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Farmers are pessimistic about the future, but according to Colliers, the agricultural property market has turned the corner.
The real estate group’s latest National Rural &amp; Agribusiness Research Report says the agricultural property sector has turned positive for the first time in 18 months.
The release of the Colliers report comes at the same time as survey of 1,200 farmers by Rabobank finds that overall farmer confidence has plummeted due to global and policy concerns,  though “inside the gate” expectations of a strong production season remain high.
According to Rabobank, more than a third of farmers (35%) expect conditions to worsen in the coming year, a significant increase from the 12% who held that view in the previous quarter. Only 18% of farmers expect the agricultural economy to improve (down from 42%), while 42% expect conditions to stay the same.
The Colliers report acknowledges that challenges lie ahead, but says property values are holding firm and there has been a “clear improvement in overall sentiment, underpinned by rising food and commodity prices during the last 12 months.
“The shift has been significant, but it has finally rolled over to the rural sector, providing a much needed boost to confidence levels and extending the tenure for some property owners.”
According to Colliers, the sectors to watch include pastoral, livestock and grazing with “an abundance of opportunity on offer here at the moment and interest in the sector is high”.
“Concerns regarding live cattle exporting will have an impact and will most likely to slow down any decision making over the short term. Overall though, demand is there and strong enquiry will continue to come through from offshore investors looking for expansion opportunities in Australia,” the report says.
The Rabobank survey did not question farmers on their intentions regarding the sale of land, but did question them on their investment intentions.
While this has declined since the last quarter, investment intentions remain robust, with 87% of farmers intending to maintain or increase the level of investment in their businesses.
“This does not suggesting a trend of an increase in farm sales.  The overall fundamentals of the agricultural sector – seasonal conditions and commodity prices – are also very favourable,” a Rabobank spokesperson told Property Observer.
Rabobank general manager Rural Australia Peter Knoblanche says the fall in farmer confidence appears to have been influenced more heavily by factors “outside, rather than inside, the farm gate”.
“Inside the farm-gate, from a production point of view, things are shaping up for an overall good season,” he says.
While the decline in confidence was reflected across all sectors, cattle farmers reporting the lowest confidence, with only 8% expecting conditions to improve in the next 12 months.
Dairy producers are most confident with 39% expecting conditions to improve.
According to Knoblanche, an expectation of favourable commodity prices and seasonal conditions had kept dairy producers positive.
“Good seasonal conditions continue to assist a strong finish to the milk production year. Most processors have announced opening milk prices for southern producers with prices slightly above where they were at last year,” he says.
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Farmers worried about agricultural outlook but plan to invest anyway 

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Mortgage broker AFG has recorded a 21% surge in mortgage approvals in August, with investors and first-time buyer numbers on the increase.
Mortgage approval numbers reached an 18-month high in August.
AFG brokers successfully lodged 7,198 mortgage applications, with a combined value of $2.76 billion.
In July, AFG brokers lodged just over 5,900 applications with a combined value of $2.29 billion.
The August numbers are the first sign of uplift in the housing market – AFG has more than 2,000 mortgage brokers and a mortgage book in excess of $65 billion.
While August figures are typically stronger than previous months, August 2011 figures trended well above seasonal expectations, AFG says.
The average size of mortgages fell from $386,000 to $384,000, with only WA recording an increase from $371,000 to $382,000.
The percentage of mortgages for investment purposes increased from 35.6% to 36.5% while those from first-time buyers increased from 13.6% to 13.8%.
NSW led the nation both in terms of investor and first-time buyer activity over August.
Investors made up 40.8% of the NSW market followed by 38.1% in Victoria, 34.4% in Queensland, 33.5% in South Australia and 33.4% in WA.
First-time buyers accounted for 15.7% of mortgages written in NSW, followed by WA (14.8%), Victoria (13.3%), Queensland (13.1%), and South Australia (9.3%).
Refinancing activity remained strong comprising 38.2% of all mortgage approvals as property owners took advantage of a highly competitive lending environment. This is slightly down on the 39.1% recorded in July. 
“Borrower expectations about interest rates shifted significantly during August. We’re seeing a lot of refinancing as borrowers take advantage of discounted products,” says Mark Hewitt, AFG’s general manager for sales and operations. 
“But we’d like to see lenders create more flexible and competitive products for the new home building sector. It isn’t just consumer confidence that is holding back this sector, it is also the availability of attractive finance options.”
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Mortgage approvals at 18-month high

