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Demand for industrial space in Melbourne’s west is exceeding available supply due to a surge in multinationals taking up space, according to Colliers.
The industrial suburbs of Brooklyn and Derrimut are proving popular, with a series of major deals negotiated recently by the real estate group. 
Relocation multinational Australian Vanlines and freight and storage group Mountain Industries have both signed leases in an industrial park at 1 Cawley Road in Brooklyn. 
Both companies will lease about 4,000 square metres of “container-rated hardstand” space, with Australian Vanlines signing a five-year lease at $173,200 per annum and Mountain Industries signing a three-year lease at $140,000 per annum. 
Other tenants in the industrial park include multinationals Coates Hire and John Deere. 
Colliers International senior executive Nick Saunders says the leasing deals are evidence of an emerging trend in the area. 
“There is continued pent-up demand for tenants wanting warehouses in the inner west, but with very little stock available it’s becoming ever-frustrating trying to place the enquiry that were are handling,” Saunders says. 
Melbourne’s west has already been one of the few industrial zones to attract speculative development, with Australand completing three speculative projects in the precinct earlier this year. 
CBRE’s Victorian director of industrial and logistic services Walter Occhiuto says there are very good opportunities for speculative development, “particularly given the demand from major retailers who are currently driving strong levels of pre-lease activity.” 
Other multinational that have taken up leases of space in the west include O’Brien Glass, which has signed a seven-year lease at $145,000 per annum for a 1,800-square-metre main road building at 712 Geelong Road in Brooklyn. The warehouse was previously occupied by Toyota Materials Handling. 
“O’Brien Glass saw an opportunity to expand their operations in Melbourne’s west, upgrading from an 800-square-metre office / warehouse a few hundred metres up the road,” Saunders says. 
Australian Graphics, a subsidiary company of Wesfarmers, has signed a three-year, $77,800 per annum lease for 868 square metres at 144 Australis Drive, Derrimut. 
“They are expanding out of Altona North to a brand new building which was leased off the plan,” Saunders says. 
CBRE executive director of global research and consulting Kevin Stanley says the strength in Melbourne port trade has helped stabilise industrial rents and build demand for industrial property. This has helped drive rental growth during 2011. 
Stanley expects industrial yields to compress by around 40 basis points per annum –“a very conservative estimate and one which is likely to spark some debate”. 
“The question will be whether the market comes in and buys stock more aggressively and pushes values up faster that what a traditional compression cycle would suggest.”
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Multinationals snapping up industrial space in Melbourne's west

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The Reserve Bank will cut interest rates twice before the end of March 2012, according to ANZ.
The bank has shifted its position in light of the change of tone evident in the most recent monetary policy statement following the decision to keep rates on hold in October.
In July, following the release of higher than expected CPI figures, ANZ had forecast a 25 basis points rise before the end of the year.
“Whilst the timing is usual, highly uncertain, out best estimate at the moment is for a 25bps cut in November, followed by a further 25bps cut in February,” the bank says.
ANZ expects third-quarter inflation data, to be released at the end of October, to confirm that domestic inflationary pressures aren’t as high as previously thought, giving the RBA a window for a November rate cut.
“For now, we forecast an initial 25bps easing, but we can’t completely rule out a 50bps easing in November, should global credit markets deteriorate even more sharply and quickly in the coming weeks,” ANZ says. 
The bank says the RBA opened the door for a modest easing of policy when it lowered both its short-term growth and 2012-13 inflation forecasts for Australia.
“As a result of these downgrades, the RBA acknowledged that it now had scope for monetary policy to ‘provide some support to demand’ should that prove necessary,” ANZ says.
 
