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RBA assistant governor Philip Lowe’s speech on household saving and spending highlighted tough times ahead for retailers, according to Katie Dean, head of Australian economics at ANZ Research.
Dean notes comments by Lowe indicating that two macro trends – “higher household savings and increased spending on services” – are likely to persist. 
“In other words, challenging times for the retail sector will persist,” she says. 
And she expects retailers to struggle even if the RBA cuts interest rates, “given the RBA attributes a good portion of the recent rise in household savings to heightened uncertainty amongst households”. 
“Indeed, as the deputy governor confirms, ‘The increased household saving is … a positive development from a national risk-management perspective. Households are using some of their income growth to build up bigger financial buffers, and this should hold them in good stead in the uncertain world in which we live.’” 
According to Dean, Lowe’s speech also provides some perspectives on how and why Australian household savings and spending patterns are changing. 
“Briefly, the data suggest the rise in household savings reflects three drivers:
 
<ul>
<li>higher housing prices and debt levels, with household savings rising more sharply for younger households and households that are either renting or have a mortgage;</li>
<li>the desire to rebuild wealth after the global financial crisis, with the rise in savings also highest amongst households that had relatively high levels of financial assets before the financial turmoil; and</li>
<li>higher uncertainty amongst households, with the rise in savings more.</li>
</ul>
 “With all three drivers continuing (and perhaps worsening again) currently, there is therefore little reason to expect current household savings patterns to reverse.”
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Clouds won't part for retail anytime soon: ANZ

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Despite house buying sentiment tracking above levels last seen in 2002, the market will remain soft in spring due to unemployment concerns, according to Westpac economic and Red Book author Matthew Hassan. 
Hassan noted the 15.5% jump in the bank’s “time to buy” index in September – a component of its consumer sentiment survey – taking the index to its highest level since September 2009. 
“Somewhat incredibly the September reading is also the highest reading since March 2002 (excluding the 2008-09 period when mortgage rates were sub- 6% and generous first home buyer incentives were being rolled out),” he says.
“While this is positive heading into the spring selling season, we caution that it does not guarantee an upturn. 
“The index often says more about affordability than market prospects; that is, the September rise may have more to do with softer prices and shifting rate views. 
“A similar series for the US did not capture the extent of the slump there and has shown strong buyer sentiment since February 2009. US housing has yet to recover.”
 <img src="/images/stories/redbooksept22.gif">
To form a more accurate picture in Australia, Hassan says the index should be used in conjunction with unemployment expectations. 
According to the September Westpac–Melbourne Institute Consumer Sentiment Survey, unemployment expectations rose 8.5% in September following on from a 2% gain in August, suggesting households are observing a softer jobs market and are becoming increasingly insecure in their jobs. 
Taken together, Hassan says these indicators point to a net softening in demand conditions rather than a pick-up. 
This is despite fewer consumers now likely to be expecting an interest rate rise over the coming months. 
Westpac did not question consumers in September on their mortgage rate expectations  (in August, 73% of consumers said they expected mortgage rates to rise in the next 12 months with 29% picking an increase of over 1%) but Hassan says it would be reasonable to assume “considerably fewer respondents would now expect higher rates over the year ahead”. 
Despite this, consumers remain risk averse, with Westpac forecasting a continuation of the high levels of household savings that have been a feature of the last few years. 
The bank forecasts the savings ratio to stay in the current range of 10.5% to 11.7% of national over the next 12 months.
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Sentiment for houses rises but upturn in market unlikely: Westpac Redbook

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Westpac has selected the Paris end of Collins Street for its new Melbourne headquarters, rather than join rivals NAB and ANZ, which have headquarters in the Docklands precinct.
The bank is set to occupy between 14,000 and 18,000 square metres of office space in a new 20,000-square-metre, 10-level A-grade office tower to be constructed by Grocon and APN Property Group.
About 1,000 square metres of the building will be set aside for retail use.
The proposed site for the tower is currently occupied by an Art Deco multi-level car park behind the historic Scots Church on the corner of Russell and Collins streets.
In 2006 trustees of the church agreed a 99-year lease agreement with Grocon/APN to develop the site.
Under the agreement APN will pay Scots Church an initial $5.5 million, then an annual rent of $1.5 million.
Elements of the car park will be retained in the construction of the new building.
The heritage-listed church dates back to 1841 and is Melbourne's oldest Presbyterian Church.
In 2004, NAB became one of the first major corporate tenants in Docklands when it moved 3,500 staff into its new headquarters at the corner of Harbour Esplanade and Bourke Street.
In early 2010, ANZ moved into new 87,000-square-metre premises  at 833 Collins Street, the largest office building in Australia.
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Westpac takes Paris end of Collins, leaves Docklands to other banks

