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The Reserve Bank remains in an “overall neutral zone” on interest rates and is becoming less worried about inflation and more concerned about global markets, says NAB chief economist Alan Oster.
Speaking to Property Observer following the release of the September monetary policy minutes and the IMF’s cuts to global forecasts, Oster says the RBA has shifted out of its tightening zone, though it is not about to cut interest rates any time soon.
“Markets are pricing in a 60% chance of interest rate cut in October, but we think that is way too high,” he says.
Oster says inflation is now more of a medium-term concern, which is why NAB is sticking with its forecast for an interest rate rise around November 2012.
“If there were not international concerns, the RBA would have tightened rates already,” he says.
Oster agrees with comments by the ANZ that the minutes from the RBA's September meeting show a distinction between the current market volatility and that which precipitated the 2008 GFC.
This is further supported by the IMF’s stronger growth outlook for China and Asia relative to Europe and the US.
“Australia looks pretty good,” Oster says.
Commenting on the September minutes, ANZ economist Ivan Colhoun stressed the RBA “does not necessarily see this increase in financial market turbulence as leading to significantly weaker growth in the global economy and spent quite some time noting that circumstances differed from those in late 2008”.
Colhoun says China continues to grow quite strongly and commodity prices have only recorded relatively small falls.
In addition, he says the Australian dollar had been less volatile than equity markets, the Chinese Renminbi is appreciating compared to remaining stable in 2008 after the GFC and the Australian share market is outperforming global share markets.
“The combination of softer domestic Australian growth, especially an emerging easing in the labour market coupled with concerns about the international outlook are likely to have removed the need for the RBA to consider raising interest rates any time soon,” he says. 
“However, with the outlook for the mining sector remaining strong and conditions in the overall economy around their long-term average levels (albeit with very significant divergences between sectors) and circumstances different to those in 2008, at the September board meeting the RBA still seemed quite some way off considering a potential need for either emergency interest rate.”
Oster says the RBA has the room to make emergency rate cuts should something dire happen on the global front.
“If something happens in Europe, the RBA has lots of room to cut rates,” he says.
Asked what might trigger emergency cuts, Oster says it could be a “messy default” in somewhere like Greece or Spain causing banking problems.
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RBA stuck in neutral after IMF cuts global forecast: NAB

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Centro has continued to liquidate its regional and neighbourhood shopping centre assets, conditionally selling its Centro Newton Plaza in Adelaide for a price above $36.2 million.
The group says the conditional sale was achieved at price above the June 30, 2011 valuation, which is recorded as $36.2 million.
At this valuation price, it reflects a yield of 10% based on gross annual rent of $3.6 million.
The centre, part of its MCS 37 Syndicate, is located at 84 Gorge Road in Newtown, four kilometres southwest of the Adelaide CBD.
It has gross lettable area of 13,500 square metres and is anchored by Target and Foodland.
The conditional sale of Centro Newton Plaza follows successful completion of the sale of the syndicate’s Whites Hill Centre in Camp Hill, Brisbane for $15.5 million, reflecting a yield of 10.3%. This price is $200,000 above the June 30 independent valuation.
It includes a contract to sell an adjacent residential property at 35 Thomas Street, Camp Hill, owned by the syndicate for $530,000, a price $30,000 higher than the June 30, 2011 independent valuation.
Whites Hill was built in 2003. It attracts gross annual rent of $1.6 million, has gross lettable space of just under 4,000 square metres and is anchored by Woolworths.
Whites Hill and Newton are two out of six Centros in the MCS 37 syndicate. They others in the syndicate are Centro Albury (NSW), Centro Home (Gladstone, Queensland), Monier Road Shopping Village (Brisbane) and the Samuel Village Shopping Centre (Brisbane).
Sale of the Whites Hill centre follows shortly after the sale of the Centro Lismore in NSW to anchor tenant Woolworths for about $23 million.
<a target="_blank" href="https://www.propertyobserver.com.au/retail/troubled-centro-now-offloading-seven-shopping-centres/2011090751471">Centro is looking to liquidate its retail portfolio under a restructuring plan to form a new entity.</a> Shareholders will vote on the restructure in December
The net proceeds from the sales will help to reduce the syndicate’s gearing ratio from 64.5% to 60.3%.
The syndicate’s external debt facility expires on December 20 2011. It is in advanced discussions with a new financier to refinance this loan.
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Centro sells Adelaide shopping centre following Brisbane settlement

