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Migrants and the over-50 are set to become favoured home lending customers of ANZ.
In its 2011 annual results presentation ANZ says it is looking to form deeper relationship with five customer segments namely: “affluent, migrant, young money, over-50s and ANZ staff”.
Migrants and over 50s appear to be a particular focus of the bank, with <stockticker>ANZ</stockticker> committing to providing more specialist migrant teams and more bankers to focus on retirees.
First-home owners are notably absent from its list of desired customers.
The annual results revealed that first-home owners comprised just 9% of the bank’s $170 billion mortgage portfolio and only 8% of new lending in the 2011 financial year.
Owner-occupier mortgages make up just under two-thirds (64%) of its mortgage book.
NSW and the ACT (27%) and Victoria (28%) account for more than half of its mortgage portfolio, with just under one in five borrowers coming from Queensland.
The bank revealed a 12% rise in underlying profit for the 2011 to $5.6 billion.
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lschlesinger-FZcF9M3vE6

ANZ to focus on migrant and over-50 home loan customers

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The number of first-home buyer market entering the market is up 40% compared with a year ago, with NSW leading the charge, according to mortgage broker AFG. 
The AFG Mortgage Index for October shows that first-home buyers comprised 16.4% of all loans processed by AFG brokers – a 40% increase for this buyer category compared with October 2010, when they comprised 11.8% of the mortgage market. 
The number of first-home buyers who took out loans in October was the greatest number entering the market since September 2009 –when the full First Home Owner Boost Scheme, introduced to support the housing market following the GFC – came to an end. 
First-home buyers were particularly active in NSW, where they represented 21.1% of home loans in October. This buyer segment was also well-represented in Queensland (17.9%) and Western Australia (17.3%). 
The decision by the NSW state government to end first-home buyer stamp duty exemptions and concessions for the purchase of established on January 1, 2012 has most likely contributed to the pick-up in numbers as first-home buyers look to beat the deadline. 
From January 1 the NSW government’s <a href="https://www.osr.nsw.gov.au/benefits/first_home/faqs/fhplus1/">First Home Plus scheme</a>, which provides stamp duty exemptions on homes valued up to $500,000 and concessions on duty for homes valued between $500,000 and $600,000, will come to an end to be replaced by the <a href="https://www.osr.nsw.gov.au/benefits/first_home/faqs/new_home/">First Home - New Home Scheme</a>, which provides stamp duty exemptions and concessions for new homes or vacant land intended to be used as the site for a new home.
The November interest rate cut is expected to encourage more first-time home buyers over the coming months, with Real Estate Institute of Australia acting president Pamela Bennett calling it particurlarly good news for this sector of the market.
RateCity CEO Damian Smith says for first-home buyers who haven’t yet entered the market, “lower rates will turn the clock back to 2010 and have an appreciable impact on affordability”. 
BIS Shrapnel chief economist Frank Gelber expects first-home buyers to return to the market in growing numbers following the rate cut and to drive the market over the next year.
Percentage of borrowers fixing their home loans
<img style="border-style: initial; border-color: initial;" src="/images/stories/afgnovember3.gif">
Source: AFG
In line with mortgage broking franchise <a href="/news">Mortgage Choice</a> recording sales of fixed-rate mortgages at a three and half year high in October, AFG also recorded a big jump in fixed-rate mortgages, with sales of the products rising from 16.6% of all loans arranged in September to 20.4% in October, the highest proportion since March 2008.
In July 2011, fixed-rate mortgages comprised only 7.9% of home loans arranged by AFG brokers.
Mark Hewitt, general manager of sales and operations at AFG says: “Buyers are reaping the benefits of one of the most competitive mortgage markets we’ve seen in years. Discounted fixed rate loans appealed to all buyer types, but especially first home buyers and those looking to refinance. 
“We have been slightly surprised with the popularity of fixed rates given it has been generally predicted variable rates would decrease and we would now expect the proportion of fixed rate loans to fall, following the cut in variable rates announced this week,” Hewitt says. 
The October index also showed a growing desire among borrowers to use lenders outside the major banks and Hewitt is hopeful the rate cut will drive further support for a recovery of the second tier lending market. 
Non-majors have seized more market share than at any time over the past 12 months, comprising 21.1% of all home loans. 
Their products are of particular appeal to first-home buyers, where almost 30% of the market is held by non-majors, as well as buyers looking to refinance, where non-majors account for a 21.2% market share.
The percentage of investment loans fell slightly to 35.6% compared with 37.7% in October with investors especially active in NSW (39.2%) and Vic (38.9%) with lower levels of activity in QLD (32.9%), WA (32.2%) and SA (29.8%). 
AFG brokers account for one in 10 mortgages arranged in Australia.
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NSW leads revival of first-home buyer market - and the fix is on: AFG

