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The proportion of new houses and apartments being purchased by foreign buyers has doubled in the space of two years.
Foreign buyers now account for between 12% and 13% of all new residential property purchases, according to the views of around 300 property participants surveyed as part of the <a href="https://www.propertyobserver.com.au/residential/property-prices-to-rise-just-24-over-next-two-years-as-sentiment-weakens-nab-survey/2013071163168?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">June quarter NAB residential property index.</a>
This is up from foreign buyers accounting for around 5% to 6% of buying activity in much of 2011, previous NAB surveys have found.
<img src="/images/stories/2013/larry_uploads/new_developments_graph.jpg" width="470" height="309" alt="new_developments_graph">
Queensland (20%) and Victoria (14.1%) remain the choice locations for foreign investors followed by NSW (above 10%).
<img src="/images/stories/2013/larry_uploads/new_properties2.jpg" width="470" height="307" alt="new_properties2">
While not stated in the survey, many of the offshore buyers would be purchasing apartments off-the plan in new developments in Melbourne, Brisbane, the Gold Coast and Sydney.
“Asian investors (mainly Chinese) have been driving this trend according to the latest data from the Foreign Investment Review Board, says NAB chief economist Alan Oster.
“A number of factors are driving Chinese investment into Australian property, including initiatives to curb real estate speculation in China, diversification for Chinese property investors and immigration potential.”
The latest quarterly survey found that resident owner occupiers remain the biggest players in the new property market, but their share of total demand has slipped to 36% in the June quarter.
The share of first home buyer activity in the market was broadly unchanged at just over 20%.
In contrast, demand for new property from Australian resident investors climbed to 27% in the June quarter, with investment demand especially strong in Victoria (34%) and Queensland (26%).
“We suspect that the relative low yields offered by fixed interest and continuing equity market volatility may be helping to boost investment demand,” says Oster.
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Foreign buyers of new residential property have doubled in two years: NAB survey

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While mortgage exit fees have been banned on variable home loans for more than two years, hefty break costs may still apply if you exit a fixed-rate home loan before the end of the agreed term of the loan.
This is something borrowers need to keep in mind, particurlarly if they think they may sell their home before the end of their fixed-rate term.
Selling your home and exiting a fixed-rate mortgage early will not protect you from break costs and lenders will calculate an “early repayment adjustment” to recover their funding costs.
Depending on what has happened to interest rates since the loan was taken out, the size of the loan and the length of time remaining in the fixed-rate term, break costs can range from a few hundred dollars to many thousands of dollars.
Financial products data provider Canstar estimates that the break costs on a $250,000 three-year fixed rate loan that still has two-and-a-half years to run would be around $10,300.
At the same time enticements to take out longer fixed-rate home loans are greater with lenders cutting interest rates on three and five year fixed rate home loans.
These include ME Bank, which last month cut its five-year fixed rate to 5.49%. <a target="_blank" href="/news">In May Citibank</a> cut its five-year fixed rate to 5.35%.
Five-year fixed-rate home loans account for around one in five fixed-rate home loans taken out by borrowers with three-year fixed-rates the most popular (two-thirds of all fixed-rate home loans taken out in Australia), <a target="_blank" href="https://www.propertyobserver.com.au/ews/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504/Page-1">according to finder.com.au.</a>
While the cash rate is tipped to fall next month to 2.5%, if you take a view that rates will rise over the next five years, a fixed rate of just over 5% may sound tempting.
But be aware that break cost can run into the thousands of dollars if you decide to sell your home within the fixed rate term.
Here are four other fixed-rate traps to avoid:
<ul>
<li>Not being able to pay off your home loan sooner if your financial situation improves</li>
</ul>
While fixed-rate home loans provide certainty around future mortgage repayments and help with budgeting, if your financial situation improves, the terms of your loan may restrict you from making extra repayments or additional costs may apply. In essence, the interest rate is not the only factor to consider when taking out a fixed-rate home loan. In addition higher monthly and annual fees and costs may apply.
<ul>
<li>Not splitting your home loan</li>
</ul>
Borrowers that take out their entire home loan on a fixed-rate will lose out on any interest rate cuts. However, if they split their home loan between fixed and variable, they hedge their bets, meaning some upside if rates fall and some protection if rates rise. Many lenders will allow borrowers to choose how much of their home loan they wish to fix and how much they wish to borrow on a variable rate.
<ul>
<li>The fixed-rate rollover trap</li>
</ul>
According to Mortgage Choice, many borrowers would not be aware that at the end of a fixed rate the loan rolls over into a standard variable rate, which is usually 0.7% higher than the cheaper basic rate loan and could result in your mortgage repayments rising. Usually borrowers can negotiate a better deal with their lender, but this requires that you be vigilant as to when your fixed-term ends and have maintained a high credit rating.
<ul>
<li>Missing out on attractive offerings during your loan term</li>
</ul>
Taking out a fixed-rate home loan at what seems like an attractive rate may seem like a good idea, but if attractive variable or other fixed-rate mortgage offerings come to market, you may not be able to take advantage of them because you are locked in. The key is to be certain about the loan product and length of the fixed-rate term.
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Don't fix if you are thinking of selling your home and 4 other fixed-rate traps to avoid

