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The “subdued” state of the housing market has been noted again by the Reserve Bank board following the release of the minutes of its October Monetary Policy Meeting.
In its examination of local factors shaping the economy, the RBA board notes that housing prices had fallen by 3% over the year to August while the national rental vacancy rate as measured by the Real Estate Institute of Australia had “edged up in the June quarter, with increases in all cities except Perth, although the national vacancy rate remained below the long-term average rate”.
Weaknesses in the Melbourne residential market received particularly attention, with the board noting an increase in the vacancy rate “where there had been strong growth in apartment building and a slowing in population growth, in part because of falls in the number of foreign students”.
In addition, the RBA says growth in housing credit remained subdued, with annualised growth of about 5% in the three months to August.
In the September Monetary Policy Meeting, the RBA board also noted the “weak state” of the local housing market, suggesting it will play more of a role in determining future interest rate policy.
Looking beyond housing, the RBA board says the inflation outlook “appeared less concerning than was the case a few months ago”.
“The inflation outlook would be reviewed after receipt of the next round of data on prices ahead of the November meeting,” it says.
"The extreme volatility observed in financial markets in August continued through September, with large swings occurring in share prices, exchange rates and bond yields. Members note that Europe remains the main focus, reflecting market concerns about the possibility of a Greek default as well as the stability of the European banking system. These concerns had been accentuated by broader worries about the global economic outlook."
The board noted once again the complexity in trying to assess the strength of the overall economy as “economic conditions continued to vary significantly across sectors”.
“Private demand was continuing to grow at a slightly above-trend pace owing to strong investment in the resources sector. This was being partly offset by weak growth in public demand as the fiscal stimulus was being unwound, and by strong growth in imports, particularly of capital goods. GDP outcomes continued to be affected by the disruption to coal production caused by the floods at the beginning of the year, with a full recovery still not expected until early 2012,” the board says.
It also noted modest growth in household spending while growth in spending on services had been strong.
Retailing remains a concern: “The Bank's liaison with retailers suggested there was a fall in spending in early August because of the market turmoil, with this fall reversed in late August and into September. Overall, retailers continued to report subdued conditions. Consumer confidence remained low, although part of the large decline in July and August had been reversed in September.
“Indicators of business conditions had been mixed. In the mining sector, the pipeline of investment remained very strong, with another large project (the $29 billion Wheatstone LNG project) receiving final investment approval during September. This brought the value of LNG projects announced so far in 2011 to around $70 billion. More broadly, the NAB measure of current business conditions declined in August to be a little below its long-run average level. Conditions remained weak in the manufacturing, construction, wholesale and retail sectors, but stronger in the mining, transport, and recreation and personal services sectors. As had been the case elsewhere around the world, business confidence had fallen noticeably and growth in business credit remained weak.”
 
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lschlesinger-FZcF9M3vE6

RBA notes 'subdued' housing market

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An industrial property portfolio once held by Doug Rowe’s WMR Group (Waswaste Metal Retrievers Pty Ltd) has been listed for sale on behalf of receivers. 
All the properties are leased by scrap metal recycler CMA Group, of which Rowe was managing director until he resigned in May 2010. 
In July 2010, Rowe and WMR were sued by CMA Group over allegations that he breached the Corporations Act and Trade Practices Act while managing director of CMA Group. 
The litigation was settled in December 2010, with Rowe agreeing to transfer shares and make payments to CMA valued in excess of $6 million. The settlement included the termination of lease agreements for two properties leased to CMA by WMR and the variation of one lease for a NSW property. The settlement was on the basis of no admissions by Rowe or WMR. 
CBRE’s Graham Hemingway and Rory Hilton will co-ordinate the campaign on behalf of receivers and managers Ferrier Hodgson. 
The portfolio comprises three properties in Victoria, two in New South Wales, two in Tasmania and one each in Western Australia and South Australia. 
The portfolio comprises six leased assets and three properties that are to be sold with vacant possession. The leased assets are predominantly used as metal recycling facilities, and all are leased to the CMA Group. 
The properties are to be sold individually or in one line. 
They include a two-hectare commercial site at 338 Gnangara Road in Landsdale, a northern suburb of Perth. The property was purchased by WMR in December 2007 for $7.98 million. 
The NSW properties up for sale are in Penrith and consist of a 3,500-square-metre warehouse at 52 Power Street, which was purchased by WMR for $1.7 million in March 2007, and a 15,000-square-metre industrial building at 46 Charles Street, which was bought by WMR for $3.8 million in July 2006. 
Hemingway says the strength of the CMA tenancy covenant will likely be a significant drawcard for investors. 
“The strong lease profile and the price range of the assets will be of significant appeal to the private investor market, with the individual assets valued at between circa $500,000 and $11 million,” he says. 
The vacant sites are expected to generate interest from both owner-occupiers and developers. 
All but one of the properties will be offered via expressions of interest, closing November 17, 2011. 
The smallest asset, located in Bayswater North, Victoria, will be offered for sale at an on-site auction on November 17.
 
