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As expectations rise of a strong spring selling season, builders and developers are lining up to offer incentives to first-time buyers. 
In southeast Queensland, developer Devine is offering buyers no-deposit loans for their house-and-land deals up until January 31, 2012. 
The offer is aimed at buyers who are eligible for up to $17,000 in government grants including the $7,000 first-home owner grant and the short-term $10,000 building boost grant. 
A spokesperson for the developer says enquiries and sales following the launch of the offer at the start of August are “similar to pre-GFC times”. 
Devine requires buyers pay a $500 reservation fee to secure their house-and-land packages.
Devine Queensland manager Andrew Brimblecombe says the No Deposit campaign is aimed at addressing the issue of housing affordability and giving buyers “a much-needed head start”. Devine communities are located around Brisbane. Current communities include Mountview (Redbank Plains), Waverley Parks (Willowvale), Sandstone Lakes (Ningi) and Woodvale (Burpengary). Another developer, Stockland, will launch a new national residential campaign on September 12, which will offer buyers a $10,000 furniture voucher. 
In NSW, the Freedom Furniture voucher will be offered when buyers purchase certain house-and-land packages from seven participating residential communities up until October 16. 
The developer has designed 120 applicable houses and is partnering with a number of builders including Masterton, Eden Brae, McDonald Jones, Adenbrook and Brilliant Homes. 
The seven Stockland NSW residential communities participating in the campaign are Waterside and Glenmore Ridge, located in Western Sydney; Darcy’s Peak, McKeachie’s Run and Murray’s Beach, located in the Hunter region; and Bayswood and McCauley’s Beach, located in the Illawarra and South Coast region. 
Stockland general manager residential development NSW Matthew Mears says he is confident that the campaign packages and bonus $10,000 voucher will appeal to buyers seeking value for money. 
Houses start from around $339,000 for a four-bedroom, two-bathroom home with garage and undercover alfresco area at Bayswood, built by GJ Gardner (South Coast). 
Apartment developer Meriton is also looking to incentivise off-the-plan buyers, offering to pay the stamp duty on a number of its Sydney developments including the Alcove, St Ives (two bedroom houses from $540,000); Vantage in Rhodes (two bedrooms for $580,000) and its Epping Park development.
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lschlesinger-FZcF9M3vE6

Developer lures new home buyers with no-deposit loans

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Developer Stockland will begin work on 708 residential lots at Caloundra on the Sunshine Coast at the end of September following approval by the Queensland government’s Urban Land Development Authority.

When completed, Bellvista 2 will provide affordable housing for up to 1,500 people across 90 hectares.

It will also include a village centre, retail and three parks.

The project is an extension to the first stage of Bellvista, which is now home to 1,000 residents.

Land prices will start at $140,000 and settlements are scheduled for June 2012

The approval of two development applications was announced by Deputy Premier and Local Government Minister Paul Lucas, who says the development will help ease housing pressures being felt by the Sunshine Coast market.

"The approval of these development applications at Bellvista 2 will help ease pressures being exerted on the property market on the Sunshine Coast and 25% of houses across Caloundra South will provide for people on low to moderate incomes,” Lucas says.

"Large-scale projects such as this will provide longer-term prospects of sustainable employment with the entire Caloundra South project expected to support more than 15,000 jobs."

ULDA chief executive Paul Eagles says the development at Bellvista 2 will be undertaken by Stockland and deliver 708 residential lots across more than 90 hectares.

"Development in Bellvista 2 was identified for early release in the Interim Land Use Plan to bring on more affordable housing within the UDA sooner," says ULDA CEO Paul Eagles.

The Caloundra South Urban Development Area was declared on October 22, 2010 and covers 2,360 hectares. It is a 40 year project with the capacity for 20,000 homes.