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Receivers from McGrathNicol have been appointed to the $326 million LM First Mortgage Income Fund, one of the funds that formed part of collapsed Gold Coast-based fund manager and property developer, LM Investment Management (LMIM).
At the same time trustee of another fund, the $400 million LM Managed Performance Fund, are demanding that group founder Peter Drake pay back more than $17 million in loans, the Australian Financial Review reports.
It follows LMIM administrators John Park and Ginette Muller from FTI Consulting revealing in April that the <a target="_blank" href="https://www.propertyobserver.com.au/trends/administrator-investigates-%2417-million-loan-to-lm-investment-management-founder/2013040360152">business had lent Drake $17 million.</a>
LMIM, founded by Drake in 1997, was placed in administration on March 19 leaving investors facing exposures worth more than $740 million in total.
McGrath Nicol were appointed receivers to the LM First Mortgage Income Fun by investment bank Deutsche Bank, with the AFR calling it a “pre-emptive action” ahead of July 15 court battle over control over the fund.
Deutsche Bank has provided a line of credit facility worth $25 million to the fund.
The court hearing is to determine whether FTI Consulting remains as responsible entity or fund management group Trilogy (which controls other LM funds) be appointed as the replacement responsible entity.
Last month FTI Consulting said it would seek to wind up the fund, where debenture holders have around $288 million invested.
Investor funds were lent on as registered first mortgages over commercial, residential, industrial, retail and vacant land – most of which is now in default.
Prior to its collapse, LM Investment management secured the sale of 28 loans leaving a balance of 27 loans totalling $481 million.
A January 2013 update reveals that the historical book value of the fund is now $326 million.
A June 2012 report revealed provisions for impairments of $146 million in the fund leaving a net balance of $334 million.
Of the $480 million lent out, $216 million was secured against assets under construction with the loan to be repaid through “cash flows of the project”.
Four of the loans account for 10% of the fund‘s exposure each and total
Management fees over 2012 were $2.47 million and were $9.1 million in 2011, the annual report shows.
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LMIM founder Peter Drake under pressure to repay $17 million loan as receivers appointed to $326 million mortgage fund 

