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The health of the CBD office market has been affirmed by Adrian Taylor, CEO of Charter Hall Office REIT, following publication of the company’s annual report.
The majority of CBD office markets are in or entering an “early upturn” stage of the property cycle, says Taylor in his CEO letter.
Strong returns are forecast from the CBD office market, and Taylor says the REIT is “well placed to capitalise on this recovery”.
He expects Australian office market capital and rent growth to continue “albeit at a slower rate due to recently reduced global economic growth, which typically impacts Australian demand for office space”.
The annual report notes the strength of the Sydney office market despite its exposure to the slow-growing financial services sector with net absorption of office space three times the 10-year average for the financial year.
It notes strong take-up of space in Melbourne due driven by a “diverse tenant base”, which eased during the first half of 2011 due to lower volumes of available space and a vacancy rate of just 4.1% for June 2011.
Perth and Brisbane offices are currently benefiting from a resurgent resources sector, with prime vacancies around 3%, the report says.
For the year to June 30, 2011, Charter Hall Office REIT returned to profitability, delivering shareholders statutory profit of $68 million following a loss of $91 million for the 2010 financial year.
Leasing levels increased to a six-year high with terms agreed across 110,000 square metres, taking occupancy rates for its Australian portfolio to 96%.
The REIT operates 18 investment-grade office assets in capital cities worth $1.84 billion, with 87% of its office towers held in NSW and Victoria.
Its most valuable asset is the 41-storey, 71,000-square-metre Citigroup Centre in the Sydney CBD, in which it has a 50% share valued at $360 million.
It is currently considering a proposal from Macquarie Capital Group on behalf of a consortium including global institutional investors to acquire all the remaining shares of the REIT other than those held by Charter Hall Group.
This follows shareholders voting against a US hedge fund consortium proposal to replace the current management of the REIT with its own nominated management team and wind up the trust.
Charter Hall is currently in the process of selling its US office portfolio to Beacon Capital Partners for $1.7 billion, which is due to be completed in May 2012.
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Slow and steady growth predicted for CBD office market

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The almost constant stream of lenders cutting fixed mortgage rates have struck a chord with borrowers, with AFG recording a big jump in fixed-rate mortgages processed over September. 
Around 16.6% of all new home loans processed by AFG brokers in September were fixed-rate products, compared with 9.4% the month before, and even lower figures for most of 2011. 
The uptick was strongest in New South Wales and Western Australia. 
“In September we have seen very aggressive competition, with lenders cutting their fixed-rate offers. The combination of more realistic property prices, attractive financing options, and lack of confidence in the share market seems to be coaxing first-home buyers and investors back into some markets,” says Mark Hewitt, general manager of sales and operations at AFG. 
According to mortgage comparison website Ratecity.com.au, 70% of lenders, including<a target="_blank" href="/news"> St George</a>, <a target="_blank" href="/news">Westpac</a>, <a target="_blank" href="/news">Greater Building Society</a>, <a target="_blank" href="/news">Credit Union Australia</a> and <a target="_blank" href="/news">ING</a>, have cut their fixed mortgage rates recently. 
The benchmark average three-year fixed mortgage rate has dropped from 7.43% in January to 6.7% in September, according to Ratecity.com.au research. 
Besides an uptick in fixed rate borrowers, the AFG Mortgage Index also shows a strong return of first home buyers in New South Wales, Western Australia and to an extent Queensland during September. 
While the national figure of 15.7% of first-home buyers is in line with the long-term average, in NSW first-home buyers accounted for 18.9% of the market, in WA 17.4% and in QLD 15.8%. 
First-home buying activity was more subdued in Victoria (13.3%) and South Australia (10%). 
Overall sales volume for September was up 12.8% compared with September 2010, with refinancing comprising 38% of loans processed.
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Jump in demand for fixed-rate mortgages in September as lenders fight to be lowest

