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The Citigate Mount Panorama hotel, which overlooks the Bathurst race track, has been sold to Avi Rubinstein from St Ives in Sydney and Andrew Schwartz from Hawthorn in Melbourne.
Rubinstein is a former managing director of FAI Property Services Ltd and has been active for many years in the accommodation industry in Australia and New Zealand.
Andrew Schwartz is the former Babcock &amp; Brown Australian property head.
The four directors of the purchasing company are listed as Rubinstein, Andrew Schwartz, Alan Schwartz from Toorak and the Abacus head, Frank Woolf from Cammeray in Sydney. Andrew, Alan and his wife Carole, are all on the board of the private equity Qualitas Property Partners.
The hotel was listed for sale in May last year by the court-appointed receivers, The Royal Bank of Scotland subsidary, BOS International (Australia) Ltd held the first of three registered mortgages. Babcock &amp; Brown held the third registered mortgage.  
Bathurst councillor Ross Thompson told the Western Advocate in November last year that the hotel was available for a “steal”.
The four-star hotel, which features 135 residential apartments over seven levels, has been in receivership since opening its doors to the public in September 2009, “a period marred by the economic downturn,” according to the investment report.
The accommodation was entirely sold out for last year’s Bathurst 1,000.
Rydges has taken over as managers of the resort and is promoting it as the “new Rydges Mount Panorama Bathurst” on the front page of its website, with bookings available from the end of February. Rooms start at $160 per night.
Mirvac Hotels previously managed the hotel as the Citigate Mount Panorama. It had been listed through CRBE agent Rob Cross. The court appointed receivers date back to 2007.
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Bathurst’s Citigate Mount Panorama sold to Avi Rubinstein-Andrew Schwartz consortium in RBS sell-off

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Stockland has recorded an increase in buyer activity for its residential offerings in south-east Queensland since September last year, according to chief executive Matthew Quinn. 
He emphasises this is only the case for the company’s “affordable” offerings and not for the market in general. 
Speaking at a media briefing following the release of interim 2012 results that showed statutory profit down 28% to $307.6 million on the back of a “challenging” last six months, Quinn said there had been a pick-up up in inquiries and deposits in south-east Queensland but that certain pockets of the market such are still doing it very tough. 
Quinn says the south-east Queensland market is still operating well below capacity, with underlying demand not being reflected in actual sales activity. 
“Brisbane and Perth should be our strongest markets, but paradoxically they are our weakest,” he says. 
“One reason for this is the surplus of stock on the market. The market got ahead of itself. But that stock is now clearing and buying activity is increasing for new product. 
“The signs are much more positive for our affordable product type.” 
During the presentation Quinn highlighted the healthy state of its residential division and says Stockland will achieve its full-year earnings guidance due in large part to residential sales. 
“Our residential business is well positioned with 2,488 contracts on hand at 31 December 2011 (equivalent to approximately $530 million of revenue), compared to 2,288 at 30 June 2011,” he says. 
“Deposits and leads are tracking well with both showing two quarters of consecutive growth – a trend that continued in January with deposits for the month higher than the average for the past 12 months.
<img src="/images/stories/leadsgrowth.gif">
According to Quinn, lead volumes, “the ultimate leading indicator” of future demand, are increasing at an even higher rate than deposits. 
“Leads are buyers that come into sales centre and show genuine interest. There has been a substantial increase in this.” 
In addition, first-home buyers are re-emerging, accounting for 40% of all leads compared with a normal ratio of between 20% to 30%. 
“This is a strong signal that the market is moving,” he says. 
Quinn says Stockland is focused on developing residential assets for three specific customer segments: the mass market, middle Australian and those seeking affordable housing. 
“There has been a big shift in buyer behaviour in last three years. 
“If it’s affordable and they need it they will buy it… If it is expensive and they don’t need they will wait,” he says. 
Stockland reported underlying profit of $350.8 million, down 8% on the first half of 2011, and underlying earnings per security of 14.9¢, down 7%. 
This year Stockland is celebrating its 60th anniversary.
 