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Green star buildings are delivering a 12% “green premium” in value and a 5% premium in rent, a new study into the financial performance of green office buildings in Australia has found. 
The link between building sustainability and increased value and returns was established following analysis of a portfolio representing 51% of the total office market floor area in Sydney and Canberra.
More than 200 National Australian Built Environment Rating System -rated office buildings and 23 green star-rated building were benchmarked against a portfolio of conventional office buildings in research carried out by The Australian Property Institute and Property Funds Association. 
NABERS is a performance-based rating scheme for existing buildings, using measured annual operational impacts on the environment, including greenhouse gas emissions and water consumption. 
The green star scheme is a comprehensive, national, voluntary environmental rating scheme that evaluates the environmental design and construction of new buildings 
The report Building Better Returns found a “green premium” was evident for both green star-rated and NABERS Energy offices, with five-star NABERS Energy buildings attracting a 9% premium in value. 
The report also found that green star and NABERS Energy buildings delivered other benefits, such as reduced vacancies and outgoings. 
“This research finds both green star and NABERS Energy buildings deliver,” says Green Building Council of Australia chief executive Romilly Madew. 
In his introduction to the report, Nathan Fabian, chief executive of the Investor Group on Climate Change, says the property industry in Australia has actively contributed to this sustainability agenda in the context of its corporate social responsibility strategies. 
“This has seen a large number of property investors effectively integrate sustainability into their business platform at all levels of their commercial activities, this including both the larger property players as well as the smaller property players,” Fabian says. 
Fabian says A-REITs are amongst the leading property players globally “in championing the sustainability agenda for property”. 
Australia’s most sustainable buildings:
 Six-star green star ratings: selected office buildings
Sydney:
1 Shelley Street
1 Bligh Street
39 Hunter Street
100 Market Street
Darling Quarter, 1-25 Harbour Street
The Ark, 16-40 Mount Street
Workplace6, 44 Pirrama Road
 
Melbourne:
200 Victoria Street
ANZ, 833 Collins Street
Council House 2, 218-242 Little Collins Street
Szencorp Building, 40 Albert Street
The Gauge, 825 Bourke Street
Pixel, Building 9, The Brewery
 
Brisbane:
123 Albert Street
33 Breakfast Creek Road
512 Wickham Street
King George Central, 145 Ann Street
Green Square North Tower, 515 St Paul’s Terrace
Santos Place, 32 Turbot Street
 
Perth:
2 Victoria Street
 
Canberra:
9/31 City West Offices AEI Office, Trevor Pearcey House, 34 Thynne Street
 
Adelaide:
SA Water House, 250 Victoria Square
 
Six- and 5.5-star NABERS Energy rated offices
NSW:
76 Berry Street, North Sydney
60 Burelli Street, Wollongong
Legion House, 161 Castlereagh Street, Sydney
Quad 4, 8 Parkview Drive, Homebush
 
Victoria:
Centrelink Office, 69 Heygarth Street, Echuca
2 Nexus Court, Mulgrave
Nexus Corporate, 37 Dunlop Road, Mulgrave
 
Queensland:
Police Barracks Building 1, 61 Petrie Terrace, Brisbane 158 Hume Street, Toowoomba
 
Western Australia:
100 St Georges Terrace, Perth
 
Northern Territory:
Darwin Plaza, 41 The Mall, Darwin Jacana House, 39 Woods Street, Darwin
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Green-rated buildings gold for investors