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House prices are forecast to rise just 1.4% in the next year and 2.4% in the next two years, according to the expectations of around 300 property market participants surveyed as part of the June quarter NAB Residential Property Survey.
The strongest expectations are for Western Australia (3.3% over next two years) followed by South Australia/NT (2.6%), Victoria (2.5%) and NSW (2.4%).
Queensland is forecast to be the weakest mainland state with just 1.7% house price growth over the next two years.
<img height="273" width="470" src="/images/stories/2013/larry_uploads/nab_house_price_expectations.jpg" alt="nab_house_price_expectations">
Source: NAB
Weaker expectations about house price growth come despite improved affordability and lower interest rates, but amidst weaker overall sentiment about the property market.
The quarterly survey of 300 people (with a high proportion of estate agents, property owners and developers) recorded a 20 point drop in the overall NAB Residential Property Index from 35 to 15, following a rise of 27 points in the first quarter of the year.
It follows the July Westpac-Melbourne Institute consumer sentiment index, released yesterday, which also recorded a<a target="_blank" href="https://www.propertyobserver.com.au/trends/home-buyer-sentiment-falls-sharply-in-july-westpac-index/2013071063161"> sharp decline in home buying sentiment.</a>
In line with a stronger outlook on house prices, sentiment is highest in WA with a reading of 42, though this fell 29 points over the quarter.
Sentiment is weakest in South Australia/NT (-9 points) and Queensland (4 points).
“Longer-term confidence has also been undermined by the softening economy and the downside risks being posed by the economy’s structural adjustment,” says NAB chief economist Alan Oster.
“NAB’s own view of Australian house prices (based on its modelling) is slightly more optimistic than the average survey forecast.
“NAB sees capital city house prices rising by 3.1% in the year through to June 2014 and by 2.5% in the year through to June 2015,” he says.
<img height="156" width="470" src="/images/stories/2013/larry_uploads/NAB_forecasts_of_house_prices.jpg" alt="NAB_forecasts_of_house_prices">
“House price growth will however vary with Perth (5.1%), Sydney (4.1%) and Brisbane (3%) leading the way in 2014.
“Capital gains will be slowest in Melbourne (1.5%) and Adelaide (1%) reflecting excess supply in these locations and subdued state economic conditions.
“State variance will persist into 2015 with slower growth forecast in Perth (3.1%) as resource activity moderates, unemployment rises as population growth eases.
“Sydney (3.6%) will out-perform the national average underpinned by supply shortages and improved affordability.
“In Brisbane, house prices are expected to rise by 3.4%.
“In Melbourne (1.6%) and Adelaide (1.1%), price growth will continue to be constrained by excess supply.”
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Property prices to rise just 2.4% over next two years as sentiment weakens: NAB survey

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More Sydney CBD office landlords should be considering sub-dividing vacant floor space with the added incentive of a higher return, a study by Savills Research suggests.
The property group found high levels of activity at the smaller end of the market found with almost half of the lease deals that have occurred in the Sydney CBD office market in the past 24 months having been sub-1,000 square metres.
Of the 221 leasing deals brokered in the last 24 months 100 (or 45.2%) have been for space between 500 and 1,000 square metres and a further 67 deals (or 30.3%) have been for space between 1,000 and 2,000 square metres.
Savills only included leasing deals greater than 500 square metres in its survey.
Strong demand for smaller office spaces comes as many prime Sydney CBD office floors sit vacant.
Savills found that almost 25% of 279 floors that were available as at the end of June 2013 have been on the market for 12 months or longer
“There are a number of prime full floors currently available that have been on the market for more than two years,” says Simon Hemphill, divisional director of research NSW at Savills.
Savills notes that there is also the added incentive that a smaller suite, based on the economies of scale, will attract a higher premium than that of a larger floor plate.
“Subdividing floors present benefits to both landlords and tenants alike.
"Landlords see a reduction in their vacancy periods as these tenants have the ability to move much sooner than tenants occupying greater than 1,000 square metres. It also allows growing tenants to occupy better grade buildings and take advantage of the quality services on offer,” says Josh Pails, associate director of office leasing at Savills.
Likely tenants of office space below 1,000 square metres include the property and business services sector - the most active industry in office leasing, accounting for 39% of all leases signed in the last two years - and the IT &amp; communications industries
Savills Research found the majority of lease deals signed in the last two years sub-1,000 square metres had occurred in the ‘core’ precinct, followed by the ‘western’ precinct of the Sydney CBD.
‘The Core precinct continues to be the most desirable location in Sydney CBD but the migration of tenants towards Western precinct that started a few years ago has heralded a decline in leasing activity in the Midtown precinct.” says Hemphill.
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Subdivision a possible solution for Sydney CBD landlords with vacant office space

