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Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
<img src="/images/stories/stgeorge.gif">
Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
The <a target="_blank" href="/news">bank last cut its fixed rates at the end of September</a>, reducing its three-year fixed-home loan rate by 0.15 points to 6.39% per annum as well as trimming its two-year fixed home loan rate by 0.05 points to 6.39% for its Advantage Package customers. Its basic two-year and three-year fixed rate loans carry a rate of 6.54%.
Expectations of more fixed-rate cuts follows the Reserve Bank’s decision to cut the official cash rate to 4.5% in November. <a target="_blank" href="/news">Most lenders passed on the full 25-basis-point cut to variable-rate customers.</a>
Major lenders such as Westpac believer a further 75 basis points will be trimmed off the official cash rate over the next 12 months, meaning lenders will have to continue to cut fixed rates to entice borrowers to opt for fixed products.
According to financial products comparison website RateCity.com.au, the average three-year fixed rate is now 6.61% compared with 7.43% at the start of the year.
Non-bank lender Homestar Finance currently offers the cheapest fixed-rate mortgage according to RateCity, with a three-year fixed loan at 6.15%.
The cheapest variable rate advertised on RateCity.com.au is 6.38% being offered by online lender Loans.com.au while the cheapest of the big four banks is NAB, which offers its standard variable mortgage at 7.47%.
Since the first of August this year, 90% of mortgage lenders have lowered some of their fixed rates, with some cutting fixed rate home loans by as much as 140 basis points in that time.
The <a target="_blank" href="/news">Commonwealth Bank was one of 36 lenders that cut their fixed rates in October</a>.
The Commonwealth Bank cut its five-year fixed rate by 85 basis points to 6.89% in October, the biggest fixed-rate cut of all the major banks.
All the major banks have cut their fixed rates by at least 50 basis points for spring, according to the mortgage comparison website.
 
 
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lschlesinger-FZcF9M3vE6

Fixed home loan rates set to be trimmed even further

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Victoria has cemented its position as the epicenter of new residential and commercial building projects, accounting for nearly a third of all national building work, according to the Building Commission’s November report.
Victorian building work made up 32% of national building approvals during 2010-11, up from 28% recorded in 2009-10.
For the month of August, Victoria accounted for 31% of the nation’s building activity, compared with 33% in July and 32% in June.
It has been the leading construction state since January 2010.
Overall, the east coast continues to dominate building construction in Australia, accounting for 85% of activity in 2010-11.
During 2010-11 building approvals in New South Wales made up 23% of national approvals, down from 24% in 2009-10. Queensland reported 20%, down from 21%, South Australia was stable with 6%, and Western Australia’s share decreased to 13% from 15% over this period.
<img src="/images/stories/vicbuilding.gif">
Source: Victorian Building Commission
The report also revealed the challenges facing the building sector, with the value of building activity per building industry employee down 8% over the last year to about $128,000.
As of June 2010, there were currently just over 14,200 domestic builders in Australia and around 4,400 commercial builders, 4% more than there were in June 2009.
 
 
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Victoria leads nation in new building approvals

