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A two-year program to restore the plantations and orchards surrounding Sunshine Coast’s much-loved Big Pineapple kicks off today with the ploughing of pineapple fields and the replanting of pineapples plants. 
The 16-metre-high Big Pineapple, which perches on the coast side of the Bruce Highway at Nambour, was sold by receivers along with 165 hectares of orchards on 15 titles to a <a target="_blank" href="https://www.propertyobserver.com.au/queensland/big-pineapple-buyers-hope-to-add-juice-to-sunshine-coast-tourism-market/2011082551296">pineapple-friendly consortium called Big Pineapple Corp Pty for $5.8 million in August this year</a>. 
Since acquiring the icon, stage one of the restoration program has been completed, with Saturday produce markets attracting about to 3,000 people every weekend.
The restoration of the plantations and orchards are part of a major clean-up program aimed at reclaiming the 165-hectare site after years of neglect. 
It includes reopening the Pineapple itself, fixing the sugar cane train, which takes passengers on a tour of the plantation, and “developing the master-plan proper”. 
“The vision for The Big Pineapple is to re-establish it as a leading agri-tourism operation – which was its role originally. This will be delivered in a contemporary context, showcasing sustainable agriculture and production,” says The Big Pineapple general manager Paul Ziebarth. 
The Big Pineapple was officially opened by Queensland Minister for Labour and Tourism John Herbert on August 15, 1971 as a tourist location and working farm. 
It burnt down in 1978 but was rebuilt later that year. 
Previous owners have included Queensland Press Ltd, owned by Rupert Murdoch’s News Corp. 
Ziebarth says pineapple planting material from the original fields will be available for sale at the markets over the Christmas weekend. 
“The future of Australia’s favourite tourist icon, The Big Pineapple, gets sweeter and sweeter – tomorrow marks the official ploughing of the pineapple plantation fields and replanting of pineapples, signalling the beginning of a whole new growing era,” he says.
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lschlesinger-FZcF9M3vE6

Big Pineapple ploughing begins as plans bear fruit

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Eight suburbs on NSW Central Coast, a popular retirement and lifestyle location for ex-Sydneysiders, registered price falls of more than 5% over most of 2011, with mortgagee sales rising notably, according to property valuer Herron Todd White’s December report.
According to Fitch's latest mortgage delinquency report, the Central Coast suburb of<a href="https://www.propertyobserver.com.au/residential/mortgage-arrears-decline-in-september-quarter-but-nsw-dominate-list-of-struggling-suburbs-fitch-report/2011122052898"> Budgewoi is Australia's worst performing post code with a delinquency rate of 3.5% </a>
The biggest price falls occurred in Ourimbah, at the entrance to the Central Coast on the Pacific Highway, where houses depreciated by 16% over the year to November 2011, falling to a median of $343,000.
Sales prices ranged between $268,000 and $560,000.
Properties in the semi-rural lifestyle location of Matcham declined by 12% to a median price of $960,000, with Herron Todd White describing this result as “somewhat surprising” and suggesting that “trading slowed during 2011, with a resulting shift in affordability levels”. 
Matcham is part of the City of Gosford, where overall sales numbers declined from 2,601 in 2010 to just 2,059 in 2011 and median dwelling prices falling 3% over the past 12 months. 
Other markets to register declines of more than 5% included the popular coastal suburb of Terrigal, where unit prices declined by 7.5% to $495,000, with houses declining by a more modest 1% to $559,000. 
Highlighting the patchy nature of the market, houses in Killcare, about 16 kilometres south of Terrigal declined by 9.35% (to $775,000) while houses overlooking the beach in Killcare Heights (just down the street) increased by 7% to $590,000. 
The only other suburb to register an increase in values was Woy Woy on Brisbane Water, where unit and villa prices appreciated by 7% to $319,000.
<img src="/images/stories/htwdec19.gif">
Source: Herron Todd White
The report notes that “mortgagee sales have once again been all too common on the Central Coast”. 
“Advertisements of these mortgagee sales include ‘must sell, under instructions to sell,’ etc, which are regularly seen on the coast. 
“The Central Coast region has been ‘red flagged’ by the lenders for some time now for closer monitoring. This year, we have seen a steady flow in valuations being provided to mortgagees finding it necessary to carry out a forced sale. 
“Bearing in mind that we are just one of a number of valuation firms present on the Central Coast, our in-house records indicate that 44 individual instructions for mortgagee-in-possession valuations from various lenders have been received to November. 
“The number of these forced sales would indicate that the Central Coast real estate market, particularly in the ‘mortgage belt’ areas, is vulnerable as owners struggle with mortgage payments and living costs.”
The report highlights that dwelling and unit sales in the sub-$400,000 category, including vacant land sales, accounted for about 50% of the overall number of property sales on the Central Coast, “confirming reports from real estate agents that first-home buyers and investors are sustaining the market”.
“The residential unit market lived up to our expectations as the most volatile of the various market segments. Values were erratic as this market struggles to gain stability after the oversupply situation we have been experiencing over the past several years. Good buying was regularly seen in this segment,” the report says.
Overall, sales volumes declined by approximately 20% across all sectors and price bands compared to last year and are close overall to figures achieved five years ago in 2006. 
The segments that have shown the least activity during 2011 included dwelling sales of between $1million and $ 2million and vacant land sales, especially in the Wyong municipality, along with dwelling sales over the $3 million mark in Gosford. 
The surprise for the year was a 31% increase in sale volumes of dwellings in the $1 million to $2 million price band in Gosford.
<img src="/images/stories/htwdec192.gif"> 
Source: Herron Todd White
HTW attributes the slowdown in sales to the “erratic supply of funds being made available through the major lenders, with exposure and risk models undergoing “a regime of adjustment”.
“The result, it appears is that owners in this segment seem to have largely opted to delay the sale of their properties until the market improves, rather than take a hit. 
“It could be said that another two or three business reporting periods without controversy and boards left intact may stimulate this segment once again.”
Photograph by Kate Dreyer
 