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Two rate cuts in next six months: ANZ

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The outlook for the Tasmanian housing market and the state’s overall economy is poor, according to the latest Westpac Coast to Coast report. 
The report notes a softening of conditions in the first six month of the year, which lowered annual growth to 2%, the slowest of any of the states. 
“Consumer spending all but stalled over the first half of the year. Only South Australia saw a weaker outcome. The consumer spending strike is against the backdrop of labour market weakness, with total employment contracting by almost 1% in the four months to August,” the report says. 
Over the first six months of 2011, the Tasmanian housing market was affected by the twin headwinds of higher interest rates and a slowing of population growth. 
As a result building approvals have softened in recent months, “pointing to further declines over the second half of 2011”. 
“Weakness was also apparent in renovation work, which slumped by more than 10% in the June quarter – albeit following a near 12% rise for the March quarter,” the report notes. 
Another sign of weakness was reflected in new dwelling construction contracted in the June quarter, declining by 1.1% for the quarter and 6.2% for the year. 
According to the report, Tasmania’s economic development is being hampered by a shortage of major new private investment projects in the state and the structural challenges created by the mining boom. 
“The investment outlook remains uncertain. Non-residential building approvals are weak and infrastructure commencements have softened. Business confidence has slumped, to be approaching the lows of late 2008,” the report. 
The recent devaluation of the dollar and expectations of an interest rate cut in November and in 2012 are expected to give some impetus to the market.
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Poor outlook for Tasmanian housing market: Westpac

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Mortgage brokers are now writing about 43% of new home loans in Australia but have lost market power to their lender partners, according to the latest volume of the JP Morgan/Fujitsu Mortgage Industry Report.
 
The latest report says broker volumes have continued their recovery back to pre-GFC levels during 2011. Before the GFC brokers’ share of new lending peaked at about 45% in mid-2007. 
However, the commission pool is sitting at about two-thirds of pre-GFC levels. 
Along with the drop in profitability, the report notes that the “broker / funder” relationship is at an “interesting point, with market power having slipped from brokers since the onset of the GFC”. 
Despite the major banks cutting broker commissions following the onset of the GFC, the report says broker commission rates are still high compared with other jurisdictions. It says power has moved from the “provider of the demand for lending (i.e., the broker) to the provider of the source of funding (i.e., the bank)”. 
The report notes that brokers are still a “firmly entrenched player due to customer preference” as well as being a profitable channel for lenders.
<img src="/images/stories/brokerloans.gif">
Among the major lenders, the report notes that the three of the four big banks have remained focused on using mortgage brokers to sell their products. 
he Commonwealth Bank has retained broker usage levels despite a new focus on profitability over growth; ANZ continues its high broker usage rate to compensate for its underweight branch presence, while NAB has “aggressively re-engaged with the broker channel to accelerate its loan book growth profile following the acquisition of Challenger’s mortgage distribution arm in August 2009. 
Westpac is the outlier, focusing on its proprietary distribution channels (with mixed results) the report says.
<img src="/images/stories/brokerloans2.gif">
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Mortgage brokers gain market share but lose power: JP Morgan

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The Citigate Mount Panorama Bathurst hotel is entirely sold out this weekend as fans descend for the country’s premier V8 race, but the resort has yet to find a buyer. 
The hotel sits on a 1.6 hectare site on Conrod Straight perched at the end of the main straight. 
The hotel was listed for sale in May and expressions of interest closed on June 23. It was listed in 2008 with a reputed $30 million asking price.
Creditors are currently owed about $44 million for the project, which cost about $50 million to develop. 
It is being sold by CBRE Hotels' Andrew Jackson and Rob Cross on behalf of receivers and managers Christopher Campbell and David Lombe from Deloitte. 
Discussions are understood to be underway with a number of interested parties but no deal has yet been brokered. 
The property is being sold “in one line” but is strata titled and offers investors the opportunity to sell down the individual units as separate stratas and operate under a management agreement. 
The four-star hotel, which features 135 residential apartments over seven levels, has been in receivership since opening its doors to the public in September 2009, “a period marred by the economic downturn,” according to the investment report. 
Facilities include a restaurant and bar, rooftop conference facility / function centre, heated swimming pool and spa, gymnasium, reception, lift lobby, and a two-storey covered car parking building. 
In October 2009 racegoers forked out more than $7,000 for a four-night stay in a three-bedroom apartment in the newly opened hotel. 
The hotel is operated by Mirvac Hotels and according to the investor memorandum, in April 2011, the hotel brought in revenue of around $730,000 compared with $459,000 a year ago. Revenue for the year to April 2011 is recorded at $4.2 million.
Recent regional NSW sales include the Chifley Albury sold by Andrew Jackson to the Rydges chain for $14 million and the Country Comfort Wagga Wagga and Country Comfort Shepparton sold to private investors for $8.8 million and $8.5 million respectively.
Bathurst is both a regional services centre as well as a tourism centre and is located just over 200 kilometres west of Sydney on the Macquarie River. The Bathurst airport provides regular connections to Sydney. 
Outside of racing, education is the city’s largest industry. The region is serviced by educational facilities including the main campus of Charles Sturt University, two TAFE campuses, four private and two public schools, preschools, and a community college.
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Citigate fully booked for Bathurst 1000 but still seeking buyer