Other properties up for sale include: 
<ul>
<li>
Victoria - 73-29 Heatherdale Road, Ringwood; Unit 3, 81 – 85 Heatherdale Road, Ringwood and 242 Canterbury Road, Bayswater.</li>
<li>
Tasmania - 256 George Town Road, Rocherlea and 25 Masse Green Drive, Burnie.</li>
<li>
South Australia – 16-46 Johannson Road, Wingfield</li>
</ul>
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Metal recycling facilities for sale by WMR receivers

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The nation’s biggest mortgage lender was one of 36 lenders that cut their fixed rates in October. 
The Commonwealth Bank cut its five-year fixed rate by 85 basis points to 6.89% in October, the biggest fixed-rate cut of all the major banks, according to RateCity.com.au. 
All the major banks have cut their fixed rates by at least 50 basis points for spring, according to the mortgage comparison website. 
Since the first of August this year, 90% of mortgage lenders have lowered some of their fixed rates, with some cutting fixed rate home loans by as much as 140 basis points in that time. 
The average three-year fixed rate is now 6.61% compared with 7.43% at the start of the year. 
Newcastle Permanent Building Society is offering a three-year fixed rate of just 5.99%, equating to repayments of just over $1,600 on a $250,000 mortgage – the lowest fixed rate of all lenders, according RateCity.com.au. 
"On average, three-year fixed rates have dropped by 66 basis points since the start of August, while five-year rates have fallen by 68 basis points on average. The three-year fixed rate has moved nine basis points in the first half of October alone,” RateCity.com.au Damian Smith says. 
"For a $300,000 mortgage, if you took up the average three-year fixed rate now compared to August 1, your repayments would be $122 less per month, saving you around $4,400 over three years. 
"Take up the lowest available three-year fixed rate now and the savings would be closer to $7,000 after three years," he says.
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CBA leads big bank rate cut as 36 lenders cut fixed rates in October

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New housing approvals in NSW and Victoria fell sharply in August, but Queensland recorded a jump in approvals, according to the Australian Bureau of Statistics.
Housing approvals in Victoria fell by almost 10% in August on a seasonally adjusted basis, according to the latest ABS data.
New South Wales was the other major market to record a significant fall over the month, with building approvals for houses falling 4.3%.
For the 12 months to August 2011, the total number of private-sector housing approvals is down 9.5%
The 1% drop in residential approvals in August followed a small rise of 0.2% in July.
As expected following the introduction of the Queensland Building Boost Grant available from the August 1, Queensland recorded a 16% increase in housing approvals while Western Australia managed a modest 1.6% increase.
The drop in private sector housing approvals was offset by a big jump in unit approvals.
Excluding houses, seasonally adjusted estimates for dwellings rose 35.1% in August following a rise of 0.4% last month.
Westpac senior market strategist Damien McColough says unit approvals are less of an indicator of the near-term trend of the housing sector.
Overall, private-sector dwelling approvals (units and houses) increased by 11.4% in August following a rise of 1.8% in the previous month.
For the 12 months to August 2011, residential building approvals are down 5.5%.
Helen Kevans, an economist at JP Morgan, says the overall improvement in approvals should not have much of an impact on the RBA’s interest rate outlook as its focus is on Europe and global economic issues.
"I think the RBA is focusing on what is happening offshore and what is happening in financial markets and, in particular, funding markets," she says.
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Housing approvals fall in Victoria and NSW: ABS

