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Sydney has the highest number of renters as well as the highest percentage of mortgage holders at risk of falling into poverty, according to a new national study.
More than 106,000 people who rent in Sydney face difficulties meeting the basic costs of living, according to Housing Costs Through the Roof, a report compiled by the National Centre for Social and Economic Modelling at the University of Canberra on behalf of Australians for Affordable Housing.
The report examined households that earned the lowest 40% of incomes – taking family size into account – who spend 30% or more of their earnings on rent or mortgage payments.
On this basis, over 73,000 or 12% of mortgage holders in Sydney are in housing stress, with the figures even higher for first-home buyers, with 15% (just over 15,000) struggling to make ends meet.
<img src="/images/stories/housingstressnsw.gif">
Nationally, the report found that one in 10 households (over 850,000) are in housing stress, with the highest rates of housing stress felt by renters and first-home buyers, with 26% of renters and 15% for first-home buyers in housing stress.
In percentage terms, Hobart has the highest number of renters in housing stress, with one in three falling into this category. In addition, more than a quarter (26%) of Hobart first-home buyers are in mortgage stress, despite the Tasmanian capital having one of the cheapest housing markets and the smallest average first-home loan at under $195,000.
Other key findings of the report are that first-home buyers in Melbourne are more likely to experience housing stress than those in Sydney while Commonwealth Rent Assistance recipients in Adelaide had the highest rates of rental stress.
Commenting on the findings, Australians for Affordable Housing campaign manager Sarah Toohey says there is “an entrenched and significant group of people in Australia who face day-to-day hardship because of their housing costs, but it doesn’t have to be this way”.
“There are clear actions that governments can take to improve housing affordability and take the pressure off these households,” she says.
“A secure home is a fundamental building block for everything else we do in life. We need to create a housing system that works for everyone.”
Australians for Affordable Housing is a coalition of national housing, welfare and community sector organisations to highlight the problem of housing affordability in Australia.
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More Sydney home owners and renters in housing stress than any other capital

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Melbourne’s residential vacancy rate has hit 3%, the highest of all the capital cities, following an increase of 0.2% during the month of September, according to figures compiled by SQM Research. 
There are now 10,926 properties available to rent in Melbourne, compared with 10,197 in August and just 7,986 a year ago, equating to an annual increase of 0.8%. 
Hobart was the other capital city to register a 0.2% monthly increase, while Brisbane, Adelaide and Canberra recorded monthly increases of 0.1% in line with the national increase in vacancy rates, which now stands at 48,179 properties available to rent, a vacancy rate of 1.9%. 
According to SQM Research, the national vacancy rate has “hovered around 1.8% to 1.9% for the last few months, which may be an indirect result of the continuous lack of buyer interest in the housing sales market of late”. 
Managing director of SQM research Louis Christopher says Melbourne is the one exception to the expectation that national vacancy will remain in a fixed range for the foreseeable future. 
“It is very possible we will see Melbourne vacancies continue to rise from here as there is, even at this point in time, new stock still just being completed now,” Christopher says. 
The Sydney vacancy rate remained unchanged at 1.4% in September, equating to 7,769 properties listed for rent an increase of just 0.2% over the year. 
<img src="/images/stories/sqmvacancy.gif">
Of the major capital cities, Perth has the fewest available properties to rent at just 1,559 after the city’ vacancy rate fell by 0.1% over September to stand at just 0.9%. 
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.
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Melbourne's vacancy rate climbs to 3% and could continue to grow: SQM Research