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Insurers will be required to use a “common sense” definition of “flood” in home and contents insurance cover to prevent a repeat of what happened following the 2010 and 2011 summer floods, when some home owners received no compensation.
A standard definition, which will be included among draft regulations to be released for consultation by the government by the end of the year, sets out that:
“Flood means the covering of normally dry land by water that has escaped or been released from the normal confines of: A. any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or B. any reservoir, canal, or dam.”
“The Gillard government will introduce a standard definition of ‘flood’ to ensure we don't have a repeat of what happened after last summer's floods, where people with insurance policies with one definition of ‘flood’ received compensation while people living next door, with a different policy and different definition, received nothing at all,” announced Assistant Treasurer Bill Shorten in partnership with Attorney-General Robert McClelland.
“Many families and individuals affected by the 2010 and 2011 floods were not even aware their insurance did not cover flood. All policies that offer flood insurance will be required to contain the standard definition and this will end the confusion.”
The standard definition proposal is part of the government's response to the 47 recommendations in the final Natural Disaster Insurance Review report commissioned to examine insurance for flood and other natural disasters following the 2010 and 2011 summer floods.
The review made a range of recommendations encompassing flood risk management, insurers’ claims handling and dispute resolution processes, and the provision of flood insurance.
Shorten called the review’s recommendations “a good place to start in mitigating the risk of disasters and making sure everyone has the appropriate insurance arrangements to set them on the path towards recovery after disaster strikes”.
In addition to requiring insurers to use a mandatory definition, the government is also consulting on a proposal that all insurers must offer flood cover as part of home building and home contents insurance policies, while giving consumers the opportunity to opt out of that cover.
The Insurance Council of Australia, which represents the nation’s biggest insurance companies, has rejected the proposal estimating it will <a href="https://www.propertyobserver.com.au/news/premiums-to-soar-if-flood-cover-becomes-mandatory-insurers/2011071550814">cost $5,000 to $7,000 in additional premiums to cover each of these homes against the risk of flooding</a>.
Other recommendations to come out of the NDIR review that the government will act on include:
<ul>
<li>It will invest $12 million over the next four years to establish a flood risk information portal after the review highlighted the need to improve availability and consistency of flood risk information. 
</li>
<li>Implementation of a requirement for insurers to provide their customers with a key facts sheet for all home and contents policies clearly setting out all key information about the features of the policy in addition to the existing product disclosure statement. Further consultation on the content of the key facts sheet will take place early next year. <ul>
<li>To work with lenders to develop a scheme whereby they remind borrowers annually of their obligation to maintain insurance and of the risks of under-insurance. 
</li>
<li>The government and insurance industry have already agreed to remove the provision that the General Insurance Code of Practice doesn't apply during natural disasters </li>
</ul>
</li>
</ul>
A process of consultation will be undertaken with relevant stakeholders with an issues paper to be released in 2012 following completion of the consultation process on the mandatory opt-out proposal.
 
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Government proposes standard flood definition for insurers

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Mortgage broker Mortgage Choice should know by the end of the week whether it will be 17% owned by the Commonwealth Bank. 
The Australian Competition and Consumer Commission (ACCC) is expected to rule on Friday, November 17 whether to allow the Commonwealth Bank to acquire financial planner Count Financial for $373 million, thereby acquiring Count’s 17% stake in Mortgage Choice.
Other substantial shareholders in Mortgage Choice include founder Rodney Higgins, who has a 13% stake and investment firms Invesco Australia (7%), Paradice Investment Management (13%) and Renaissance Smaller Companies (5%). 
Following the bank announcing its intention to acquire Count, Mortgage Choice CEO Michael Russell said he expected the bank to offload its stake in the mortgage broker to allow the merger to go ahead. 
He told Australian Brokernews that a decision by the bank to keep its stake in Mortgage Choice would be met by “trepidation” by brokers. 
Concerns about a potential conflict could also surface since the Commonwealth Bank is one of the largest lenders on the Mortgage Choice panel. 
A report in the Australian Financial Review following the announced takeover said the bank would be willing to sell its stake in Mortgage Choice to ensure the deal is approved. 
The ACCC reportedly delayed its decision on the merger to allow time for a submission from Mortgage Choice. 
The Commonwealth Bank already has a stake in the mortgage broking sector, as it owns a third of Aussie Home Loans. 
Should the Count Financial acquisition get the nod from the ACCC, as is expected, the bank will also acquire Count Financial subsidiary Finconnect, a small provider of mortgage broking services.
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CBA counting down the week until ACCC Mortgage Choice decision