 
 
 
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NSW Central Coast market struggling: Herron Todd White

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The next phase of Sydney retail development activity is expected to centre around the bases of office towers, according to Savills’ latest assessment of the CBD market.
This follows the completion of the Westfield Sydney (38,000 square metres of leasing space) and Mid City (9,000 square metres) developments on Pitt Street Mall.
Currently retail and leisure activities occupy 7% of the total floor space in the CBD, according to most recent Sydney City Council surveys.
New retail developments will come on line in several stages over the medium to long term, mainly in the major developments of Barangaroo, Central Park on Broadway and City One, a redevelopment proposal for Wynward Station.
<img src="/images/stories/savillsdec19.gif">
Significant retail activity is expected south of Pitt Street Mall, with a number of new office and retail developments mooted or under construction. 
“One thing is sure: Sydney CBD is undergoing somewhat of a retail renaissance, with new retail being encouraged in laneways, George Street mooted to be pedestrianised (similar to Times Square in New York), and a new dedicated Retail Advisory Panel established to focus on future retailing business in the Sydney CBD,” the report says.
The potential reconfiguration of George Street to support light rail will also have a major effect on George Street retailers following the Sydney City Council announcement that it would set aside $180 million for the proposed light rail and pedestrianisation of the street.
“If this development goes ahead, it will reinforce George Street as the main transport corridor for pedestrians in the city and benefit business in the long run,” the report says.
Other developments likely to encourage CBD retailing include:
<ul>
<li>Sydney City Council is also working with smaller retailers, providing grants to encourage development of laneways and small business to provide a greater depth of retail experience in the Sydney CBD and its villages. </li>
</ul>
<ul>
<li> A Retail Advisory Panel has been established to identify and create opportunities for CBD retailers?. </li>
</ul>
<ul>
<li>Following the success of “fast fashion” with Zara launching on Pitt Street Mall, Savills says there is anecdotal evidence that “several other global juggernauts are sizing up Australia, with Sydney CBD destined to be a nominated flagship location in each instance”.</li>
</ul>
 
 
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Sydney office towers to become shopping destinations: Savills