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{yoogallery src=[images/stories/october20noosaheads]}
The 103-hectare Noosa Springs golf course and masterplanned residential community in Noosa Heads has been listed for sale. 
Developed by the StarCo Group since 1997, the property development business run by the local Starkey family, it has long been considered one of the jewels in the Sunshine Coast property market and one of the most sought-after residential golfing communities. 
Up for sale are the two remaining development sites, a subdivided residential lot along with the 18-hole championship golf course, clubhouse, spa and other facilities that make up the masterplanned development. 
The assets, which are available to be purchased in one line or individually, are being marketed via an international expression-of-interest campaign by Dean Humphries and Ben McGrath from Jones Lang LaSalle. 
The listing of Noosa Springs follows a number of other prominent residential and leisure listings in the troubled Sunshine Coast market. 
These include <a href="https://www.propertyobserver.com.au/developments/offers-over-%2430-million-sought-for-austcorp-s-coomera-waters-gold-coast-development/2011101851986?source=flciker2" target="_blank">Austcorp Group’s masterplanned 476-hectare Coomera Waters development</a> on the Gold Coast, which was recently put up for sale with price expectations of between $30 million and $40 million. 
In September <a href="https://www.propertyobserver.com.au/leisure/sea-temple-development-seeks-golfing-devotees/2011091551565" target="_blank">the luxury Sea Temple Golf and Country Club in Port Douglas</a> as well as the adjoining housing estate were put up for sale by the Juniper Development Group. 
Also in September, <a href="https://www.propertyobserver.com.au/leisure/clive-palmer-buys-distressed-golf-courses-at-discount/2011092051616" target="_blank">Queensland billionaire and mining supremo Clive Palmer paid about $7 mining for the Robina Woods and The Colonial</a> golf courses on the Gold Coast. 
The larger of the two Noosa Springs development sites measure 4.262 hectares, with full approval for up to 155 apartments and facilities, while the smaller site measures 1.1 hectares with potential for up to 43 apartments.
One of the prized assets is likely to be the 72-par golf course designed by golf course architect Graham Papworth to fit in with the local tropical environment and rated one of the best in Australia.
Other facilities up for sale include the day spa, restaurant, conferencing and function venue, boutique fitness centre and resort accommodation – featuring management rights for 32 apartments – and the Oasis, a residential subdivision with 26 vacant lots.
The gated residential community and resort facility is three kilometres from Hastings Street in Noosa Heads and is due to comprise of 300 homes, extensive sport and leisure facilities, and resort accommodation of up to 240 apartments upon completion.
McGrath says a large number of homes have been completed and sold over the past 15 years. 
“There is now the opportunity for an investor or developer to acquire the last remaining tracts of land and develop a further 198 owner-occupied or investment apartments. These sites are serviced with development approvals in place. There are also 26 residential allotments bordering the golf course that can be purchased in-one-line,” he adds. 
Humphries expects interest from resort-type investors and developers. 
“The ability to complete a 200 key world-class resort with these key facilities already in place is ideal, he says. 
“Noosa Springs currently generates a strong established cash flow and runs a healthy trading surplus from its highly successful golf course, spa and function facilities, allowing for a new investor to benefit from an attractive holding return whilst they sell down or develop the last remaining tracts of land,” he adds. 
According to RP Data, the median house price in Noosa Heads has fallen 16% since 2008 to $647,000 while units are down 24% to $570,000 over the same period. 
A research report put out by PRD Nationwide in July forecast the Sunshine Coast residential market to recover at a slower pace than the Brisbane market with expectations that it would remain flat until at least the end of 2011. 
Expression of interest close on November 16.
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Another Queensland golf course for sale