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The average rate for a 30-year fixed mortgage in the US has dropped below 4% for the first time in history “amid increasing global economic concerns”, government mortgage lender Freddie Mac says. 
The average annual rate on a 30-year fixed-rate mortgage has fallen to 3.94%, down from 4.01% a week ago. A year ago 30-year fixed-rate loans averaged 4.27%. 
Fixed-rate mortgages for 15 years are averaging 3.26%, down eight basis points from the previous week. A year ago 15-year fixed mortgages averaged 3.72%
Commenting on the historic lows, Frank Nothaft, vice-president and chief economist for Freddie Mac, highlighted testimony earlier in the week from Federal Reserve chairman Ben Bernanke, who said the economic recovery was “faltering” and stressed the need for lawmakers to act.
Nothaft also noted that in October US personal income fell 0.1%, the first decline since October 2009 while consumer spending remains flat. 
The decline in US mortgage rates have been in line with declining yield on 10-year government bonds amid growing fears of a worsening debt crisis in Europe and worries that the US will slide back into recession. 
Despite the low borrowing costs, home loan lending has continued to decline, with mortgage applications falling 4.3% in the last week of September, according to the Mortgage Bankers Association index. 
In addition, the S&amp;P Case-Shiller index of home values in 20 US cities decreased 4.1% in July from a year earlier. 
Sal Guatieri, a senior economist at BMO Capital Markets in Toronto, told Bloomberg the record low interest rates are a reflection of the times. 
“The US economy is fragile and the global economic headwinds remain brisk,” he says. 
Australian fixed rates have also fallen steadily since the start of the year, with the three-year average fixed rate falling from 7.43% in January to around 6.7% at the end of September, according to Ratecity.com.au. 
<a href="/news">This week NAB cut its three year fixed rate by 10 basis points to 6.44%.</a>
<a href="/news">Fixed-rate mortgages are becoming more popular in Australia.</a>
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US fixed-rate mortgages at historic lows

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<img src="/images/stories/waggahotel.jpg">
One of Wagga Wagga’s most iconic buildings, the All Seasons Pavilion Hotel, has been listed for sale.
The 45-room hotel’s standout features is its white canvas roof in the shape of inverted funnel.
It sits less than a block from the Murrumbidgee River in the centre of the NSW town and was constructed in the 1980s.
The three-level building is constructed around a feature atrium with the white roof rising above as a landmark of the Wagga Wagga central business district.
It is being marketed by Tony Bargwanna and Andrew Joliffe from Ray White Hotels who says owner-operator Peter McIntyre is committed to selling, but declined to give a likely selling range.
The last Wagga Wagga hotel to sell was the 85 bedroom Country Comfort Wagga Wagga just a few blocks from the All Seasons which was picked up by a private investor for $8.8 million in September.