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More than two-thirds (70%) of lenders are now requiring a deposit of as little as 5% in an effort to encourage more borrowing and to “kick-start” a sluggish mortgage market, according to comparison website RateCity.com.au. 
“Almost 70% of home loans in our database now offer up to 95% of a home's purchase price, which is the highest loan-to-value ratio levels we've see in more than two years, up from 49% 12 months ago," says RateCity CEO Damian Smith. 
“All major four banks now offer home loans with up to 90% LVR while Commonwealth, NAB and Westpac also offer up to 95% LVR on some of their home loans.” 
Lenders are relaxing borrowing criteria, having already used the other levers – negotiating on rates and fees and cutting fixed rates – available to them in the absence of an official interest rate cut. 
It comes as expectations of rate cut on Melbourne Cup Day subside on the back of a drop in unemployment. 
"There’re three things lenders can do in the absence of a rate change from the Reserve Bank. First, they negotiate on rates and fees – we’ve seen ads from the big four showing their willingness to negotiate variable rates, and we think many borrowers should be able to get variable rate loans well below 7%,” Smith says. 
“Second, they’re continuing to cut fixed rates. The average three-year fixed rate is now 6.62%, versus 7.38% in July this year, with the lowest at 6.25%. 
“But finally, they’re also proving willing to lend to people with less deposit or equity, by increasing the loan to value ratio. This means many more potential borrowers are 'eligible' for loans than might have been the case just 12 months ago.” 
Home loans with up to 95% LVR over the past 12 months
<div align="center">
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td nowrap width="20%"></td>
<td width="41%">
Number of loans with up to 95% LVR
</td>
<td width="37%">
% of RateCity database *
</td>
</tr>
<tr>
<td nowrap width="20%">
Sep-11
</td>
<td nowrap width="41%">
1,690
</td>
<td nowrap width="37%">
66%
</td>
</tr>
<tr>
<td nowrap width="20%">
Mar-11
</td>
<td nowrap width="41%">
1,532
</td>
<td nowrap width="37%">
59%
</td>
</tr>
<tr>
<td nowrap width="20%">
Sep-10
</td>
<td nowrap width="41%">
1,088
</td>
<td nowrap width="37%">
50%
</td>
</tr>
</tbody></table>
</div>
Please note: total home loans monitored by RateCity, the total number of home loans available varies month to month. Source: RateCity. 
According to RateCity, there were more than 40,000 fewer first-home buyers in the last 12 months compared with the average of the last four years.
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Lenders enticing borrowers with low deposit requirements