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NAB’s cut-throat mortgage discount battle with its major bank competitors, which began with its “Break up” campaign on February 15, is helping its overall business, according to its head of business banking.
Rather than hurt its overall business profitability as some claim, Joseph Healy says it is having quite the opposite effect. He claims the mortgage wars have had a “halo effect”.
Healey tells the Australian Financial Review the bank’s business customers are impressed by its “bold” personal banking strategy.
“It has been a marvellous help to differentiate NAB in the marketplace.”
Earlier this month, JP Morgan banking analyst Scott Manning said bank mortgage discounts were about as competitive as they could get “prior to diluting group returns”. 
Manning says banks are currently offering average discounts of 90 basis points off standard variable rate products and anecdotally 1.15% on larger loans. 
“We would consider discounts in excess of 120 basis points off a standard variable product originated via the branch network as uneconomic, or discounts in excess of 90 basis points via [mortgage] brokers [as uneconomic],” Manning says. 
The major banks have been seeking to steal mortgage market share from each other during a period of weak overall credit growth. 
Despite NAB’s “break up” campaign, its share of the mortgage market remains well below that of the CBA and Westpac. 
Estimates by the Royal Bank of Scotland put NAB’s market share of outstanding home loans at 15% compared with Commonwealth Bank’s 27% and Westpac’s 25%. ANZ has the smallest market share of the Big Four at 14%. 
According to August figures put out by the RBA last week, housing credit increased by 0.4% over August, the weakest pace since July 2009 and following an increase of only 0.5% over July 2011. 
Over the year to August, housing credit is up just 5.8%.
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NAB says mortgage wars a boon to business

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The RBA will leave the cash rate unchanged at 4.75% when it meets on Tuesday (October 4), according to the unanimous results of a survey of 22 economists by Reuters.
However Stephen Koukoulous, economist and former adviser to the Gillard government who was not among those surveyed by Reuters, has tweeted of a “likely” RBA rate cut this week. If the RBA does not cut rates this time around, he predicts a 50-basis-points cut in November and a further 25-basis-point cut in December, taking the official cash rate down to 4%.
Among the 22 surveyed by Reuters was Westpac chief economist Bill Evans, who says the bank is not yet “despairing” about its predicted December 25-basis-point rate cut “despite there only being two more meetings before our December target date”.
“There has been considerable movement in our direction but precious few forecasters prepared to agree that rates need to come down,” Evans says.
“Unfortunately for us, the most significant member of the 'unchanged' camp is the Reserve Bank.” Looking further into the future, there is a greater divergence of opinion on where interest rates are heading. 
Economists from Westpac, AMP, BNP Paribas and Deutsche Bank expect the cash rate to drop by 25 basis points in the first quarter of 2012 while Goldman Sachs is forecasting a 50-basis-point cut. Stockbroker ICAP expects the RBA to push up the cash rate to 5% by March 2012.
Borrowers saving to buy a home in 12 months’ time might be better off putting a bet on the Melbourne Cup than predicting which way interest rates will go, with economists’ forecasts widely divergent.
At bullish end of the spectrum is Westpac (along with Macquarie Bank), which in keeping with its prediction that rates will fall by 1% over the next 12 months is forecasting a cash rate of 3.75% by the final quarter of 2012. Most bearish is ICAP, which has a forecast rates to rise to 5.75% over this time frame.
Ten economists are forecasting the cash rate to rise above the current 4.75% by the end of 2012, six believe the cash rate will fall below the current 4.75% setting and five (including ANZ) expect it to remain unchanged.
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Economists agree no RBA rate movement this time, barring one maybe