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The expected improvement in consumer and business confidence on the back of the November 2 rate cut will have positive flow-on effects for the struggling retail property sector as well as provide to stability to office and industrial leasing markets, according to CBRE regional director of global research and consulting Kevin Stanley.
Stanley says there are already some “early signs of confidence returning to the household sector, which may have developed in anticipation of a rate cut and will only be further reinforced now the decision has actually been made”.
“For commercial real estate, a rise in retail spending will ultimately lead to higher turnover in retail outlets and shopping centres, which in turn will support growth in rents,” he says.
“It will also improve the viability of those retailers who’ve been feeling the effects of lower revenues and this in turn should reduce vacancy risk across the retail sector.  It may also ignite interest in leasing some of the vacancy which has emerged in the last couple of years.”
Stanley also expects the 25-basis-points cut to stabilise business sentiment toward reducing costs further, such as reducing area leased or the workforce.
“This is likely to lead to more stability in the office and industrial leasing markets, where business confidence is critical to decision making concerning occupancy.
“While the interest rate cut has flowed through to household mortgages, the cost of debt for commercial loans may not necessarily drop to the same extent, given banking exposure and attitudes toward risk in the commercial sector.
“It is interesting to note, though, that the long term cost of debt is now about 4.4% (the 10-year bond rate), which means the spread to commercial property yields is at its widest for almost 20 years – that’s compelling evidence of the current attractiveness of commercial property pricing.  It adds support to the notion there’s now plenty of room for prime commercial real estate yields to compress some.”
Overall, he says the small cut will be a “real positive for real estate”.
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Rate cut to add stability to commercial property market: CBRE

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Property Observer has compiled a calendar of deadlines to ensure you don’t miss out on potentially saving thousands on your home or land purchase:
December 31, 2011 – BuildBonus, Northern Territory
<a href="https://www.housingnt.nt.gov.au/Buy/buildbonus/index">This $10,000 grant ends on New Year’s Eve</a>. It is available to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including for a house-and-land package), or unit (including off the plan) or commence construction of a new home as an owner-builder by this date. The value of a new unit or new home or the total construction cost of a new home (including the value of the land on which it is built) is capped at $530,000. The BuildBonus is available to first-home buyers in addition to the first-home owner grant. This means that eligible first-home buyers are eligible for assistance of up to $17,000.
January 1, 2012 – First Home Plus, NSW
It will be either a very happy start to the New Year or a depressing one for some NSW first home buyers depending on whether they have reached agreement yet on buying their first property. New Year’s Day signals the end of the <a href="https://www.osr.nsw.gov.au/benefits/first_home/faqs/fhplus1/">First Home Plus scheme</a>, which kicked off in April 2004. It provides eligible purchasers with stamp duty exemptions on homes valued up to $500,000 and concessions on stamp duty for homes valued between $500,000 and $600,000 as well as exemptions for those buying a vacant block of residential land to build upon valued up to $300,000 and concessions on stamp duty for vacant land valued between $300,000 and $450,000. For a property priced at $500,000 the stamp duty saving amounts to $17,990, and on a $300,000 property the saving is $8,990.
From January 1 it will be replaced by the <a href="https://www.osr.nsw.gov.au/benefits/first_home/faqs/new_home/">First Home - New Home Scheme</a>, which provides stamp duty concessions or exemptions only for new homes or vacant land intended to be used as the site for a new home.  No stamp duty is payable on new homes valued up to $500,000 and vacant land up to $300,000 while concessions apply for new homes up to $600,000 and vacant land up to $450,000.
 January 31, 2012 – Building Boost Grant (contracts), Queensland 
This is the deadline to qualify for the $10,000 <a href="https://boost.treasury.qld.gov.au/">Building Boost</a>, which applies to contracts entered into buy or build a new house, townhouse or unit under $600,000. The boost is also available for the purchase of an investment property. The grant kicked in on August 1, 2011 and led to a 16% spike in Queensland building approvals in the first month. For homes and apartments bought off the plan, the building work must be completed by July 31, 2013.” For owner builders, laying of foundations must start before this deadline.
June 30, 2012 – Victoria First Home Bonus
Up until this date, first-home buyers in Victoria who qualify for the federal government’s First Home Owner Grant may also be eligible for an additional payment of $13,000 known as the <a href="https://www.sro.vic.gov.au/sro/SROnav.nsf/childdocs/-6BF180369BCB3975CA2575A1004420CF-65A02CC2EEDDD527CA2575A1004420E8?open">First Home Bonus</a>. To be eligible to receive the bonus, the value of the property must not exceed $600,000 for contracts entered into between July 1, 2009 and June 30, 2012.
June 30, 2012 – Victoria Regional Bonus
Up until this date, an extra bonus of $6,500 is available when a first-home buyer enters into a contract to purchase or construction of a new home in a <a href="https://www.sro.vic.gov.au/sro/SROnav.nsf/LinkView/DBFEE9B4136A31E1CA2575CB00012C3265A02CC2EEDDD527CA2575A1004420E8">regional municipality in Victoria</a>. This is addition to the $13,000 First Home Bonus.  <a href="https://www.sro.vic.gov.au/sro/SROnav.nsf/LinkView/DBFEE9B4136A31E1CA2575CB00012C3265A02CC2EEDDD527CA2575A1004420E8">A list of eligible regional muncipilaties is provided here</a>.
July 1, 2012 - First home bonus grant (reduced), South Australia
From this date, South Australia’s <a href="https://www.revenuesa.sa.gov.au/fhog/index">first-home bonus grant</a> of up to $8,000 will be halved. The grant applies to contracts to purchase or build a new home.
July 1, 2012 - First home bonus grant, South Australia
From this date, South Australia’s first home bonus grant of up to $8,000 will be abolished. 
July 31, 2013 – Building Boost Grant (off the plan), Queensland
For homes and apartments bought off the plan, the building work must be completed by this date to qualify for the $10,000 Queensland Building Boost Grant
June 30, 2015 – NSW Regional Relocation grant
This is the date by which all applicants must have entered into an agreement to purchase a home within a regional area to qualify for the <a href="https://www.osr.nsw.gov.au/benefits/rrg/">$7,000 Regional Relocation grant</a>. The grant is designed to assist buyers with the cost of relocating from their metropolitan home to a regional home. The metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle. The grant kicked off in July 2011 and applies to homes valued at not more than $600,000.  All applicants must occupy the regional home as their principal place of residence for at least 12 continuous months within 12 months after purchasing the property.
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Calendar of need-to-know deadlines for home buyers wanting government grants