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Sydneysiders are leaving the city as it becomes increasingly congested and housing supply dries up, according to the federal government’s State of Australian Cities 2011 report. 
Between 2001 and 2010 Melbourne increased its population by more than 600,000 while Sydney’s grew by less than 450,000, with Sydney’s net population growth the result of international migrant arrivals outpacing departing local residents. 
In comparison, Melbourne remains a destination for many international migrants, but is also losing fewer internal migrants and consequently is growing more rapidly than Sydney. 
The report reveals the Sydney’s inner and middle city zones are becoming increasingly congested in comparison with Melbourne and Perth.
While the central local government areas of Perth and Melbourne both experienced rapid growth alongside Sydney as CBD and surrounding areas were redeveloped with higher-density housing, this trend was most pronounced in the City of Sydney, which added 52,530 residents and was a significant share of Sydney’s population growth (11.7%) in the period 2001 to 2010.
Overall, around 54% of Sydney’s population growth over the last 10 years has occurred in its inner city and middle city zones, with only 46% occurring in the outer suburbs. 
In comparison, 61% of Melbourne population growth has occurred in the outer suburbs, while more than two-thirds of Perth’s expansion (69%) has occurred on the outer edges of the city.
According to the report, Melbourne’s growth was concentrated on the city’s western, northern and south-eastern fringes with Perth’s population growth even more heavily concentrated in urban fringe developments, particularly those with coastal proximity.
In addition, Sydney is suffering from the state’s inability to build enough residential dwellings with NSW continuing to fall behind Victoria in the pipeline of new houses, semi-detached houses and apartments approved for construction. 
Figures for 2008 - 2009 and for 2010 - 2011 show that while NSW nearly doubled the number of apartments and units approved from 6,000 to 11,000 over these periods Victoria increased its pipeline from 6,000 to more than 17,000. 
Furthermore, while Victoria has over 35,000 houses approved for construction for 2010 – 2011, NSW has less than half that at just over 16,000.
Urban Taskforce chief executive-designate Chris Johnson says the report singles out Sydney for “dishonourable mention” and highlights that while there is a 200,000 housing gap between supply and demand, it is particurlarly severe in Australia’s largest city. 
“This report clearly shows that Sydney’s lack of new housing is driving people away from the city that they know and love,” Johnson says. 
Johnson says Sydney is not fulfilling its potential as a “hub for compact, pedestrian friendly living”. 
According to Johnson the housing supply crisis in Sydney and NSW is showing no sign of abating. 
“In the last quarter alone, work started on just 6,700 new homes in NSW, compared with 14,700 in Victoria and 6,000 in Queensland. 
“In fact, the June quarter saw new housing starts fall by 20% in NSW while Victoria saw an increase of 4.5%. 
“No capital city produces less homes per head of population than Sydney.” 
With large proportion of new jobs (50% to 70%) located in the outer suburbs in Sydney, Melbourne and Perth, Johnson says investment in new public transport to connect outer suburban communities to the urban core is vital. 
“It’s disappointing that the release of this report has not been accompanied by any commitment by the federal hovernment to fund the new and improved arterial roads essential for urban growth, nor any commitment by the federal government to fund the north-west rail link in Sydney.”</body></html>

Sydneysiders driven out by housing undersupply and congestion: Report

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The mortgage broking industry has been toasted at the 10th Australian Mortgage Awards marking a year during which brokers strengthened their market participation but gave up more power to the major banks.
According to the most recent JP Morgan/Fujitsu Mortgage Industry Report mortgage brokers are now writing about 43% of new home loans in Australia, just below the pre-GFC peak of 45%, but power has shifted further towards lenders.
The awards follow a challenging 12 months for the industry, with housing credit growth slowing and brokers now operating under a stricter ASIC compliance and licencing regime.
The announcement of winners also coincided with the <a href="https://www.propertyobserver.com.au/industry-news/refund-home-loans-in-administration/2011101451935" target="_blank">collapse of one the biggest mortgage broking franchises, Refund Home Loans</a>.
The major banks scooped up three awards on the night, with Westpac judged to have the best internet presence, NAB Broker winning the best industry advertising campaign and the Commonwealth Bank’s Natasha Kelso named the best bank business development manager.
Multiple award winners included Oxygen Home Loans, the mortgage broking arm of John McGrath’s real estate business, which scooped independent brokerage of the year (six or more staff) and Australian brokerage of the year.
The mortgage broking awards follow McGrath’s Neutral Bay/Mosman/Northbridge office winning the Franchise Council of Australia’s national Community Service Award following its involvement with 14 community groups during the last 12 months. 
Melbourne-based The Australian Lending and Investment Centre picked up three gongs on the night including new brokerage of the year and Australian broker of the year for its loan writer, Mark Davis. 
One of the industry’s most successful mortgage brokers, Wendy Higgins, operator of Mortgage Choice’s Glenelg franchise in the western suburbs of Adelaide, took home the Golden Morgie for lifetime achievement. 
South Australian franchise Club Financial Services picked up two awards, as did mortgage aggregator Connective, both to its BDM Fiona Brown. 
While it did not take home any of the prizes, Century 21 Home Loans received four nominations including ‘Best Customer Service from an Individual Office’ (Century 21 Home Loans/Solution Funding, Dural), Commercial Broker of the (Scott Colless, Broker of the Year (Franchise) - Geoffrey Slater, and Franchise Brokerage of the Year - Century 21 Home Loans Mayland. 
<a href="https://www.australianmortgageawards.com.au/winners/" target="_blank">Click here for a list of all the winners.</a>
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Major banks among the winners as mortgage brokers celebrate industry growth