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Participants at this week’s Canberra Tax Forum should look at developing a “package” approach to reforming housing tax in which “the federal government supports state governments in reforming their systems”, according to Miranda Stewart, co-director of taxation studies at the Melbourne Law School at the University of Melbourne.
Stewart calls the current taxation system a “complex mess of federal, state and local taxes, exemptions and concessions” in an article for academic commentary website www.theconversation.edu.au.
“The combination of our capital gains tax 50% discount, the ability to negatively gear investment in rental property as a deduction in the income tax, state stamp duties and poorly designed land taxes causes a biased investment housing market that contributes to Australia’s lack of affordable housing,” she says.
Executive director of the Australian Housing and Urban Research Institute Ian Winter agrees, saying<a href="https://www.propertyobserver.com.au/residential/housing-academic-says-landed-gentry-destroying-fair-go/2011092851716" target="_blank"> the current tax system favours property investors (or the “landed gentry”)</a>. 
Ahead of the start of the Tax Forum tomorrow, Stewart says reforms to improve the taxation of housing would fix some of the worst problems in state tax systems, and would make income tax fairer and more neutral in its treatment of different kinds of income and investment.
“A tax reform that rebalances the system to tax housing assets more neutrally and fairly can make a significant contribution to improving housing fairness, efficiency and affordability,” she says.
Her recommendations include:
<ul>
<li>adopting a 40% discount on net savings income where investors would “net off their income and gains on investments, against expenses and losses on those investments”</li>
<li>retaining the 50% capital gains discount and the ability to “negatively gear” interest for rental housing investments that are developed in the National Rental Affordability Scheme</li>
<li>reforming land taxes to improve valuation rules and rate structures. Land taxes would usually be lower on apartments than on houses, supporting city planning goals and affordable rental housing.</li>
<li>abolishing stamp duties.  Land tax to be reformed so that it applies to all real estate, including the main residence, at a low flat rate.</li>
<li>designing tax concessions in the new land tax, so that people without sufficient cash flow, such as pensioners, can delay payment until sale of their house</li>
</ul>
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Academic calls on Canberra to fix housing tax 'mess'

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Frasers and Japanese joint venture partner Sekisui House have secured $550 million in funding for the 5.8-hectare mixed-use Central Park development on Broadway in central Sydney. 
The debt facility is being provided by ANZ and The Bank of Tokyo-Mitsubishi UFJ and will be used to fund the construction of approximately 1,400 apartments across five residential towers and a 16,700-square-metre multi-level retail centre at Central Park development. 
According to Frasers, the loan agreement is one of the largest development facilities agreed in Australia post-GFC.
 
Frasers Property Australia CEO Guy Pahor says the loan represents “a major milestone in the development of Central Park”. 
“Construction is well underway at Central Park and sales are progressing exceptionally well,with more than 80% of the 623 apartments within One Central Park now sold,” Pahor says. 
Earlier this month Watpac Construction was granted the $240 million contract for the second residential stage at Central Park, taking current construction commitments to over $600 million. 
In July 2011 Frasers Property Australia and Sekisui House Australia formed a joint venture partnership to jointly develop the majority of the $2 billion mixed-use Central Park development. 
When completed, the Central Park project will have 1,900 apartments as well as student housing, a hotel and a 70,000-square-metre commercial office campus. 
Key heritage buildings have been retained and will be restored, preserving the site’s cultural heritage. 
Central Park will showcase the talents of some of the world’s leading architects and international designers including French architect Jean Nouvel of Ateliers Jean Nouvel, the UK’s Foster + Partners, French botanist and artist Patrick Blanc, and Australian architects Johnson Pilton Walker, PTW Architects and Tonkin Zulaika Greer. 
Apartments currently for sale at Central Park range in price from $505,000 for a one-bedroom apartment to $2.295 million for a three-bedroom penthouse.
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Frasers secures record post-GFC loan for Sydney Central Park project