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Federal Treasurer and Acting Prime Minister Wayne Swan has launched a vitriolic attack on NAB, labelling the bank “greedy” and saying it has “kicked working families in the guts” after it did not pass on the full 25-basis-point rate cut to borrowers today.
The bank will pass on 20 basis points rather than 25 basis points, blaming increased costs of funding for the decision.
“It is a greedy decision and one not justified in my view by the fundamentals,” says Swan, who before yesterday’s RBA announcement said banks would have no excuse for not passing on the full rate cut.
The attack comes despite the fact NAB has offered the lowest standard variable rate of the major banks for over two years and will continue to be the cheapest lender of the big four when it cuts its rate from 7.67% to 7.47% on Monday next week.
The five basis points the bank will not pass on to borrowers will boost its earnings by an estimated $65 million. Last week NAB announced its annual profit for the 2011 financial year was $5.2 billion.
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'Greedy' NAB's decision not to pass on full rate cut 'a kick in the guts': Wayne Swan

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The manager and trustee of  the Commonwealth Property Office Fund today announced its intentions to launch an off-market buyback tender for between $50 million and $100 million worth of shares in the A-REIT. The share buyback follows the sale of a number of prime CBD office assets held by the A-REIT over the last four months including 259 George Street in Sydney, which sold for $395 million July, (with settlement occurring this week); three Perth offices (1 Mill Street, 5 Mill Street and 197 St Georges Terrace) and a 50% interest in 5 Martin Place, Sydney, for a combined $589 million.
It also follows other property funds such as Stockland, Challenger Diversified Property Group and Investa Office Fund undertaking on-market share buybacks.
The fund could buy back between $50 million and $100 million worth of CPA units but reserves the right to buy back any amount up to 10% of units, or any amount below the anticipated range, depending upon market conditions.
The buyback is in line with the fund’s capital management strategy, which was outlined in August 2011.
The buyback scheme will not impact on CP retaining an appropriate capital and liquidity position for other initiatives such as the development pipeline and it also aims to maintain its distribution policy of distributing 70% to 80% of distributable income, or taxable income, whichever is the greater.
Charles Moore, fund manager of CPA, says the off-market buyback is considered appropriate given CPA’s capital position, and has the advantage that retail investors have the option of participating.
Participation in the buy-back is optional, with tender applications closing at 7:00pm, Sydney time, on Tuesday 13 December 2011.
The buyback is open to all eligible unit holders who are registered as at Friday, November 11, 2011.
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Commonwealth Property Office Fund launches off-market buyback