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A property investor who terminated a contract to buy a Sydney Northern Beaches property after successfully bidding for it at auction has been ordered to pay the vendor almost half a million dollars in compensation and costs.
The compensation covers the shortfall between the original December 2009 winning bid of $2.3 million and the subsequent sale in February 2010 for $1.95 million: $350,000 plus interest and $50,000 in legal costs.
The case dates back to December 12, 2009, when David Anthony Burnet and Pamela Jane Clancy sold their $2.3 million home at Edgecliff Boulevard, Collaroy Plateau, to defendant Lily Maria Gubbay at auction.
Gubbay signed a contract for the two-bedroom house overlooking the ocean and provided a cheque for the 10% deposit of $230,000 to the agent, Cranston Schwarz of LJ Hooker Freshwater.
The cheque was subsequently dishonoured.
On December 16 2009, Gubbay’s lawyer told the vendors she had “no money” and the contract was cancelled by the vendors on December 29 2009.
Court documents reveal that Gubbay owned three other investment properties at the time – in Manly (valued at $950,000 with liabilities of $226,000), Salamander Bay (valued at $380,000 with no liabilities listed against it) and Townsville (valued at $500,000 with liabilities of $492,000).
“The Balance Sheet recorded that the defendant had total assets of $1,830,000 over liabilities of $718,000,” court documents say.
Gubbay was only able to pay $50,000 of the required $230,000 deposit, with her lawyer arguing that acceptance of this amount affirmed the sales contract.
However, Justice Patricia Bergin ruled otherwise: “The fact that the [vendors’] agent banked the $50,000 and the plaintiffs did not direct the agent to return it does not affect the plaintiffs' right to terminate.”
“That right is lost ‘as soon as the deposit is paid in full’. Those words in clause 2.5 of the contract evidence an intention of the parties that even though part of the deposit might be paid, the right to terminate was not lost until the full deposit was paid.”
Bergin also dismissed a counter claim from Gubbay for the return of the $50,000 deposit.
She said the conduct of Burnet and Clancy was “beyond reproach”
“They were entitled to terminate the contract when the deposit cheque was dishonoured on 17 December 2009. However they did not do so immediately and conducted professional discussions through their solicitors and provided the defendant with an opportunity to pay the full deposit. The defendant did not avail herself of that opportunity.”
Real Estate Institute of Australia acting president Pamela Bennett says the ruling reinforces the fact that an auction process is legally binding.
"At all auctions you must be able to pay the deposit. It is unconditional," she says.
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Auction buyer ordered to pay $350,000 shortfall after failing to settle

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Amid deteriorating confidence about the economic outlook, Australian investors now expect their property assets to outperform their share portfolios. 
Only a quarter (26.5%) of the 820 investors surveyed by research house CoreData believe shares will outperform residential property over the next quarter of 2011, compared with more than half (55%) who believed so in the second quarter. 
Investors believe all investments, apart from residential property, will perform worse in the next three months. 
In terms of value, residential property has the greatest worth among the investments held and savings has the least, the survey found. 
The affinity for property is not surprising, with 44% of investors saying not holding enough assets makes them feel insecure. 
More than a half (55%) are worried about not earning enough money and 45% are worried about paying off their debts. 
Overall, the survey uncovered a dramatic fall in investor sentiment in the third quarter with the index now sitting at -21.7, a drop of 15.7 points. 
Investor sentiment is now at its lowest level since the first quarter of 2009. 
“Australians are clearly panicking and preparing for tough times ahead,” says CoreData head of advice, wealth and super Kristen Turnbull. 
“They are shaken by the recent US and European debt crisis and are concerned over the fallout of economic uncertainty.” 
“Eighty per cent of respondents predict an economic slowdown over the coming quarter. Investors have become much more negative about business conditions with 68% of respondents expecting them to deteriorate, up from 44% last quarter”. 
The survey uncovered negative sentiment towards business and economic conditions from all demographics, with women more concerned than men. 
Other findings from the survey: 
<ul>
<li>Superannuation funds (69%) and savings accounts (65%) remain the most commonly held investments, followed by direct shares (36%). </li>
</ul>
<ul>
<li>Three out of 10 investors are most likely to rebalance towards cash over the next quarter.</li>
</ul>
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More investors think property will outperform shares: Survey