 
 
 
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Residential buyer activity picking up in south-east Queensland: Stockland

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Expectations that the Gold Coast is heading for a massive oversupply  of apartments have been greatly overstated, according to Andrew Bell, CEO of Ray White’s Surfers Paradise Group, who believes the market is beginning to turn around.
“Over the past two years all forecasters and researchers predicted an oversupply of high-rise apartments, with one prediction of five years’ oversupply,” says Bell.
“These forecasts completely misread the market,” he says.
Coming on the back of an attack from <a href="https://www.propertyobserver.com.au/hotspots/kochie-s-right-stay-away-from-the-gold-and-sunshine-coasts-sqm-director-louis-christopher/2012020153218" target="_blank">Channel 7’s David Koch, who called the Gold Coast and Sunshine Coast “catastrophes”</a>, Bell says there has been no shortage of buyers at the start of 2012, with his office notching up 50 sales in Oracle, the luxury apartment development on Broad Beach, in the first six weeks of the year.
Bell also highlights research by the Midwood Group showing there were 73 apartment sales in the quarter to November 2011, the highest in 15 months, leaving only 552 apartments available for purchase – the lowest level of stock in nine years.
<img src="/images/stories/gcstock.jpg">
He says the issue is not current sales rate, “as that can change rapidly – and is”, but “dwindling stock supplies that take years and years to turnaround”.
According to Bell, Queensland unit development approvals are at levels last seen in the 1980s, with no super high-rise buildings under construction.
“All remaining stock for sale is in completed buildings – there is only one medium high-rise building under construction – Eclipse (a 56-apartment building on Broad Beach) due for completion in 2012,” he says.
“There is no official start date for construction of any new high rises, although plans have been approved for several developments.
“Any new building will be anywhere from three to five years until completion – longest void of construction in Gold Coast’s recent history,” he says.
According to Bell, there are many indicators the market is turning around, including declining unemployment (down from a peak of 8.1% to 6.4% in November 2011), the economic stimulus from winning hosting rights for the 2018 Commonwealth Games (Bell equates this to the impact of the mining boom on nearby towns), a 9.5% increase in daily visitors from Brisbane and a relaxation of student visa requirements that will boost the local education industry.
In addition, he says foreign investment, which has declined over the past five years, is on the rise.
He quotes recent Colliers research that shows that Chinese buyers accounted for nearly a third of foreign purchases of Queensland residential real estate during the 2010-11 financial year, with record amounts spent on Gold Coast property.
“Chinese were the strongest with 32%, followed by Japan, NZ, Russia, Singapore, Hong Kong and South Africa,” he says. 
Bell says Chinese investment in the Gold Coast is tipped to snowball after China-based Ridong Group secured a $1 billion triple-tower project at Surfers Paradise. 
Year-on-year figures to August 2011 released by the Midwood Group record 242 apartment sales on the Gold Coast compared with 236 over the previous 12 months.
For more on Asian investors in Australian property,<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-foreign-investment-in-australian-property-markets"> download our free eBook.</a>
 
 
 
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Gold Coast property market turning around strongly as stock levels fall: Andrew Bell

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Commercial property investors should be looking to acquire CBD office assets, which will soon deliver “extraordinary returns” because of a shortage of available space and not enough new stock in the pipeline, according to BIS Shrapnel chief economist Frank Gelber.
Gelber describes the current depressed state of the market as the “lull” before the storm.
He is says it is investors’ jobs to “take advantage of this current quiet patch before the undersupply becomes chronic, when markets are mispriced”, allowing them to buy office stock that will provide “extraordinary returns three to five year from now”.
Gelber bases this forecast on expectations that employment will pick up “solidly” this year on the back of strong minerals investment driving demand for new office space.
Currently though, he says corporate Australia is so risk-averse that it is looking to minimise expenditure at the cost of future growth potential and “delaying leasing commitments”.
“I am not nervous. This is the quiet part of the cycle, marking time, when there is still enough space to satisfy demand. But the writing is on the wall.
“I am not worried about demand – I am worried about supply. The real point is that we are not building enough to satisfy even moderate demand,” he writes in The Australian.
Click to enlarge
<a href="/images/stories/pcafeb9.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/pcafeb9thumb.gif"></a>
According to Gelber, large swathes of the economy that are not exposed to the effects of the high Australian dollar, such as housing, are still feeling the effects of the GFC but these will recover “as we run into capacity constraints and again start to invest”.
“That time,” he says, “is not far away”.
In line with the two-speed nature of the economy and the skewed impact of the resources boom, Gelber says the recovery will not be uniform.
“Western Australia was the first cab of the rank with only a slight pause in investment following the GFC. Queensland flatlined for two years after the GFC as investment fell between one round of projects and the next.
“But now an extraordinary surge of investment is committed underpinning future growth so that Queensland will be a strong market in a year’s time and booming in two.”
Gelber also expects a pick-up in South Australia on the back of the Olympic Dam project, and the Northern Territory and NSW will benefit from the next round of mineral projects.
“The Australian economy is not facing the problems of Europe and the US. We didn’t have a financial crisis. Our banks are strong and there is little excess capacity in the system.
“Sure, consumers and businesses are cautious, but there is little likelihood of a major downturn. Indeed I expect solid growth,” Gelber says.
 