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Melbourne’s booming fringe office market will reach the 1 million square metres mark of A-grade office space over the next few years when a number of major Docklands projects are completed, according to research by Savills.
The Melbourne fringe office market includes Southbank, <a href="https://www.propertyobserver.com.au/victoria/office-tenants-flock-to-st-kilda-road-savills/2011072150879" target="_blank">St Kilda Road (the busiest office leasing market in the second quarter of the year)</a> and the new Docklands precinct.
It will have nearly double the A-grade square stock (the highest grade outside of inner-CBD premium offices) of its nearest competitor, the Brisbane fringe market, with 527,325 square metres of A-grade space. Sydney is next with a fringe market of 311,395 square metres, followed by Perth (123,873 square metres) and Adelaide (35,520 square metres).
Currently under construction in Docklands are the 13,000-square-metre new headquarters for Melbourne Water at 990 La Trobe Street, the ATO and Marsh Mercer tower at 735 Collins Street (part of the 185,000-square-metre Collins Square project), the 20,000-square-metre Aurecon building at 850 Collins Street and NAB’s second Docklands building at 720 Bourke Street, featuring 63,000 of office space for bank employees.
New projects that will bolster the fringe market include MAB’s 395 Docklands Drive (40,000 square metres) and Charter Hall and Flagship‘s 685 La Trobe Street (35,000 square metres).
According to a <a href="https://www.propertyobserver.com.au/office/melbourne-office-market-to-remain-strong-until-2014-colliers/2011091251513" target="_blank">September Colliers report,</a> more than 70% of the 260,000 square metres of new office space set to become available over the next three years is already pre-leased. 
This strong forecast follows a six-month period from January to June 2011, when the Melbourne office market demonstrated the highest level of net absorption nationally.
At the current rate of development the central Melbourne market – comprising the CBD, Southbank, Docklands, East Melbourne and St Kilda Road (now more than 5.45 million square metres of space) – will exceed that of central Sydney ( the CBD and North Sydney), currently the biggest office market with 5.55 million square metres, by 2015.
Savills Australia national head of research Tony Crabb says the 1 million-square-metre milestone is a “testament to the attraction that Melbourne’s office market generally has for local, interstate and international businesses”. 
Crabb says the key factor in the market’s growth has been the availability of development sites which have facilitated the construction of modern, campus-style buildings. 
“These sites have and continue to assist the growth of the fringe market with relevant, modern accommodation which is both affordable and accessible. They have also allowed businesses to upgrade and consolidate into a location offering access to the best available amenity, which are, these days, pretty much essential requirements in the quest to attract and retain quality staff,’’ he says. 
Large tenants requiring space of 10,000 square metres or more have also been a factor in underwriting the viability of new buildings while the diversity of business types has also been beneficial, Crabb adds. 
Melbourne is currently the headquarters for five of Australia's 10 largest corporations – ANZ, BHP Billiton, NAB, Rio Tinto and Telstra – as well as institutions such as the Business Council of Australia and the Australian Council of Trade Unions (ACTU). 
Savills Victorian head of office leasing Nicholas Farley says Melbourne has Australia’s largest container port, Australia’s most important manufacturing sector, a very accessible international airport and very competitively priced industrial land in the west ideal for large-capacity warehousing and supported by the nation’s best road transport infrastructure. 
“These factors, along with those cited above, and Melbourne’s reputation as the world’s most livable city, have also been important drivers of demand for both CBD and fringe office space,’’ he says. 
Besides being the headquarters of two of the big four banks (NAB and ANZ), Melbourne is also home to 40% 0f super funds and 65% of industry super funds.
Photo courtesy of Tourism Victoria
 
 
 
 
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Docklands growth to push Melbourne A-grade fringe office space to one million square metres