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Philip Smith, the Colliers agent who helped facilitate the transformation of a Wollongong Hotel into a psychiatric facility, says similar transformations could prove beneficial for struggling regional tourism operators by providing alternative income streams. 
“We understand there are some Sydney hotels trying to deals with some major hospitals to take on post-natal mums with infants for the first days following childbirth,” says Smith, Colliers national director of transaction services for health care and retirement living. 
While he says such transactions are not common, he suspects more could follow, “particularly in relation to older properties that are no longer ‘fit for purpose’ or up to expectation standards. 
“There are some fundamental changes coming to the aged-care industry in Australia, and public hospitals are really stretched from post-op and medical patients. This may present an opportunity. 
“I worked in the UK for a long period, and saw some small hotels and B&amp;Bs open up their properties for emergency housing and interim care, key worker accommodation or even asylum seeker temporary accommodation.” 
Smith brokered the deal between Australian Property Trust, owner of the Rydges Wollongong and new tenant Evolution Health Care. 
Since the APT made the initial hotel investment in 2005, Smith says many new competitors have come in, effectively making Wollongong “over-bedded” in terms of hotel beds. 
At the same time he says the healthcare market has long recognised that the Illawarra region is poorly served in terms of private mental health facilities, but the costs associated with new build hospitals are generally prohibitive. 
“There is no private mental health facility in the Illawarra, and given the location near the city centre and public hospital or health precinct, it was logical that the property was better suited as a health facility, “he says. 
“Conversion of existing accommodation facilities are generally more cost-effective,” he says. 
“With APT, we explored this concept of a number of operators, and got a long way down the track with negotiations with another major operator, but final terms could not be agreed. Evolution Care then came in and both parties showed enough flexibility to ensure a sensible agreement could be reached,” he says. 
Smith says it took only around two months from beginning to end to complete the agreement. 
The trust weighed up the current value of the hotel against the cost of conversion to a sub-acute private hospital with a secure lease in place. 
It also undertook discussions with mental health specialists in the region to gauge the demand in the community for such a facility. 
“From there, it was a question of whether the lease payments were affordable,” Smith says. 
APT will undertake a $4 million refit of the hotel, and Evolution Care has committed to a long-term lease arrangement.
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More hotels could become hospitals in wake of ailing leisure sector

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The availability of office space in the Perth CBD continues to tighten dramatically, with demand from the state’s resources sector accounting for more than half of the city’s leasing profile, according to Savills. 
Savills research shows there are 66 full floors available for lease (now and in the future) in the Perth CBD as at September 2011, representing 6.7% of the city’s prime office stock. 
Of this, only 18 floors are available for occupation in the next six months, primarily comprising the sub-lease space available in BankWest Tower, 108 St Georges Terrace and Raine Square which is due for completion later this year. 
The number of full floors available has fallen from 93 floors in June 2011 and has consistently tightened from the peak level of 128 floors in September 2009. 
While the Property Council of Australia figures put the Perth CBD vacancy rate at 7.8% as at July 2011, Savills latest analysis indicates the market has tightened significantly to 2.8% for the September quarter. 
Paul Craig, Savills WA Managing Director, said WA is now entering an extended period of mining prosperity, evidenced by US energy giant Chevron recently giving the green light to its final investment decision on the $29 billion Wheatstone LNG project.
“The mining, utilities and industry sector now accounts for 55% of the Perth CBD office leasing profile. With over $170 billion worth of resources projects planned or pipelined for WA, many mining companies are looking for space to expand as their businesses grow,” Craig says. 
“This emerging period of mining prosperity in WA is expected to have the longevity unlike what we have seen previously. It has the potential to continue for another two decades and readjust the entire WA economy at a higher level.” 
Craig says the outlook for WA is extremely bright despite the economic uncertainties in the US and Europe. 
“We are now seeing a significant increase in investment interest in the WA commercial property sector,” he says. “Given the longevity of the state’s new mining projects and associated infrastructure, and the lack of new Perth CBD office supply, investors are recognising it is an ideal opportunity to enter the WA market.”
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Resources sector dominates Perth office market