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Small lenders are unable to compete with the major banks’ discounted mortgage offers, according to mortgage broker Mortgage Choice.
“Competition between the major banks is fairly fierce at present, to attract new customers and to keep their existing customers from jumping ship. Unfortunately the smaller lenders just don't have the volumes required for them to be able to discount to this extent,” Mortgage Choice spokeswoman Kristy Sheppard has told Property Observer.
Sheppard confirms that Mortgage Choice brokers are able to work with its lender partners to offer discounted rates for borrowers, depending on the loan-to-valuation ratio.
“We do have discounts of 1% available at the moment through our panel. The lender's decision on the discount applied boils down to the customer's loan amount and LVR,” she says.
Her comments come as the <a target="_blank" href="/news">level of competition among the major banks intensifies</a> to such an extent that they appear willing to sacrifice profits to gain market share.
In the current mortgage discounting cycle, JP Morgan analyst Scott Manning says the “risk to earnings has clearly shifted to the downside in our view”. 
“Although discounting off headline rates is nothing new, the speed with which it has developed, and the depth at which it now is, is quite remarkable,” Manning says in a note to clients. 
“What is interesting is that firstly, this pricing competition seems to be driven by the current players (i.e., existing lenders looking to take market share from others, or to match price to retain market share), as opposed to new entrants coming into the market to erode the power of incumbents. Interestingly, the average discount is now actually above those levels seen pre-GFC at 90 basis points.”
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Small lenders casualties of big bank mortgage wars: Mortgage Choice

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Property investors who use their self-managed super funds to borrow and acquire property need to ensure they use an advisor who fully understands the complexity of state property laws or face the prospect of paying double or even triple stamp duty on their purchases.
“We have eight different jurisdictions and each have their own different independent laws, their own property laws, their own stamp duty laws, and their own land tax law,” said Daniel Butler, director of DBA lawyers, during an address at this week’s National SMSF Conference hosted by the Institute of Chartered Accountants.
“Filling out some of these forms can be quite tricky, and if you are not filling them out properly they could backfire on you,” he says.
“There is the risk of paying double duty. I am not embellishing this point. We have seen triple duty paid upfront before the transaction has passed through ASIC.”
One way to incur additional stamp duty, he says, is for an investor to pay for a portion of an investment property using his or her own funds such as writing a personal cheque for the deposit.
In this scenario, a trustee could incur additional stamp duty charges when the loan is paid out and the property title is returned to the super fund. (Limited recourse borrowing arrangements require that the property title be held by a holding trust while the loan is being repaid).
“The deposit and every dollar paid on that property must be paid by the super fund,” Butler says.
“I can tell you that those clients who don’t take advice upfront and pay the deposit from their own pocket – 10 of 15 years down the track they could be facing another layer of stamp duty,” he says.
In fact, Butler advises accountants to indemnify themselves against future claims if their client has already paid the deposit out of their own pocket.
States differ on what must be in place before a contract can be signed. For example, in Queensland and Western Australia a holding trust deed must be signed before SMSF trustees enters into a contract to acquire a property.
“You even have to be careful how the purchaser is described on the contract, because this could incur stamp duty issues.
“We have done transactions all cross Australia and we have found little details in each jurisdictions,” Butler says.
And don’t expect much sympathy from state revenue offices if you incur extra costs and charges.
“The job of state revenue offices is to raise taxes, so don’t expect too much pity from them,” he says.
“Best practice is to have the structure and the documents in place at the time of signing that contract. In some jurisdictions this could prove fatal to a double or triple stamp duty condition.”
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SMSF trustees warned about overpaying stamp duty

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Westpac continues to stick its neck out and forecast an interest rate cut before the end of the year following the release of the minutes from the September RBA monetary policy meeting.
Westpac chief economist Bill Evans says the minutes suggest an October rate cut is a possibility, but he believes December – the bank’s long-held and lonely position – to be the most likely date.
Evans notes the extensive use of the word “weak” when describing domestic economic conditions in the minutes – “for private non-residential building approvals; for the housing market; and for the demand for credit”.
“Financial conditions are described as tighter than normal,” he says.
In contrast to the Westpac position, Commonwealth expects a rate rise in the first quarter of 2012 while NAB expects rates to remain on hold until November next year.
Evans places particurlarly focus on the final line of the <a href="https://www.propertyobserver.com.au/economy/housing-weakness-highlighted-in-cautious-rba-minutes/2011092051619" target="_blank">minutes</a>: “For the present, however, members considered that the current setting of monetary policy left the board well placed to respond to evolving global and domestic economic conditions.”
“One way to look at this is to note that if the board was considering the possibility of lower rates then to have a monetary policy setting that is in the contractionary zone allows ample flexibility to act,” Evans says. “Indeed the wording of this line does not preclude a rate cut in October. That is not our view but we have to note that the Bank's language has evolved very quickly away from a very hawkish tightening bias over the last few months.”
Evans notes the prominent mention of the deteriorating global economic outlook in the minutes and the fact that RBA optimism about the medium term growth outlook is qualified by the statement "providing that the world economic outlook did not continue to deteriorate". “Commentary on the current economic environment is more downbeat than in previous minutes, "near term growth outlook looked somewhat weaker than had been expected earlier", "the broader economy was softer than earlier expected".
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Westpac sticks to its December rate cut forecast

