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A late 19th century retail and office building on George Street in the Brisbane CBD has sold to Taiwanese investors for just $25,000 more than its previous 2007 selling price.
Flight Centre Properties sold the 292 square metre refurbished four story building at 181 George Street to local Brisbane family almost six years ago for $2.375 million, having paid just over $1 million in 1990.
The sale price equates to annual capital growth of 0.18% - a substantial loss when transaction and maintenance costs over the past six years are taken into account.
<img alt="130710_181_George_St" height="480" width="275" src="/images/stories/2013/larry_uploads/130710_181_George_St.jpg">
The sale took place just before the commercial property market tumbled in the wake of the GFC.
The transaction was negotiated by Ray White Retail investment director Mark Greer and associate director Andrew Adnam.
Located opposite the Treasury Casino, it sold on a yield of around 5% , which Greer says is "reflective of current and future development in the precinct".
It is occupied by Flight Centre, Bean Café and 888 Agency. “The sale is indicative of the proposed and current development activity in the George Street precinct and represents positive investment for Brisbane’s CBD,” Greer said.
“George Street was the city epicentre during the 1940’s and 50’s and has recently experienced heightened investment and development interest.
“We experienced extensive interest in the building from both Australian and international parties and believe Brisbane will continue to see investment demand, particularly in the George Street precinct.”
“The development of 1 William Street by the state government, the Supreme Court and billion dollar proposed casino development as well as the recently completed Taxation Office, Brisbane Square and 400 George St are all contributing to George Street returning to the thriving city precinct that is was some 70 years ago.”
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Brisbane investors takes hit on sale of historic 181 George Street Brisbane building

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Conditions in the housing sector “continued to improve gradually” with house prices rising in the June quarter, according to the minutes of the RBA's July monetary policy meeting, where the cash rate was left unchanged at 2.75%.
The RBA notes that the effects of lower interest rates "were most evident in the housing market and were expected to be apparent in further growth in dwelling investment".
Once again, the minutes provide room for the RBA to cut rates further if required, though the July minutes do note that the inflation outlook is “slightly higher because of the exchange rate depreciation”.
While the July minutes highlight rising dwelling prices (compared with them being deemed flat in the June minutes), they also note that “dwelling investment was flat in the March quarter with continued growth in investment in new dwellings “offset by lower spending on alterations and additions”.
The outlook though for new residential construction remains positive.
“Forward-looking indicators for new construction continued to be favourable, with the number of building approvals increasing strongly in April and loan approvals rising noticeably over recent months, including for new dwellings,” notes the RBA.
“Dwelling prices increased over the June quarter and auction clearance rates remained high by historical standards. This was consistent with the Bank's liaison with builders, which suggested that housing conditions had improved further in most states.”
The July minutes continue more or less where the June minutes left off in relation to the housing market.
In June, the RBA provided an overall positive assessment of trends in the property market noting that “effects of low interest rates had been evident in a range of housing market indicators”.
The effects of lower rates were still apparent "across a range of indicators and, given the lags involved in the transmission of monetary policy, this process had further to run" says the RBA in its July minutes
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“Gradual” improvement in housing conditions as dwelling prices rise: RBA July minutes

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Don't ever expect Australian banks to ever talk down the property market.
The following graph, prepared as part of a report by Tony Hughes, managing director of Moody's Analytics, shows the degree to which Australian banks are leveraged to the property market compared with other countries.
As can be clearly seen, Australian banks have almost two-thirds of their lending tied to the residential property market, compared with just over 40% in Canada, 35% in the US and less than 20% in Germany and the UK.
<img alt="aussie_banks_mortgaged" src="/images/stories/2013/larry_uploads/aussie_banks_mortgaged.jpg" width="470" height="313">
"The high degree of exposure to the domestic mortgage market raises many concerns," writes Hughes.
"Recent experience has shown that house prices can fall significantly and trigger serious banking meltdowns.
"But what are the chances of a similar housing collapse in Australia?
"Many international analysts think the chances of an antipodean housing bust are quite high—it would take a bold economist who has been in a decade-long coma to declare that an Australian housing correction was impossible. When trends in Australian house prices are compared globally, the signs look worrying.
"House prices have increased for longer and faster than in many of the markets where prices cratered during the Great Recession," he says.
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Australian banks way ahead of global rivals on property market exposure: Moody's