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Expectations of a rate cut will have many borrowers reviewing their current home loan while first-home buyers will be sourcing the best deals.
Yesterday, <a href="/news">NAB revised its interest rate forecasts</a>, tipping the RBA to cut the cash rate to 2.5% on August 6.
The bank had previously forecast a November rate cut, but brought this forward three months following its end of June monthly business survey showing conditions slipping to a reading of minus 8 in June - well below the long-term average of five and the lowest level since May 2009.
Variable rates can be sourced from as low as 4.69% from non-bank lender Smart Finance with the Greater Building Society is offering a one-year fixed rate of 4.54%.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites <a href="https://www.ratecity.com.au/" target="_blank">ratecity.com.au</a>, <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a>,  <a href="https://www.infochoice.com.au/" target="_blank">infochoice.com.au</a> and <a href="https://www.finder.com.au/" target="_blank">finder.com.au </a>as of July 11:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="127">
Provider
</td>
<td valign="top" width="129">
Loan name
</td>
<td valign="top" width="98">
Rate
</td>
<td valign="top" width="116">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="127">
Smart finance
</td>
<td valign="top" width="129">
Horizon Loan
</td>
<td valign="top" width="98">
4.69%
</td>
<td valign="top" width="116">
5.02%
</td>
</tr>
<tr>
<td valign="top" width="127">
State Custodians
</td>
<td valign="top" width="129">
Peak Performance Offset
</td>
<td valign="top" width="98">
4.74%
</td>
<td valign="top" width="116">
5.11%
</td>
</tr>
<tr>
<td valign="top" width="127">
Loans.com.au
</td>
<td valign="top" width="129">
Blackboard Special – purchases only
</td>
<td valign="top" width="98">
4.75%
</td>
<td valign="top" width="116">
4.77%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="137">
Provider
</td>
<td valign="top" width="123">
Loan name
</td>
<td valign="top" width="95">
Rate
</td>
<td valign="top" width="114">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="137">
Greater Building Society
</td>
<td valign="top" width="123">
Ultimate Home Loan Package
</td>
<td valign="top" width="95">
4.54%
</td>
<td valign="top" width="114">
5.49%
</td>
</tr>
<tr>
<td valign="top" width="137">
Newcastle Permanent
</td>
<td valign="top" width="123">
Fixed Rate
</td>
<td valign="top" width="95">
4.59%
</td>
<td valign="top" width="114">
5.71%
</td>
</tr>
<tr>
<td valign="top" width="137">
iMortgage.com.au
</td>
<td valign="top" width="123">
Fusion 75
</td>
<td valign="top" width="95">
4.74%
</td>
<td valign="top" width="114">
5.07%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="133">
Provider
</td>
<td valign="top" width="133">
Loan name
</td>
<td valign="top" width="97">
Rate
</td>
<td valign="top" width="108">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="133">
HomeloanHQ
</td>
<td valign="top" width="133">
Rate Lock Home Loan
</td>
<td valign="top" width="97">
4.69%
</td>
<td valign="top" width="108">
5.19%
</td>
</tr>
<tr>
<td valign="top" width="133">
iMortgage.com.au
</td>
<td valign="top" width="133">
iMortgage Fusion ProPack 75
</td>
<td valign="top" width="97">
4.69%
</td>
<td valign="top" width="108">
5.23%
</td>
</tr>
<tr>
<td valign="top" width="133">
UBank
</td>
<td valign="top" width="133">
UHomeLoan for refinancing
</td>
<td valign="top" width="97">
4.73%
</td>
<td valign="top" width="108">
4.97%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
<a target="_blank" href="https://homeloans.propertyobserver.com.au/home-loans/"><img alt="homeloancomparison" height="110" width="399" src="/images/stories/2013/07/homeloancomparison.jpg"></a>
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The cheapest fixed and variable mortgage offerings as August rate cut seems more likely 