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The City of Perth will continue to develop its CBD laneways as retail vacancies rise and more than 22,000 square metres of retail stock is due to hit the market over the next 12 to 18 months.
Almost one in 10 (9.7%) retail properties are currently vacant in the Perth CBD, compared with a vacancy rate of 7.4% recorded in November 2010.
The revitalising of Perth laneways began with the redevelopment of Wolfe Lane in 2008 off Murray Street just behind His Majesty’s Theatre.
The new Apple store backs on to Wolfe Lane with Knight Frank agent Amy Matraszek calling it a “Melbournesque-style laneway with Bars, Cafes and stylish services”.
Matraszek is currently seeking a tenant for up to 250 square metres of retail space at 321 Murray Street, with Wolfe Lane running down the side of this building. The gross rent is $1,500 per square metre.
“This is a rare opportunity to become part of the ‘ants trail’ effect from the traditional malls, without the mall price tag,” she says.
Grand, Mclean and Howard lanes are the next city laneways currently being upgraded.
Excluding the current laneway projects, the city has around 30 laneways that could potentially be redeveloped.
According to Savills, the laneways project aims to encourage greater use of these valuable inner city spaces, stimulate commercial interest and reinvigorate the atmosphere.
An increase in prime rents is blamed for the rise in vacancies.
Rents in the Hay Street Mall, Perth’s premier shopping arcade, currently sit between $2,200 per square metre and $4,800 per square metre.
Vacancies in CBD malls have also risen over this period – up from 7.1% to 8.6%.
Clothing, footwear and personal accessory make up the majority of the space in retail arcades at 35.7% followed by cafes, restaurants and takeaways (17.6%) and service businesses (16.1%).
The biggest retail development currently under construction is Saracen Properties’ 13,000 square metre Raine Square project at 298 Murray Street, due to be completed next year. It forms part of a 44,000 square metre, 20-story office tower, which has been leased to Bankwest. The retail component – 53 shops, a supermarket and food hall - is 70% pre-leased.
Brookfield Multiplex is developing a new city square at 125 St. Georges Terrace which will comprise 6,000 square metres of retail space. Stage one is due for completion at the end of 2012, whilst stage two is due for construction in 2012.
Another major long-term plan is the $2 billion Perth City Link Project expected to deliver boutique office, retail and residential to the Perth CBD market by 2016.
Around 24,000 square metres of retail, hospitality and commercial floor space will join the market as part of this mixed use development which will link   city’s retail hub with the Northbridge entertainment precinct.
Expressions of interests for the City Link Project will be open until November 10 with a final selection expected by the end of 2012.
Despite the current high vacancy rate, Savills says the strong economy and the increased mining activity, means the long term outlook for retailing in Western Australia looks positive.
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Perth to develop Melbourne-style laneways as retail vacancies rise

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Investors need to know when they will be liable for land tax – and how much it will cost them.
Thresholds differ around the country and are typically changed in state budgets, so all eyes will be on tomorrow’s NSW state budget.
In October land tax reform will be on the agenda at the government’s Canberra tax summit.
According to government figures, land tax contributes 11% to state coffers.
In general property investors are required to pay land tax on the value of their properties above a certain value, except in the Northern Territory, where there is no land tax. Thresholds range from $25,000 to $600,000
The tax can add a significant amount to your investment bill, so knowing when the tax kicks in is crucial.
To help investors Property Observer has compiled this guide of must-know numbers:
 
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<img src="/images/stories/0dollars.jpg">
No land tax is payable in the Northern Territory.
 
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<img src="/images/stories/600k.jpg">  
The upper limit for a land tax-exempt property in Queensland, the state where investors can spend the most without having to pay land tax. However for companies, trustees or absentees, the threshold kicks in at $350,000 Click <a href="https://www.osr.qld.gov.au/land-tax/index.shtml" title="Queensland government land tax" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/387k.jpg">  
The land tax threshold in NSW. Click <a href="https://www.osr.nsw.gov.au/taxes/land/" title="Land tax threshold in New South Wales" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/316.jpg">  
The land tax threshold in South Australia. Click <a href="https://www.revenuesa.sa.gov.au/landtax/index" title="Land tax threshold" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/300k.jpg"> 
The land tax threshold in Western Australia. Click <a href="https://www.finance.wa.gov.au/cms/content.aspx?id=174" title="Western Australia" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/247k.jpg"> 
The land tax threshold in Victoria. Click <a href="https://www.sro.vic.gov.au/sro/SROnav.nsf/LinkView/DF4424845447E2EDCA2575A1004453B6A6FAB6BE64979127CA2575A100441FA4" title="Victoria land tax" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/75k.jpg"> 
The threshold for land tax in the Australian Capital Territory. Click <a href="https://www.revenue.act.gov.au/land_tax" title="ACT land tax" target="_blank">here </a>for more information.
 