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Institutional and retail investors have launched a class action against the GPT Group over allegations of misleading or deceptive conduct in relation to 2008 earnings forecasts. 
Proceedings on the behalf of the investors were filed by law firm Slater &amp; Gordon in the Federal Court of Australia last week after previous mediation efforts failed. 
The claim has been brought on behalf of those investors who acquired stapled securities between February 27, 2008 and July 6. 2008 and had executed litigation funding agreements with Comprehensive Legal Funding LLC (a US-based litigation funder) by December 7, 2008. 
The claim alleges that GPT engaged in misleading or deceptive conduct in relation to, and breached its continuous disclosure obligations following, the 2008 earnings and distribution guidance that accompanied the release of its 2007 Full Year Statutory Accounts. 
Specifically the action relates to the adequacy and timing of disclosures to the market about earnings forecasts made in February and May 2008, which were later significantly downgraded in July 2008.
Forecast operating income was downgraded 27% from $633 million to $464 million; distributions per share was downgraded 30% from 28.9¢ to 20.0¢; and earnings per security was downgraded from 29.4¢ to 21.2¢.
Slater &amp; Gordon Practice group leader Ben Phi said: “Representative proceedings have been commenced against GPT following a failed attempt to resolve the matter at mediation.” 
The class action dates back to October 23, 2008. 
Mediated discussions commenced in May 2010 but were unable to resolve the matter between the investors and GPT Group.
GPT Group says it intends to “vigorously defend the claim”.
 
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Institutional investors launch class action against GPT Group

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A 1,500-square-metre Victorian building in the Bathurst CBD with Westpac as its anchor tenant has been sold at auction for $2.125 million.
Westpac leases 80% of the property at 86 William Street, with the other tenancies being an office and four-bedroom residence upstairs, both of which are leased.
The sale price reflected a yield of 7.3% on income of $155,000.
The property was marketed by Charles Gonzalez from Burgess Rawson as part of a commercial property portfolio auction, which also included a <a href="https://www.propertyobserver.com.au/retail/high-yields-for-7-elevens-continue-to-attract-investors/2011120752720" target="_blank">Mount Druitt 7-Eleven service station that sold for over $4 million.</a>
Gonzalez describes the Bathurst property as a “substantial classic freehold building”.
Westpac has a 10-year lease on the building running from June 2009 with an option of a five-year renewal. The new owner is guaranteed 3% annual rent increases, with Westpac paying outgoings.
One of the two properties that did not sell at the December 6 auction was a Woolworths Caltex Service in Seven Hills offering annual income of $183,000. Negotiations are currently under way over the sale of this property.
An 830-square-metre strata floor on Broadway, Ultimo near the Sydney CBD offered as vacant possession also failed to sell despite some bidding.
 
 
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Westpac Bathurst site sold for $2.12 million

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Banks have no excuse in not passing on full RBA rate cuts, argues University of Canberra social researcher Josh Fear, who says the government should legislate to prevent “gouging”.
Fear says borrowers should expect banks to use a lot of complicated “jargon” to justify not passing on interest rate cuts in full. Earlier this month, AN<a href="https://www.propertyobserver.com.au/economy/no-banana-smoothies-but-anz-to-explain-its-new-rates-policy/2011121652869">Z said it would no longer make interest rate decision following RBA monetary policy announcement</a>, the first bank to break with the timing of the central bank.
Writing for academic opinion site <a href="https://theconversation.edu.au/" target="_blank">The Conversation</a>, Fear reminded borrowers of “Westpac’s facile banana smoothie video” where it tried unsuccessfully to explain how the increase cost of wholesale funding (bananas) was pushing up the price of mortgages (banana smoothies) after the bank raised mortgage rates by 45 basis points in December 2009 following an RBA increase of just 25 basis points.
“When interest rates are going down, the world is suddenly a much more complicated place where simple explanations do not apply. Watch out for all sorts of jargon as banks try to obscure the real reason they do not pass on rate cuts in full,” he says.
According to Fear, the only way to stop banks using “cash rate movements as an excuse to gouge customers” would be for the government to step in and “stipulate that the interest rate margin is to remain constant over the life of the loan.
“[Banks] would need to make future expectations about interest rates clear at the outset – which would deliver greater competition in the mortgage market, which everyone (perhaps apart from the big four) agrees is a good thing.”
But Kevin Davis, research director for the Australian Centre for Financial Studies and professor of finance at the University of Melbourne disagrees, arguing that banks’ cost of funding isn’t directly related the level of the Reserve Bank’s cash rate because they get a fairly large proportion of their funding from international wholesale capital markets.
“They borrow for terms such as three years, which involves locking in a credit spread above risk-free rates. The interest rates they pay depends on what the market is willing to provide that funding at,” he says.
“At the moment European capital markets seem to have frozen, so to raise funding from those markets is going to involve quite a significant credit spread.”
 
