964 to be down 4.4% year-on-year.
<img height="276" width="470" src="/images/stories/2013/larry_uploads/apm_units.jpg" alt="apm_units">
It is the third successive quarter that Brisbane unit prices have fallen.
APM senior economist Andrew Wilson says the “significant” fall in the June quarter in Brisbane “may indicate an emerging oversupply of new inner-city apartments”.
The weakest unit market was Hobart with prices falling 7.3% over the quarter from $271,776 in March to $252,050 in June.
Canberra unit prices fell by 1.3%.
In line with its strong detached housing market performance, Melbourne was also the strongest unit market over the quarter with APM recording Melbourne unit prices up 3.7% over the quarter to a median of $411,714 from $395,015 to be up 4.2% year-on-year.
This follows the previous March quarter median being strongly upwardly revised from $402,197.
Year-on-year, Darwin has been the strongest performer with a 10.3% rise in its median unit price to $425,949 followed by Perth (up 9.3% to $387,798) , Sydney (up 4.9% to $491,845) and Melbourne (up 4.2% to $411,714).
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Possible oversupply of inner Brisbane units push prices down 2.4% in June quarter: APM

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The June quarter inflation data has provided no certainty of the RBA cutting the cash rate on August 6, but most economists seem to think the odds of a cut are pretty good.
For those who missed it, headline inflation rose 0.4% over the June quarter – more or less in line with forecasts – to leave inflation up 2.4% on an annualised basis. 
This leave the inflation rate well within the RBA’s target band of 2% to 3% but as economists point out, the RBA is not all that interested in the headline rate, but in the underlying or core inflation rate, which strips out volatile components of the consumer price index and gives a more accurate, seasonally adjusted reading. 
HSBC chief economist Paul Bloxham says the RBA's preferred underlying measure, the trimmed mean, was up 0.5% in the quarter (in line with the market and HSBC) with the year-on-year rate up 2.2%, slightly above the 2.1% expected by the market. 
He tips a rate cut in August due to the local economy growing below trend and the RBA "still seemingly looking for the Australian dollar to fall a bit further". 
Other economists have a quarterly underlying inflation reading of 0.6% putting inflation up between 2.4% and 2.5% through the year. 
The bottom line appears to be that inflation is well contained and within the 2% to 3% target band providing scope for a rate cut if needed. 
Bloxham’s confidence aside, if borrowers want certainty on the August 6 decision, they may have to wait until 2.30pm on August 6, when the official announcement will be made. 
CommSec economist Savanth Sebastian calls the decision a “coin toss” noting that “financial markets see a 56% chance of a rate cut”. 
CommSec has pencilled in a rate cut – not inked in, mind you - with Sebastian saying the latest data “keeps the door open to a rate cut should it become necessary”. 
Westpac economist Justin Smirk observers that the June inflation number “should not stand in the way of an RBA cut” but this requires that the RBA agrees with the banks’s view “that the real economy is in need of further stimulus”. 
“With the Bank now likely to cut its growth forecast in 2014 to 2.75% (from 3% with Westpac at 2.5%) recognition that growth in the next year will be below trend challenges a central bank to provide more stimulus if allowed by the outlook for inflation - this report does not indicate that inflation is a constraint,” he says. 
AMP Capital chief economist Shane Oliver appears somewhat more certain of a rate cut in August noting that while “tradable inflation rose 0.3% in the June quarter possibly reflecting the recent fall in the Australian dollar, non-tradeable inflation only rose 0.5%” 
“Moreover the lack of pricing power in the economy was highlighted by the just 1.5% annual increase in the price of goods and services in the market sector of the economy (after excluding volatile items).
“The bottom line is that inflation is comfortably contained in the RBA's 2% to 3% inflation target range and we view the benign outcome as clearing the way for the RBA to cut interest rates again next month. 
However, ANZ is sticking with its November timeframe for the next rate cut with Riki Polygenis, senior economist at the bank, noting that while the RBA would not be overly concerned with the June quarter figures, “they do reduce the probability of an August rate cut at the margin”. 
“We still envisage a relatively subdued inflation outlook given the generally weak demand environment and slowing unit labour costs growth. 
“In addition, inflation is a lagging indicator, and more timely indicators of demand will be receiving just as much focus. 
“The possibility of a late August election is also a complicating factor."
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Inflation reading leaves door open for cash rate cut but decision “the toss of a coin”: CommSec