Approval for Bellvista 2 was achieved in less than 12 months.
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Stockland gets green light on Sunshine Coast development

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There has been some reprieve for families in Western Australia and Victoria, with the percentage of income required to pay off their mortgages bucking the national trend and decreasing marginally over the June quarter.
The proportion of family income devoted to meeting average loan repayments in Victoria eased by 0.7% over the quarter from 35.9% to 35.2%, according to the latest REIA/Deposit Power Housing Affordability Report. 
Over the quarter, Victorian median weekly earnings increased by $18 while median mortgage repayments fell by $15 as the average loan size decreased from $315,000 to $312,000. 
<img src="/images/stories/reia.jpg">
In WA, the resources boom appears to be helping to ease housing affordability with weekly income rising by $50 a week compared with a $43 increase in median mortgage repayments. The average size of a WA mortgage increased from $299,000 to $304,000. 
The Northern Territory was the only other state or territory market where housing affordability improved, with the percentage of income required for mortgage repayments declining from 23.2% to 22.8% as the average loan size fell from $291,000 to $288,000. 
Nationally, housing affordability deteriorated once again in the June quarter, with mortgage repayments as percentage of family income increasing 0.4% to 34.6%, taking affordability back to levels last seen 12 months ago. It followed a 1.1% “short-lived” reprieve in the March quarter. 
State by state round-up 
<ul>
<li>NSW maintained its 15-year history as Australia’s least affordable state or territory in which to buy a home in Australia.  It recorded the largest decline in housing affordability in the June quarter, with the proportion of income required to meet loan repayments increasing 1.5% to 38.7%. </li>
</ul>
<ul>
<li>South Australia is the third least affordable state or territory in which to buy a home. Housing affordability deteriorated over the June quarter, with the proportion of income required to meet monthly loan repayments increasing 0.4% to 34.5%. </li>
</ul>
<ul>
<li>In Queensland housing affordability deteriorated slightly over the quarter. The proportion of income required to meet loan repayments increased 0.1 percentage point to 33.0%. Over the year, the proportion of family income required to meet loan repayments decreased 1.1 percentage points. </li>
</ul>
<ul>
<li>Tasmania recorded the second largest declined in housing affordability over the quarter. The proportion of income required to meet home loan repayments increased 1.3% to 29.5%. </li>
</ul>
<ul>
<li>Despite housing affordability declining in the Australian Capital Territory over the quarter, the territory remains the most affordable state or territory in which to buy a home; a position held for more than five years. Over the June quarter, the proportion of income to meet home loan repayments increased 0.2 percentage points to 18.8%.</li>
</ul>
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Mortgage burden eases in Victoria and WA

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The recent release of annual results from GPT group marked the end of A-REIT reporting season among the largest trusts. 
Strong income growth and the strong performance of A-REITs with lower gearing were the two key themes to emerge for the sector, according to Mark Wist, senior consultant at Atchison Consultants. 
GPT, which has a diversified portfolio including retail, office and industrial assets, was one of the stocks that performed strongly on these two measures, reporting an 8% increase in realised operating income (ROI) for the six months ended June 30, 2011 of $221.5 million and gearing reduced to a low 21%. 
Other A-REITs that demonstrated resilient earnings and low gearing and that provided strong returns in excess of the share market include Charter Hall Retail and Dexus, Wist says. 
Across the sector as a whole, the S&amp;P/ASX 200 A-REIT index lost 8.8% of its value over the year to September, but outperformed the benchmark S&amp;P/ASX 200, which declined by 14.11% over this period. 
“Across the A-REIT sector, operating income growth averaged 3.5% for six months to June which is greater than economic growth despite consumer sentiment at two-year lows and business sentiment at six month lows,” Wist says. 
“Growth in the retail property sector was higher at over 4% for the six months as inflation-linked rental escalations supported revenue. 
“Limited occupational vacancy across both retail and office property portfolios differentiates this cycle from the previous downturn when oversupply from substantial new developments crippled rental growth,” he says. 
Deutsche Bank analysts Ian Randall, Matthew Bertram and Jason Weate report that A-REIT reporting season stacked up well against the broader market. 
A-REIT earnings came in 0.7% ahead of the bank’s estimates with the analysts also noting the stronger performance of retail portfolios and the marginally disappointing performance of office REITs. 
The most heavily discounted AREITS are Australand, trading at a 22% discount to Deutsche Bank’s valuation, Stockland at a 23% discount and Westfield group at a 20% discount. 
The sector as a whole is trading at a 16% to its net asset value.
Rating agency Moody’s has a “stable” ratings outlook for A-REITs and expects the sector to steadily improve over the next 12 months.
Investment bank JP Morgan has a bullish outlook on listed property trusts with its top picks being those exposed to the retail and residential sectors, these being Stockland, GPT, Westfield Retail Trust and Mirvac.
According to the investment bank, a short term overly bearish sentiment on AREITS has made retail and residential attractive relative to office trusts.
Stockland is trading at a 23% discount to JP Morgan’s target price of $3.85.
Its other picks are Charter Hall Retail REIT and Commonwealth Office Property Office Fund.
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Less risky A-REITs outperform the share market