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The Melbourne residential vacancy rate increased from 2.7% in May to 2.9% in June, as the rental market eased slightly in June, new figures from SQM Research show. 
A vacancy rate of 3% is considered to indicate a balanced market between renters and landlords.
In total 12,459 rental properties were vacant in Melbourne in June. 
Nationally, the vacancy rate increased by 0.1 percentage points to 2.2% in June with a total of 63,320 rental properties vacant nationwide over the month. 
The rising vacancy rate is expected to put pressure on rents rising further in 2013 and possibly also in 2014. 
Rental pressures eased in Sydney (1.8% to 1.9%), Perth (1.3% to 1.5%), Brisbane (1.9% to 2.1%) and Canberra (1.5% to 1.7%). 
Darwin’s property market swung further in favour of investors with vacancies falling from 1% to 0.8% in June with just 196 properties vacant.  However the Darwin vacancy rate is double what it was a year ago. 
Hobart was the only other capital city market to record a tightening in its vacancy rate from 2.7% to 2.5%. 
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/07/vacancyratesjuly16thumbtwo.gif" rel="shadowbox"><img src="/images/stories/2013/07/vacancyratesjuly16thumbtwo.gif"></a>
SQM Research notes that Canberra’s vacancy rate is up 0.9 percentage points over the past year while Perth’s vacancy rate is up 0.8 percentage points - a “side effect of the slowdown in Australia’s commodities boom, as many of the nation’s mining towns are located in that part of the country”. 
“As stated with May's result, it has become apparent that vacancy rates are now rising. Causations behind the rise vary from city to city,” says Louis Christopher, managing director of SQM Research. 
“For example the rises in Melbourne and Canberra are as a direct result of rises in completions of new residential dwellings throughout 2012 and early 2013. The rises in Perth appear to be more demand related. 
“The net result out of this is that rents will struggle to rise for the remainder of this year and 2014 could see zero rental growth as an average for the capital cities. 
“Indeed, we have evidence rents are already falling in at least one city, being Canberra.”
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.
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Melbourne leads continued easing of rental market with rents unlikely to rise until 2015: SQM

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Most real estate agents and auctioneers selling commercial and rural property will be required to continue to hold a real estate licence in a move designed to protect small investors.
The recommendation is included in the Decision Regulation Impact Statement, which the Council of Australian Governments (COAG) will consult in determining the final framework for national licensing of property occupations.
The earlier draft Regulation Impact Statement had recommended that non-residential or commercial property be excluded from national licencing on the basis that the work they does not fit “within the usual consumer protection framework that underpins licensing of property occupations”.
However, this position has been reversed following views expressed in public consultations and submissions that were “strongly supportive of the inclusion of non-residential property work in the scope of regulated work of real estate agents, agent’s representatives and auctioneers agent’s representatives and auctioneers”.
A strong driver of this reversal was a desire to protect small investors involved in transactions under $1 million.
The National Occupational and Licensing Authority notes a submission from the Real Estate Institute of Australia (REIA), providing “informative data on the monetary amounts for non-residential property sales, which was not available when the Consultation RIS was drafted.
“The data shows that the majority of sales are under $1 million, (and 97% are under $10 million).
“There was also a strong view that the buyers and sellers of non-residential property work were  generally small investors and not necessarily experienced or sophisticated consumers, and the new data appears to support this view,” says the Decision Regulation Impact Statement.
“Based on the evidence above and the risk to consumers, it is proposed that non-residential property work will be included in the scope of regulated work of a real estate agent and an agent’s representative with an exclusion from the requirement to be a licensed agent for certain non-residential property transactions.
“The thresholds for the transaction will be based on either a monetary value or an area of property.”
A figure of at least $10 million has been proposed as the base point for developing the prescribed monetary exemption, and an area of 10,000 square metres is proposed as the base point for the prescribed area.
“The impact of removing licensing for these large types of transactions would be minimal, given the small number of transactions above $10 million and has not been quantified in this RIS.”
These monetary and area size exemptions do not apply to rural sales, all of which will require that the agent is licensed.
An exemption is also proposed for non-residential property transactions between related entities.
The Decision Regulation Impact Statement provides the example of the employees of Westfield Shopping Centre Management, managing or leasing shopping centres within the Westfield Group, or employees of AMP Office and Industrial managing and leasing commercial offices on behalf of its related AMP.
Exclusions will be set out in amendments to the national law.
The Decision Regulation Impact Statement can be <a href="https://nola.gov.au/files/2013/07/DRISproperty.pdf">read in full here</a>.
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Commercial and rural property agents to keep their real estate licences in a move to protect small investors