 
 
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CBD offices to deliver 'extraordinary returns' in three to five years: BIS Shrapnel's Frank Gelber

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The upper north shore Sydney suburb of Roseville, famous for its historic Federation-era homes, has been named as one of five Sydney unit hotspot markets by PRDnationwide. 
Roseville, 12 kilometres from the Sydney CBD in the Ku-ring-gai municipality, is just north of the transport and shopping hub of Chatswood and is now the focus of developers following controversial changes to zoning rules over the last few years. 
PRDnationwide’s NSW research analyst Oded Reuveni Etzioni, who compiled the list, notes that Roseville is a “leafy suburb which was historically dominated by detached houses, [but that] changes to zoning laws have led to the consolidation of lots into apartment complexes”. 
“These augment the existing stock of mostly older-style apartments located on both sides of the Pacific Highway. The location of Roseville near shopping and recreation destinations makes it an ideal investment in 2012 for those who seek a long-term capital appreciation,” he adds. 
However, the development and construction of new apartment projects is likely to slow down following a decision in April last year by the O’Farrell NSW state government to return full planning approval for new developments to the Ku-ring-gai council and putting an end to  the previous state government’s fast-track planning panel, which aimed to approve developments within 90 days. 
During the past five years more than 6,000 new apartments have been approved or began construction Ku-rin-gai suburbs and before the changes, residents feared up to 15,000 apartments could be built in Ku-rin-gai. 
According to PRDnationwide, Roseville has a median unit price of $546,000.
Research compiled by RP Data shows that Roseville unit prices are up 54% over the past five years to a median of $733,000, ranking it third behind Greenwich and Birchgrove for greatest capital appreciation over this period.
 
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="154">
 
</td>
<td width="154">
Location
</td>
<td width="154">
Distance from CBD
</td>
<td width="154">
Median house price
</td>
</tr>
<tr>
<td width="154">
<a target="_blank" href="/news">Abbotsford</a>
</td>
<td width="154">
Inner West
</td>
<td width="154">
7 kilometres
</td>
<td width="154">
$668,000
</td>
</tr>
<tr>
<td width="154">
 
<a target="_blank" href="/news">Kogarah</a>
</td>
<td width="154">
 
St George Region
</td>
<td width="154">
 
13 kilometres
</td>
<td width="154">
 
$414,650
</td>
</tr>
<tr>
<td width="154">
 
<a target="_blank" href="/news">Roseville</a>
</td>
<td width="154">
 
Lower North Shore
</td>
<td width="154">
12 kilometres
</td>
<td width="154">
 
$546,000
</td>
</tr>
<tr>
<td width="154">
 
 
<a target="_blank" href="/news">Balgowlah</a>
</td>
<td width="154">
Northern Beaches
</td>
<td width="154">
10 kilometres
</td>
<td width="154">
 
$622,500
</td>
</tr>
<tr>
<td width="154">
<a target="_blank" href="/news">Ryde</a>
</td>
<td width="154">
Ryde Area
</td>
<td width="154">
12 kilometres
</td>
<td width="154">
 
$448,000
</td>
</tr>
</tbody></table>
Source PRDnationwide
The other Sydney suburbs on the unit hotspot list are Abbotsford in the inner west, Kogarah in the St George region, Ryde to the north west and Balgowlah on the northern beaches.
 
