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A major correction in Australian property prices will occur over the next two years and an  even bigger one over the next decade and a half, according to University of Western Sydney associate professor of economics and finance Steve Keen. 
Keen is forecasting a 20% drop in house prices between now and the end of 2013.  
The economist has also also stuck with his forecast that prices will ultimately tumble by about 40% but stressed that this would occur over a much longer timeframe than previously reported. In September 2008 Keen made headlines when he was quoted as saying properties prices would fall 40% over the next few years, a statement he is eager to correct.
“I’ve always been strong in saying that [the 40% drop] will be over 10 to 15 years,” Keen said in an interview with Business Spectator.
“But in terms of bringing it to a tighter timeframe, I think you could tie me down to saying I’d expect something of the order of a 20% fall from peak to trough, whatever the peak might be, whatever the trough’s going to be. 
“I’d be quite happy now to say the last price peak was the overall peak and so I’d expect something of the order of a 20% fall between now and say the end of 2013.” 
Keen made the comments following publication of a new version of his book Debunking Economics. 
 
The academic forecasts that it will take up to two decades for the global economy to recover from the GFC. 
He criticised the US government’s response to the GFC and said it had got it wrong by giving money to the banks, which just put in their reserve accounts instead of to the indebted firms and households that needed it most. 
“If you look at what would happen with, say, an economy worth roughly a trillion dollars and an injection of a hundred billion dollars one year after a crisis begins, you do get about three times as much bang for your buck by giving it to the households than giving it to the banks. 
“So, Obama effectively wasted two-thirds of the money he gave to the banking sector – if he’s lucky. In fact, that’s probably an underestimation,” Keen says.
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Property prices to fall 20% by 2013 year's end: Steve Keen

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Against a backdrop of overall softer conditions in the Australian commercial property market, retail property remained the poorest-performing sector and has the weakest outlook, according NAB’s September quarter survey.
Hotel property remained the strongest performer in the commercial property sector in the September quarter, with the All Hotels Index standing at +23 points. However, conditions have softened since June (+27 points), with this market also impacted by a less favourable economic backdrop.
The overall decline in the commercial property sector was the result of “persistent uncertainty in the global economy and equity markets impacting negatively on confidence,” the bank says.
As a result, NAB’s Commercial Property Index fell to -13 points in September (-5 points in June), with the index now at its lowest point since NAB began surveying the market in March 2010.
The index is a measure of market sentiment and based on responses from commercial property market participants.
<img src="/images/stories/naboct20.gif"> 
 Source: NAB
Conditions in the retail property market turned down further in the September quarter, with the NAB Retail Property Index falling to an all-time low of -40 points. 
Forward expectations were also revised down, with the retail property index now forecast to remain negative through much of 2012 before rising modestly in 2013. 
Overall conditions have weakened in all states and are expected to be weakest in NSW. 
Capital value expectations were negative in all states in the September quarter and are expected to continue falling over the next 12 months. 
A mild recovery in capital values is forecast by September 2013. 
At the other end of the spectrum, industrial property was the only sector that reported stronger conditions in September, though NAB’s Industrial Property Index was still negative (-12).
Conditions in the industrial property market are forecast to bottom out this year, with the sector emerging as one the strongest performers in the commercial property space over the next one to two years.
WA is currently the best-performing state market, but the outlook is strongest in Victoria. There were no significant changes in national capital values and rental growth in September, with both still falling but at a slower rate than in June.
Positive growth is set to resume next year, with expectations for capital values and rents over the next one to two years strongest in WA and Victoria.
Improved conditions are forecast in all property segments over the next two years, but the pace of recovery is expected to be slower than previously anticipated.
Office property is expected to remain the strongest-performing segment overall and retail the weakest.
All states reported weaker conditions in September, except Queensland – although it remains among the weakest markets in the country. WA continues to be identified as strongest market and the only state with a positive index reading. However, it is expected to be overtaken by Victoria as the strongest market by September 2013.</body></html>