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Real estate businesses will come under scrutiny from ATO to ensure they are meeting their employee superannuation guarantee obligations.
The ATO's 2012-13 compliance program identifies real estate businesses, café and restaurant operators and carpenters as the businesses most at risk of non-compliance.
“This year we will review, in focussed superannuation guarantee audits, around 400 high risk employers where we find evidence of non-compliance, particularly in the industries where we have previously focused communication activities including cafes and restaurants, real estate businesses [and] carpentry businesses in home building or construction,” says the ATO.
“Employers play a major role in the integrity of the superannuation system by paying superannuation guarantee contributions on behalf of their employees. Where employers fail to pay contributions for eligible employees to nominated funds, they must pay a superannuation guarantee charge to the ATO.”
The ATO makes it clear that it has the technology and access to information to catch out those who are not meeting their super obligations:
“We match information in tax returns and business activity statements with details of transactions reported to us by a wide range of third parties, including:
<ul>
<li>payments and grants by other government agencies</li>
<li>payments by businesses to contractors </li>
<li>income from investments and partnership and trust distributions </li>
<li>property and share transactions n cross-border transactions and international funds transfer. </li>
</ul>
“This range of information means we can build a complete picture of every business, including income earned, investment details, acquisition or disposal of assets such as real estate, cars and boats, and business connections,” says the ATO.
Super compliance checks of real estate agents will be carried out as part of broader employer obligations reviews involving some 3,000 employers.
“We will also check that these employers are complying with their obligation to provide employee tax file numbers to superannuation funds.
“Last year we also followed up complaints about unpaid superannuation with around 12,000 employers, mainly micro enterprises. This year we expect to contact around 13,000 employers regarding complaints about unpaid superannuation," says the ATO.
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Real estate businesses facing ATO super compliance crackdown

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Property developers have been singled out for special attention as part of the Australian Tax Office’s (ATO) 2012-13 compliance program.
The compliance program identifies the most significant risks to compliance with the tax and superannuation systems.
In examining 2012-13 tax returns, the ATO says it will increase its focus on “property developers with a history of non-compliance”.
“By engaging with taxpayers at registration and throughout the property lifecycle, we will encourage them to correctly assess and report their liabilities and, where necessary, require them to provide security bonds against projected future tax liabilities,” says the ATO.
The ATO will also seek to clamp down on illegal “phoenix” activity having identified over 2,000 property developers who "placed companies in liquidation with outstanding GST obligations on multiple occasions".
Phoenix activity is when a company deliberately goes into liquidation, leaving its debts behind, while the assets are shifted into a new entity that begins trading again, often under a similar name.
The ATO plans to conduct over 200 reviews and audits as part of its efforts to reduce fraudulent phoenix activity.
“The most serious cases will be prosecuted. We will also be increasing the use of legal collection processes against phoenix company directors, including director penalties,” says the ATO.
“Fraudulent phoenix activity involves the deliberate liquidation of a business entity to avoid financial obligations, including tax and superannuation liabilities, without risking the operator’s assets and with the full intention of resuming business operations through a new entity,” says the ATO in its latest compliance program.
“Liabilities are ‘parked’ in the liquidated business and the underlying business activity is resumed free of liabilities.
In an earlier statement this year, the ATO said it would focus on property developers who “cheat the community by not reporting GST on property sales and pocketing the GST paid by consumers”.
The ATO says it has enhanced its intelligence-gathering and analysis capabilities to “more effectively identify and monitor fraudulent phoenix operators with the aim of deterring potential phoenix activity before it occurs”.
It has an additional $552 million at its disposal over the next five years (2011-16 financial years) to administer the GST voluntary compliance program.
The compliance program mentions that a referral from the Northern Territory Revenue Office (at the centre of surging property prices)  "initiated a series of audits on property developers disengaging from the tax system and thus evading payment of income tax and GST on property sales, resulting in revenue of approximately $5 million with potential compliance impacts for state stamp duty and land tax".
Other continuing compliance activities relating to property transactions include:
<ul>
<li>expanding and improving the use of third party information to identify unreported sales, particularly in the case of one-off property transactions</li>
<li>working with taxpayers and their tax agents to alert them to discrepancies before audit action n identifying incorrect application of the margin scheme provisions to reduce the GST payable on property sales</li>
<li>undertaking approximately 1,000 reviews and audits</li>
<li>providing greater certainty for taxpayers on the treatment of transactions associated with commercial residential premises through the publication of the final commercial residential ruling in August 2012.</li>
</ul>
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Property developers to face increased tax scrutiny as ATO targets illegal “phoenix” arrangements