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The Century Centre in the Parramatta CBD has been listed for sale for the first time on behalf of private developer Capital Corporation, which is seeking about $50 million for the 12-storey A-grade office building. 
The building is located in the business hub of Parramatta CBD between George and Macquarie streets on a heritage-listed site steeped in history. It sits above the convict-built sandstone barrel-drains that run under Church, George, Smith, Charles and Macquarie streets. A portion of the drains can be viewed via a glass floor in the building’s foyer. 
<img src="/images/stories/parramattaoffice.jpg">
The listing of the building located at 18 Smith Street (and commonly referred to by that name) follows the latest Property Council office vacancy statistics showing that Parramatta’s A-grade vacancy rate was just 2.4% as at July 2011. 
The Parramatta office market, often referred to as Sydney’s second CBD, has been among the most actively leased markets over the last year, with Savills reporting an 81% increase in the take-up of office space for the 12 months to June 2011. 
According to Savills, the Parramatta CBD, which comprises about 685,000 square metres of stock, is expected to benefit from a strong recovery in the Sydney CBD market. 
The Century Centre has a net lettable area of approximately 12,000 square metres and includes parking for 166 cars. It is located approximately 150 metres from the Parramatta bus/rail interchange and close to Westfield Parramatta. 
It was completed in 1999 by Cencorp Property Group, which merged with Capital Corporation in May 2008. 
It recently underwent a $4.8 million refurbishment that included a stylish foyer makeover, the revamping of common areas and the installation of an air-conditioning system, which resulted in its NABERS energy rating being upgraded from 2.5 stars to four stars. 
It is anchor tenanted by Telstra subsidiary NDC (the original anchor tenant), which recently recommitted to 6,600 square metres of space in the building. Other major tenants include Suncorp, which occupies 2,490 square metres of space, alongside Pepper Australia and Employers Mutual, which recently leased 1,140 square metres and 770 square metres of space respectively.
CBRE’s Greg Cohen and Michael Brislane in tandem with Frank Sassine and John McCann of Colliers International will jointly market the building, which is expected to draw interest from both institutional buyers and private investors. 
Cohen says the building’s location in the financial core of the Parramatta CBD is expected to underpin interest in the sale campaign. 
“This is the first A-grade Parramatta building to be offered via an on-market campaign in recent years,” he says.
According to Colliers’ Frank Sassine Parramatta’s strong market fundamentals are expected to underpin interest in the sale.
“Further analysis, indicates only two opportunities are currently available for tenants seeking A grade office space greater than 1,000sqm and there no options for those tenants looking at more than 2,000 sqm of contiguous A grade space,” he says. 
“As a result, rental growth has commenced, in particular for the A Grade market, and this is expected to continue given the lack of new supply in Parramatta,” Sassine said. 
Proceeds from the sale of the Century Centre will be reinvested in future Capital Corporation development projects including MCentral Macquarie Park, AXIS @Sydney Olympic Park and residential developments in Mascot and  Rosebery. 
Expressions of interest will close in late November.
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Parramatta office tower on the market for about $50 million

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While an 18% increase in land sales in the June quarter is an encouraging sign, there will be no turnaround in the new home building sector until the March 2012 quarter at the earliest, according to Housing Industry Association and RP Data. 
Despite the significant increase in land sales over the June quarter volumes are still 25% lower than in the June quarter last year and 51% lower than their June 2004 quarter peak, according to the HIA-RP Data Residential Land Report.
 