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The strength of Australia’s property market relative to the US has been revealed in new statistics that show that it will take more than 50 years to sell all the foreclosed and delinquent homes in the states of New York and New Jersey at the current rate of foreclosure sales.
The pipeline of foreclosed properties for sale in New York is particularly lengthy due to the introduction of new state foreclosure rules in October that require lawyers bringing claims to file an affirmation that they themselves have taken reasonable steps to verify the accuracy of documents filed in support of residential foreclosures.
Since introduction of the new laws, New York foreclosure filings have slid to about 750 a month from around 3,500 per month prior to their introduction, USA Today reported.
57 years
The number of years it will take to sell all New York foreclosed homes
52 years
The number of years it will take to sell all New Jersey foreclosed homes
21 years
The number of years it will take to sell all Maryland foreclosed homes
20 years
The number of years it will take to sell all Connecticut foreclosed homes
18 years
The number of years it will take to sell all Vermont foreclosed homes
16 years
The number of years it will take to sell all Maine foreclosed homes
10 years
The number of years it will take to sell all Illinois foreclosed homes
3 years
The number of years it will take to sell all foreclosed homes in California, Nevada and Arizona.
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It will take more than 50 years to sell all of New York's foreclosed homes

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Online bank ING Direct is Australia’s biggest second-tier lender for owner-occupier mortgages and the Bank of Queensland has the biggest investor mortgage book, according to September figures released by the prudential authority APRA.
The second tier comprises banks that fall outside the big four banks and their subsidiaries, namely Commonwealth Bank (and its subsidiary Bankwest), Westpac (including subsidiaries Bank of Melbourne and St George), ANZ and NAB.
The latest figures show that ING Direct, the Australian subsidiary of the Dutch banking giant ING, has an owner-occupier mortgage book of $28 billion and an investor loan book of over $9 billion.
Bank of Queensland has an investor mortgage book of $9.6 billion and an owner-occupier mortgage book valued at $11.6 billion.
Both banks have passed on the full November 2 RBA rate cut to their borrowers, with ING Direct’s Mortgage Simplifier product reducing to a rate of 6.87%, effective November 7, while the Bank of Queensland will reduce its standard variable rate home loan to 7.61% on November 11.
Another small lender, Rabobank, which specialises in rural loans, will reduce the variable base rate on its rural loans by 0.25% per annum.
 
Second-tier lenders (ranked by size of owner occupier mortgage book)
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="205" valign="top">
 
</td>
<td width="205" valign="top">
Owner occupier mortgage book
</td>
<td width="205" valign="top">
Investor mortgage book
</td>
</tr>
<tr>
<td width="205" valign="top">
ING Direct
</td>
<td width="205" valign="top">
$28 billion
</td>
<td width="205" valign="top">
$9.4 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Suncorp
</td>
<td width="205" valign="top">
$21 billion
</td>
<td width="205" valign="top">
$8.2 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Bendigo and Adelaide Bank
</td>
<td width="205" valign="top">
$13 billion
</td>
<td width="205" valign="top">
$8.3 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Bank of Queensland
</td>
<td width="205" valign="top">
$11.6 billion
</td>
<td width="205" valign="top">
$9.6 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Citibank
</td>
<td width="205" valign="top">
$4.7 billion
</td>
<td width="205" valign="top">
$2.4 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
AMP Bank
</td>
<td width="205" valign="top">
$4.6 billion
</td>
<td width="205" valign="top">
$1.7 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
ME Bank
</td>
<td width="205" valign="top">
$4.5 billion
</td>
<td width="205" valign="top">
$1.1 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
HSBC
</td>
<td width="205" valign="top">
$3.4 billion
</td>
<td width="205" valign="top">
$3.8 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
MECU Limited
</td>
<td width="205" valign="top">
$1.5 billion
</td>
<td width="205" valign="top">
$0.3 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Macquarie Bank
</td>
<td width="205" valign="top">
$1.4 billion
</td>
<td width="205" valign="top">
$0.7 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Bank of China
</td>
<td width="205" valign="top">
$0.3 billion
</td>
<td width="205" valign="top">
$129 million
</td>
</tr>
<tr>
<td width="205" valign="top">
Bank of Cyprus
</td>
<td width="205" valign="top">
$0.2 billion
</td>
<td width="205" valign="top">
$ 35 million
</td>
</tr>
<tr>
<td width="205" valign="top">
Rabobank
</td>
<td width="205" valign="top">
$0.2 billion
</td>
<td width="205" valign="top">
$16 million
</td>
</tr>
<tr>
<td width="205" valign="top">
Beirut Hellenic Bank
</td>
<td width="205" valign="top">
$120 million
</td>
<td width="205" valign="top">
$0.24 billion
</td>
</tr>
<tr>
<td width="205" valign="top">
Investec
</td>
<td width="205" valign="top">
$25 million
</td>
<td width="205" valign="top">
-
</td>
</tr>
</tbody></table>
Source: APRA
 