<hr>
<img src="/images/stories/25thous.jpg"> 
Property is cheapest in Tasmania, but it also has the lowest threshold for land tax. Click <a href="https://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/41E02F84487BB0F3CA25764D00072C26?OpenDocument&amp;menuitem=Land%20Tax" title="Tasmania land tax" target="_blank">here </a>for more information. 
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Land tax by the numbers: What investors must know

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ASIC has received strong support from mortgage brokers after launching a campaign targeting unlicensed practitioners.
Since June 30, 2010 all individuals or businesses that engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder.
The campaign will run until March 30, 2012 and follows a previous ASIC surveillance program between October 2010 and February 2011 to find credit providers that were not appropriately registered.
As at June 30, 2011, 6,081 businesses that provide credit services have obtained an ASIC licence.
Phil Naylor, CEO of the Mortgage and Finance Association of Australia, says the organisation is “very supportive” of the ASIC campaign.
“The MFAA requires members to satisfy its requirements at each annual membership renewal, and we conduct random audits from time to time,” he says.
Gerald Foley, managing director of Melbourne-based National Mortgage Brokers, says the firm has already received a letter from ASIC asking for licensing information and has responded to the request.
“I think it’s a good idea. It means everyone is aware of licensing and their obligations,” Foley tells Property Observer.
“With some people it does not hit home until there is an audit or a review. The ASIC approach is a very positive one.”
The latest campaign is aimed at identifying traders who applied for a credit licence but withdrew their application or had it refused. In those circumstances, unless the trader is an authorised credit representative or subsequently obtains a credit licence, he or she cannot engage in credit activities. “ASIC will identify and may later prosecute individuals and businesses who fail to make sure they’re properly licensed or authorised under the regime,” says ASIC commissioner Peter Boxall.  “Engaging or utilising the services of unlicensed credit operators puts the public at risk. Consumers need to be confident that they’re dealing with authorised businesses who are gatekeepers of our financial services industry,” he adds.
Consumers wishing to confirm the broker they have engaged is licensed can search ASIC’s registers at <a href="https://www.asic.gov.au/search">www.asic.gov.au/search</a>.
Complaints concerning individuals or companies suspected of trading without a credit licence or authorisation can be lodged with ASIC <a target="_blank" title="ASIC" href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Complaining+about+companies+or+people?openDocument">here</a>. 
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ASIC on the hunt for unlicensed mortgage brokers

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A Russian investor has paid more than £13 million ($20 million) to buy the Rolex Retail Unit at One Hyde Park in London one of the world’s most expensive residential projects, developed by the billionaire property developers the Candy Brothers. 
<a target="_blank" title="Nick Candy Gold Fields house" href="https://www.propertyobserver.com.au/new-south-wales/luxe-london-developer-nick-candy-might-see-gold-fields-house-as-a-sweet-possibility/2011082451280">One of the brothers, Nick Candy, was recently in Australia scouting out possible locations in Melbourne and Sydney for a luxury apartment development. </a>
<img src="/images/stories/rolex.jpg">
The Rolex store, at 100 Knightsbridge, is located across the road from Mandarin Oriental Hotel and is one of three retail stores at One Hyde Park. The other two are home to the flagship dealership of sports car group McLaren and the Abu Dhabi Islamic Bank. 
It is leased by the luxury Swiss watch maker for a further 14.5 years at a rent of £400,000 per annum. 
<img src="/images/stories/rolex2.jpg">
The sale price reflects a net initial yield of 3%. 
It was bought by Grigory Guselnikov, a 35-year-old Russian investor, who added the retail site to his new property fund, Williston Properties Inc, which focuses on focuses on prime Central London assets.
Jonathan O’Regan from Savills, who advised developer Project Grande (Guernsey) Limited, says Asian investors are all acquiring Central London retail investments at present due to favourable exchange rates.
Savills was assisted by SJ Berwin, with Guselnikov was advised by Nightingale Partners and Gilchrist Solicitors.
“Asian investors already account for over 25% of residential sales at this world-famous location, and we anticipate further demand,” he says. 
One Hyde Park, which coast £1.1 billion to build, was developed by billionaire property developers the Candy Brothers in a joint venture with the Qatar government. 
The McLaren retail site at One Hyde Park will be listed for sale by Savills in September with offers sought in excess of £11.5 million. The sports car group recently signed a new 15 year lease. 
One Hyde Park is owned by Project Grande (Guernsey) Limited – a joint venture consortium between Guernsey-based development company CPC Group, run by Christian Candy, and Waterknights, owned by the Prime Minister of Qatar.
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Russian buys £13 million Rolex store