Weak outlook for  retail, but industrial to improve: NAB 

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Holding Redlich will become the anchor tenant of the St James office project being developed by the Juilliard Group in the Melbourne CBD. 
The law firm has committed to lease the top two levels of the 555 Bourke Street building together with a portion of the ground floor. 
CBRE brokered the 6,500-square-metre lease, which will provide the law firm with a dedicated entry and lobby space.
 Holding Redlich senior partner Chris Lovell says the location, overall design and quality of the building are the three main drivers underpinned its decision to relocate the firm to 555 Bourke Street from its current offices at 277 William Street. 
The Juilliard Group is currently redeveloping the St James precinct and office building to include two additional floors on top of the current structure as part of a comprehensive refurbishment of the existing floors and an active precinct of 3,000 square metres of food and retail outlets. 
The Juilliard Group hopes to achieve a five-star NABERs rating for the project. 
CBRE has also been appointed to lease the remaining approximate 14,000 square metres of office space in the development that is due for completion by mid-2012.
It is speculated that St James will be seeking rents in the mid $400s net for the remaining space, which is commensurate with prime market rentals in 2012.
CBRE regional director of office services Hamish Sutherland says the balance of the space will enter the market in mid-2012, “coinciding with a forecast shortage of good-quality office accommodation in the Melbourne CBD”.
The latest Property Council office vacancy statistics pinpoint Melbourne as having the lowest vacancy rate of Australian’s mainland capitals as at June 30, 2010.
Six months of strong tenant expansion pushed the CBD vacancy rate down to 5.8% - the lowest level since before the global financial crisis.
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Holding Redlich to anchor Bourke Street tower

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Leighton Properties is confident of a rebound in both commercial and residential markets over the next three years following the release of disappointing annual results for the for the financial year to June 2011.
The property development division of Leighton Group recorded a loss of $100 million before tax in the financial year to June 2011 and a loss of $73 million in the previous financial year.
However, Leighton CEO Hamish Tyrwhitt expects an increase in underlying demand for residential property due a rise in net overseas migration.
“One of the key drivers of residential property, net overseas migration, is forecast to accelerate to a peak of 240,000 in 2014 from the current expected trough of 165,000 in 2011, which will lead to a commensurate increase in underlying demand,” he says.
“This factor, combined with new dwelling commencements falling by 6% in 2011, will keep residential market conditions tight in terms of low vacancy rates, rental growth and prices growth. This positive outlook for the residential market underscores the strategic move to increase the company’s stake in Devine Limited and the restructuring of Leighton Properties to focus on this market.”
In its annual report the group reported strong sales for its major residential development project, the Hamilton Harbour Residential Towers on the Brisbane River, with 90% of the 470 apartments comprising towers 1 and 2 sold.
The project – a joint venture with developer Devine - is due to be completed in November 2011 with a third tower, Riverside Hamilton, due to start construction later in 2011. It is currently more than 50% sold.
Leighton Properties has over $1.7 billion worth of commercial and residential projects under development or construction.
Commercial projects that have commenced construction include the 19-storey Eclipse Tower in Parramatta west of Sydney and King George Central, a 27-storey office tower on Anne Street in the Brisbane CBD.
Tyrwhitt says demand in the commercial and industrial markets is also “slowly improving”.
“A real increase of 13% in the value of commercial and industrial building commencements is expected in 2011. The previous activity peak of $24 billion could be reached again in 2014 which should offer a number of construction and development opportunities for the group,” he says.
Overall, the Leighton Group made a loss before tax of $491 million, compared with last year’s profit before tax of $843 million.
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Leighton Properties posts loss but expects outlook to improve with increased migration