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Notwithstanding high levels of overseas departures and motor vehicle sales rebounding, global volatility concerns and the weak state of the local housing market have been highlighted amid the reasoning behind the recent Reserve Bank Board decision to leave rates on hold in September.
“The housing market remained weak, with nationwide measures of dwelling prices falling again in July, to be 3–4% below their peak in late 2010. Building approvals had been flat in July, at levels well below average. Members noted that building activity had been significantly stronger in Victoria than in other states in recent years,” the minutes from the September meeting read.
Volatility is mentioned six times in the minutes in relation to foreign exchange markets, bond markets and global financial markets.
“Members discussed the financial position of the household sector in Australia. Over the past year, the household saving rate increased further and the debt-to-income ratio declined slightly.
“Given the recent renewed volatility in global financial markets, the prevailing mood of caution among households appeared unlikely to lift in the near term.
“While households in aggregate were managing their debt levels well, the mortgage arrears rate had drifted up over the first half of the year, but from a low level by international standards. Moreover, this rise mainly related to loans taken out prior to 2009, when banks' lending standards were weaker; newer loans were performing well despite an increase in interest rates.”
The minutes reveal that the RBA is awaiting "hard data" to determining “the extent to which recent global and domestic developments would reduce capacity pressures in the economy and, in due course, help to contain inflation”.
“Very little hard data were available, as yet, on which to base such judgements. As further information became available on the domestic and international economies, members would continue to assess the medium-term outlook for inflation and growth.
“For the present, however, members considered that the current setting of monetary policy left the Board well placed to respond to evolving global and domestic economic conditions.
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Housing weakness highlighted in cautious RBA minutes

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?The Robina Woods and The Colonial golf courses on the Gold Coast have been bought by Queensland’s richest man, mining supremo Clive Palmer, for a reported $7 million.

The <a href="https://www.propertyobserver.com.au/news/babcock-and-browns-queensland-golf-course-investment-caught-in-the-rough/2011070750736" target="_blank">courses were put on the block in July</a> under instructions from Joseph Hayes and Jamie Harris from McGrathNicol, receivers and managers of Playmore Golf Pty Ltd.
Playmore, a Babcock &amp; Brown syndicate, acquired them in 2002 for $7.8 million from the American Golf Corporation.
The golf courses were marketed on behalf of receivers by Mark Witheriff and Paul Nyholt of CBRE, with McVay Real Estate’s Will and Sam McVay.
The courses attract green fees of about $8 million a year.
Palmer’s acquisition follows his purchase of the Hyatt Regency Coolum on the Sunshine in July of between $40 million and $60 million.
He told the Australian Financial Review at the time he felt Queensland had “enormous tourism potential”.
Robina Woods is an 18-hole, par 71 course on 61 hectares.
The Marsh Waston-designed course opened in 1990 and incorporates a landmark clubhouse with food and beverage facilities and banquet rooms. There are tennis courts and access to a wedding chapel.
The Colonial is an 18-hole, par 72 course on 75 hectares designed by Mitsuaki Kobayashi, which opened in 1992. Built by Nara Australia Pty Ltd, the course opened as Paradise Springs Golf Course. Its facilities include a Queenslander-style clubhouse, pool and spa.
Former Babcock &amp; Brown chief executive Phil Green has been one of the three directors of Playmore since 2002, along with Sydney entrepreneur Danny Goldberg, and Malta-based Eric Lucas.
Playmore Golf was placed in voluntary administration in April this year with debts of $3.86 million.
Another Queensland golf course on the market is the luxury <a target="_blank" href="https://www.propertyobserver.com.au/leisure/sea-temple-development-seeks-golfing-devotees/2011091551565">Sea Temple Golf and Country Club in Port Douglas</a>, as well as the adjoining housing estate, put by for sale by the Juniper Development Group.
The development is being sold via an expressions-of-interest campaign led by Paul Nyholt and Wayne Bunz from CBRE closing on October 13.
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Clive Palmer adds distressed golf courses to his Queensland trophy cabinet