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The Westpac 'time to buy a dwelling' sub-index - an indicator of housing investment and buying sentiment - fell sharply in July.
Westpac records an 8.4% drop in this sub-index compared with the overall consumer confidence index, which was flat (down 0.1%) in July and just favouring optimists with a reading of 102.1.
The time to buy a dwelling sub-index fell from 143.3 in June to 131.4 in July.
Despite the drop in July, the time to buy a dwelling index is still at elevated levels overall with optimists significantly outnumbering pessimists.
The graph (below) prepared by ANZ shows that sentiment about the property market has been rising since around the time the RBA starting cutting the cash rate in November 2011.
It also shows that the time to buy a dwelling sub-index tracks demand for new housing with the orange line showing residential building approvals in trend terms.
<img height="290" width="470" src="/images/stories/2013/larry_uploads/WESTPAC_GRAPH_FLICKER_1.jpg" alt="WESTPAC_GRAPH_FLICKER_1">
It shows a great deal of volatility in sentiment about buying property, but that the overall trend is upwards and that the index remains at elevated levels.
Westpac senior economist Matthew Hassan notes that the monthly decline “highlight the air of fragility around consumer sentiment.”
A more pessimistic outlook on family finance among the 1,200 survey respondents may have contributed to weaker property market sentiment in July with the sub-index tracking assessments of ‘family finances versus a year ago’ falling 5.6% to be back near recent lows.
“The downgrade in consumers’ assessments of their finances highlights the fragility of sentiment. It is also somewhat concerning given that these components tend to be better predictors of shifts in actual spending,” says Hassan.
Hassan talks of “powerful cross-currents” underlying the stable overall consumer confidence result.
While family finance sentiment has fallen, the outlook for the economy improved with the sub-index tracking consumers’ expectations for economic conditions over the next five years "surging 9.2% to be well above the average level recorded over the last two years”.
“Pinpointing the exact drivers of these shifts is difficult. The improved view on economic prospects for example may reflect shifting expectations for the US economy that have become more visible with US Fed now contemplating ‘tapering’ its quantitative easing policy stimulus," says Hassan.
“It may also reflect clearer signs of an upturn in parts of the local economy, the housing sector in particular. The sharp fall in the Australian dollar may also have played a part.
“The currency has gone from 104¢ US to 91.3¢ US over the last three months and although this would ordinarily be a negative for sentiment, the decline may be viewed differently given the currency’s high starting point and the difficulties this has presented for ‘trade-exposed’ parts of the economy."
ANZ says the Westpac figures suggest that household consumption growth will remain "relatively subdued, in line with our forecasts, after moderating since mid 2012".
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Home buyer sentiment falls sharply in July: Westpac index

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Sunshine Coast investors looking for opportunities away from the beach should consider railway towns in the hinterland with good amenities and a community feel, say valuers Herron Todd White.
The firm's investment picks are the hinterland towns of Beerwah and Landsbourgh to the south, Palmwoods and Woombye to the centre and Eumundi, Cooroy and Pomona to the north.
“As we move further from the coast, more emphasis is placed on being closer to amenities,” says HTW.
“We also see that there is a growing desire for a sense of community.
Price points are circa $350,000 and generally owner-occupiers are the most active, it says.
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Sunshine Coast hinterland railway towns are good investment picks: HTW

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Real estate group Laing + Simmons has has launched a shared services model to its real estate franchisees as part of new growth plans.
General manager Leanne Pilkington says its back of house service offering to franchisees covers trust accounting, salaries and wages, human resources, employment contracts, assistance with recruitment and training.
The idea is to free up estate agents so they can focus on the job of selling real estate and move their businesses to the next level, while also attracting fresh talent.
“Our growth plan involves not simply increasing the number of Laing+Simmons offices. We want to take that next step with our franchisees so their businesses can grow at an individual level too, and we offer the services and the flexibility for them to achieve this," she says.
The new back office functions follows Laing &amp; Simmons being acquired by Canberra-based Independent Property Group last year, led by chief executive and real estate agent John Runko.
Runko told Property Observer the shared service model offering had just been launched in Sydney with a separate entity looking after all the admin and accounting functions.
The Independent Property Group sits under the umbrella of the Dexar Group, which also owns Peter Blackshaw Real Estate, Clarify Financial Group, Six Fingers Creative Marketing and the Academy of Real Estate.
"Dexar is the corporate entity that sits over all the other businesses. It does not trade and is not a retail or public brand," says Runko.
Runko told BRW the new shared services model has been implemented because real estate agents are great at selling but poor at business administration and managing multi-million dollar trust accounts.
“We want to find someone who is a good agent and let them concentrate on being a good agent,” he said.
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Laing + Simmons to bring trust accounting and other admin tasks in-house as part of shared services offering

