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Mortgage lending recorded another modest 0.5% increase in September, according to RBA statistics.

The 0.5% increase follows an increase of 0.4% over August. For the year to September, housing credit is up 5.8%.

The September figure is the ninth consecutive monthly increase of either 0.5% or 0.4%.

In December 2010 housing credit increased by 0.6%. March 2010 was the last time it increased by 0.7%.

Over the month, loans for owner-occupiers increased by 0.5% to be up 6.4% for the last 12 months, while loans for investment purposes increased by 0.4% to be up 4.6% for the same period.

The growth in mortgage lending was in line with total credit provided to the private sector by financial intermediaries, which increased by 0.5% during September 2011, after rising by 0.2% during August.

Other personal credit rose by 0.4% over September, after decreasing by 1.1% over August. Over the year to September, other personal credit decreased by 0.9%.

<p style="margin-top: 0cm; margin-right: 0cm; margin-left: 0cm; margin-bottom: 0.0001pt; line-height: 15.6pt; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; vertical-align: baseline;">Business credit rose by 0.4% over September, after rising by 0.1% over August. Over the year to September, business credit increased by 0.2%.
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lschlesinger-FZcF9M3vE6

Mortgage lending up modestly in September

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Capital city house prices fell just 0.2% in September to $450,000, their best result in seven months, suggesting the housing market may have turned the corner, according to the latest RP Data-Rismark Hedonic Home Value Index.
This was the smallest decline since February 2011 and reversed a trend of accelerating capital losses since the end of March 2011.
Over the first nine months of 2011, capital city home values have now declined by 3.6% while over the 12 months to September 30, capital city home values were off by 3.4%.
Despite the fall in values, houses have delivered total returns of 0.7% for the year to date and 0.9% over the last 12 months.
“Housing market conditions are starting to show some green shoots now.  While the September index declined further, the -0.2% result was the best outcome we’ve seen in seven months,” says RP Data research director Tim Lawless.
“The 8.1% lift in consumer confidence, as well as rising speculation that interest rates are heading south soon, are likely to be the drivers of this improvement,” he adds.
Regional house values rose 0.1% on a seasonally adjusted basis.
Speaking to Property Observer, Lawless said he would be surprised to see an increase in house prices at the macro level over the next few months due to the performance of Sydney and Melbourne and their heavy weighting in the index.
“It is doubtful we will see any real improvement in capital city values for some time,” Lawless says.
“Melbourne is a weak spot. Melbourne had been a solid over performer in 2007, 2009 and 2010 and is now entering a large correction phase. 
“Melbourne had a great deal of momentum, which carried house prices perhaps higher than they should have been. But there are now a lot of homes available to buy. We would need to have stock absorbed for any improvement,” Lawless says.
Looking at the performance of regional house prices, Lawless says regions associated with the commodities boom are the strengths in this market while lifestyle and coastal regions are countering any real growth – a two-speed situation.
Rismark’s Christopher Joye notes the overall strength of the housing market “notwithstanding the <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=harry%2Bdent%2Bproperty%2Bobserver&amp;source=web&amp;cd=1&amp;ved=0CBwQFjAA&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Feconomy%2Fmark-bouris-tackles-harry-dent-s-bearish-claims-christopher-joye%2F2011101951989&amp;ei=DdytTrrsBqOUiQf08ZDXDw&amp;usg=AFQjCNEU7X19tZ5Zi0w3ROIeMH8ljiuOEg&amp;sig2=8q4lBv4FMgXC1WgmFOoYqA">extraordinary hysteria whipped about house price bubbles</a> and so forth”, pointing to the gross total return of 0.7% generated by Australian housing in 2011  as  “very reasonable in the scheme of things”
“Indeed, it looks positively attractive compared to the extreme volatility, and stunning losses, sharemarket investors have had to endure,” he adds.
Over the month, the strongest performing capital city was Adelaide, with house prices rising 0.5% to $370,000 followed by Brisbane, up 0.4% to $415,000.
<img src="/images/stories/rpdataoct311.gif">
Source: RP Data/Rismark
Sydney recorded the biggest monthly drop of the major capital cities, with prices falling 0.6% to $500,000 to be down 1.2% year on year. The Sydney market is still the strongest-performing capital city market, delivering 12-month returns of 3.5% ahead of Canberra (3.2%) and Darwin 1.2%. 
Fall since peak (Click to enlarge)
<a href="/images/stories/rpdataoct312large.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/rpdataoct312.gif"></a>
Source: RP Data/Rismark
Over the three months to September, Darwin remained the best-performing capital city, with values down 0.3% on a seasonally adjusted basis. Hobart was the weakest capital city, with values down 6.6% over three months to August.
Darwin is also delivering the highest rental yields, with gross rental yield of 5.3% for houses and 5.8% for units.
Melbourne, where house prices are down 4.4% for the year, is returning the lowest rental yields with gross rental yields of 3.8% for houses and 4.3% for units.
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House prices fall slightly in best result in seven months: RP Data-Rismark