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The increasing “<a target="_blank" href="https://www.propertyobserver.com.au/residential/start-spreading-the-news-australian-cities-must-become-more-like-manhattan-christopher-joye/2011090151384">Manhattanisation</a>” of inner Melbourne has been confirmed in the latest annual building approval figures.
Across Victoria, residential high-rise building permits surged 70% over the 12 months to June 2011<a target="_blank" href="https://www.propertyobserver.com.au/news/high-rise-apartments-lead-victorias-residential-building-surge/2011070750734"> </a>to $3.4 billion, according to figures released by Victoria’s Building Commission.
Inner Melbourne, where the majority of high rises are under construction, registered a 12% increase in building approvals, double the 6% increase recorded for the entire Melbourne metropolitan region.
In comparison, building activity in the outer-Melbourne suburbs, where houses predominate, was flat, with approvals down 0.5%.
The north east of Victoria suffered the biggest drop in housing approvals, down 18% to $784 billion with big drops also recorded in Gippsland, North Central, the North West and the South West regions.
<a target="_blank" href="https://www.propertyobserver.com.au/:%20http:/www.propertyobserver.com.au/news/high-rise-apartments-lead-victorias-residential-building-surge/2011070750734">Repeating the May figures</a>, across Victoria, domestic housing approvals remained steady over the period, this time to $13.1 billion.
Confirming the growing investment in retail assets by major listed landlords, retail approvals increased by 18% to $1.3 billion while industrial approvals increased 10% to $451 million
Overall, commercial building approvals increased by just 3% to $2.7 billion,
Across all sectors, the value of building permit activity rose to $24.3 billion over the 2010-11 period, a 2% increase on the $23.9 billion recorded over the previous 12-month period.
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Melbourne takes Manhattan as high-rise approvals soar

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Next year is expected to be a watershed year for superannuation funds investing in offshore unlisted property as their overall appetite for bricks and mortar grows. 
According to a new survey of 39 institutional investors – mostly super funds – many institutions are now undertaking “in-depth due diligence trips abroad to understand offshore opportunities”. 
Over the next two years, the proportion of property assets held by institutions is forecast to rise from 9.7% to 10.5%, an 8% increase, with the proportion of offshore assets rising from 2.3% to 3.2%, a 34% increase. 
In monetary terms, super funds are looking to invest up to $40 billion of new capital, more than can be handled by domestic property markets, and will need to look offshore to achieve this growth, according to the July 2011 survey was carried out by Russell Investments in conjunction with the Asian Association for Investors in non-listed Real Estate Vehicles Limited (ANREV) and the Australian Institute of Superannuation Trustees. 
Collectively, the 39 institutions hold around $360 billion funds under management. Nearly 90% of the institutions surveyed were superannuation funds. 
Interviewees reported that a year ago they were especially cautious about the prospect of investing offshore and were choosing to invest their real estate allocation within the domestic market. This caution stemmed in part from their experiences prior to the GFC, when some Australian investors chose to invest in the new offshore ventures of domestic fund managers, with mixed results. 
However, interviewees said they recognised that offshore investment was the next major evolution in institutional and superannuation fund property portfolios. 
About 72% of institutions surveyed said diversification was the main reason for investing in non-listed real estate funds offshore. 
About half listed inadequate supply of attractive real estate investment opportunities in Australia as a key reason for going offshore, while 43% said they wanted access to high growth markets. 
“While Australian institutional investors have long discussed the need to capture global property opportunities, it seems a definite move is now underway,” says Martin Lamb, director, Asia Pacific Real Estate Investment at Russell Investments. 
“International property will be increasingly on the radar of those funds looking greater diversification,” says AIST chief executive Fiona Reynolds.
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Super funds look offshore to sate growing demand for property