 
 
 
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ING Direct the biggest of the small

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Listed pub trust ALE Property Group has attributed the 6% boost to the value of its 87-strong pub portfolio to its long lease agreements and tenancy agreement with the Australian Leisure and Hospitality Group, which is 75% owned by Woolworths.

Results for the year to June 2011 released earlier this year revealed distributable profit of $31 million, a fall of 18% from profit of $38 million recorded in 2010, but 7.8% above February 2011 expectations.

The ALE portfolio is now valued at $758.3 million compared with $714 million a year ago, with 34 Victorian pubs making up 51% of the portfolio, a combined value of $382 million. Among the notable pubs it owns is the Young and Jackson pub on the corner of Flinders Street and Swanston Street opposite Flinders Station in Melbourne, which was valued at $9.4 million as of June 2011, up from a valuation of $8.9 million a year ago.

During the financial year, ALE redeveloped the New Brighton Hotel, on The Corso in Manly (valued at $12 million, up $100,000) and Racehorse Hotel, Ipswich (valued at $2.5 million up from $1.6 million)

It has 32 pubs in Queensland, with a cumulative value of $219 million. 

Speaking at the 2011 AGM this week, chairman of ALE Peter Warne said the improved valuations were due to rental increases and stronger average capitalisation rates across the properties. 

Commenting on the difficult market environment in general, Warne said “the valuations of quality investment properties in Australia, especially those on long-term leases to quality tenants remained very firm”.

“[ALE’s improved valuation] was independently assessed to be attributable to the high quality of the properties’ long leases and our sole tenant, ALH who continues to enjoy success as Australia’s leading pub operator and liquor retailer,” Warne said.

“Our tenant continues to trade very profitably despite the problems in some other parts of the pub sector, which we often see reported in the press.”

The strong performance of ALE is in contrast with an otherwise struggling pub sector, <a href="https://www.propertyobserver.com.au/leisure/pub-group-in-receivership-blames-onerous-lease-for-collapse/2011101051853">marked by the recent collapse of National Leisure and Gaming, operator of 35 hotels in New South Wales and Queensland, that blamed "onerous leases" for its collapse</a>.
 
 
 
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Long leases key to pub success: ALE Property Group

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Both Westpac and the Housing Industry Association believe further rate cuts are needed to stimulate new home lending following another “lacklustre” result in September. 
Housing finance to owner-occupiers increased by 2.2% September, but only 1% of this growth came from new mortgage lending with rest the result of borrowers refinancing their mortgages to take advantage of cheaper rates. 
The September result was slightly above market expectations (1.5%) but not as strong as that anticipated by Westpac, which had forecast mortgage growth of 3% over September. 
For the year to date, new lending is down by 3.8%. 
Westpac senior economist Andrew Hanlan says the RBA's November rate cut will provide some relief to the sector, with the bank sticking with its forecast of further 0.75% cut in rates still to come over the next 12 months. 
“New lending is only a little above that prevailing over the second half of the 1990s,” he says. 
Hanlan says the mix of finance was disappointing” from a new supply, construction perspective”. 
“Finance to owner-occupiers for the construction of new dwellings edged lower in the month, down 0.2%, to be 5.7% lower for the year to date,” he says.
HIA acting chief economist Andrew Harvey remains hopeful the fall in the number of loans for the construction or purchase of new homes is “merely a blip in an overall trajectory of a return to growth in new home lending”. 
“At least today’s fall in new home lending is not of an overly large magnitude, and once we see the positive impact of the Melbourne Cup day rate cut flow though we should see lending begin to gain ground. “Moreover, if the RBA fires up with a second rate cut in December, or at latest early 2012, which is warranted given domestic and global economic conditions, then the prospect of a return to decent levels of new home building is good,” he adds. 
 