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With Australia looking well-placed to cope with any fallout from the IMF cutting global growth forecasts, Aussie Home Loans executive chairman John Symond says there should be strong demand for inner-city apartments in Sydney throughout spring.
“The recent state budget and its attendant stamp duty concessions should see demand rise for apartments in the lower price range,” Symond has told Property Observer.
“New units located close to the CBD and public transport link will be the winners in the spring of 2011 – easily beating older units and homes,” he says.
“Also fuelling demand for units are empty nesters who are leaving their homes for townhouses or apartment living.”
Overall, Symond says the Sydney real estate market continues to cool, as the market still feels the effects of the Reserve Bank’s decision to lift rates late last year.
“I expect house prices to be solid in the under $1 million price range, while those above that mark will continue to be soft.
“More affordable houses and units will experience stronger demand as the First Home Buyers still receive State and Federal incentives to purchase.
“While dwellings within 15km of Sydney’s CBD have historically performed the strongest, we are now seeing healthy growth in the more affordable suburbs in Sydney’s west, such as Blacktown, and this trend should continue.”
The luxury end of the market will continue to feel pain, according to Symond.
“Houses in the upper price range, especially in the Eastern Suburbs, will continue to experience softness – with many prices paid in recent months at least 20% below their peaks of a few years ago.”
Symond also voiced concerns at the lack of affordable properties in the Sydney market.
“The supply of new rental properties continues to be slow, leading to an acceleration in rents – creating further pressure on those who are keen to get into the property market for the first time,” he says.
“Many young people are now effectively priced out of Sydney property ownership and face accelerating rental payments. This problem of affordability should be urgently addressed at both a federal and state level, with new housing lots and units required.
Despite these concerns, Symond says there  are “opportunities for the astute purchaser who does their homework, as there is a strong prospect of lower rates over the next few months”.
“Banks continue to favour home lending over small businesses and commercial lending and that will fuel growth.”
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Sydney housing market will weather economic storm: John Symond

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Housing markets in mining towns are outperforming some of the most prestigious suburbs in capital cities, but investors should be cautious due to their dependence on the resources boom, according to RP Data’s Tim Lawless. 
The boom is being driven by high levels of demand coupled with a scarcity of quality housing. 
"With the non-rural commodities sector gathering pace, resource-driven regions should continue to prosper,” Lawless says. 
But he warns prospective investors and home owners in these locations that economies with a singular dependency on one given commodity can be risky. “Any weakness in the resources sector is likely to be reflected within the housing market,” he says. 
Western Australia’s Roebourne, Port Hedland (pictured) and Broome council areas have recorded the highest median house prices outside of a capital city at $950,000, $775,000 and $660,000 respectively over the year to June 2011. 
In comparison, the median house price in Perth stands at $470,000 and has depreciated by 6% over the last 12 months according to the June Quarter Market Facts report carried by the REIA. 
In Queensland the resource-intensive regions of Isaac ($445,000) and Gladstone ($415,000) are showing the highest median house prices of any council region in the state outside of South East Queensland and are on an equal footing with Brisbane, where the median price currently stands at $435,000 (a drop of 5.4% for the year) according to the REIA.
Besides strong price appreciation, rental yields in most mining towns are well in excess of the capital city averages.
The highest indicative gross rental yields of any council region around Australia are found in Port Hedland at 12.7%. Queensland’s Cloncurry and Isaac are a close second and third, returning an average gross yield of 11.4% and 11.1% respectively.
Rental yields in capital cities are half or less than half of mining town returns with RP Data calculating the yield on Sydney houses for July at 4.4% for houses and 5.2% for units.
The highest capital city rental yields are currently being achieved in Darwin, at 5.2% for houses and 5.8% for units.
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Mining town prices booming but vulnerable