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Westpac is expecting history to repeat itself over the next 10 months, with the bank forecasting a 25-basis-point interest rate cut tomorrow, followed by cuts in February, May and August next year. 
Based on an improved inflation outlook for 2012, Westpac chief economist Bill Evans says the bank remains of the view that three more rate cuts will follow the forecast Melbourne Cup Day rate cut, taking the official rate to 3.75% by the third quarter of 2012. 
“The board has changed rates at every one of the last five November board meetings, beginning in 2006. Governor [Glenn] Stevens, who was appointed in July 2006, has changed rates at the November meeting every year he has been in office,” says Evans. 
“It is not a coincidence the bank has been more active in November, February, May and August. 
“Since Governor Stevens was appointed, he has changed rates on 19 occasions – 10 (including five in November) in either November, February, May, or August and 9 in all the other remaining eight months. 
“November, February, May and August provide the bank with new information on the inflation track (released quarterly in October, January, April and July) and precede by four days the quarterly Statement on Monetary Policy. In this statement, the bank is able to set out its growth and inflation forecasts for the next three years and provide a detailed explanation for any change in policy,” Evans says. 
The bank was the first of the major lenders to forecast an interest rate cut before the end of the year. 
<a href="https://www.propertyobserver.com.au/finance/interest-rates-heading-down-in-december-2011-westpac/2011071550822">Since July, the bank had been forecasting a rate cut in December</a>, but altered its view to forecast one tomorrow based on the improved inflation outlook.
<img src="/images/stories/westpacoct31.gif">
Source: Westpac 
“We expect that our [inflation] forecast of 2.4% in 2012 is on track to be achieved,” Evans says in the latest Westpac weekly briefing. 
However, Westpac is betting against interest rate markets, which are predicting another 25-basis-point cut in December. 
“There are a number of factors which we think will stay the bank's hand in December. Firstly, it is likely to be a little sceptical about the sharp fall in reported inflation. Note that the Bureau of Statistics is now seasonally adjusting 62 of the 87 expenditure classes in the headline CPI – that compares with 20 under the previous approach,” Evans says. 
“The low 0.3% read on underlying inflation for the September quarter (compared to market forecasts of 0.6%) can be largely explained by seasonal adjustment with the seasonally adjusted headline printing 0.4%, compared to 0.6% for the unadjusted print.” 
Not all economists are certain of a rate cut tomorrow, including <a href="https://www.propertyobserver.com.au/economy/history-suggests-rba-will-sit-still-next-week-hsbc-s-paul-bloxham/2011102852110" target="_blank">HSBC’s Paul Bloxham</a>, who says the most likely scenario is that the bank will sit still. 
CommSec senior economist Craig James puts the chance of a Melbourne Cup Day rate cut at just 50-50.
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Westpac forecasts four rate cuts in next 10 months