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Centro has listed a further three regional shopping centres for sale this week, taking the total since July to seven.
<img src="/images/stories/centroalbionpark.jpg">
Alongside <a href="https://www.propertyobserver.com.au/retail/centro-seeks-buyer-for-townsville-centre/2011090651453" title="Centro Townsville" target="_blank">Centro Townsville</a>, the group has also listed Centro Albion Park (pictured above) near Wollongong and Centro Newcomb, near Geelong.
The three centres form part of Centro’s MCS 17 Unit Trust Syndicate.
According to an explanatory note issued in April, the syndicate was forecast to bring in property income of $7.5 million for the year ending June 30, 2011, up from $6.59 million the previous year.
Centro Townsville is valued at $35.5 million, Centro Newcomb at $26.5 million and Centro Albion Park at $15.2 million.
The centres are being sold by Savills agents Peter Tyson and Jon Tyson and Knight Frank’s John Quinlan and Phil O'Donovan.
Other Centro centres listed for sale since July include Centro Warners Bay in Newcastle, Centro Lismore, Centro Emerald Village in Northern Queensland and Centro Newton in Adelaide.
The group is holding onto its prime shopping centre assets, which include The Galleria in WA valued at more than $470 million, the Glen in Melbourne worth about $330 million and Centro Toombul in Queensland worth around $200 million.
Under the restructuring proposal Centro Properties Group will be wound up, with the remaining Australian assets held by subsidiary Centro Retail Trust and other unlisted Centro funds amalgamated into a new listed property trust.
Shareholders will vote on the proposal on December 15. Failure by the board to win approval will most likely see the company placed in the hands of external administrators.
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Troubled Centro now offloading seven shopping centres

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Commercial investors with a taste for something medieval may be interested in the listing of Sunshine Castle, a replica Norman-era fortress in Bli Bli on Queensland’s Sunshine coast.
<img src="/images/stories/castle2.jpg">
Standing on half a hectare of land, the 1,500-square-metre castle might not have played host to royalty or be steeped in centuries of tradition – it was built by a Scottish expat in 1972 – but it does includes moat, turrets, towers and a drawbridge.
The castle functions as a tourist attraction and function venue and includes a great hall used for “king’s feasting nights” as well being available for hire for weddings and other functions, seating up to 200 guests. It also the setting for regular jousting contests.
<img src="/images/stories/castle3.jpg">
Other features include a castle courtyard, chapel, toy and doll museum, fairytale dioramas, model train railway and a 24-metre high lookout tower.
Originally built to exhibit a collection of dolls, the Sunshine Castle also incorporates a fully licensed cafe.
It is an hour and a half north of Brisbane, 20 minutes to Noosa and only 10 minutes from Maroochydore
The castle is being marketed by Paul Freney from Engel &amp; Volkers Mooloolaba on behalf of a German investor with hopes of between $3 million and $4 million.
Freney says the castle could suit “an international purchaser with immigration in mind, a savvy investor with vision, or a local with a love for this extraordinary icon”.
He says it also has potential as a movie set.
<img src="/images/stories/castle4.jpg">
It continues to operate as a going concern bringing in income of about $100,000 a year.
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Queensland property offers chance to be king of the 1970s castle

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The growing trend of households saving more and deleveraging has been highlighted in the latest set of economic and financial market graphs released by the RBA.
Updated to September 1, the graphs show the proportion of household income being used to pay off interest starting to head down after decades of debt build-up at the same time as household debt levels continue to decline.
<img src="/images/stories/rbasept71.gif">
At the same time households continue to increase their level of savings with a sharp rise recorded in the last few months.
<img src="/images/stories/rbasept72.gif">
The downturn in consumer sentiment is starkly revealed in the following graph, with current sentiment now well below the average:
<img src="/images/stories/rbasept73.gif">
There are some positive indicators, with mortgage approvals starting to trend upwards among owner-occupiers and first-home buyers.
<img src="/images/stories/rbasept74.gif">
The decline in house prices over the last year can be clearly seen in this comparative chart, with noticeably steeper declines for Melbourne, Perth and Brisbane.
<img src="/images/stories/rbasept75.gif">
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RBA graphs highlight growing savings culture