According to Reuveni Etzioni, contemporary townhouses and luxury waterfront residences in Abbotsford have created upwards pressure on the median unit price complementing the existing stock of “’70s and ’80s walk-ups”.
He says a softer market over 2011 cooled the market, allowing buyers a more affordable entry point.
Kogarah’s potential as a unit hotspot is based on two key fundamentals: transport and amenities.
“Serviced by the Princes Highway and the Illawarra railway line, the suburb offers its residents easy access to Sydney, the Sutherland Shire and Wollongong. The Kogarah Town Square, located in the centre of the suburb, is a refurbished and lively shopping precinct adjacent to the train station,” says Reuveni Etzioni.
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/marrickville-beats-off-redfern-and-ryde-to-be-prdnationwides-2012-hotspot/2012020653275">PRDnationwide also picked Ryde</a> as a unit hotspot because of the suburb’s central location on the intersection of Victoria and Lane Cove roads and proximity to the employment hubs of Meadowbank and Macquarie Park.
“New development in Meadowbank will see more residential apartments being built on old industrial land and the Ryde town centre redevelopment is set to increase the amenity of area,” says Reuveni Etzioni.
Balgowlah gets the nod due to increasing retail and residential investment.
“Existing shopping facilities in Warringah Mall and Stockland Village will be complemented by a new Woolworths supermarket and Bunnings warehouse,” says Reuveni Etzioni.
“Balgowlah and surrounding suburbs have seen stock selling at higher price brackets due to new residential developments in the area. There are still opportunities in the lower price brackets for owner occupiers and investors seeking to invest in the suburb.”
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Roseville headlines 2012 Sydney unit hotspots, and Ryde makes another appearance

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Mortgage holders have received interest rate relief from lenders but businesses lending rates have not dipped at all, the latest RBA chart pack has revealed.
Business lending rates have not dipped following the November and December 2011 rate cuts:
<img src="/images/stories/rbafeb81.gif">
Mortgage holders have received interest rate relief from lenders but businesses lending rates have not dipped at all, the latest RBA chart pack has revealed.
<img src="/images/stories/rbafeb82.gif">
The chart pack also shows how the three-year fixed lending rate has fallen over the past year both for housing and small businesses in line with the benchmark 90-day Bank Bill Swap Reference Rate.
<img src="/images/stories/rbafeb83.gif">
This chart showing state output shows the impact the mining boom is having on the Western Australian economy and its growing share of the national output:
<img src="/images/stories/rbafeb84.gif">
 
 
 
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Lenders passing on rate cuts to borrowers but not businesses: RBA charts

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Credit Union Australia (CUA) has cut its three-year fixed-rate home loan for the third time in the space of five months, taking it below that of the major banks. 
The move follows the RBA leaving rates on hold yesterday and speculation that the major banks might raise interest rates on standard variable mortgages this week. 
The mutual, one of the biggest in Australia, with 400,000 customers, will reduce its three-year fixed rate by 39 basis points from February 13, taking the interest rate from 6.34% to 5.95%. 
CUA says it now offers one of the lowest three-year fixed-rate home loans in the market – 43 basis points lower than the average of the big fours’ three-year fixed-rate home loans.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/cuachartlarge.gif"><img src="/images/stories/cuachart.gif"></a>
Based on an average loan size of $300,000 with a 30-year term, a three-year fixed-rate home loan from CUA at this rate could save borrowers $84 per month, or $3,024 over the three-year duration of the loan, compared with the average rate of the big four banks on the same product. 
“CUA is committed to offering customers the best deal we possibly can. Because our customer owned model enables us to focus entirely on our customers, not on shareholders, we have more flexibility to make rate decisions that are in their best interests,” says Jason Murray, CUA’s acting general manager for products and marketing.
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CUA cuts fixed-rate mortgages to undercut major banks