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Owners of older CBD office buildings will need to focus on improving their sustainability as well enhancing both their external and internal attributes to attract both tenants and future investors, according to new research by Colliers. 
A white paper called Getting Your Building Ready for the Next Decade and Beyond co-authored by Colliers and engineering firm Arup says “whole of building sustainability and workspace performance” is now a key to meeting tenant requirements and increasing property values. 
It comes as more than three-quarter of respondents to Colliers’ 2011 Global Investor Sentiment Survey (77%) said owning obsolete property is a greater concern than 10 years previously.
In Melbourne, about 80% of office buildings are more than 20 years old. According to Colliers, it’s a “relatively recent phenomenon” in Australia that large and growing number of office buildings in Australia are reaching the 20- to 40-year age bracket. 
Recently Charter Hall sold a 14 storey, 8,000-square-metre office building on Queen Street in the Melbourne CBD with a zero NABERS (National Australian Built Environment Reporting System) sustainability rating to a Singaporean developer for $25.5 million, nearly $7 million below the 2007 purchase price of $32 million.
Owners of older office building with similarly poor sustainability ratings will need to make improvements or face making a loss. 
Along with perennial factors such as location, floor plate size, core configuration, service provisions and amenities, sustainability has grown in importance since 2004, following the introduction of the green star rating system by the Green Building Council of Australia, the white paper says. 
“A bad [sustainability] score has the potential to eliminate a building from consideration,” say report authors Nerida Conisbee, national director of research at Colliers, and Adam Leggett, senior sustainability integrator at Arup. 
“More than ever building ownership requires a clear strategy to achieve its returns. There needs to be both an internal and external focus with a clear vision for the requirements of the target tenant groups and addressing external influences,” they say. 
Sustainability is especially important for offices given that state and federal government departments make up about a quarter of all office tenants and it is the government that is leading the push for high levels of sustainability in buildings. 
“High NABERS ratings and green star ratings are being sought on most new buildings and the carbon tax will further drive the requirement for this in existing buildings,” say Conisbee and Legett. 
“The federal government, through the COAG National Energy Strategy, are intending to set rising energy standards for all buildings. Commercial buildings disclosure is now in place for 2,000 square metre plus offices and will spread to other building sizes and types.” 
Aspects of buildings that owners should consider addressing include: 
<ul>
<li>
Façade performance - “often overlooked in pre-purchase consideration and upgrade decision making. Older buildings and even many newer buildings can have significant air leakage, known as infiltration, through the façade which can drastically increase energy consumption and reduce occupant comfort. </li>
</ul>
<ul>
<li>
Location – be mindful of the changes that are happening around the building. As an example the development of Docklands in Melbourne has had a transformative influence on the Western Core of the CBD with Barangaroo in Sydney expected to have a similar effect on neighbouring commercial zones. </li>
</ul>
<ul>
<li>
The semi-public realm around the building - enhanced by providing indoor and outdoor spaces, allowing space for rotating art displays and providing green features. This activation of the private and semi-public space can generate off-peak activity and create an engaging and valued building location. </li>
</ul>
<ul>
<li>
Technology upgrades - Using real-time displays, for example, increases knowledge about public transport arrival times and can encourage the exploration of public transport as a commuting mode. </li>
</ul>
The report recommends that building owners should undertake a strategic review “focusing on opportunities for increasing value and tenant attraction that might otherwise not be identified”. 
“The property agent role is crucial, as an understanding of the tenant profiles, market demand and experience of managing tenant moves will underpin any upgrade strategy,” the white paper says.
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Older office buildings must get with the times: Colliers

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Property investors can use their self-managed super fund (SMSF) to buy a holiday home and use it themselves, provided they structure the investment correctly, according to Andrew Bloore, CEO of software group SuperIQ.
Speaking at the recent Institute of Chartered Accountant’s National SMSF Conference, Bloore says he has seen examples of where someone has wanted to buy a chalet in the snow, but have said: “No, I can’t use it because I am leasing it to myself”.
Under limited recourse borrowing arrangements (LBRA), DIY super investors can hold residential or commercial property in their funds, but cannot lease the property to themselves or to a related party such as a family member or fellow fund member.
The exception is if it the property is classified as “business real property” – which is property used wholly and exclusively in the running of a business, such as a house that is used as a doctor’s office.
“So in the case of the ski chalet, what they have done is set up a business entity, which enters into a lease arrangement [with the fund], and it goes into the business of daily rentals of that property,” Bloore explains.
“It hires people and rents out the premises so it is now very clearly a business premises.
“The rental agreement is with the business entity, not with the super fund,” he says, “so it meets all the conditions of the business real property.”
Bloore says investors can use the SMSF rules to their advantage if they structure things correctly and think outside the square.
“Structuring will make all the difference as to how you buy and hold an asset in your super fund,” he says.
This is article is for illustrative purposes only and should not be construed as financial advice.
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Holiday properties possible through SMSF: Expert