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Mortgage lending franchise RAMS will pass on the full 25-basis-point rate cut to its borrowers, taking its standard variable rate to below that of all the major banks.
The RAMS standard variable rate will drop to 7.38% on Friday (November 4) below that of NAB, which we will cut its rate to 7.47% three days later and has decided to pass on 20 basis points of the official 25-basis-point cut. 
RAMS is owned by Westpac and has a strong footing in the first-home buyer and self-employed market.
 
RAMS chief executive Melos Sulicich says RAMS continues to be committed to providing Australians with the best possible deal. 
“As a specialist local lender we hear and understand the concern about interest rates and think this reduction will have a positive effect for both homeowners and the wider community. It also shows our continued commitment to providing competitive deals,” he says. 
“For many Australians, their biggest monthly expense is their mortgage and it’s important to check it’s still working for you. If not, now is a great time to re-look at the market.”
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RAMS undercuts all major banks

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NAB will pass on only 20 basis points of the official RBA 25-basis-point cut announced yesterday, a move that is likely to annoy borrowers, despite the bank maintaining the lowest standard variable rate of the big four banks with its current rate of 7.67% reducing to 7.47% on November 7.
NAB's rate cut will be a week earlier than Westpac, which will reduce its standard variable rate to 7.61% and ANZ (down to 7.55%), but three days later than the Commonwealth Bank (down to 7.56%).
Lisa Gray, group executive of NAB personal banking, says the bank has had lowest standard variable home loan rate of the major banks for more than 28 months. 
Gray says that volatile overseas markets and impending global banking security requirements has pushed up the costs of providing funds for lending.
“We are committed to offering the most competitive standard variable interest rate possible and these decisions are never taken lightly. However, the current instability in Europe presents us with additional funding pressures, as costs of funds continue to rise,” she says. 
While the bank did not pass on the full rate cut, it will cut deposit interest rates by the full 25 basis points on some products. 
Other major lenders to announce they are passing on the full rate cut include Westpac subsidiaries the Bank of Melbourne and St George which have both cut their standard variable rate to 7.55%. The rate cuts will take effect on November 14, in line with parent Westpac. 
The Bank of Queensland says it will pass on the full 25 basis point cut on November 11 bringing its standard variable rate home loan to 7.61% with CEO and managing director Stuart Grimshaw saying it was ‘the right thing to do’.  
“A lot of people around Australia are struggling and, with Christmas around the corner, offering our customers this rate relief is the right thing to do,” he adds.
ANZ chief executive Australia Philip Chronican says the bank will be passing on the rate cut despite higher funding costs.
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NAB the only bank not to pass on full rate cut, but claims to still have lowest rates

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Developer Mirvac has sold more than three-quarters of the apartments in its latest Docklands residential tower, Yarra Point.
As of September 30, 2011, Mirvac had sold 77% of the apartments in the $200 million, 31-level tower off the plan, with a combined value of $140.1 million.
In its quarterly report, Mirvac said its new release projects are “at the right price points in the right locations”, with 54% of its 2012 financial year lot sales secured by settlements and exchanges. 
In total Mirvac secured 395 lot settlements over the three-month period and says it is on track to achieve 1,800 lot settlements for the 2012 financial year.
The Yarra Point sales figures show residential investors have not been discouraged by a spate of media reports criticising the Docklands development for its lack of community feel, with one describing the precinct as a “purpose-built suburb hugger-mugger with tower blocks and affluence, but lacking heart and soul”.
Yarra Point is located in Yarra’s Edge, the section of Docklands south of the Yarra River, being exclusively developed by Mirvac. 
The $2 billion, 14.5-hectare master-planned site is home to six completed apartment towers comprising more than 750 apartments and 39 river precinct homes. 
Yarra’s Point will feature 201 one-, two- and three-bedroom apartments with prices starting from about $500,000. Construction has commenced, with settlement due to occur in 2013. 
Mirvac has previously sold out all five of the already completed towers as well as its top-end river precinct homes.
It has also received 8,000 registrations of interest ahead of release of its Harold Park project in Glebe in Sydney’s inner west, a master-planned community, which will comprise up to 1,250 new homes on the site of historic Sydney race track.
Mirvac acquired the 10.5-hectare site from the NSW Harness Racing Club last December, with the first phase of 296 apartments and strata-titled terraces set to be launched for sale off the plan this month.
For advice on buying off the plan, download our free e-book.
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Docklands development Yarra Point three-quarters sold as Mirvac says the price is right 