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Australia is set to add to the list of quirky architectural icons given unintended nicknames following James Packer’s proposed <a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/crown-s-%2440-million-barangaroo-serviced-apartment-atop-james-packer-s-hoover-vacuum-cleaner-shaped-highrise-casino-proposal/2013051761450">60-storey Barangaroo South casino development</a> receiving the amber light from the NSW state government this week.
A Property Observer reader has suggested the project (pictured below) looks remarkably similar to an old-fashioned vacuum cleaner, such as the Hoover dial-a-matic. The winning bid for the $1.2 billion development was designed by British-based firm Wilkinson Eyre, who more than likely did not have carpet cleaning in mind when they began drafting ideas.
<img alt="barangaroojuly5one" height="397" width="470" src="/images/stories/2013/07/barangaroojuly5one.jpg">
Another Barangaroo project to attract attention and a possible new nickname is the low rise visually-<a target="_blank" href="https://www.propertyobserver.com.au/developments/bamboo-bowl-restaurant-design-on-barangaroo-south-waterfront-promenade/2013070262888">striking bamboo clad restaurant complex</a> on the waterfront promenade.
Designed by architects Collins and Turner, it resembles stacked bamboo bowls.
The design of the building (pictured below) will be submitted to the Barangaroo Delivery Authority for approval prior to being submitted to the NSW Department of Planning as part of the statutory planning process.
<img alt="bamboojuly5one" height="312" width="470" src="/images/stories/2013/07/bamboojuly5one.jpg">
Australia has long played its part in this worldwide nick-naming phenomenon, with one of its most recognisable landmarks, the Sydney Harbour Bridge, built in 1932, nicknamed the “coat-hanger” given its semi-circular arch design (It was also nicknamed the “Iron Lung” in the 1930s for providing employment to Depression-era workers).
<img src="/images/stories/2013/07/bridgejuly5one.jpg" width="470" height="241" alt="bridgejuly5one">
 
<hr class="system-pagebreak">
Some less well-known nicknames have been applied to other Sydney land marks.
The Sydney Opera house is sometimes called the “nun’s scrum” alluding to the curved white roof shapes resembling the headdresses of religious sisters.
<img src="/images/stories/2013/07/operahousejuly5one.jpg" width="470" height="289" alt="operahousejuly5one">
Just to the right of the Opera house, the modern apartments, retail and entertainment complexes of northern Macquarie Street, much derided by Sydneysiders, have attracted the unflattering moniker of “the toaster” building.
<img alt="toasterjuly5one" height="200" width="470" src="/images/stories/2013/07/toasterjuly5one.jpg">
In Stockholm, there are plans to transform one of its skyscrapers into a “strawscraper” by adding “electricity-generating bristles” or “plastic hairs”. The tower in question is Henning Larsen’s Söder Torn tower on Södermalm in Stockholm. It is designed by architects Belatchew with a wind farm that will top the existing building with a 16-story extension, covering the facade with “hairy-looking plastic straws designed to move with the wind” according to the architectural firm’s own description. To Property Observer’ keen eye, we suggest it resembles a winter fur coat.
<img alt="strawscraperjuly5one" height="331" width="470" src="/images/stories/2013/07/strawscraperjuly5one.jpg">
Image courtesy of archdaily.com
Of course there are many famous existing landmarks around the world that have earned nicknames, some not so flattering.
There is London’s “The Gherkin” building (pictured below) designed by British architect Sir Norman Foster as the headquarters for reinsurance firm Swiss Re with its distinctive spiralling glass-covered design over an oblong cylindrical shape. Officially, it is called 30 St Mary Axe, rising to 41 stories and opened in 2004.
<img alt="gherkinjuly5one" height="508" width="370" src="/images/stories/2013/07/gherkinjuly5one.jpg">
 
<hr class="system-pagebreak">
Perhaps the most famously nicknamed building is the Frank Lloyd Wright-designed Guggenheim Museum in Manhattan, which has been likened to a toilet bowl and also a hangar for flying sauces. It opened in 1959, 10 years after the famous architect’s death.
<img alt="guggenheimjuly5one" height="289" width="470" src="/images/stories/2013/07/guggenheimjuly5one.jpg">
A few buildings with nicknames you may not have heard of include the Clyde auditorium in Glasgow, Scotland, also designed by Sir Norman Foster, which is called ‘the Armadillo’ for obvious reasons:
<img alt="armadillojuly5one" height="237" width="470" src="/images/stories/2013/07/armadillojuly5one.jpg">
And how about the Absolute World residential condominium twin tower complex in Mississauga, Ontario named the "Marilyn Monroe" due to them apparently resembling the Hollywood actress’s famously curvaceous figure. Not sure she'd agree.
<img alt="missijuly5one" height="642" width="370" src="/images/stories/2013/07/missijuly5one.jpg">
And of course, there's London's The Shard, resembling a shard of glass and designed by architect Renzo Piano.
<img alt="shardjuly5one" height="512" width="370" src="/images/stories/2013/07/shardjuly5one.jpg">
 
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A night in the high roller's vacuum cleaner, a meal in the bamboo bowl? Sydney adds to list of nicknamed architectural icons

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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