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The housing markets of Sydney, Brisbane and Melbourne are facing significant pain over the coming years from the government’s decision to drastically cut migration numbers, according to Tony Crabb, national head of research at Savills.
Crabb says the policies are been driven by politics – xenophobic fears in Western Australia, the west of Sydney and Queensland – rather than based on sensible policies and the needs of the economy.
“We should be making it easier for migrants to come here – most definitely. Over the coming decade more people will be leaving the working force then entering it putting pressure on our health care system and there will be less taxpayers to pay for it all,” he says. 
The immigration cuts – about 200,000 a year, according to Crabb – come at a time when demand for migrants exceeds supply, unemployment sits at just 5%, Australia is faced with skilled labour shortages, and countries in the Western world have unemployment as high as 20%.
 <img src="/images/stories/immigrationchart.gif">
“Immigrants are responsible for snapping up many of the house-and-land packages in the new housing estates as well as existing properties, all of which flows back into the economy in the form of credit provided for bank and demand for retail goods,” Crabb says.
The decline in population growth has also been noted by CBA economist Michael Blythe.
In a recent econ0mic note titled “Manning the barricades” Blythe said population growth was one of the factors that had helped protect the Australian economy during the 2008?09 financial crisis
“The support from strong population growth has gone,” he wrote. 
According to Crabb, the decline in migrants has also played a much bigger role in the decline in retail turnover, which has been largely ignored as everyone focused on the role of the internet.
“[Immigration] is the elephant in the room," Crabb says. 
“No one wants to talk about it, but we have slashed immigration by 200,000 people a year. That equals 70,000 houses, 100,000 cars, 70,000 washing machines, 70,000 dishwashers, and 150,000 beds. Never mind linen, crockery, cutlery, food, clothing and everything else. 
“That’s around $5 billion to furnish a house, and feed and clothe an average family per annum and that’s without adding additional retail expenditure involved in the construction of 70,000 houses, which on current values would be worth circa $400,000 each. 
“No wonder retail is in the doldrums,’’ he says.
Crabb says the cost to the economy, and the retail sector in particular, would be ongoing as the nation’s construction industry began to feel the pinch.
“It will be the housing sector which will feel it next as it starts to clear the workload from the stimulus package of 2009/10,’’ he says. 
“We need to take a comprehensive look, and with some urgency, at what is required to shore up our labour force. There are countries all over the world where well educated people are unemployed – we need them here, now. 
“If the federal hovernment wants to take some action to help retailers and at the same time stimulate our two-speed economy, then they could do worse than take a serious look at this issue,’’ he says.
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Immigration cuts hurting housing market: Savills

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Mortgage brokers will be required to disclose commission payments, fees and charges to their prospective clients from October 2 under new rules issued by the Australian Securities and Investments Commission.
Upfront and monthly trail commissions are paid by lenders and are the bread and butter of mortgage brokers’ income, though some also supplement their income with fee-for-service charges.
The new rules will mean that commission payments must be declared as part of a “credit guide” provided when brokers first meet with prospective customers.
Brokers must also list the six lenders they conduct the most business with, disclose whether commissions to third-party referrers will be paid, and make a statement on volume bonus arrangements.
Some lenders pay brokers bonus commission payments if they submit a target number of loans over a set period of time.
The credit guide must also include the following information: 
<ul>
<li>The broker’s name, contact details and Australian credit licence number or credit representative number;</li>
<li>information about their procedure for resolving disputes with a consumer, including contact details to access: </li>
<li>their internal dispute resolution (IDR) procedure; and </li>
<li>the external dispute resolution scheme (EDR) of which the broker is a member.</li>
</ul>
Brokers that operate under their own Australian Credit Licence will also be required to disclose commissions in a “proposal document” given out at the time the loan is to be arranged.
Brokers who act as credit representatives are only required to provide a credit guide, while those that operate under their own licence must provide four documents, the others two being a quote and a written assessment. 
The four documents that licensed mortgage brokers must provide are: 
<ul>
<li>
A credit guide - A credit guide provides preliminary information about you to a consumer. The time at which you have to provide a credit guide will depend on what type of entity you are and what credit activities you engage in, but will generally be before you engage in credit activities with the consumer. </li>
</ul>
<ul>
<li>
A quote - A quote tells the consumer the estimated cost to them of using your services, if you charge the consumer a fee. Before you provide credit assistance, you must give a quote to a consumer, the consumer must have accepted the quote by signing and dating the quote and you must give the consumer a copy of the accepted quote. </li>
</ul>
<ul>
<li>
A proposal document - a proposal document sets out the costs to the consumer of using your services, including any commissions you may receive. You have to give a proposal document at the same time you provide credit assistance to a consumer. </li>
</ul>
<ul>
<li>
A written assessment - this is a preliminary or final written assessment that a credit contract or consumer lease is “not unsuitable” for the consumer. You are required to give a free copy of the written assessment to the consumer if they ask you for one within seven years of entering into the credit contract (if you are a credit provider) or of the date of the quote (if you are a credit assistance provider).  You are not required to give a written assessment to a consumer if the credit contract or consumer lease is not entered into or the credit limit is not increased (if you are a credit provider), or if you do not provide credit assistance (if you are a credit assistance provider).</li>
</ul>
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Mortgage brokers forced to reveal commissions from October 2