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Hobart may look beautiful in tourism shots, but the Tasmanian capital’s housing market is taking a battering this year and the picture is unlikely to improve.
According to the latest RP Data/Rismark house price index <a href="https://www.propertyobserver.com.au/residential/house-prices-fall-slightly-in-best-result-in-seven-months-rp-data-rismark/2011103052126">Hobart dwelling prices fell 6% in raw terms and 4.8% on a seasonally adjusted basis</a> in August to be 9.1% down for the year. The fall in house prices has accelerated over the last three months, with Hobart dwelling prices down 6.4%
This makes Hobart the worst-performing capital city housing market for the year, some way ahead of Brisbane, which has fallen just over 6% this year, but has had to cope with a series of natural disasters.
According RP Data head of research Tim Lawless, Hobart prices are more volatile due to it being a smaller market, but he says the latest figures don’t come as a surprise.
“Hobart has been weak for some time now,” he says.
Lawless says key reasons for Hobart’s weak housing market are its low rate of migration and lack of job creation.
“It’s not attracting lifestyle buyers or prospective retirees. There are no tree changers coming to Hobart. The market has been dependent on them in the past,” he says.
Although it offers investors strong yields for both houses (5.2%) and units (5.4%) compared with the average for capital cites (4.3% for houses, 5% for units) investors appear to be shunning Hobart and the state in general for opportunities in the mainland state.
At the start of September Property Observer featured <a href="https://www.propertyobserver.com.au/residential/affordability-could-draw-investors-to-tasmania/2011090651232">three of Tasmanian properties </a> offering strong investment potential in desirable locations. Two months later, all three are still listed for sale.
Other figures on Hobart are not as gloomy, but certainly reflect a housing market that is in decline and generating very little in the way of buying and selling activity.
Official ABS figures for Hobart show a 1% decline in established house prices over the September quarter with prices down only 0.3% for the year.
However, burrowing down into the figures shows that established house transfers are averaging around 800 per quarter (the most recent ABS on this measure are for the March quarter) compared with about 1,100 in the March 2009 quarter.
Figures compiled by Australian Property Monitors show that stratified median house prices in Hobart are down 2.4% year on year for the September quarter, and the city has a median price of $335,000.
According to June quarter figures from the Real Estate Institute of Tasmania, the waterfront Hobart suburb of Sandy Bay is the most expensive suburb in Tasmania, with a $647,500 median, followed by Battery Point at $645,500. Sandy Bay’s median price in the 2010 was $655,000 and $599,000 in 2009.
Four other suburbs on the 10 most expensive suburbs in the state have recorded strong gains over the past two years, including Seven Mile Beach, up from $398,000 in the 2009 June quarter to $475,000; West Hobart up from $427,500 to $495,000; Sandford up from $426,000 to $497,500 and Mount Nelson up from $417,500 in 2009 to $615,000. However two of the cheapest suburbs on the 10 cheapest locations recorded significant declines in median prices, with Ravenswood down from $190,000 in June 2009 to $142,500 and Gagebrook down from $160,250 to $150,000.
Queenstown on the west coast of Tasmania is the cheapest location, with a median price of $81,500.
Real Estate Institute of Tasmania president Adrian Kelly recently noted that with many overpriced properties on the market that “anyone currently selling a house in Tasmania needs to be willing to meet market prices or be ready for their house to sit on the market for up to a year or more".
All 10 properties on <a href="https://www.propertyobserver.com.au/tasmania/hobart-houses-still-struggling-to-sell-despite-discounts-sqm/2011110152169" target="_blank">SQM Research's list of the most discounted properties in Tasmania</a> have been on the market for more than 200 days, and six have been on the market for more than a year.
Photo courtesy of Tourism Tasmania.
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Hobart property market struggles as Tasmania not attracting tree-changers: RP Data

<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.

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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.

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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.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f5113abf-5440-4610-9cdc-60a0d41a407e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.55%E2%80%AFAM.png?VersionId=k8zLMj4yZS4hStmGzZJfosjj5iArwIek" />

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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