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The government’s First Home Saver Account (FHSA) incentive is finally gaining traction among first-home buyers, with a 56% rise in new accounts in the June quarter, according to the latest figures from the Australian Prudential Regulation Authority.
Over the first six months of 2011, the scheme attracted more than 6,000 account holders, and account holder numbers are up 95% since September 2010. 
As of June, 2011, nationwide there were 31,000 open FHSA, containing a total of $230 million. This figure is still just a fraction of the 220,000 first-home savers projected to open accounts by 2009 and is unlikely to ever reach the 2012 target of 700,000.
The take up of the savings scheme was clouded by the First Home Owner Boost scheme, which ran from October 2008 to the end of 2009 and encouraged first-home buyers to purchase a home sooner rather than save.
The increase has come despite the <a href="https://www.propertyobserver.com.au/news/anz-the-only-bank-to-offer-government-backed-first-home-saver-accounts-as-cba-exits/2011082251243" target="_blank">Commonwealth Bank, the nation's largest home lender, dumping the scheme</a> in August, leaving the ANZ as the only major bank to offer the savings accounts. Only 18 financial institutions offer the accounts, mostly credit unions.
The scheme aims to help first-time buyers save for a deposit for their first homes.  Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme on May 25 to allow savings in an account to be paid into an approved mortgage after the end of a minimum four-year qualifying period, rather than requiring the money to be paid into a superannuation account.
Under the original policy, if the account holder bought a home before the end of that four-year period, the balance of their account was required to be transferred into the borrower’s superannuation fund so that it remained in a concessionally taxed environment.
“We believe further improvements to the scheme to make it more flexible that were passed by federal parliament earlier this year are helping to boost interest in FHSA,” says Dean Rushton, chief operating officer at mortgage broker Loan Market.
Rushton says previous Loan Market surveys found consumers had been confused about the scheme and believed it was too restrictive. 
“While we have seen some lenders recently remove their interest in the scheme, there still remains substantial support from the government to help potential buyers save towards a home loan deposit,” he says. 
The FHSA was launched in October, 2008 with an original target of assisting 700,000 people in its first four years of operation.
“The fact remains this is a positive initiative and it needs to continue to increase its exposure. Loan Market certainly encourages people looking to enter the property market to consider the FHSA,” Rushton says.
The property FHSA recipients buy must be their main residence for a continuous period of at least six months. The six-month period must start within 12 months of becoming the owner of the home, meaning buyers could rent out the property during the first 12 months or after living in it for six months.
For more about buying your first investment property, download our free e-book.
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First home saver accounts becoming more popular

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Offshore investor activity has helped drive strong revenue growth in CBRE’s Asia-Pacific and Pacific regions, with demand for Australian commercial assets particurlarly strong, according to third-quarter global figures for the period ending September 30, 2011. 
Across Asia Pacific, revenues increased by 24% relative to the corresponding period in 2010, with CBRE noting “strong growth in Australia/New Zealand, China, India and Japan”. 
In the Pacific, third-quarter revenues were 29% ahead of the third-quarter of 2010 on a US dollar basis. 
Globally, CBRE revenue for the quarter totalled US$1.5 billion, an increase of 21% from US$1.3 billion in the third quarter of 2010. 
Commenting on the strong performance in the Pacific region, Tom Southern, president and chief executive of CBRE Australia and New Zealand, said the level of investor activity had been “noteworthy” coming despite the ongoing volatility in overseas financial markets. 
“Foreign buyers have led the charge, with offshore investment in the Australian commercial property market reaching a two-decade high in the third quarter. 
“Our data shows offshore-based institutions and private investors accounted for 41% of the $2.49 billion in commercial sales (individual transactions of at least $20 million) in the third quarter – well above the long-term average. 
“The relatively high yields available in Australia, combined with the relatively low economic risks, are underpinning buyer interest, with yields here having shown very little compression compared to what’s been experienced in other gateway cities around the world.” 
Southern said private investors and institutions from Singapore have been the most active purchasers. 
A highlight of the offshore deals negotiated by CBRE was the $395 million sale of 259 George Street, Sydney, to Memocorp. 
“In the third quarter we also saw the long-awaited emergence of mainland Chinese investors and a number of US-based groups are also reviewing opportunities in the region following the 20 Martin Place, Sydney sale to Pembroke Real Estate [a deal also negotiated through CBRE],” he added.
During the third quarter, CBRE also negotiated a new 12-year, 28,000-square-metre lease for Deloitte at Grosvenor Place in Sydney.
Overall, Southern says the most significant commercial investment and leasing activity has been occurring in the resource- and mining-driven centres of Queensland and Western Australia, where CBRE negotiated some significant sales and leasing transactions, including representing Ernst and Young and Rio Tinto in some of the city’s largest lease transactions for 2011.
Retail leasing was dominated by offshore retailers like Topshop and Zara seeking opportunities, with Southern adding “extremely weak retail trading conditions in Europe and the US, particularly in relation to luxury and fashion items” was driving retailers to consider “previously untapped markets where they can maximise their returns by offering a point of difference”.
“This has been borne out by the strong performance of Zara in Australia, where some of its strongest trading stores on a global basis are located. This has encouraged the likes of Topshop, Uniqlo, H&amp;M, Abercrombie &amp; Fitch, Forever 21 and more recently WH Smith to seek out opportunities in this region,” he added.
Globally, CBRE property sales rose 23% for the quarter, driven by exceptionally strong growth in the Americas (up 42%).
Commercial mortgage brokerage revenue rose 32%. For the quarter, global mortgage activity (loan originations and sales) improved 52% from a year ago to approximately $5.8 billion.
Property leasing revenue was also up strongly, rising 19% globally for the quarter.
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Big Australian commercial deals help CBRE post strong third-quarter results