“The sector faces a number of headwinds: interest rates, stretched affordability and household's desire to pay down debt. These factors are offsetting the positives of rising household incomes, relatively low unemployment and a shortage of housing stock.” 
By state, owner-occupier finance for the year to date reveals some divergences. 
There were signs of strength in WA, with mortgage lending to owner-occupiers up 9.1% over the nine months to September. 
However, NSW (1%) and South Australia (2.2%) are broadly flat for the year while mortgage lending has weakened in Queensland (down 9.5% for the year), Victoria (down 4%) and Tasmania (down 5%). 
Finance to investors was up 1.9% in the month, rebounding 8% since April, but still down 4.2% for the year to date. 
“While rents are strengthening, established house prices have tended to trend modestly lower since mid-2010,” says Hanlan.
<a target="_blank" href="https://www.propertyobserver.com.au/economy/one-rate-cut-not-enough-to-help-economy-but-watch-employment-data-macquarie/2011110952285">Macquarie Investment Management agrees that more rate cuts are needed.</a>
 
 
 
 
 
 
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More rate cuts needed following lacklustre mortgage lending figures: HIA

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Prime office rents have continued their upward trajectory across Australia’s biggest CBD markets, bucking the slowdown occurring across the wider Asia Pacific region, according to analysis by CBRE. 
CBRE regional director for office services James Patterson says the lack of large and well-located premium floor space is continuing to support rents in Sydney and Melbourne while demand for resources companies is supporting growth in Perth and Brisbane. 
In Sydney, the core CBD market was the only precinct to achieve rental growth in the third quarter, with the largest deal over this period the re-signing and expansion of Deloitte’s commitment to lease 28,000 square metres of space at Grosvenor Place at 225 George Street. 
The bulk of the remaining activity involved smaller deals. 
Rental growth was stagnant in Melbourne over the quarter as occupiers delayed decisions due to the global economic volatility. However, minimal supply in the CBD is expected to drive continued growth in rents in 2012 as only 6% of the new stock due to be completed in 2012 is not pre-committed. 
Brisbane’s CBD office market continues to be driven by demand from companies directly or indirectly linked to the resources sector, with strong positive net absorption in the Brisbane CBD recorded over the third quarter. 
CBRE expects occupier demand to drive continued prime rental growth in the CBD despite new stock completions in 2012. 
“Vacancy in the Pacific declined more rapidly during the third quarter than had been expected,” Patterson says. 
“Vacancy in prime buildings is exceptionally low across all markets and this trend is likely to persist over the remainder of 2011 given that the new supply due to come on stream has mostly been pre-let.” 
The strong performance of Australian and the Pacific region is in contrast to the wider Asia Pacific region, where office rental growth has slowed in most markets due to the uncertain global economic outlook.
The CBRE Asia Pacific Office Rent Index increased by 2.2% quarter-on-quarter in the third quarter of 2011, but this was the lowest rate of growth recorded in 12 months.
In addition to Australia, China was one of the few office markets to generate  strong expansionary demand, with Beijing and Guangzhou enjoying quarter-on-quarter rental growth of 8.8% and 7.8% respectively. 
In the Pacific region, rental growth slowed to 0.8% over the September quarter from 4.2% year-on-year. 
Region-wide, CBRE head of research for Asia Pacific Nick Axford says the short-term outlook for the office sector remains positive, despite the instability in regional stock markets and the worsening economic situation in the United States and Eurozone. 
“Rental growth is likely to continue to moderate slightly in the months ahead as the external economic volatility will continue to weigh on business sentiment in the region going forward,” he says. 
“Occupier demand should remain firm in greater China markets on the back of robust demand particularly from domestic companies. However, externally oriented markets such as Hong Kong and Singapore will be particularly vulnerable to further disorder in the global economy.”
 