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The Tower Estate Winery portfolio in Pokolbin in the Hunter Valley, founded by celebrated wine-maker Len Evans and majority owned by former News Corporation chief executive and chairman Ken Cowley, has been listed for sale.
The buyer interest is expected to come from Asian investors as well as local buyers.
The portfolio includes Tower Lodge and Tower Estate Winery, Peppers Convent guesthouse (pictured below) and the building which houses the well-known Robert’s Restaurant. 
<img src="/images/stories/2013/07/peppersjuly16one.jpg" width="470" height="683" alt="peppersjuly16one">
Ken Cowley now owns around 60%, with American businessman and restaurateur David Doyle, co-owner of Rockpool Bar &amp; Grill and the celebrity chef Rick Stein the next biggest shareholders, each with 10%.
The Barnes family trust associated with News Corp director Peter Barnes, the managing director of Grant Samuel, Ross Grant and headhunter Andrew Banks at Talent2 are also among its listed shareholders.
Len Evans' widow Patricia and his daughter Sally retain a small equity holding, some seven years after his death.
Originally set up in 1999, early shareholders included renowed Hunter Valley winemaker Brian McGuigan and businessmen John David, Basil Sellars and Bill Roche.
It is currently managed and directed by Matt Cowley, the son of Ken Cowley.
The sale campaign followed a decision by the shareholders in Tower Estate to sell the properties to new investors.
The offering comprises a mix of freehold and community title land totaling 21.75 hectares on the corner of Halls and Broke Road in Pokolbin and is made up of
<ul>
<li>The Tower Lodge and Tower Estate Winery situated on a 16.19 hectare freehold lot. The Lodge comprises 12 luxurious guest rooms, the renowned Nine Restaurant, conference facilities and heated pool, spa and sauna and a two-level manager’s apartment. </li>
<li>The Tower Estate Winery rated 5 star by James Halliday, including a modern 300 tonne capacity winery, a few small vineyards and a detached storage building.</li>
</ul>
<ul>
<li>Peppers Convent – the former home of the Brigidine Order of nuns, which was transported to Pokolbin in 1995 and restored as a five-star guesthouse.</li>
<li>Robert’s Restaurant – consists of the Ironbark cottage built in 1876 and a larger main dining room built in 1995.</li>
<li>The restored Welsh Baptist Chapel built in 1888 as well as the Robert’s Vineyard.</li>
</ul>
The properties are being offered for sale by expressions of interest, either individually or in one line, in a campaign closing August 27, 2013 and being led by CBRE Hotels regional director Rob Cross.
He expects the portfolio will generate significant interest from high net worth private investors, both locally and from offshore. 
“Given the trophy nature of the portfolio and its premier location in the heart of the Hunter, we have already fielded strong preliminary buyer interest from investors wishing to gain a foothold in one of Australia’s most recognised wine regions,” Cross said. 
“The portfolio represents one of the country’s best luxury boutique wine estates, including some of the most luxurious accommodation in the Hunter and a restaurant which is consistently rated as one of the region’s finest dining venues.” 
Co-selling agent, Jurd’s Real Estate principal Alan Jurd said the winery was located on a prime corner site regarded as Pokolbin’s “golden mile” and there was potential for future expansion.
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Rick Stein and co selling Tower Estate Winery portfolio and may tempt Asian buyers

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<img src="/images/stories/2013/07/savillslogo.jpg" width="200" height="200" alt="savillslogo" style="display: block; margin-left: auto; margin-right: auto;">
Having spent nearly 10 years at Harry Triguboff's Meriton group, Alex Adams says his most interesting project was the iconic Meriton World Tower in the Sydney CBD.
<img src="/images/stories/2013/07/alexadmasheadshot.jpg" width="100" height="100" alt="alexadmasheadshot" style="float: left;">Agent: Alex Adams

Position: Director - Residential site sales at Savills Australia and New Zealand

Company: Savills

Office location: Sydney
How long have you been in the industry?   12 years
What’s happening in the area you specialise in? There is an unprecedented demand for Residential and Mixed Use development sites. It is a very good and strategically sound time to launch our new specialised division within Savills. Describe the most interesting property you have developed: Most interesting property to work on was Meriton’s World Tower. Was an eye opener and a great learning experience. What are the ingredients to being successful in your job? Be persistent, be patient, work smart, know what is going on around you and know your competition. What aspects of your role do you enjoy the most? The most satisfying part of what i do is seeing an idea, a concept, turn into a reality.
Where would invest a spare $750,000? I would look at optioning a development site... and a holiday. Which football team do you support? St George Dragons What’s your favourite app or techno gadget? Galaxy Note 2 How do you use social media? Not as often as I should. I will be changing that. Connect with Alex on Twitter: <a target="_blank" href="https://twitter.com/Aleko_Adams">@aleko_adams</a>
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In profile: Savills' head of residential site sales, Alex Adams

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The value of total commercial finance commitments rose 2.5% in May, following a rise of 2.7% in April, a rise of 2% in March and a 1% rise in February, the latest ABS lending finance figures show.
Fixed lending commitments rose 7.4%, following a rise of 0.9% in the previous month.
Revolving credit commitments fell 11.5%, after a rise of 8.3% in the previous month.
The value of commitments for the purchase of dwellings by individuals for rent or resale (using commercial finance) rose 1.5% in May 2013 on a trend basis and the seasonally adjusted series rose 0.8%.
In seasonally adjusted terms, the value of total personal finance commitments fell 3.1%. Revolving credit commitments fell 6.2% and fixed lending commitments fell 0.9%.
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Commercial lending up 2.5% in May: ABS

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

Joel Robinson

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

Larry Schlesinger

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