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A New Zealand-based investor has acquired Wellington five-star InterContinental Hotel for NZ$50 million (A$40 million), the top commercial sale of the year to date across the Tasman. 
The hotel was put up for sale in June this year by Sydney-based owner Eureka Funds Management, with Jones Lang LaSalle Hotels appointed to market the property. 
The sale was negotiated by Jones Lang LaSalle executive vice-president Dean Humphries and senior vice-president Ross Beardsell. 
Built in 1990 in conjunction with the HP Invent Tower, the hotel incorporates 232 guest rooms and suites together with nine conference/meeting rooms, two restaurants, a bar, health club and swimming pool. It occupies a prime position in the heart of the Wellington CBD, with the upper floors offering spectacular harbour views.
Humphries says the sales campaign attracted a strong level of interest with over 50 initial enquiries.
“This level of enquiry underpins the continued investor confidence in the New Zealand hotel market that we witnessed over the past 12 months,” he says.
The InterContinental Hotel Wellington is the 12th major accommodation asset that Jones Lang LaSalle Hotels have sold this year across Australia and New Zealand, equating to 2,455 hotel rooms worth approximately A$600 million.
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Wellington InterContinental sold for NZ$50 million

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Resi Mortgage Corporation CEO Lisa Montgomery has expressed concern at the current mortgage war going on between the country’s four biggest banks for borrowers’ business with its focus solely on the cheapest rate.
“It is all about rate… All the rhetoric including from the government is about rate. It’s commoditising the service and sending a bad message to borrowers,” Montgomery says.
“I shudder for the borrower. The rate is important but it is not the only loan criteria. What value is being placed on offering guidance and support? Maybe there is a better way to structure your loan so you pay less overall?”
According to Montgomery, if the banks continue to push their interest rates above all else, they will create an oligopoly, since none of the other lenders can compete on this criteria alone.
Resi lends via its franchised stores on the eastern seaboard and Perth as well as through select broker groups.
Montgomery says the lender aims to offer a holistic service to borrowers, but struggles against the “white noise” of interest rate talk.
“Our aim is to help borrowers set goals and build wealth,” she says.
“We attempt to talk to about more than just the rate and compete on our service proposition.
“We aim to have an ongoing relationship with the customer.”
One the back of the CBA campaign, Jane Slack-Smith of Your Property Success warns investors they should always read the terms and conditions before signing any new deal.
“They say they’ll beat any advertised rate but many of my clients have actually been able to negotiate better than what’s advertised at the moment,” she says.
Kristy Sheppard of Mortgage Choice says smaller banks shouldn’t be forgotten either.
“Often they’re fighting even harder for market share and sometimes they’re more likely to offer affordable deals or better specials within their deals,” she says.
“If you already have a home loan and you’re looking to switch, there are a range of switching options, where you can have up to $1000 paid by the lender you’re looking to switch to.”
Sheppard advises approaching a lender with your head held high.
“Because the housing market is so subdued and housing finance commitments are at a 30-year low, lenders are really jostling to retain loans,” she says.
“It’s a terrific market to be in, if you’re looking for a new home loan.”
Official ABS lending finance statistics for July revealed that banks continue to outpace non-banks on the provision of mortgage finance.
On a seasonally-adjusted basis, the number of owner occupier mortgages financed by increased by 1.2% while those financed by non-banks fell by 2.8% over the same period.
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Mortgage wars not always good for borrowers: Resi

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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