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Australian banks are coping well with the current global market stresses in contrast to the challenges faced by their European banking counterparts, according to RBA assistant governor Guy Debelle.
Addressing the 24th Annual Finance and Treasury Association Congress in Sydney today, Debelle said Australian banks' funding structures were “considerably more resilient to periods of stressed markets than they were previously, given the changes that have occurred over recent years” compared with the stresses felt in Europe.
During the address, Debelle noted the funding pressures being felt by European banks and the need for European Central Bank funding support.
“The cost of funding for European banks generally has risen, while many banks in the European ‘periphery’ countries have all but been locked out of funding markets,” Debelle said.
In contrast he said, the equivalent spread between the bank bill rate and the expected cash rate in the Australian market while higher than earlier in the year, “had remained markedly lower than that in Europe”.  “To mitigate the impact of the sharp increase in the cost of unsecured interbank lending for European banks, the ECB has recently announced an expansion of its open market operations. Since May 2010, the ECB has stood willing to provide three month funding to banks in unlimited amount (against acceptable collateral) at its policy rate,” Debelle said.
“By way of contrast, the RBA's provision of liquidity has not changed in recent times. Australian banks' deposits with the RBA have remained around $1.25 billion for over 18 months now. More generally, we see little sign of strain or counterparty concern in the local interbank market.”
He also highlighted the fundamental differences in offshore funding costs for Australian banks versus those faced in Europe noting that the cost of swapping Australian dollars for US dollars has not increased in the most recent episode and indeed has gone negative at times.
In contrast the cost for European banks to obtain US dollars “has increased substantially since May this year, although it remains below the peaks post-Lehman [Brothers’ collapse]”.
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Australian banks more resilient than European: RBA

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Property developer Dexus will take at least four years to fully lease its recently completed 1 Bligh Street tower in the Sydney CBD, according to Bank of America Merrill Lynch analyst Simon Garing.
The 27-storey tower features floor plates measuring 1,600 square metres.
Its major tenant is law firm Clayton Utz. <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/prime-minister-julia-gillard-seeks-new-sydney-office-digs/2011081751191">The Commonwealth government is believed to be considering taking up to 4,000 square metres of space in the building.</a>
In an October ASX filing, <a target="_blank" href="https://www.propertyobserver.com.au/office/sydney-s-1-bligh-street-valued-at-%24629-million/2011101051875.">Dexus said 51% of the office tower was still available for rent.</a>
In a note, Garing says the listed trust faces an increasingly volatile environment with key tenants in the highly leveraged financial services sector remaining cautious.
The investment bank has an “underperform” rating on Dexus, while Goldman Sachs and CLSA more optimistically describe the trust as a “safe haven”, the Australian Financial Review reports.
Rents in excess of $1,100 per square metre are being sought for the upper floors of the oval-shaped tower, which is significantly higher than nearby office towers.
The office tower is advertising rents around $650 per square metre.
The 1 Bligh Street tower was recently valued at $629 million tower and is the first high-rise office building to win a six-star rating from the Australian Green Building Council.
It was completed in July this year and officially opened in August 2011 by Prime Minister Julia Gillard.
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Dexus will take four years to lease 1 Bligh Street: Merrill Lynch analyst 

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Austcorp Group’s masterplanned 476-hectare Coomera Waters development on the Gold Coast has been listed for sale with price expectations of between $30 million and $40 million.
The Sydney property development company that built the 71-storey $1 billion Vision tower in Brisbane was placed in voluntary administration in May 2009 with debts of about $550 million.
The estate is located on the banks of the Coomera River, 18 kilometres north of the Surfers Paradise CBD and directly opposite Sanctuary Cove.
Once fully developed, the estate will comprise 1,556 lots surrounding an existing 17-hectare tidal lake, with private recreational clubs, retail and commercial space and a marina.
To date, 1,121 residential lots and six waterfront villas have been completed and sold while a further 47 titled residential lots and two waterfront villas are completed and on the market.
The expressions-of-interest campaign for sale of the balance of residential land, the marina shopping village and marina berths is being co-ordinated by CBRE’s Will Cameron, Mark Witheriff and Lachlan Harris.
The site is being market internationally, with Witheriff expecting the masterplanned residential estate to attract significant interest from both onshore and offshore development groups.
“The estate is located in a strong population growth corridor that is currently experiencing a significant level of urban development,” Witheriff says.
“The area is set to benefit from ongoing private and public sector infrastructure investment and from the future development of the adjoining Coomera Town Centre as a major activity centre.”
A three-bedroom waterfront villa on Kestrel Lane is currently being marketed by Mark Croudace from PRD Nationwide with a price tag of $699,000, and Jason Read from LJ Hooker Coomera is seeking offers of over $700,000 for another three-bedroom villa on the same street.
A further 75 residential lots are approved and are ready for release and construction in two stages, with prices starting from about $260,000 for a 1,130-square-metre block. A further 103 residential lots to be released in three stages have development applications lodged.
CBRE development director Will Cameron says 22 stages of the estate have been completed and sold, while a further three developed stages are available for sale. A further five stages and a number of medium-density parcels in various stages of approval form part of the sale.
“The sale provides an opportunity to acquire income producing assets including Marina Shopping Village, 70 berth marina and commercial offices.  This income will be available as the remainder of the estate is developed,” Cameron says.
“Another drawcard for buyers will be the fact that all the estate’s infrastructure is in place and the remaining development parcels are unconstrained, including a mix of waterfront sites and elevated dry lots with outstanding water views.”
The Marina Village retail commercial precinct comprises 1,548 square metres of retail commercial space and is currently 82% leased.
Expressions of interest close on November 24, 2011 at 4pm.
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Offers over $30 million sought for Austcorp's Coomera Waters Gold Coast development