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Banks have no justification for withholding rate cuts: Academic

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ASIC has cancelled the credit licence of Melbourne-based Star Alliance Financial Services Pty Ltd (Star Alliance) and banned its director following an investigation that found he submitted a fraudulent credit licence application, among other offences. 
Prasanna Indrajith Wijesekara, of South Morang, Victoria was permanently banned from engaging in credit activities following concerns over his conduct as a mortgage broker in 2010 and certain statements made in his company’s credit licence application. The orders to permanently ban Wijesekara and cancel Star Alliance’s credit licence were made on the grounds that:
<ul>
<li>Star Alliance’s credit licence application was false in a material particular or materially misleading because it failed to state that the AMP Bank had cancelled Wijesekara accreditation as a broker on May 13 2010;</li>
<li>Wijesekara knew, or was reckless as to whether, an answer in Star Alliance’s credit licence application was false in a material particular or materially misleading;</li>
<li>ASIC had reason to believe that Wijesekara was not a fit and proper person to engage in credit activities on the basis that:</li>
<li>he submitted false or misleading information to ASIC; and</li>
<li>he provided falsified documents and false or misleading information to the AMP Bank in support of a loan application in 2010.</li>
</ul>
ASIC Commissioner Peter Kell said: ‘These outcomes demonstrate ASIC’s ongoing commitment to ensuring that only those who meet requisite standards of honesty and integrity are permitted to participate in the consumer credit industry.’ Wijesekara and Star Alliance have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
The offices of Star Alliance are listed on the <a href="https://www.srilankadirectory.com.au/">www.srilankadirectory.com.au</a> as 1 Queens Road, Melbourne.
 
 
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ASIC bans Melbourne mortgage broker for life

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ASIC has suspended the Australian financial services licence of Gold Coast-based property fund manager Equititrust Limited for failing to comply with a number of key obligations as a licensee.
The company, which was founded by Mark McIvor, is the responsible entity of the Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund (EPCIF), currently being wound up under orders from the Queensland Supreme Court. ASIC found that Equititrust has breached its legal obligations and licence conditions in that it failed to comply with its obligation to maintain at least $5 million net tangible assets; failed to prepare and lodge annual audited financial statements and to provide annual financial reports to members of EIF and EPCIF for the financial year ended 30 June 2011; and failed lodge compliance plan audits for EIF and EPCIF for the financial year ended June 30, 2011.
EIF is a registered managed investment scheme whose primary business is lending retail investors’ pooled funds for property development and taking mortgages over the property.
EPCIF is also a registered managed investment scheme which is now dormant. It offered investors the opportunity to “to take up the balance of bank’s first-ranking position in the Equititrust Income Fund”.
On November 21 the Supreme Court of Queensland ordered that these two funds be wound up, with David Whyte from BDO appointed as independent receiver.
The court also appointed Whyte as receiver of the property of both funds.
The winding down of the funds could take between three and five years to be complete.
Westpac is owed $24 million by Equititrust; NAB is owed $9.1 million, and the Bank of Queensland is also a major creditor.
Further trouble for Equititrust looms in a possible class action being prepared by Sydney-based law firm Piper Alderman on behalf of about 40 unit-holders, who have $30 million invested in the funds.
Equititrust has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
 
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ASIC suspends Equititrust's financial services licence 