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More than a quarter of space (26%)  in Australand’s flagship Melbourne CBD office development, 357 Collins Street, remains vacant with the property group reporting an overall rise in its $1.1 billion office portfolio vacancy rate from 5.1% in December to 8.4% as of July.
The rise in the office vacancy rate was revealed as part of half-year results to June 30 with Australand after tax profits down 1%.
It is in line with CBD  office vacancy rates rising across Melbourne and othe capital cities with Jones Lang LaSalle recorded negative net absorption of -191,900 square metres in the June quarter and<a target="_blank" href="https://www.propertyobserver.com.au/office/national-cbd-office-vacancy-rates-rises-to-109-chart-of-the-week/2013071663287"> a rise in the national CBD office market vacancy rate to 10.9%.</a>
JLL recorded a 10% vacancy rate for Melbourne over the June quarter, the first time the city's CBD office market has moved above 10%  in the current cycle.
357 Collins Street, the redeveloped former stock exchange building, which stood empty for nearly two decades as the tallest vacant building in the city, was completed late last year.
It offers 30,000 square metres of office space plus a retail arcade and makes up 8.4% of Australand total investment assets, and around 17% of the total $1.1 Australand office portfolio.
Its major tenants are the Commonwealth Bank and specialist telecoms construction firm Service Stream, involved in a National Broadband Network joint venture project.
The office tower has a book value of $195 million and is 100% owned by Australand.
Other office building within the  Australand portfolio that have vacant space include the 17,000 square metre A grade building ‘F’ on Homebush Bay Drive in Rhodes, which has more than a third of its office space (37%) available for lease. It was completed earlier this year.
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Still plenty of space at 357 Collins Street as Australand office vacancy rate rises to 8.4%

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The Commonwealth Bank has submitted “highly conditional” proposals to bring management of its $12 billion listed property trusts CFS Retail Property Trust and the Commonwealth Property Office Fund in-house.
Both are currently managed by the bank’s wealth arm Colonial First State Global Asset Management.
Offers to internalise both listed property trusts have been received by the responsible entity of the two funds, Commonwealth Managed Investments Limited (CMIL).
It described the offer as a “highly condition, indicative and incomplete".
A sub-committee of CMIL independent directors has been established to consider the proposal.
Approval of unitholders in the trusts is required for proposal to proceed.
“The Board of CMIL can give no assurance that the proposal or any other transaction will proceed,” said company secretary Michelle Brady.
Last week it was announced that the Pacific Retail REIT, had agreed to buy four Victorian shopping centres, worth $446.5 million from the CFS Retail Property Trust.
The Commonwealth Bank has also made a similar proposal to internalise the management of the Kiwi Income Property Trust
The Australian Financial Review notes that Commonwealth Bank is the last of the major banks to retain a direct real estate exposure following ING Macquarie and Westpac’s exit from this space.
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Commonwealth Bank makes offer to bring listed office and retail property funds in-house