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Despite a stalling property market, Victorian households remain the most comfortable about their financial position, according to the latest ING Direct Financial Wellbeing Index, which surveyed more than 1,000 household financial decision makers at the end of September and start of October.
Victorian households enjoy Australia’s highest level of financial wellbeing, with an Index score of 110.1 compared with a national index score of 105.9.
The state’s residents lead the nation for comfort levels across three leading indicators including comfort with their mortgage (5.6 out of a possible 7), household income (4.19) and personal savings (3.58).
The survey also reveals that Victoria has the highest proportion of landlords, with one in five respondents earning rental property income, compared with a proportion of between 17% and 18% in the other states and a national average of 18%.
In contrast, NSW households have the greatest preference for the share market, with more than a third (36%) having investments in listed companies compared with a national average of 30%.
NSW households are also feeling more comfortable about their financial situation, with the state index rising to 108.0 in the third quarter, up from 104.5 in the second quarter.
Mortgage holders in NSW feel as comfortable about their level of mortgage debt as those in Victoria while NSW households are also the most comfortable about paying their regular bills scoring a comfort rating of 3.99 out of 7 compared with 3.84 nationally.
In addition, NSW households are more likely to renew spending in time for the festive season than residents of any other state, with 33% saying Christmas is the circuit breaker that will revitalise their spending.
Only a quarter of Victorians say they will increase their spending over the Christmas period, according to the survey.
<img src="/images/stories/ingoct19.gif">
Source: ING Direct
Queenslanders are the least comfortable about their finances with the “challenge of rebuilding disaster-ravaged households” taking its toll on financial wellbeing.
The Queensland Index is 97.3, down from 105.2 in the second quarter, with median household income falling to $62,518 in the third quarter compared with $72,737 nationally. Median household savings are worth $2,905, below the national figure of $7,812. One in four (24%) households has no personal savings, and 9% say they are falling behind on their mortgages.
Queenslanders are also the least likely to increase their spending in the lead up to the festive season. One in three (30%) don’t expect to loosen the purse strings in the foreseeable future.
However, there are some bright spots for Queensland. Median figures for household credit card debt and home loan balances show Queenslanders are about on par with national figures.
Financial wellbeing has also declined in WA, with the state’s index score dropping to 105.9 in the third quarter down from 107.4 in the second quarter. 
The overall Financial Wellbeing Index for the third quarter climbed to 105.9  – a rise from its lowest level in the first quarter of the year (104.8) and second quarter (105.8), indicating confidence is improving.
“Despite a volatile quarter in financial markets, Australian households are proving their resilience as they get debt under control and build a strong savings base,” says Don Koch, CEO of ING Direct.
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Victorians most comfortable with their mortgages: ING Direct