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Property valuers have spoken out about new contracts they are being forced to sign with the major banks requiring them to give up legal protections in the event of a loan ending up in court. 
Valuers have traditionally entered into proportionate liability agreements, in which any losses as a result of a mortgage default are shared between the valuer and the lender. 
Valuers that do not sign the new agreements face removal from the bank’s panel of approved valuers.
Those that do accept the new terms face challenges in securing professional indemnity cover from insurers reluctant to insure valuation firms. 
“In my view, it is unfair for banks to expect valuers to accept 100% of the risk if a loss is suffered on a loan,” Greville Pabst, chief executive at WBP Property Group has told Property Observer. 
“There are many factors outside the control of the valuer that can contribute to a bank’s loss on a loan, including mistakes in credit scoring, extending finance beyond the financial capabilities of the borrower and anomalies in processing by brokers and/or applicants.” 
Pabst says the valuer is not the only responsible party when lending against real estate. 
“I believe a sensible resolution will result through discussion between the banks, [valuation platform] ValEx, the mortgage insurers and the Australian Property Institute in the coming weeks,” he says. 
Nick O'Brien from commercial valuers O’Briens Valuers and Property Consultants says he is concerned that what is happening in residential valuations may “spread further”. 
Another valuation firm acknowledges that banks are enforcing new agreements and undertaking “new bullying tactics”, but declined to make a public statement due to the fear of the possible “wrath” of one of the major banks.
The actions of the banks have been slammed by Philip Western, the National President of the Australian Property Institute, which represents valuers.
Western, who is also the NSW Valuer-General, says it is “time for the market to act in a fair and equitable manner before the livelihoods of many of the institute's members were destroyed”.
 
“There is a need for lending institutions, mortgage insurers and professional indemnity insurers to sit down with the profession and agree on a way forward before it is too late,” he says.
According to Western, very few underwriters are prepared to offer valuers professional indemnity insurance and those that are “continue to look to placing severely limiting clauses in such policies”.
“Small valuation firms are disappearing because they either cannot get cover or the cover includes these clauses which effectively makes the policy prohibitive,” he says. 
"Enough damage has already been done to the profession with very few seeming to care that small operators are losing their business", he says.
Western also took the opportunity to have a go at the way the banks run their mortgage businesses saying “fees and turnaround times continue to compromise professional standards”.
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Valuers bristle at being forced to assume loan risk

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There will be strong demand for food-based neighbourhood shopping centres in 2012 from private investors, unlisted property trusts and syndicates, according to new research.
Demand for these commercial assets remained high in 2011, with many investors attracted to higher yields, stronger growth and reduced volatility experienced in the food-based retail sector.
Listed retail property trusts were the strongest performers in the A-REIT sector, following the completion of reporting season.
Investors were attracted to retail during 2011 due to it historically been less volatile than other commercial assets on both a capital growth and total returns basis.
“Retail was far and away the best performing sector as the risk premium increased much less than in the wider market as investors perceived the sector as a relatively safe haven,” says Knight Frank.
“Secondly the macro drivers of the office and industrial were much more dire, especially at the height of the downturn.”
However, even the recent downturn in retail sentiment and expectations of only modest growth in asset values over the next 12 months is not expected to deter investors due to retail diversification benefits and relatively low volatility.
Major listed retail landlords, wholesale funds and some super funds are expected to continue to inject capital into the sector for both “selective acquisitions” and “development/expansion opportunities”.
“There is the potential for many landlords with retail expertise and focus to see this point in the cycle as a counter-cyclical opportunity to acquire or upgrade/expand centres to capture the upturn in trading performance from mid-2012,” the report says.
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Investors hungry for food-based retail

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Home buyer confidence has fallen by 2% over the last six months according to the latest Genworth Homebuyer Confidence Index (HCI). 
Confidence is now declining at a greater rate, having fallen by 1.5% and 0.3% in the previous two six-month periods (dating back to March 2010). 
Despite the latest drop, the result is 3% above the index low of 2008, which occurred during the GFC.
Overall 36% of Australians believe it is still a good time to buy a house, according to the survey. 
This sentiment is highest in Western Australia (47%), New South Wales (39%) and Queensland and Northern Territory (37%). 
"The results show the drop in borrower confidence is mainly due to an increase in the number of borrowers experiencing mortgage stress - up from 21% in March this year to 25% in this survey,” says Ellie Comerford, CEO of Genworth Australia. Despite higher rates of mortgage stress, the vast majority (85%) of borrowers who are experiencing mortgage stress say they are not actually behind on repayments. Borrowers are also becoming more conservative, with over 41% having overpaid their mortgage within the past 12 months. As to the reasons for mortgage stress, the survey showed the rising cost of living is the number one concern for an increasing proportion (72%) of home owners struggling with their mortgage. The second and third factors which worry home owners are rising interest rates and existing debt obligations, which are affecting 50% and 33% of stressed mortgage holders respectively. "Consistent with the March HCI and more recent Genworth International Mortgage Trends Report, cost of living pressures are weighing heavily on borrower's minds," Comerford says. 
The Genworth Homebuyer Confidence Index measures the sentiment of mortgage holders and would-be mortgage holders about their own mortgage and the overall mortgage market. 
The Genworth HCI is based on five factors: the proportion of monthly income used to service debts, maximum loan-to-value ratio comfortable in borrowing, last 12 months repayment history, next 12 months repayment expectation and whether it is a good time to buy a home.
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Home buyer confidence declining more rapidly: Genworth

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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