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APRA’s hard-line stance on enforcing new global banking rules could result in higher interest rates and a credit squeeze, former Commonwealth Bank CEO Ralph Norris has warned.
The warning from Norris follows a week of annual general meetings where the banks complained of high funding costs and political pressure to lower interest rates and just two weeks after the ANZ said it would adjust its mortgage rates independently of the RBA.
It also follows reports – <a href="https://www.propertyobserver.com.au/economy/anz-denies-carrying-out-apra-stress-tests/2011121652870">denied by ANZ, with other major banks declining to comment</a> – that APRA is requiring all the major banks to “stress test” how they would cope should a European financial collapse reach Australia.
Norris’s chief concern is the prescriptive approach APRA is taking to the implementation of Basel III banking reforms, announced in Switzerland in December 2010.
The reforms require (among other things) that banks hold higher reserves of cash as well as have sufficient high-quality liquid assets “to survive a significant liquidity stress scenario for a minimum period of 30 calendar days”.
Norris says regulators in Europe and the US are taking a softer approach to implementing the regulations, whereas Australia is at risk of scoring “an own goal” by moving too far ahead of what the rest of the world is doing.
“Of course there are benefits in having a strong and stable financial sector, as was demonstrated during the financial crisis, but Australia’s stable banking sector withstood the GFC because it is already well capitalised and well regulated. Raising the bar again may lead to a marginal increase in stability but, it must be asked, at what cost?” Norris writes in The Australian Financial Review.
“It is difficult to be precise about stability benefits at the margin versus cost, but it is clear that higher or increased capital levels did not necessarily correlate with increased stability and resilience during the crisis. It is also true that financial crises can originate outside the financial system, and increased stability within the system may not avert such crises,” he says.
“The cost of getting it wrong, because of flawed assumptions or models, could be very great, and would have a direct impact on the price and availability of credit for Australian customers,” Norris says.
According to Norris better capitalised banks are not necessarily more resilient in times of crisis. 
APRA intends to issue the final version of its prudential standard covering capital adequacy requirements in mid-2012.
Following this, qualitative and reporting requirements as well as changes to minimum liquidity holdings requirements will be implemented in late 2012 or early 2013.
The liquidity coverage ratio– which requires banks to hold enough liquid assets to survive a 30-day period of acute stress – will be implemented on January 1, 2015, while net stable funding ratio requirements – the proportion of long-term assets that are funded by long-term, stable funding  - will be implemented on January 1, 2018. Both are in line with an internationally agreed timetable.
 
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Tough APRA regulation could push up interest rates: Ralph Norris

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Commercial property investors may be encouraged to put more of their money into Australia’s top-end hotel brands in 2012, following a Roy Morgan survey that found nine out of 10 customers who stay in a luxury hotel walk out satisfied.
The top-rated hotel brands continue to be the Sheraton and Crowne Plaza, which both achieved a 91% customer satisfaction rating for the 12 months to October 2011, according to the Roy Morgan Research Hotel Customer Satisfaction Survey.
Both hotels improved their customer satisfaction rating from 84% and 87% respectively for the previous 12-month period.
Third position at 89% is shared by five hotels — Westin, Intercontinental, Hilton, Mantra and Marriott.
The greatest improvement in satisfaction was recorded for Golden Chain; at 88% it is up nine percentage points compared to the previous year.
Jane Ianniello, international director of tourism, travel and leisure at Roy Morgan Research, says customer satisfaction for most premium hotels has increased over the past 12 months. “By contrast, satisfaction for most mid-range and basic hotels and motels has remained steady and sometimes declined.”
This year offshore investors have snapped up a number of Australian CBD hotel offerings.
In August including Singapore-based  private investment firm Nadathur Fareast bought buying Tourast Corporations’ Constellation Hotels business, which includes management of over 60 hotels in Australia and New Zealand.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/hotelbrands.gif"><img src="/images/stories/hotelbrandsthumb.gif"></a>
US-based LaSalle Investment Management snapped up the 380-room Novotel Melbourne on Collins Street in the CBD for $204 million in early May just a week after US hospitality property group Host Hotels &amp; Resorts spent about $137 million for a 75% stake in the 396-room Hilton Melbourne South Wharf Hotel.
In February, Singapore investor Michael Kum added the one-year-old 275-room Travelodge in Melbourne’s Docklands to his hotel portfolio in February for a reported $54 million, and in January the prestigious 10-year-old 296-room Hilton Melbourne Airport Hotel was sold to Pan Pacific Hotels Group for $108.9 million. It was last sold in 2004 for $40 million.
NAB’s September quarter commercial property survey rated hotels as the top performing sector, despite its All Hotels Property Index (a measure of investor and market participant confidence in the sector) easing to +23 in September from+27 in the June quarter.
“Our own research indicates that CBD hotels are still out-performing non-CBD hotels, with stronger conditions in this market supported by a strong corporate and conference market and solid demand from Asian leisure travellers. 
“In contrast, conditions in the non-CBD hotels sector remain tougher because of the impact on domestic tourism from the high Australian dollar and relatively weak consumer confidence,” says NAB.
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Hotel investors can rest easy with improved satisfaction ratings

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.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

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

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

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

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

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

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.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Larry Schlesinger

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