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Headline inflation increased by 0.4% in the June quarter, in line or just below economists’ forecasts to be up 2.4% through the year.
The modest increase leaves room for the RBA to cut the cash rate on August 6 should it deem it necessary.
The most significant price rises in the June quarter 2013 were for medical and hospital services (+3.4%), tobacco (+3.0%), new dwelling purchase by owner–occupiers (0.9%), furniture (+4.8%) and rents (+1.1%).The most significant offsetting price falls were for domestic holiday travel and accommodation (–4.0%) and automotive fuel (–3.1%).
The June rise follows the Consumer Price Index (CPI) rising 0.4% in the March quarter 2013, compared with a rise of 0.2% in the December quarter 2012.
ANZ had forecast headline CPI to be 0.4% quarter-on-quarter and up 2.4% on an annual basis.
NAB’s forecast was for a “soft result” of a 0.5% increase (2.5% through the year) largely reflecting seasonal weakness in a number of the CPI components, including housing, education and medical costs.
While the headline rate will act as a guide, economists and the RBA will look more closely at underlying inflation rate – computed differently by economists - which excludes components of CPI whose prices are directly influenced by highly volatile, seasonal or policy factors.
Economist Stephen Koukoulas computes underlying inflation at 2.4% through the year - well within the RBA's target band of 2% to 3%.
The Commonwealth Bank has underlying inflation up 2.5% through the year - up 0.5% for the quarter.
NAB forecast underlying inflation in the June quarter to be 0.6% (2.4% through the year), “a little stronger than the March quarter outcome but still well within the RBA’s comfort zone”.
“For the RBA, an outcome of 0.6% for underlying inflation would probably not stop the Board from easing in August, but any higher might cause them to wait.  On balance, we still expect an August rate cut,” said NAB chief economist Alan Oster.
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Inflation up a low 0.4% in June quarter leaving scope for RBA to cut rates on August 6

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Sydney’s Wolli Creek and Melbourne’s Parkville were among strong off-the-plan sellers as listed property group, Australand forecast an improved residential performance in second half of 2013.
Australand half-year after-tax profits dipped 1% to $88.4 million for the six months to June 30 due to a lower contribution from its residential division.
Revenue from its residential business fell from $260 million to $192 million as lot sales fell from 489 to 409.
The share price fell 3 cents to $3.47 following the drop in earnings having fallen 11 cents yesterday following the decision by its majority shareholder CapitaLand not to sell its stake after failing to secure an acceptable offer.
“As flagged to the market in February, the lower first half operating profit result was driven by a lower contribution from the residential division given the expected completion of a number of built form projects in the second half,” said Australand managing director Bob Johnston.
“The group, however, expects to deliver growth in operation earnings for the full year of 3% to 4% with a stronger performance expected during the second half of 2013 supported by secured residential sales and the industrial developments currently underway,” he said.
Residential sales contracts on hand increased from 1,316 to 1,793 driven by a strong pick-up across some of its Sydney projects and also a solid performance across its Victorian apartment and house and land developments.
More than half of these contracts (51%) are expected to settle in the second half of 2013 and a third in 2014.
In NSW, contracts on hand increased from 543 as of December 2012 to 905 as of June 2013
The top seller over the six months period was its Discovery Point development at Wolli Creek in Sydney’s inner south, which recorded 179 off-the-plan apartment sales.
One bedroom apartments start from $410,000 with two-bedroom apartments priced from two-bedroom apartments priced from $555,000.
NSW accounted for 22% of Australand's residential business with strong pre-sales over the half-year attributed to products being priced around the median price point.
Australand is heavily exposed to the Victorian residential development sector with 58% of its projects located in the state.
It recorded a rise in contracts on hand in Victoria from 346  in December 2012 to 508 as of June 2013 with improved land sales activity following the re-introduction of first-home buyer incentives for new homes as well as the enhanced National Rental Affordability Scheme (NRAS) expected to assist in the recovery.
Sales were steady in apartment developments with its Lume Carlton project managing 72 sales and 32 sales recorded at Parkville.
Carlton sales total 117 with contracts on hand worth $65 million.
In total 58 contracts worth $29 million have been secured at Parkville, a joint venture with Citta Property, with one bedroom apartments priced from $370,000.
Australand also reported improved trading conditions in Brisbane as affordability and interstate migration levels recover, however the Gold Coast and Sunshine Coast discretionary markets remain “challenging”.
Activity levels improved in WA with rising rents driving tenants to become owner occupiers.
There were 68 lands sales at Byford and stage two of  Cockburn Central project at Kingston is now 95% pre-sold.
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Sydney’s Wolli Creek and Melbourne’s Parkville among strong performers as Australand forecasts improved residential performance in second half of 2013