Since buying the hotel seven years ago McIntyre has undertaken extensive refurbishment works, including adding the marquee-style roof.
Bargwanna tells Property Observer there has been interest from institutional investors as well as owner-operators nationally.
“Wagga Wagga is one of the top regional centres and is keenly sought after,” says Bargwanna, who adds he has received 30% more enquiries than for other similar assets in regional centres.
Wagga Wagga is the largest inland city in NSW and is an important agricultural, military and transport hub with a population in excess of 60,000.
The property located on a 2,700-square-metre site at 22-30 Kincaid Street is just west of the Murrumbidgee river and includes a conference centre, a garden atrium restaurant, café lounge and bar and a wine cellar. The bistro can seat about 60 patrons and has a commercial kitchen.
The ground floor has 13 deluxe rooms; the first level has eight deluxe rooms, six executive suites, one family room and one premier suite; and the second floor has eight deluxe rooms, six executive suites, one family room and one premier suite. 
A night in the hotel starts from about $140.
The All Seasons Pavilion Hotel is being offered for sale by way of expressions of interest closing on October 20 at 4pm.
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Landmark Wagga Wagga hotel seeks marquee buyer

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As excitement builds for the Bathurst 1000, Holden has beaten Ford in a marketing campaign to sell five house and land packages in Windaroo on the outskirts of Brisbane.
Go View estate agent Danny Kumar offered buyers the choice of a Holden Commodore Series 2 V6 or a Ford XR6 valued at about $36,000 to those who snapped up the first five house and land packages (below) being built by CJ Homes listed at $399,000.
<img src="/images/stories/carhouse.jpg">
All five buyers picked the Holden over the Ford.
Kumar tells Property Observer he came up with the idea of offering the new cars in an effort to “do something different” and stimulate interest in the properties.
“We got a lot of enquiries,” he says.
Kumar cut his commission in half and chipped in a third of the price of the car (the builder and developer put in a third each) and he says he is more than happy to keep going with the promotion.
“I will be talking to the builder. If he can afford to do it, we will continue with the promotion.”
Kumar is part of a growing international trend among estate agents and vendors to offer incentives as diverse as alcohol, groceries and international flights to entice buyers in lacklustre property markets.
Robert Roach, a vendor in Benalla in regional Victoria, is offering a new $16,000 Mitsubishi Colt in an effort to find a buyer for a three-bedroom Californian Bungalow that has an asking price of $389,000 and has been on the market for six months (below).
<img src="/images/stories/carhouse2.jpg">
It is being marketed by Glenn Chibnall from LJ Hooker Benalla, who says the owner added the car to the sale to create more interest in a “steady” market awash with listings.
“We are hopeful of a sale… It is a buyers’ market.”
Roach says he hopes the car will help the sale over the line.
He negotiated the deal with the local Mitsubishi dealership and says the owner will get the car as soon as the house is sold.
“It’s a nice little car.”
Roach, who is retired, restored the house as a hobby, but says he can’t wait 12 months to sell the house.
“You can have the best product in the world but if no one knows about, it won’t do you any good,” says Roach, who honed his marketing skills as a butcher.
In Calgary, Canada estate agent Robyn Moser of MaxWell South Star Realty is offering C$1,000 worth of beer to buyers who snap up this four-bedroom house (below) asking C$349,000 in Coventry Hills, a suburb in city’s northwest.
<img src="/images/stories/carhouse3.jpg">
According to the Calgary Herald, she came up with the idea after reading about a Chicago vendor who offered beer to prospective buyers and saw a 300% increase in home showings as result.
In the UK, Bournemouth-based developer McCarthy and Stone is offering a year's free Waitrose groceries to potential buyers of a retirement property in a complex it has developed in Oadby, Leicestershire.
Other incentives that have been offered in the English Midlands include a luxury Mercedes car, a holiday, season tickets for either the Leicester Tigers Rugby Club or Leicester City Football Club and gym memberships.
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Holden beats Ford as vendors throw in freebies in hopes of driving sales