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Australian CBD office markets outpace their Asian neighbours: CBRE

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Joel Robinson

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

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According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Newstead apartment boom continues with Longland Street tower plans

ALAND has taken the next major step in delivering its vision for Leppington Town Centre, lodging State Significant Development plans for a $549 million residential precinct that would bring more than 1,200 new homes within walking distance of Leppington Station.

The proposal, now on public exhibition, forms the Residential Core Precinct of the broader Leppington Town Centre masterplan and would transform a 4.3-hectare site at <a href="https://www.apartments.com.au/new-apartments/156-166-rickard-road-leppington-nsw-2179">156-166 Rickard Road</a> into a high-density mixed-use neighbourhood comprising nine residential buildings rising between six and 25 storeys.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="fc20982d-a0a9-4989-8fb3-680ca9fdcd10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.44%E2%80%AFAM.png?VersionId=l5EEyS6Dkf_SLDQkwDeyAU2nXkSZP2RW" />

The development has been designed by Rothelowman and is being pursued through a State Significant Development Application alongside a concurrent rezoning request under the NSW Government's Housing Delivery Authority pathway.

If approved, the project would deliver 1,206 dwellings, including 784 build-to-sell apartments, 208 build-to-rent apartments, 189 affordable housing units and a nine-storey serviced apartment building containing 112 rooms. The proposal also includes around 7,400 sqm of non-residential floor space, new public open space, communal recreation areas and a new internal street network.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="c4f80d3b-cb05-4068-8a87-808317807a99" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.36%E2%80%AFAM.png?VersionId=KfPqh1JBuxc53IWntEzGHAeBaCLmRmum" />

<h2 data-end="1990" data-section-id="s6350" data-start="1941">A key piece of Leppington's future town centre</h2>

The site sits around 250 metres from Leppington Station, which opened in 2015 as the terminus of the South West Rail Link and has long been earmarked as the catalyst for the suburb's transformation from a rural fringe location into a major strategic centre for Western Sydney.

Leppington has become increasingly important following the announcement of the Western Sydney International Airport and the emergence of Bradfield City Centre, with government planning identifying the precinct as a significant location for future housing and employment growth.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="8ca0f098-affc-48c0-80d3-468ea090a20c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.26%E2%80%AFAM.png?VersionId=o3mwgBFT6H9YUllI0JR.JfLsUYQy1CTa" />

According to Rothelowman, the proposal responds directly to Leppington's unique position between its agricultural past and its urban future.

"The site offers an opportunity to weave together multiple layers of history, from its ancient connections to Country along the ridgeline between two waterways and its origins as part of the Cumberland woodland, to its more recent agricultural uses, and its future as a new residential community," the architects said in the design report.

The architects said the project aims to establish a high-density residential typology that combines apartment living with extensive landscaping and public open space.

"The design responds by establishing a high-density typology that combines the convenience and amenity of contemporary apartment living with a renewed native landscape."

<h2 data-end="3541" data-section-id="1ko88s2" data-start="3485">Nine buildings arranged around parks and public space</h2>

The proposal has been designed around a landscape-led framework rather than a traditional podium-and-tower approach.

Across the site, approximately 7,500 sqm of public open space would be delivered through a network of north-south and east-west linear parks, connecting into the wider Leppington Town Centre open space network. A further 8,000 sqm of communal open space would be provided for residents.

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Rothelowman said the design seeks to maximise landscaping at ground level by concentrating development into compact tower footprints.

"Buildings are carefully lifted and distributed to minimise disturbance to the natural terrain, allowing the ground plane to remain open, permeable, and led by landscape," the design report states.

Rather than creating a continuous podium edge, the design team has focused on allowing landscaping to extend beneath and around the buildings.

"The ground plane is conceived as an extension of the surrounding environment, allowing landscape to flow up to and beneath the built forms."