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The total number of active Melbourne apartment projects has fallen below 300 for the second successive quarter in September, a decline of just over 4% from the previous quarter, according to research by Oliver Hume.
The number of active projects is the lowest since the June quarter 2010.
If fully developed – and the majority are expected to be – the 284 projects will deliver about 41,400 apartments over the coming years, compared with about 293 projects and 33,450 apartments in the corresponding quarter 12 months ago.
Oliver Hume defines a “project” as those that are pre-selling off the plan, under construction or completed with available stock
Of the 41,400 apartments, just under 23,000 are in buildings already under construction or completed, with about 12,600 apartments released over the last year.
Five municipalities contain 60% of all metropolitan Melbourne apartment projects. The most active apartment market is still the City of Melbourne with 17,400 apartments, followed by Stonnington and Yarra. Boroondara and Port Phillip round out the top five.
<img src="/images/stories/melbapartments.gif">
The research reveals that developers are building bigger apartment complexes, with the average number of apartments per project now at 157, up 10% from 143 in the previous quarter and from 123 in the corresponding quarter 2010.
The median entry price for one- and two-bedroom apartments is $369,000 and $520,000 respectively, with the price differential between the one- and the two-bedroom units $151,000, up from about $115,000 when records commenced in 2008.
Since 2008, the entry-level price of a one-bedroom apartment in metropolitan Melbourne has risen at an average rate of 3.3% a year, from $335,000 to $369,000.
The entry-level price of a two-bedroom apartment has risen by 5% a year, from $450,000 to $520,000.
Despite the quarterly drop in apartment projects Melbourne remains the “Manhattan” of Australian cities, with the Victorian capital accounting for a record 44% of all Australian multi-unit approvals in 2010-11.
In 2010-11, multi-unit approvals fell just short of 23,800, according to Metropolitan Melbourne According to an apartment market report compiled by Oliver Hume this was almost a third more than the 16,400 approvals granted last year and three times the 6,600 approved in 2005-06.
The rise in apartment approvals in Melbourne is even more noteworthy when set against declining national multi-unit activity, which dropped 11% in the June 2011 quarter compared with the March quarter of 2011 and is now 5% lower than a year ago.
For advice on buying off the plan download our free e-book.
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Melbourne apartment offerings contract from 2010 exuberance