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A Gold Coast property spruiker who swindled $675,000 from retirees and other vulnerable investors in a Ponzi-type scheme has been sentenced to seven years in prison.
He claimed to have secured their investments with interests in units at Mount Panorama Resort, New South Wales, and properties in Fiji.
Nebojsa Jovicic, 45, from Robina on the Gold Coast, pleaded guilty in the Southport District Court to seven counts of defrauding Gold Coast and Brisbane investors, who were induced to pay a total of approximately $675,000 to his Perpetual Acquisitions Pty Ltd and Robina Properties (Qld) Pty Ltd businesses.
Both companies went into liquidation in July 2006.
The conviction follows an ASIC investigation into a purported investment scheme run by Jovicic between January 1, 2005 and May 8 2006.
In December 2006 ASIC obtained orders in the Supreme Court of Queensland restraining Jovicic from operating an unregistered managed investment scheme or carrying on a financial services business.
According to ASIC, Jovicic met with potential investors in their homes and at other venues in Brisbane, Southport and Bundaberg, promising them returns of 50% per year.
“The investors were vulnerable and inexperienced investors. The judge noted that they had modest means and their financial situations had been severely affected for the foreseeable future. Many of them are of retirement age and had borrowed through mortgages to invest. They will not get their money back and are now forced to continue working to pay off their loans,” ASIC notes. The corporate watchdog’s investigation found that “Jovicic had paid substantial funds received from investors to himself, which was used for personal expenses and large unexplained cash withdrawals. Some of the money had been used to pay the interest to other investors in a Ponzi-style scheme”. "Mr Jovicic’s conduct involved a gross breach of trust of the investors. His actions were very serious and have left his victims in difficult financial positions. His jailing should send a strong message that ASIC will act to ensure those who deliberately misuse and misappropriate investors’ money are brought to account,” says ASIC deputy chairwoman Belinda Gibson. ‘The experience of the investors in this matter should serve as a timely reminder to investors to beware of returns that sound too good to be true. Before you invest in any scheme, you should do independent checks to see how the returns are really going to be made and don’t just trust the word of the person selling you the scheme,” she adds.
Jovicic will be eligible for parole on December 23, 2013.
The Commonwealth Director of Public Prosecutions prosecuted the matter.</body></html>

Gold Coast property swindler sentenced to seven years in prison

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Ahead of the Reserve Bank of Australia's September 6 monetary policy meeting, both Westpac and the Australian Retailers Association have downplayed the release of positive retail figures and a bump up in capital expenditure. 
ABS figures retail sales for July were stronger than expected, with a 0.5% gain on the back of higher turnover for food retailers, cafes, restaurants and department stores, although clothing retailers were still struggling (down 4.2%) For the last 12 months, retail spending is up 1.4%. 
Capital expenditure for the second quarter rose by 4.9% as a result of a sharp increase in mining sector investment. Manufacturing investment also moving up but service sector spending declined.
 
Westpac is the only major bank to consistently forecast a rate cut before the end of the year. 
The bank’s senior economist Matthew Hassan called the spending picture “still very subdued” despite the “surprise” retailing result in July and notes the small 1.4% growth over the year, which he says implies a slight contraction in per capita spending.
“The July rise is also very unlikely to mark the beginning of a consumer revival. Instead, we continue to expect the slump in consumer sentiment in recent months to play through to a material weakening in demand. 
“And there are still significant downside risks to the outlook, particularly stemming from consumer concerns about job security and the performance of housing markets near term, and further out, from actual job losses,” Hassan says. 
The Commonwealth Bank is sticking with its prediction of the next interest rate movement being up and expects the next rate rise to come in February. 
Senior CBA economist John Peters says while the higher-than-expected July retail outcome would not “scuttle current market speculation that aggressive RBA policy easing is going to occur over the next twelve months” the strong capex data “may create some doubts in the markets’ psyche about the inevitability of multiple RBA rate cuts in the next year”. 
“The bottom line of the retail and capex data is that we remain very comfortable with our long held view that the next RBA policy move will be a rate hike. However, we expect the RBA to remain on hold for some months yet until the domestic and international pictures become less murky,” he says. 
The Australian Retailers Association called the 0.5% growth in retailing in July a “dismal result” and urged the RBA to “take the only reasonable course of action next Tuesday and lower interest rates”.
ARA executive director Russell Zimmerman noted the big year-on-year drops in discretionary spending on clothing and footwear (- 7.5%), department stores (- 2.2%) and household goods (- 0.3%).
These figures, he says, “reflect a continuation of the consumer confidence spiral, with households saving rather than spending and struggling to come to terms with the soaring cost of living.”
“Looking ahead to the spring season, retailers aren’t expecting a break, but rather a continuation of over 18 months of dismal trading conditions.
“A weakening global economy is sending vibrations through the supply chain, affecting other industries such as manufacturing before filtering down to retail.” Zimmerman says.
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Retailers and Westpac discount better-than-expected retail figures

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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