The release of the report coincides with quarterly ABS building activity data which shows the value of new residential building work done <a target="_blank" href="https://www.propertyobserver.com.au/residential/residential-building-down-5.3-in-june-quarter/2011102052005">fell 5.3% to $9.53 billion over the June quarter</a> on a seasonally adjusted basis.
“The profile for residential land sales remains weak, indicating that the earliest we can expect a turnaround in new housing starts is the March 2012 quarter,” says HIA chief economist Harley Dale. 
“It is encouraging that land sales have stopped falling, but there is a long road ahead to ensure a sustainable recovery in new home building to levels commensurate with the housing requirements of Australia’s population,” he adds. 
<img src="/images/stories/hiaoct20.gif">
RP Data national research director Tim Lawless agrees that the improvement in land sales over the June quarter is an encouraging sign. 
“Land sales provide a solid leading indicator for future dwelling commencements. A further improvement in land sales over the September and December quarters will be warmly welcomed by the development and home building sectors which have felt the full brunt of the housing downturn,” he says.
According to Lawless, the Australian vacant land market hit rock-bottom during the December quarter last year with the following March quarter not much better.
“The fact that land sales showed a marked improvement over the June quarter, a time when the RBA was still hinting at interest rates hikes, suggests land markets around the country are likely to continue showing an improvement in transaction volumes over the remainder of 2011,” he says.
Dale says the over the last decade in particular the cost of serviceable land has escalated at a rate far in excess of general inflation and building construction costs, “driven by a lack of appropriate land release and excessive, government-imposed costs”.
“Independent research finds that over 40% of the cost of a house and land package can be attributed to taxation and much of that burden falls within the serviceable land component. Policy reform to reduce the excessive taxation levied on new housing is vital to ensuring Australia’s poor record on housing affordability is sustainably turned around.”
While land sales picked up over the June quarter, median land prices fell marginally over this period, though prices are still higher than a year ago, the report found.
The weighted median land value in Australia fell by 1.3% in the June 2011 quarter to be 3.5% higher than the comparable quarter in 2010. 
The median value for capital cities was effectively flat in the June 2011 quarter at $214,656, 5% higher than a year earlier. 
The median value for regional Australia fell by 3.7% in the June 2011 quarter to $155,784, to be up by just 0.5% on the June 2010 quarter.</body></html>

New home building recovery at least six months off: HIA/RP Data

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Quarterly building activity figures have delivered depressing news for the residential construction sector spurring the Housing Industry Association to reiterate its call for a reform of housing taxation.



The value of new residential building work done fell 5.3% to $9.53 billion over the June quarter on a seasonally adjusted basis, according to the Australian Bureau of Statistics.



Work done on new houses fell 2% to $6.32 billion, while other residential building activity (units and attached housing) fell 11% to $3.2 billion over the three-month period.



NSW registered the biggest drop in new residential building work done, with activity falling by 13.7%



Building activity fell by 9.6% in Western Australia, by 6.9% in Queensland, 6.5% in the ACT and by 2.2% in Tasmania. 



The only state to record a significant uptick in residential building activity was South Australia, which recorded a 7.7% rise. Activity was flat in Victoria, up just 0.8%. 



The drop in new residential building was offset somewhat by an increase in the volume of major alterations and additions work done, which increased by 2.6% over the quarter. Major alterations and additions account for around 20% of total renovations activity.



HIA chief economist Dr Harley Dale says the final update for June quarter activity confirms a tale of two halves, with new home building activity continuing to deteriorate as major renovations activity climbs higher. 



“Renovations activity, both in terms of major jobs … and smaller jobs valued at less than $10,000, is the source of growth in the housing industry in 2011,” says Dale.



“This situation reflects an inherently more cautious household sector post the GFC, together with the excessive taxation of new housing and very high stamp duty incurred when moving home.” 