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Centro Retail Australia, the new property trust set to rise from the ashes of embattled Centro Property Group will own and manage a portfolio comprising 99 shopping centres, with Woolworths and K-Mart the biggest tenants.
Woolworths will have 29 tenancies among the properties comprising the trust and will take up 8.2% of the gross lettable area, while K-Mart’s 14 stores will take 7.8% of the gross lettable space.
Coles, with 24 leases, will take up 7.2% of the gross lettable area available.
If approved, the new fund will manage and own 43 shopping centres nationally worth $4.4 billion, making it the second-biggest retail landlord behind Westfield. Combined with the Centro syndicate business it will own total assets worth $7 billion. In his presentation to shareholders in Sydney, Centro chief executive, Robert Tsenin reminded shareholders that the company would be unable to meet its senior debt obligations of $2.9 billion, which is due on December 15, and that “aggregating” the retail property portfolio under a new lender-controlled entity to be called Centro Retail Australia was the only viable solution for the embattled group.
“The alternative is likely to be <a href="https://www.propertyobserver.com.au/industry-news/centro-says-it-must-restructure-or-fail/2011082951331">external administration</a> in which circumstances Centro security holders are expected to receive nothing,” Tsenin said when Centro annual results were released earlier in the year.
Senior lenders to Centro will own nearly three-quarters of the new entity, with shareholders of Centro’s unlisted Direct Property Fund (DPF) and the Centro Retail Group (CER) holding the remaining share of the business.
Direct property income will account for 81% of the revenue earned by Centro.
Tsenin will be interim CEO of Centro Retail Australia until he retires in mid-2012.
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Woolies and K-mart to anchor Centro's new property group

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Department store and cinema tenants within shopping centres owned by property group GPT have contributed to a lacklustre performance of its $5.3 billion retail property portfolio, according to its latest quarterly report.
Department stores, which anchor many of GPT’s shopping centres, recorded a 9% drop in moving average turnover growth over the three months to September 2011, with only cinemas fairing worse, with a 9.3% drop in turnover.
The poor performance of these two tenant groups closely match their performance in <a href="https://www.propertyobserver.com.au/news/westfield-cinemas-struggling-perhaps-due-to-pricey-popcorn/2011081751194">Westfield shopping centres,</a> which recorded an 8.5% drop in department store sales and an 8.7% drop in cinema sales in interim results released in August.
Average turnover from mini majors also fell sharply, down 6.3%, while turnover from discount department stores fell 2.6%.
Stronger performers included supermarkets (up 2.5%) while in the speciality retail category mobile phone retailers were the stand-outs, registering a 17% increase, with food businesses also performing strongly.
Overall, speciality sales fell 0.8% while shopping centre sales were down 0.5% for the three months to September 30, 2011 compared with the same period in 2010.
GPT’s retail portfolio includes the Highpoint Shopping Centre near Flemington Race Track, currently undergoing a $300 million, 30,000-square-metre extension due for completion in 2013. New tenants will include David Jones.
The shopping centre is partly owned by GPT (16.7%) and its subsidiary the GPT Wholesale Shopping Centre Fund (GWSCF), which has a 50% stake.
CBRE revised GPT’s stake upwards from $212 million in June 2011 to $228 million while GWSCF’s stake was valued at $685 million, having been valued at $637 million.
GPT says leasing enquiries for the more than 100 new shops have been strong.
GPT chief executive and managing director Michael Cameron says while the retail sector is experiencing “considerable pressure” its portfolio has proved resilient with the occupancy rate at 99.9%.
Office occupancies are at 97.5% and industrial at 100%.
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Poor performance of cinemas and department stores hurt GPT's bottom line 

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An expected rate cut on Melbourne Cup Day is not guaranteed to stimulate consumer spending and the take-up of credit, according to NAB CEO Cameron Clyne.
Speaking to the media following the publication of annual results that reported NAB recorded a full-year net profit of $5.21 billion and mortgage book growth at three times the banking sector average, Clyne said a rate cut might not be a catalyst for a return of confidence.
“It is a little unclear if global stability has a greater bias for consumer confidence or if something like a rate cut will have a bigger impact,” he says.
He says people reading every day about concerns in Europe have a bias to be more conservative and points to a collapse in confidence following the first US debt ceiling crisis. In the months before the US crisis, Clyne says confidence had been rising.
“If you get a rate cut but there are still overseas concerns, it may not be a catalyst to a return of confidence,” he says.
“It’s hard to say.”
Clyne also says the bank is comfortable with its mortgage market share gains following its “break-up” media campaigns and taking the lead on abolishing mortgage exit fees.
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Rate cut no guarantee of return of confidence: NAB boss