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More than a quarter (28%) of distressed commercial properties listings over the June quarter were residential development sites, according to the latest LandMark White Forced Sales Monitor.
The next highest proportion were industrial properties (19%) followed by leisure (13%) – hotels, resorts and other accommodation providers.
The monitor tracks the proportion of commercial properties listed for sale by mortgagees, receivers or liquidators on the Eastern seaboard.
The report notes that majority of listed receivers’ stocks was found in regional rather than metropolitan areas, with the regional share at 64% in the June quarter. Over the year to date, the split was 75% regional to 25% metropolitan areas
The high proportion of forced sales of residential development sites - many in regional areas - comes at the same time as a rising numbers of small debenture investors are caught out by non-bank lenders that have on-lent their funds as mortgages over risky residential development projects.
<img src="/images/stories/2013/larry_uploads/LMW_forced_sales.jpg" width="470" height="308" alt="LMW_forced_sales">
The most recent to run into trouble was <a href="/news">Victorian-based Gippsland Secured investments (GSI), where $154 million of funds have been frozen.</a>
Other non-bank collapses – LM Investment Management, Provident Capital, Banksia and Wickham Securities – all provided funding to residential development projects, often as lender of last resort charging very high interest rates.
Overall the proportion of properties listed as distressed sales was unchanged at 23% over the June quarter - below expectations of a pick-up in distressed listings - with Queensland accounting for more than half of these (57%) followed by NSW (26%) and Victoria (7%).
Ross Horsley, research manager at LandMark White notes that it was the fifth time in seven quarters that more than half of all distressed listings were in Queensland.
The New South Wales share of distressed listings increased from 9% in the March quarter to 26% in the June quarter taking its annual share to 19%.
The Victorian share of receiver sales listings dropped to 7% in the June quarter, from 15% in the March quarter.
“The garden state recorded its lowest number in the series so far, with only seven commercial properties being advertised on behalf of receivers,” says Horsley.
He points out while an expected rise in distressed listing did not eventuate and is a positive sign for the commercial property market, “the fact that there was a relatively small number of properties advertised at all meant that the distressed share of the market remained close to one in four, at 23%”.
“With this drop in both distressed and ‘normal’ volumes, the latest results are open to interpretation.
“A positive view is that the lower number of distressed listings means that the mortgagees and receivers have worked through their stock and there should be fewer forced sales going forward. And, the reason there were fewer total listings is because owners are under less pressure thanks to the low interest rates, so they can wait for an improved market to sell. With less available stock and a lower proportion of distressed stock, the market will finally have a chance to strengthen.
“However, the opposite view is that the drop in total listings is a sign that the commercial property market is stalling from a very slow pace, and, the reason the distressed numbers are also falling is not because of a lack of stock, but because receivers and mortgagees are releasing only as much as they feel the market can absorb.
“On the evidence of the Forced Sales Monitor, that saturation level appears to be around 25%, and with this constant level of distressed stock and only those owners under pressure to sell doing so, the market will soften further,” he says.
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Residential development sites remain riskiest investments with one in four “distressed”: LMW monitor

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A roof garden, a boutique hotel and retail destination, a vaulted ceiling flowing into a plaza and amphitheatre with a new art gallery, a pattern of bridges and underpasses, a glass lattice roof and multi-level urban park are all key components of the six shortlisted design concepts for the redevelopment of Flinders Street Station in the heart of Melbourne.
The schemes are as diverse as they are grand incorporating heritage elements of the 1909-built station with new functions.
The <a target="_blank" href="https://vote.majorprojects.vic.gov.au/">public has been asked to vote</a> on the six design concepts and, while the results of the public vote will not determine the final design plans, public views will be taken into account when a final scheme is decided upon by the Victorian government.
Designs are to be rated on their overall design merit, transport function, cultural heritage and iconic status and urban design and precinct integration.
The six shortlisted architectural and design practices are (click on links to see each proposal):
<ul>
<li>
<a target="_blank" href="https://vote.majorprojects.vic.gov.au/entrant/ashton-raggatt-mcdougall">Ashton Raggatt McDougall </a> - Melbourne (roof garden concept)</li>
</ul>
 {yoogallery src=[images/stories/2013/07/july24flinders1]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/zaha-hadid-architecture-bvn-architecture">Zaha Hadid Architecture &amp; BVN Architecture</a> – UK and Melbourne (boutique hotel, office and retail )</li>
</ul>
 {yoogallery src=[images/stories/2013/07/july24flinders2]} <ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/hassell-herzog-de-meuron">Hassell + Herzog  &amp; De Meuron</a> – Melbourne and Switzerland (vaulted ceiling flowing into a plaza and amphitheatre) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders3]}
 