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A heated battle is brewing between Lachlan Harris, founder of the One Big Switch mortgage campaign, and mortgage broker AFG.
AFG, which counts about 2,000 brokers on its books, has slammed the Choice-backed quasi-mortgage broking offering for not having any major lenders on board after email offers finally started reaching subscribers inboxes <a target="_blank" title="One Big Wait for One Big Switch" href="/news">six weeks after the registration process closed</a>.
Mark Hewitt, general manager for sales and operations at AFG, says it does not have a problem with “the concept of helping consumers get the best possible deal in the market” but says the problem for consumers is that “One Big Switch has failed to attract any major lenders to its panel”. 
“The proposition would be laughable if they weren’t putting people’s property on the line. And are they called One Big Switch or Big Bank Switch – judging from their own website, they don’t seem to know,” he adds. 
Harris has hit back strongly, telling Property Observer he stands behind the five non-bank lenders who have signed on to date and is “astounded” by the AFG attack.
“I cannot believe AFG think it’s their job to attack the quality of non-bank lenders in Australia,” he says. “They need to reflect and take a long and hard look at themselves.
“First people said it could not be done and now that we have done it, they are saying they don’t like our lenders.
“We have five lenders on board and we are very happy with who we have so far,” Harris says.
Property Observer can confirm lenders who have signed on include FirstMac, Resimac and MortgageEzy.
Discounted variable rate offers range from 6.69% to 6.85%, with the cheapest offering coming from Hemisphere Financial Solutions, a 0.25% discount for the life of the loan.
MortgagePort offering is a 0.24% discount off its three-year fixed-rate loan to 6.35% as well as $500 cash back.
The cheapest advertised variable rate product on mortgage comparison website Ratecity.com.au is 6.58% from loans.com.au, the online brand of FirstMac, while the cheapest three-year fixed rate is 6.29% offered by AMP.
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One big barney: Lachlan Harris defends One Big Switch after AFG attack

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The slow in the drop in house prices in Brisbane suggests the market may be close to bottoming out, says RP Data analyst Cameron Kusher.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/sydney-house-prices-hold-steady-as-national-decline-slows/2011093051753">According to the RP Data-Rismark August Hedonic Index results</a>, Brisbane prices declined by just 0.2% on a seasonally adjusted basis over August, compared with 0.4% fall in July.
“The Brisbane result is encouraging following fairly sizeable monthly falls,” Kusher tells Property Observer. “It suggests Brisbane may be near the bottom of the market.”
Perth prices fell by 2% over August following a 1.1% decline in July – a result that Kusher described as “surprising”
“We thought Perth was getting closer to the bottom,” he says.
Kusher says a possible reason for Perth’s current weakness is that mining activity has not yet filtered down into housing demand, set within the context of declining consumer confidence.
Taking a look at the overall 0.4% decline nationally in house prices, Kusher says it is difficult to read too much into one month of data.
“Houses prices declined 0.6% in July and have declined for the last eight months. Spring will tell a bit more of a story. But I think it will be more of the same for the rest of the year.”
Kusher says a rate cut, currently being forecast by many economists, might increase activity, but won’t necessarily push up prices.
“The real capital gains are some way off. People are first getting to a more comfortable debt situation,” he says.
According to Kusher, a trigger for more people stepping into the housing market could come when rents rise to a level that encourages people to take out a mortgage rather than pay rent.
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Brisbane could be at the bottom of the market: RP Data