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Diversified property group Australand expects Melbourne and Sydney buyers to continue to drive sales in its residential communities following the release of poor end-of-year figures.
Australand reported net profit of $140.62 million for the year ending December 31, 2011, a drop of 15% on net profit of $166 million in the 2010 calendar year.
Its residential division recorded earnings of $76.1 million, up 13% compared with $68 million in 2010.
The group managed total lot sales of 2,536 over the course of the year, an increase of 15% on 2010, with Melbourne and Sydney contributing 80% of buyers.
The top-performing residential development during 2011 was<a target="_blank" href="/news"> Greenhills Beach</a> in the Sutherland Shire of Sydney, where prices ranged from $795,000 for a 550-square-metre coastal lot to $980,000 for a 740-square-metre beach lot.
The other top-selling projects were Burwood (Victoria), Cranbourne West (Victoria), Clyde North (Victoria), Greenvale (Victoria), Cockburn Central (WA) and Kangaroo Point (Queensland).
The group reported that sales momentum picked up in the second half of the year following interest rate cuts and incentives from state governments
“We expect Sydney and Melbourne to contribute significantly to sales and earnings in 2012 despite some softening of conditions in Melbourne.
“Perth continues to see a gradual recovery. However, the south-east Queensland market remains challenging,” says Australand.
The group is not anticipating sales volume growth in 2012 but is forecasting higher earnings due to higher margins and higher average sales prices “driven by the mix of products we sell”.
Australand has 21,800 individual lots under management in its development pipeline with an end value of $8.1 billion.
Its $2.1 billion investment portfolio (made up of industrial and office assets) delivered earnings of $166 million, up from $161 million.
Earnings were down in its commercial and industrial division ($29 million in 2011 compared with $32 million 2010).
Overall, the group expects conditions to remain challenging for at least the first half of 2012 but is “cautiously optimistic” about its earnings in 2012.
 
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Australand profits down but late 2011 residential lot sales strong

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RateCity CEO Damian Smith has downplayed the risk of banks raising mortgage rates, but he says anything is possible.
“It’s been an extraordinary last 48 hours. Twenty-four hours ago we were expecting banks to pass on 10 to 15 basis points of a 25-basis-point rate cut, now they’re pushing the line of a rate rise,” Smith tells Property Observer.
“Nothing surprises me anymore, but I would be surprised if they raised rates at time when lending growth is slow. The big issue is not funding cost but the slow lending market,” he says.
If banks do raise rates, Smith says they will be banking on “inertia from customers” and assuming that they won’t switch lenders.
“It’s up to customers to demand better and be ready to switch,” he says.
His comments follow speculation that the major banks could raise rates independent of the Reserve Bank in order to protect their profit margins on mortgages.
Borrowers should know by Friday whether their mortgage repayments will rise when ANZ makes its independent interest rate announcement.
Should ANZ push up its standard variable mortgage rate, the other banks are likely to follow suit.
Alan Mitchell, finance editor at the Australian Financial Review, says “conventional wisdom” dictates that ANZ will not raise rates after the RBA left them unchanged.
“To do so would be much more?provocative than the banks’ preferred strategy of simply not fully passing any RBA rate cut to its customers,” he says.
The banks were expected to pass on only part of an expected 25-basis-point interest rate cut yesterday – effectively increasing their net interest margins – but they and most economists were stumped by the RBA’s decision to keep rates on hold for another month.
<a href="https://www.propertyobserver.com.au/economy/rba-may-not-cut-rates-until-may-commonwealth-bank/2012020753285" target="_blank">Commonwealth Bank chief economist Michael Blythe speculated that the RBA could hold off on cutting rates again until May</a>.
ANZ head of Australian economics Katie Dean says the risks have risen that the cash rate will remain on hold “well into the second quarter”.
Westpac chief economist Bill Evans remains hopeful that the RBA will hope “adopt a more appropriate policy response over the course of the next few months beginning with a 25-basis-poing rate cut on March 6” but acknowledges that the bank “does not provide strong encouragement to expect a cut in March”. Yesterday the RBA noted an improving situation in Europe following the intervention of the European Central Bank in December, but a new report by Moody’s lists Australia alongside New Zealand, Korea, and Vietnam as the Asia-Pacific economies most at risk from a collapse in Europe and says further deterioration of the property market is a “menacing risk” facing the economy.
A fall in house prices would impact on foreign investor confidence in Australian property and make it more expensive for banks to raise money offshore, Moody’s has warned.
NAB released its quarterly results yesterday revealing unaudited cash earnings of $1.4 billion, but the bank highlighted “higher deposit and wholesale funding costs”.
“Higher deposit and wholesale funding costs, softening credit growth and fragile economic conditions continued to be key characteristics of the operating environment in most of the regions in which NAB operates,” said National Australia Bank Group chief executive Cameron Clyne.
The other major banks have beat a steady drum about rising wholesale funding costs while the Australian Bankers’ Association last week put out a statement on “how bank funding works and why banks are under funding cost pressures”.
After Westpac announced it would cut about 560 jobs last week, CEO Gail Kelly said that while a cataclysmic collapse in Europe was off the table risks remained elevated and  “if anything they are higher now than they were at any times during the entirety of GFC”.
Kelly also would not commit to pass on any future rate cuts. NAB has pledged to keep offering the lowest standard variable rate of the four major banks.
If ANZ raises its mortgage rates, NAB could also push up its rates and still continue to offer the lowest interest rate of the big four.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" colspan="2">
Standard Variable Rate p.a. 7 February 2012
</td>
</tr>
<tr>
<td valign="top">
NAB
</td>
<td valign="top">
7.22%
</td>
</tr>
<tr>
<td valign="top">
ANZ
</td>
<td valign="top">
7.30%
</td>
</tr>
<tr>
<td valign="top">
CBA
</td>
<td valign="top">
7.31%
</td>
</tr>
<tr>
<td valign="top">
WBC
</td>
<td valign="top">
7.36%
</td>
</tr>
</tbody></table>
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Banks unlikely to raise interest rates for home borrowers: RateCity’s Damian Smith