The architectural language also draws on the area's natural landscape, with Rothelowman describing a material palette influenced by local gum trees, bark textures, creek systems and sandstone tones.

<h2 data-end="4971" data-section-id="s69utu" data-start="4922">Affordable housing and build-to-rent component</h2>

One of the more significant aspects of the proposal is the diversity of housing typologies.

In addition to traditional apartments for sale, the scheme includes a dedicated 25-storey build-to-rent building with 208 apartments and a 22-storey affordable housing building containing 189 homes.

The affordable housing component represents almost 16 per cent of the total dwellings proposed within the Residential Core Precinct.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f87e6808-e462-44c6-bfa8-a3de1816f2e3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.33.36%E2%80%AFAM.png?VersionId=WTsRKiUAyWw18S5S98yQB5oVuDcnJTxB" />

Community consultation undertaken ahead of the lodgement found support for additional housing in the area, particularly given ongoing affordability challenges across South West Sydney. Survey work conducted with local residents found housing affordability was one of the poorest-rated aspects of living in Leppington, while a majority of respondents were open to additional housing within the local government area.

The site's proximity to Leppington Station was identified as the most positively viewed aspect of the proposal, while public open space and affordable housing provisions also received majority support.

<h2 data-end="6184" data-section-id="1ngkie4" data-start="6140">Part of Leppington's broader expansion</h2>

ALAND will be a significant contributor to the broader vision for Leppington Town Centre, which is expected to accommodate more than 25,000 residents as the precinct evolves over the coming decades.

Located within Sydney's South West Growth Area, the 440-hectare Leppington Town Centre has been identified by the NSW Government as a strategic centre spanning both the Liverpool and Camden local government areas.

In 2023, Liverpool City Council and Camden Council, supported by the NSW Department of Planning and Environment, prepared a draft planning proposal to rezone land and amend development controls across a number of sites within the town centre.

The proposal outlines a new vision for Leppington Town Centre, reducing the amount of land allocated for business park uses while increasing land zoned for commercial development, housing and open space. The changes are designed to optimise land use across the precinct and support the delivery of a more walkable, transit-oriented centre anchored by Leppington Station.

&nbsp;

ALAND plots 1,200-home Leppington masterplan

Brisbane-based developer <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a>&nbsp;has enlisted renowned architecture firm Koichi Takada Architects to design its latest new apartment development.

The new 34-storey tower at <a href="https://www.apartments.com.au/new-apartments/57-berwick-street-fortitude-valley-qld-4006">57 Berwick Street, Fortitude Valley</a>,&nbsp;will have 189 apartments, complete with interiors by <a href="https://www.apartments.com.au/architects/byculprit">byCULPRIT</a>. The upper levels&nbsp;capturing views across the Story Bridge, city skyline, ranges, bay and river.

Residents will have access to a rooftop amenity floor with facilities including a pool, spa, sauna, hot and cold treatment, meditation garden, gym, yoga studio, private dining, BBQ, games lounge, wine display wall, work library, meeting rooms and outdoor work areas.

<a href="https://www.apartments.com.au/developers/trk-property-group">TRK</a> Founder and Managing Director, Arpan Kohli, said it will be a project "Brisbane hasn't seen before."

&nbsp;

"To deliver a project of this calibre, you need the right people involved," Kohli said.

"Koichi Takada Architects and byCULPRIT set the benchmarks for design excellence, and this project reflects that - a building of genuine architectural significance in one of Brisbane's most coveted locations, sitting between Howard Smith Wharves and the James Street precinct."

TRK recently launched <a href="https://www.apartments.com.au/new-townhouses/laya-residences-taigum-203-beams-road-taigum-qld-4018">LAYA Residences in Taigum</a>, 88 three-bedroom townhouses starting from $1,495,000. They have another apartment site in Indooroopilly, at <a href="https://www.apartments.com.au/new-apartments/140-central-avenue-indooroopilly-qld-4068">140 Central Avenue</a>. That will have 131 apartments.&nbsp;

&nbsp;

Larry Schlesinger

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