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The Reserve Bank is unlikely to change interest rates while anxiety and uncertainty remains in global financial markets, RBA governor Glenn Stevens has suggested.
Stevens expects that global anxieties are not only having an impact on consumer spending behaviour but could help ease current inflationary pressures.
In a speech made today in Perth titled “Still Interesting Times”, he also stressed that people should not jump to conclusions about the current sovereign debt issues in Europe being comparable with the 2008 GFC.
Stevens says during periods of “sudden increases in anxiety within international financial markets are moments when, if at all possible, it is good to be in a position to be able to maintain steady settings”.
“In the recent few meetings, the board has judged it prudent to sit still, even though we saw data on prices that were, on their face, concerning. To be in that position of course requires timely decisions to have been made in earlier periods.”
Looking ahead at future cash rate decision, Stevens says the task for the board would be to assess what bearing recent information and international and local events will have on the medium-term outlook for demand and inflation.
Stevens says the current environment presents “no shortage of challenges” though he stresses that it should not be assumed that it is necessarily the GFC crisis of 2008 all over again.
“It is reasonable to conclude, at this point, that the outlook for global growth is not as strong as it looked three months ago. Forecasters are generally revising down global growth estimates for 2011 and 2012, mainly as a result of weaker outcomes for the major countries,” he says.
Inflation remains a concern, with Stevens highlighting that while growth seems to be weaker than expected at the end of last year, underlying inflation seems to be higher.
“A key question is whether that is just the vagaries of statistical noise and lags, or whether it is telling us that the combinations of growth and inflation available to us in the short term are less attractive than they seemed a few years ago. If the latter, the spotlight will come back on to supply-side issues.”
Stevens addresses the question of its inflation targets, which have guided the bank in the past on adjusting inflation rates in less globally volatile times.
“Sometimes people ask whether a higher target for inflation might not be better, particularly when inflation is looking like it will rise and the bank is running a setting of monetary policy designed to resist that.
“The answer ultimately hinges on how prepared we would be to accept the things that would go with higher inflation. Higher average interest rates would be among them – there is no reason that savers, any more than wage earners, would be prepared simply to accept an erosion of their financial position.”
Furthermore, he says whatever structural challenges the economy faces will still have to be faced at higher inflation rates.
“Higher inflation wouldn't make those issues go away, nor make them any easier to cope with (as we know from our own history when inflation was high and structural change still had to occur). We would simply waste more real resources as everyone sought to protect themselves from the higher inflation.”
Stevens points out that credit growth has slowed a bit further and asset prices have tended to decline.
“These factors, along with ongoing evidence that underlying inflation had turned up, were incorporated in the bank's outlook as published early last month,” he says.
Explaining the 2% to 3% inflation target setting, Stevens says the bank has “a fair bit of history now” dating back to the early 1990s and he acknowledges the work of former RBA governor Ian Macfarlane in determining the current monetary policy framework.
“We arrived at this framework after a long search – the ‘search for stability' set out in detail by Ian Macfarlane in his ABC Boyer Lectures in 2006,” Stevens says.
At a time when statements made by the RBA are being heavily scrutinised (the Australian Financial Review runs line-by-line analysis in its editions), Stevens acknowledges this scrutiny and details the research the bank puts into place in putting its monetary policy framework into place.
“The bank carries out a great deal of detailed statistical work, tracking several thousand individual data series. It conducts extensive liaison with businesses and other organisations, usually speaking in detail to as many as 100 contacts each month. It produces voluminous published analysis of these data,” he says.
Stevens stresses the unprecedented set of complex forces facing the Australian economy.
“There is an epochal change occurring, and Australians are also feeling that. It is overwhelmingly positive for us in net terms, even if our tendency to dwell on the downside is more prominently on display at present.
“The future is uncertain.”
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Rates unlikely to change while global uncertainty remains: RBA's Glenn Stevens

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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