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Retail is set to move into the bases of office towers, according to Savills’ latest assessment of the CBD market.
This follows the completion of the Westfield Sydney (38,000 square metres of leasing space) and Mid City (9,000 square metres) developments on Pitt Street Mall
Currently retail and leisure activities occupy 7% of the total floor space in the CBD, according to most recent Sydney City Council surveys.
New retail developments will come on line in several stages over the medium to long term, mainly in the major developments of Barangaroo, Central Park on Broadway and City One, a redevelopment proposal for Wynward Station.
Significant retail activity is expected south of Pitt Street Mall, with a number of new office and retail developments mooted or under construction. 
“One thing is sure; Sydney CBD is undergoing somewhat of a retail renaissance, with new retail being encouraged in laneways, George Street mooted to be pedestrianised (similar to Times Square in New York), and a new dedicated Retail Advisory Panel established to focus on future retailing business in the Sydney CBD,” the report says.
The potential reconfiguration of George Street to support light rail will also have a major effect on George Street retailers following Sydney City Council’s announcement that it would set aside $180 million for the proposed light rail and pedestrianisation of the street.
“If this development goes ahead, it will reinforce George Street as the main transport corridor for pedestrians in the city and benefit business in the long run,” the report says.
Other developments likely to encourage CBD retailing include:
<ul>
<li>Sydney City Council is also working with smaller retailers, providing grants to encourage development of laneways and small business to provide a greater depth of retail experience in the Sydney CBD and its villages. </li>
</ul>
<ul>
<li> A Retail Advisory Panel has been established to identify and create opportunities for CBD retailers”. </li>
</ul>
<ul>
<li>Following the success of “fast fashion” with Zara launching on Pitt Street Mall, Savills says there is anecdotal evidence that “several other global juggernauts are sizing up Australia, with Sydney CBD destined to be a nominated flagship location in each instance”.</li>
</ul>
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Retail shopping for space in Sydney office towers

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

Joel Robinson

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

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

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

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

Newstead apartment boom continues with Longland Street tower plans

ALAND has taken the next major step in delivering its vision for Leppington Town Centre, lodging State Significant Development plans for a $549 million residential precinct that would bring more than 1,200 new homes within walking distance of Leppington Station.

The proposal, now on public exhibition, forms the Residential Core Precinct of the broader Leppington Town Centre masterplan and would transform a 4.3-hectare site at <a href="https://www.apartments.com.au/new-apartments/156-166-rickard-road-leppington-nsw-2179">156-166 Rickard Road</a> into a high-density mixed-use neighbourhood comprising nine residential buildings rising between six and 25 storeys.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="fc20982d-a0a9-4989-8fb3-680ca9fdcd10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.44%E2%80%AFAM.png?VersionId=l5EEyS6Dkf_SLDQkwDeyAU2nXkSZP2RW" />

The development has been designed by Rothelowman and is being pursued through a State Significant Development Application alongside a concurrent rezoning request under the NSW Government's Housing Delivery Authority pathway.

If approved, the project would deliver 1,206 dwellings, including 784 build-to-sell apartments, 208 build-to-rent apartments, 189 affordable housing units and a nine-storey serviced apartment building containing 112 rooms. The proposal also includes around 7,400 sqm of non-residential floor space, new public open space, communal recreation areas and a new internal street network.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="c4f80d3b-cb05-4068-8a87-808317807a99" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.36%E2%80%AFAM.png?VersionId=KfPqh1JBuxc53IWntEzGHAeBaCLmRmum" />

<h2 data-end="1990" data-section-id="s6350" data-start="1941">A key piece of Leppington's future town centre</h2>

The site sits around 250 metres from Leppington Station, which opened in 2015 as the terminus of the South West Rail Link and has long been earmarked as the catalyst for the suburb's transformation from a rural fringe location into a major strategic centre for Western Sydney.

Leppington has become increasingly important following the announcement of the Western Sydney International Airport and the emergence of Bradfield City Centre, with government planning identifying the precinct as a significant location for future housing and employment growth.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="8ca0f098-affc-48c0-80d3-468ea090a20c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.26%E2%80%AFAM.png?VersionId=o3mwgBFT6H9YUllI0JR.JfLsUYQy1CTa" />

According to Rothelowman, the proposal responds directly to Leppington's unique position between its agricultural past and its urban future.