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A small increase in the value of owner-occupied housing finance in August is an encouraging sign for future housing construction, according to the Housing Industry Association.
The total value of owner-occupied housing commitments excluding alterations and additions rose 1.3% in trend terms and by 0.6% on a seasonally adjusted basis, according to ABS figures for August 2011.
In seasonally adjusted terms, the total number of loans increased by 5.7% in the Northern Territory, 1.1% in Victoria and Queensland, 0.7% in Western Australia and 0.1% in New South Wales. 
The total number of loans fell in the Australian Capital Territory (-9.7%), South Australia (-2.1%) and Tasmania (-0.6%).?
"The overall profile for new home lending has essentially bottomed out through the middle months of 2011," says HIA chief economist Dr Harley Dale. 
"Considering new home starts fell in 2010-11 and look set for a further decline in 2011-12, it is encouraging to observe this bottoming out in a key leading indicator of new residential construction activity."
"There is a long way to go to turn around the new home building cycle and ensure a sustained recovery can begin making inroads into the substantial dwelling shortage Australia faces,” Dale says. 
"It is vital to see a commitment now and in future years from all levels of government to reduce the excessive and inequitable taxation of new housing which cripples new home affordability, hinders labour mobility, and constrains productivity growth." 
The number of loans for construction increased by 0.8% in August 2011 while loans for the purchase of a new dwelling were up by 6%, yielding a 2.4% rise overall in new home lending for the month. 
The number of loans for established dwellings (excluding refinancing) increased by 0.6% in August.
"New home building conditions remain weak, but interest rates are steady, skilled labour is more readily available, and the market is very competitive. If you're in a financially sound position to do so, now is an excellent time to be building a new home," Dale says.
Commercial loans increased by 7.9% in August, the second consecutive strong month for business loans, coming after a rise of 5% rise in July.
Loans for investment properties were down 0.7% in August.
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Small uptick in home loans an encouraging sign: HIA

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Punters betting on a Melbourne Cup rate cut should seek long odds, according to three of the major banks. 
ANZ, Westpac and Commonwealth Bank have all highlighted the RBA’s less concerned outlook on inflation following the release of the minutes of the October board meeting as well as expectations that inflation figures will be revised down when quarterly figures are released on October 26.
The banks expect the Reserve Bank to keep its hand on the pause button for at least another month, weighing up solid domestic growth prospects against global economic concerns. 
Westpac chief economist Bill Evans says the minutes of the RBA’s October meeting provide confirmation that the board now sees scope for monetary policy to ease. 
Evans highlights the belief among RBA board members that an improved inflation outlook, “if confirmed by further data, would increase the scope for monetary policy to provide some support to demand, should that prove necessary”.
According to Evans, the implication of revised inflation figures is enormous. 
“In the space of three months we would see the bank move from forecasting a clear breach of the inflation target for two consecutive years to staying comfortably within the target and in fact seeing a modest slowdown through 2011,” he says. 
Furthermore, Evans points to other weaknesses in the local economy such as house price depreciation, a drop in business confidence and expectations of a softening labour market. 
However, he says global markets have rallied since the “absolute low point”, which coincided with the October 4 decision, while the Australian dollar has recovered significantly. 
As a result, Evans says the bank is sticking with its December rate cut call, which it first made back in July. 
“At this stage we retain our call for a December cut while recognising that the inflation print for the September quarter could easily open the door to an earlier move,” he says. 
Commonwealth Bank senior economist Michael Workman says the most likely scenario is that the RBA will leave the cash rate at 4.75% in coming months rather than opt for a rate cut. 
“We think that the rate cut case is incomplete and the medium-term outlook still favours a higher, not lower, cash rate,” he says. 
“The data released since the October board meeting had not added to the case for a rate cut. The markets’ reactions to the EU proposals to resolve their debt problems are the next major international hurdle for domestic monetary policy considerations,” Workman says. 
ANZ senior economist Craig Michaels is forecasting a 0.5% month-on-month increase in inflation for the September quarter, which would make it increasingly likely that underlying inflation would be under the upper limit of the RBA’s target range of 3% by year-end. 
“Such a significant change in the short-term inflation outlook, with the RBA previously forecasting underlying inflation of 3¼% by end-2011, in our view suggests there is minimal cost to a small 'insurance' rate cut of 25bps come Melbourne Cup Day,” Michaels says. 
However, should RBA ease monetary policy, ANZ expects only a modest easing cycle, which “may well be unwound in late 2012 or early 2013, should growth pick up more strongly than expected”. 
“This contrasts with current market pricing of sharp easing over the next few months, which appears to factor in a disaster scenario in Europe,” ANZ says.
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RBA rate cut coming, but not this month, say major banks

<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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