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Borrowers may have to wait several months for another rate cut, says the Commonwealth Bank.
CBA chief economist Michael Blythe expects that the RBA may cut rates again in May, as “the risks lie with an earlier move”.
Blythe says the RBA’s Statement on Monetary Policy made it was clear that “risks in <place>Europe</place> are still skewed to the downside” and that there “differences between domestic sectors”
“So if ‘demand conditions weaken materially’ there is ‘scope’ for easier monetary policy,” he says.
“Financial markets will continue to price in further rate cuts and the debate between economic commentators will lean in that direction as well.
“The terminal cash rate will depend mainly on how the European story evolves.  While that story is evolving the need for lower rates will be debated at every RBA meeting.  But a trigger is required.
“There are plenty of potential flashpoints.  Significant quantities of Italian, Spanish, Portuguese and Greek debt are due to mature over the February?April period.  Negotiations over Greek debt and a second bailout package need to be finalised soon.
“These events are risks and not part of baseline forecasts.  As a result, we have pushed back the timing of the next move to May, when we have a 4% cash rate pencilled in.  The risks lie with an earlier move,” he says.
HSBC chief economist Paul Bloxham says the bank still expects further cuts from the RBA “given the global downside risks” with a cut forecast in March and one more in the second quarter of the year.
Bloxham says Friday’s Statement on Monetary Policy will help “elucidate” the RBA's thinking on today's decision.
Today’s statement, Bloxham says, “suggested that while the risks in Europe remain 'skewed to the downside' the 'acute financial pressures on banks in <place>Europe</place> were alleviated considerably late in 2011 by the actions of policymakers'”.
“Overall, they suggested that 'should demand conditions weaken materially, the inflation outlook would provide scope for easier monetary policy.' Clearly, they will be watching the global risks very carefully,” he says.
Westpac chief economist Bill Evans expects a 0.5 percentage point cut in the cash rate over the course of the first half of this year despite today’s decision. 
“While the case set out by the bank does not provide strong encouragement to expect a cut in March,  we believe that over the course of the next month the case will be sufficiently strong to justify another cut. Indeed it is our view that the case has already been established,” Evans says.
 
 
 
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RBA may not cut rates until May: Commonwealth Bank

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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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.

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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.

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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.”

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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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