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Australia’s biggest housing market has shown “noteworthy” resilience by bucking a 0.4% seasonally adjusted national decline in house prices over August, according to the RP Data-Rismark August Hedonic Index.
The 0.4% drop in national prices was the smallest seasonally adjusted decline since April 2011.
On a seasonally adjusted basis Sydney house prices remained unchanged over the month, the only major city not to undergo a house price correction.
Based on raw data, Sydney house prices rose 0.4% for the month.
RP Data senior research analyst Cameron Kusher says the Sydney resilience is one of the more noteworthy findings for August, but is not that surprising as the market fundamentals are strong.
“Sydney prices did not go anywhere for five years. Demand is pretty strong and there is not much supply. These fundamentals are supporting some level of growth," he tells Property Observer.
“Over the last 12 months, Sydney dwelling values have increased by 0.3%. Including rents, Sydney’s total return has been 5% over the past year, and is up 3.4% in the first eight months of 2011.
“Another key finding in August was a change in the Melbourne growth dynamics. In the four months prior to August, Melbourne home values declined by about 1% a month (down 1% seasonally adjusted and down 1.2% raw).
“In August, Melbourne home values actually rose in raw terms by 0.2% and reported a much lower seasonally adjusted decline of just -0.2%. It will be interesting to see whether this trend continues as the spring selling season kicks off,” Kusher says.
<img src="/images/stories/rpsept301.gif">
Property investors and owners will be buoyed by a 0.2% increase in total returns in August – a combination of capital growth plus income (or rents).
Total returns varied markedly on a city-by-city basis.
While Melbourne (-2%), Perth (-2%), Adelaide (-1.8%) and Brisbane (-1.6%) have all experienced negative total returns over the first eight month of 2011, Sydney (+.4%), Canberra (+2.8%), and Darwin (+1.8%) are all in the black.
<img src="/images/stories/rpsept302.gif">
Brisbane and Melbourne house prices declined by 0.2% in August, with Canberra registering the biggest monthly decrease of 1.8%.
For the July quarter, Perth is the weakest performing capital city with values down 3.8% on a seasonally adjusted based and down 7.1% year-on-year.
Darwin was the only capital city to record seasonally adjusted house price appreciation over the month – up a marginal 0.2%. It also continues to deliver the strongest rental returns with gross rental yield of 5.3% for houses and 5.8% for units.
Rental returns remain weakest in Melbourne with gross rental yields of 3.7% for houses and 4.3% for units.
According RP Data analysis, the premium sector of the market remains the most volatile.
The most expensive 20% of suburbs have recorded capital value falls of 5.5% over the last year compared with a3.1% capital loss across the broad “middle” market and a 2.9% capital loss among the 20% of most affordable suburbs.
Rismark economist Christopher Joye comments: “For most of 2011 Australian households were expecting to get slammed with two to three additional interest rate hikes on top of the circa two hikes they bore in November last year.
“As a consequence of the US and European sovereign debt ructions, and a bump up in the local unemployment rate, interest rate expectations have swung 180 degrees.”
The financial markets are now pricing in nearly six rate cuts by June next year.
As the most rate sensitive sector of the economy, Joye says the housing market will be the main beneficiary of any rate cut.
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Sydney house prices hold steady as national decline slows

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The importance of storage space in houses and apartments was brought home following the sale of a portfolio of 11,000 storage units to a large institutional investor. 
Chicago-based institutional investment firm Heitman has jointly acquired a portfolio of self-storage units from Investec Bank for $101 million in one of the largest specialised portfolios to be sold this year. 
The US firm has bought the 11 assets spanning New South Wales, Queensland, Western Australia and Tasmania that form the Investec Property Opportunity Fund (IPOF) in partnership with Brisbane-based storage group National Storage. 
Heitman, which has an office in Melbourne, is looking to expand its investment in the Australian property market. 
The acquisition of the self-storage units forms part of a joint $187.5 million joint venture agreement between Heitman and National Storage comprising 20 properties and two businesses, the Australian Financial Review reported. 
Nine self-storage properties were acquired from an unlisted fund run by APN Funds Management. 
The 20 properties total around 100,000 square metres of storage space across 11,000 individual units. 
IPOF acquired the self-storage portfolio for $69.3 million in late 2008 from National Storage and APN National Storage Property Trust. 
IPOF upgraded and expanded seven of the 11 assets to increase their value and boost revenue generated by operator National Storage. 
Head of property investments at Investec Bank Graeme Katz says the sale of the portfolio and triggers a considerable capital return to investors. 
“The fund has realised a return of greater than 20% per annum and over 60% return on equity,” he says. 
Heitman acquired 19 storage facilities in New Jersey and Pennsylvania in a similar joint venture arrangement with with US REIT Sovran Self Storage in August this year.
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US property group buys 11,000 Aussie self-storage units

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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