 
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<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/john-wardle-architects-grimshaw">John Wardle Architects + Grimshaw</a> – Melbourne and UK (pattern of bridges and underpasses) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders4]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/nh-architecture">NH Architecture</a> - Melbourne (glass lattice roof) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders5]} <ul></ul>
<ul>
<li>
<a href="https://vote.majorprojects.vic.gov.au/entrant/eduardo-velasquez-manuel-pineda-santiago-medina">Eduardo Velasquez + Manuel Pineda + Santiago Medina </a> - Colombia via University of Melbourne (multi-level urban park) 
</li>
</ul>
{yoogallery src=[images/stories/2013/07/july24flinders6]} <ul></ul>
Voting is open until August 5 with a Jury winner and the People’s Choice Award to be announced on August 8.
Plans to develop Flinders Street Station – much of which lies decaying and unused – was initiated by the Victorian state government in November 2011 with the launch of a $1 million international design competition to rejuvenate and restore the Melbourne icon.
Hassell lead designer Mark Loughnan said the central idea behind its proposal was to transform Flinders Street station into a place that you "hurry through into a destination and one you visit".
“We propose restoring the station buildings to their original glory and transform Flinders Street into a modern transport hub - an intermodal hub for trains, buses, water taxis and possible metro,” he tells Property Observer.
The proposal also seeks to connect the Flinders Station precinct with the city, further, bringing in new arts and cultural facilities with plans for a major new art gallery, a public plaza and amphitheatre, all overlooking the Yarra River.
The Hassell + Herzog  &amp; De Meuron design incorporates weather-proof vaulted rooves to “flood the platforms with dappled, natural light and ventilation” and take inspiration from the original 1899 scheme for the station.
“We studied the original scheme from 1899 to understand its intentions," says Loughnan.
“The vaults are a clear theme.
“We wanted to be contextual and respect the heritage of the station. The train tracks are part of the DNA as is the existing fabric of canopies,” he says.
Terry Ryder will be <a target="_blank" href="/news">discussing the Melbourne property market in detail at the Property Observer webinar</a> on 31 July.
 
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Melburnians asked to vote on six grand proposals for Flinders St Station

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Second-quarter figures released by Jones Lang LaSalle show the average retail vacancy rate for the Australian market rose to 4% in the first half of 2013, from 3.5% in December 2012. 
The average retail vacancy rate in the first half was largely driven by a notable rise in the national CBD retail category, which rose to 6.7% in June 2013 from 5.4% in December 2012.
In contrast, and as this graph shows, there have been only minor increases in average vacancy rates recorded across the sub-regional and neighbourhood centre categories:<img src="/images/stories/2013/larry_uploads/jll_retail_vacancy_rates.jpg" width="470" height="303" alt="jll_retail_vacancy_rates" style="font-size: 0.8em;">
"The latest research indicates that even though many retailers have been strengthening their businesses over the past 18 months, the leasing market is still challenging and it is quite competitive to attract new tenants," says Jones Lang LaSalle’s head of retail, Tony Doherty. 
“While vacancy rates have remained elevated leasing activity is rising, reflecting the higher rate of tenant turnover that is currently occurring as landlords go through the slow process of optimising their tenant mix at a time when demand is less than strong.”
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CBD retail vacancy rates rising: Chart of the week

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.

Joel Robinson

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.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

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The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

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Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

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“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

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Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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