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A now expected RBA rate cut on Melbourne Cup Day will save the average mortgage holder around $46 a month, according to mortgage comparison website RateCity. 
The figure is calculated based on the cash rate being cut by 25 basis points to 4.5% and lenders passing on this rate cut to borrowers on variable rate mortgages.
Speaking on ABC radio today, federal Treasurer Wayne Swan said there would be “no excuse whatsoever” for banks not to pass on the expected rate cut. 
Based on an average mortgage size of $288,000 and a variable mortgage rate of between 6.86% and 7.11%, a 25-basis-point trim would give borrowers an extra $46 to spend on other goods, save for a rainy day or perhaps, as Tony Abbott suggests, blow on the pokies.
On average NSW borrowers will see the greatest reduction in monthly mortgage payments with $51 per month being trimmed while Tasmanians, which have the smallest average loan size ($187,000) will see the smallest jump in bank balances of just $30 per month.
How a 0.25% rate cut impacts variable rate mortgage borrowers across Australia
 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="123">
 
</td>
<td valign="top" width="123">
Average mortgage size
</td>
<td valign="top" width="123">
Monthly repayment at current benchmark variable rate (7.11%)
</td>
<td valign="top" width="123">
Monthly repayment if benchmark variable rate cut by 0.25%
(6.86%)
</td>
<td valign="top" width="123">
Monthly saving if rate cut by 0.25%
</td>
</tr>
<tr>
<td valign="top" width="123">
National  
</td>
<td valign="top" width="123">
$288,300 
</td>
<td valign="top" width="123">
$2,058 
</td>
<td valign="top" width="123">
$2,012 
</td>
<td valign="top" width="123">
$46
</td>
</tr>
<tr>
<td valign="top" width="123">
First home buyer
</td>
<td valign="top" width="123">
$283,900
</td>
<td valign="top" width="123">
$2,027
</td>
<td valign="top" width="123">
$1,981
</td>
<td valign="top" width="123">
$45
</td>
</tr>
<tr>
<td valign="top" width="123">
NSW
</td>
<td valign="top" width="123">
$320,500
</td>
<td valign="top" width="123">
$2,288
</td>
<td valign="top" width="123">
$2,237
</td>
<td valign="top" width="123">
$51
</td>
</tr>
<tr>
<td valign="top" width="123">
VIC
</td>
<td valign="bottom" width="123">
$290,700
</td>
<td valign="top" width="123">
$2,075
</td>
<td valign="top" width="123">
$2,029
</td>
<td valign="top" width="123">
$46
</td>
</tr>
<tr>
<td valign="top" width="123">
QLD
</td>
<td valign="top" width="123">
$279,300
</td>
<td valign="top" width="123">
$1,994
</td>
<td valign="top" width="123">
$1,949
</td>
<td valign="top" width="123">
$45
</td>
</tr>
<tr>
<td valign="top" width="123">
SA
</td>
<td valign="top" width="123">
$228,400
</td>
<td valign="top" width="123">
$1,630
</td>
<td valign="top" width="123">
$1,594
</td>
<td valign="top" width="123">
$36
</td>
</tr>
<tr>
<td valign="top" width="123">
WA
</td>
<td valign="top" width="123">
$265,300
</td>
<td valign="top" width="123">
$1,894
</td>
<td valign="top" width="123">
$1,851
</td>
<td valign="top" width="123">
$42
</td>
</tr>
<tr>
<td valign="top" width="123">
TAS
</td>
<td valign="top" width="123">
$188,700
</td>
<td valign="top" width="123">
$1,347
</td>
<td valign="top" width="123">
$1,317
</td>
<td valign="top" width="123">
$30
</td>
</tr>
<tr>
<td valign="top" width="123">
NT
</td>
<td valign="top" width="123">
$279,200
</td>
<td valign="top" width="123">
$1,993
</td>
<td valign="top" width="123">
$1,948
</td>
<td valign="top" width="123">
$45
</td>
</tr>
<tr>
<td valign="top" width="123">
ACT
</td>
<td valign="top" width="123">
$273,500
</td>
<td valign="top" width="123">
$1,952
</td>
<td valign="top" width="123">
1,909
</td>
<td valign="top" width="123">
$44
</td>
</tr>
</tbody></table>
Source: RateCity, Australian Bureau of Statistics August 2011 Housing Finance data
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Cup Day rate cut would give mortgage holders $46 a month: RateCity

<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.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

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.

<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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