“Substantial reform of the very high and inefficient taxation of housing, especially new housing, in Australia is a vital area for policy focus and cooperation across levels of government,” he adds. 
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Residential building down 5.3% in June quarter

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Leighton Holdings, parent company of property developer Leighton Properties, has disputed a decision by Standard &amp; Poor’s to downgrade its credit rating from “BBB/A-2” to “BBB-/A/3”.
Leighton Holdings chief financial officer Peter Gregg says the downgrade is not a true reflection of the company’s credit quality.
“The decision has been made primarily on the back of S&amp;P’s assessment of the credit quality of our German-based parent Hochtief AG and their potential influence over the business,” Gregg says.
“We believe this is an unfair assessment and one that is not borne out either by the governance arrangements that we have in place or many years of practice.”
Gregg highlighted S&amp;P’s acknowledgement that Leighton’s standalone credit quality remains satisfactory, its “liquidity profile is adequate” and its “current capital structure should enable it to withstand potential cost increases arising from performance risks related to its project portfolio”.
“We believe that for all of these reasons S&amp;P should have retained Leighton’s BBB credit rating and we will continue to advocate that Leighton deserves a higher credit rating given our inherent strength,” Gregg says.
For the year ending June 2011, the Leighton Group made a loss before tax of $491 million, compared with last year’s profit before tax of $843 million.
Leighton Properties recorded a loss of $100 million over this period.
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Leighton Holdings decries S&P downgrade

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Criticism has been heaped on the recently completed and not yet fully leased 1 Bligh Street office tower over its office plate design, restricted harbour views and premium rents.
Earlier this month, Dexus reported in an ASX filing that 44%<a href="https://www.propertyobserver.com.au/office/sydney-s-1-bligh-street-valued-at-%24629-million/2011101051875" target="_blank"> of the building was still untenanted</a>, with an analyst from Merrill Lynch saying it could take up to four years to find enough tenants to fill the state-of-the-art oval-shaped building,  jointly owned by Dexus Property Group, the Dexus Wholesale Property Fund (DWPF) and Cbus Property.
Commercial property insiders say the 1,600-square-metre curved floor plates, which each have a bite taken out of them by the atrium running all the way up the tower, is an unappealing feature for tenants considering taking up a whole floor.
In addition, insiders claim that the building offers more restrictive and less impressive Harbour views than other nearby office towers, where rents are significantly cheaper.
Rents are believed to be in the $900 to $1,100 per square metre range for lower floors rising up to around $1,300 for the upper floors.
Office space of up to 2,000 square metres in nearby 1 Chifley Square is being advertised for net rent of between<a href="https://www.realcommercial.com.au/property-offices-nsw-sydney-5294475"> $480 and $500 per square metre</a>.
The 1 Bligh Street building, valued at around $629 million, has a six-star green star rating with standout features being its double-skin façade and glass atrium requiring high rents to deliver a suitable return to its owners.
Levels 17 and 18 in 1 Bligh Street are due to be subdivided to cater for small boutique tenants following a trend emerging across other CBD office towers including Gateway Tower, Aurora Place and Chifley Square, The Australian reported.
Commercial leasing directors say smaller spaces can command higher rents adding as much as a 10% premium.
Its current anchor tenant is law firm Clayton Utz, which has taken 23,000 square metres of space comprising the first 15 levels of the building. <a href="https://www.propertyobserver.com.au/new-south-wales/prime-minister-julia-gillard-seeks-new-sydney-office-digs/2011081751191" target="_blank">The Commonwealth government is believed to be considering taking up to 4,000 square metres of space in the building.</a>
As part of its leasing agreement with Clayton Utz, Dexus agreed to pay the law firms rent at its previous premises at 1 O'Connell Street until the lease expired.
According to a report in The Australian, the bill totalled $50 million.
However, Dexus recently reached agreement with Australian Prime Property Fund and the Abu Dhabi Investment Authority, landlords of 1 O'Connell Street to allow refurbishment of the building. European bank BNP Paribas is reportedly considering taking up 10,000 square metres.
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Dexus’ 1 Bligh Street criticised over price, design and views

<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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