"The site offers an opportunity to weave together multiple layers of history, from its ancient connections to Country along the ridgeline between two waterways and its origins as part of the Cumberland woodland, to its more recent agricultural uses, and its future as a new residential community," the architects said in the design report.

The architects said the project aims to establish a high-density residential typology that combines apartment living with extensive landscaping and public open space.

"The design responds by establishing a high-density typology that combines the convenience and amenity of contemporary apartment living with a renewed native landscape."

<h2 data-end="3541" data-section-id="1ko88s2" data-start="3485">Nine buildings arranged around parks and public space</h2>

The proposal has been designed around a landscape-led framework rather than a traditional podium-and-tower approach.

Across the site, approximately 7,500 sqm of public open space would be delivered through a network of north-south and east-west linear parks, connecting into the wider Leppington Town Centre open space network. A further 8,000 sqm of communal open space would be provided for residents.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f5113abf-5440-4610-9cdc-60a0d41a407e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.55%E2%80%AFAM.png?VersionId=k8zLMj4yZS4hStmGzZJfosjj5iArwIek" />

Rothelowman said the design seeks to maximise landscaping at ground level by concentrating development into compact tower footprints.

"Buildings are carefully lifted and distributed to minimise disturbance to the natural terrain, allowing the ground plane to remain open, permeable, and led by landscape," the design report states.

Rather than creating a continuous podium edge, the design team has focused on allowing landscaping to extend beneath and around the buildings.

"The ground plane is conceived as an extension of the surrounding environment, allowing landscape to flow up to and beneath the built forms."

The architectural language also draws on the area's natural landscape, with Rothelowman describing a material palette influenced by local gum trees, bark textures, creek systems and sandstone tones.

<h2 data-end="4971" data-section-id="s69utu" data-start="4922">Affordable housing and build-to-rent component</h2>

One of the more significant aspects of the proposal is the diversity of housing typologies.

In addition to traditional apartments for sale, the scheme includes a dedicated 25-storey build-to-rent building with 208 apartments and a 22-storey affordable housing building containing 189 homes.

The affordable housing component represents almost 16 per cent of the total dwellings proposed within the Residential Core Precinct.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f87e6808-e462-44c6-bfa8-a3de1816f2e3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.33.36%E2%80%AFAM.png?VersionId=WTsRKiUAyWw18S5S98yQB5oVuDcnJTxB" />

Community consultation undertaken ahead of the lodgement found support for additional housing in the area, particularly given ongoing affordability challenges across South West Sydney. Survey work conducted with local residents found housing affordability was one of the poorest-rated aspects of living in Leppington, while a majority of respondents were open to additional housing within the local government area.

The site's proximity to Leppington Station was identified as the most positively viewed aspect of the proposal, while public open space and affordable housing provisions also received majority support.

<h2 data-end="6184" data-section-id="1ngkie4" data-start="6140">Part of Leppington's broader expansion</h2>

ALAND will be a significant contributor to the broader vision for Leppington Town Centre, which is expected to accommodate more than 25,000 residents as the precinct evolves over the coming decades.

Located within Sydney's South West Growth Area, the 440-hectare Leppington Town Centre has been identified by the NSW Government as a strategic centre spanning both the Liverpool and Camden local government areas.

In 2023, Liverpool City Council and Camden Council, supported by the NSW Department of Planning and Environment, prepared a draft planning proposal to rezone land and amend development controls across a number of sites within the town centre.

The proposal outlines a new vision for Leppington Town Centre, reducing the amount of land allocated for business park uses while increasing land zoned for commercial development, housing and open space. The changes are designed to optimise land use across the precinct and support the delivery of a more walkable, transit-oriented centre anchored by Leppington Station.

&nbsp;

ALAND plots 1,200-home Leppington masterplan

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

Larry Schlesinger

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