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Smaller lenders are making up ground on the major banks when it comes to meeting the needs of first-home buyers, according to AFG’s September Mortgage Index. 
On the back of a healthy 12.8% jump in mortgage sales for the month, non-major lenders accounted for 29.3% of mortgages sold to first-home buyers, up from 22.3%  in August. 
Non-major products were also more popular with those seeking to refinance and even investors, who are traditionally the least likely to switch from the Big Four, AFG sales figures revealed. 
Chris Slater, AFG's NSW/ACT state manager, tells Property Observer there has been pretty aggressive price in the market place across the board.
“The second tier is right up there at the forefront. They are aggressively chasing market share. They are back in the game in a big way,” he says.
Slater says the likes of Citibank, Suncorp, AMP and ING have all matched the major banks with their rate cuts of late.
Furthermore he says clients of AFG’s mortgage brokers are more receptive to the second-tier lenders, with a noticeable shift in the second quarter of the year.
According to the latest JP Morgan/Fujitsu Mortgage Industry Report there is an aversion among prime first-home buyer segments such as the “young affluent” and “young growing families” to using the branch networks of the major banks in favour of using devices such as tablets and smartphones.
 <img src="/images/stories/afgsmalllenders.gif">
The growing popularity of mortgage products outside the Big Four comes as smaller lenders rated highly in the September product ratings compiled by Canstar Cannex.
The financial products research group rated Coastline Credit Union’s Minimiser Home Loan as the third best variable rate mortgage, with ECU Australia’s Loyalty Plus Premium Variable Home Loan coming in fifth.
Out of the 24 variable loans rated “outstanding value” by Canstar Cannex, 15 are offered by non-bank lenders, including Mortgage House, Newcastle Permanent and State Custodians.
Credit Unions and building societies rated highly in the benchmark three year fixed rate category with nine of the 11 products rated “outstanding” by Canstar Cannex offered by mutuals.
Community CPS Australia’s Pinnacle +Plus Pkg Residential loan rated third best, with CUA fourth and Heritage Building Society fifth.
Canstar Cannex rated ANZ as having both the best valuable variable and three-year fixed-rate mortgages products in the market.
The major banks still continue to dominate overall mortgage sales by AFG brokers, with their brands accounting for 80.1% of the market.
AFG accounts for about one in 10 mortgages written in Australia.
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Smaller lenders gaining favour with first-home buyers

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Borrowers’ appetite for discounted variable rate mortgages among borrowers is growing, according to September approval figures from Mortgage Choice. 
Nearly 45% of borrowers selected a discounted rate mortgage in September, up from 41% in August and significantly up on the 12-month average of 30% of borrowers. 
The Mortgage Choice website says that “one of the most prominent lenders” on its panel of lenders is offering a discount of up to 1.03% per annum off its advertised rate throughout the life of the loan, depending on how much of a deposit the borrower can muster. 
To qualify for these discounts, the total borrowing has to be $250,000 or greater and the loan-to-valuation ratio is to be less than or equal to 80%. 
For LVRs greater than 80%, the unnamed lender is offering discount of 0.7% off the advertised rate while for LVR between 70% and 80%, a discount of 0.84% is applicable. In addition the lender is also waiving a $600 establishment fee with the discounts on offer extended to November 20. 
According to the latest JP Morgan/Fujitsu Mortgage Industry Report, <a target="_blank" href="/news">the current rate of discounting by the major banks is unsustainable</a> in an environment of low housing credit growth. 
In addition to opting for ongoing discounted mortgages, more borrowers are opting for fixed-rate mortgages a<a target="_blank" href="/news">s lenders continue to cut fixed mortgage rates.</a>
During September, the percentage of fixed-rate borrowers increased to 17% from just under 14% of borrowers in August. The long-term average is 12.5%.
<img src="/images/stories/mcoct61.jpg">
Source: Mortgage Choice
Mortgage Choice spokeswoman Kristy Sheppard says she expect the trend of borrowers opting for ongoing discounted mortgages to continue, “bolstered by industry talk swinging away from cash rate hikes to ongoing stability or cuts”. 
Demand for standard variable and basic variable rate home loans fell in September, to 16% and 15% of approvals, as did that for introductory rate loans, to 2%. 
Line of credit mortgages, primarily used by investors, experienced a slight growth in demand, to 5%.</body></html>

Almost half of borrowers choosing discounted mortgages

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<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]

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.

Larry Schlesinger

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