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ASIC is encouraging all mortgage holders to perform an online check on the health of their mortgage. 
The corporate watchdog’s mortgage health check tool is available on its consumer finance site, <a href="https://www.moneysmart.gov.au/" target="_blank">www.moneysmart.gov.au</a>. 
It asks consumers four questions about their credit card commitments, attitude to their mortgage, repayment history and how they would react if interest rates increased. 
Based on the results, borrowers are provided with links to mortgage calculators, budget planning tools and videos about what to do if you they receiving letters from lenders about missed mortgage payments. 
It also provides sample letters for people to send their lenders if they are in financial hardship and video clips explaining how financial counsellors and legal services can help. 
The launch of the mortgage health check tool is part of what ASIC’s Mortgage Health Month. 
Delia Rickard ASIC’s head of financial literacy, says financial issues are often triggered by a change in circumstances such as illness, losing employment or divorce. ‘We know a small number of Australians are in arrears on their mortgage. However, many more struggle to make their mortgage repayments on time, and can only do so by running up other debt. We want to educate people about the signs of mortgage stress and motivate them to take early action.” “If there are signs you may have trouble with your mortgage, take action straight away to get back on track. If you don't feel in control of your money then use the MoneySmart budget planner. If you are in danger of missing a mortgage repayment, speak to your lender about changing your repayments or your loan term. ASIC will hold events in specific geographical areas where the rate of mortgage stress is high. 
It will partner with local services and organisation in Fairfield and Liverpool in NSW, the Mandurah region in Western Australia and in Logan and the Gold Coast in Queensland to provide and promote specialised assistance to people at risk or experiencing mortgage stress.</body></html>

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ASIC offers advice for those behind on mortgage payments

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The Real Estate Institute of Queensland is taking on the Australia-wide property listing websites by including state property listings on its website for the first time.
Only members of the institute are able to list their properties on the revamped reiq.com, with listings limited to Queensland.
The website features about 49,000 property listings, including commercial properties and businesses for sale on <a href="https://propertysearch.reiq.com.au/">https://propertysearch.reiq.com.au</a>
It is in the second state real estate institute in the space of a month to launch a dedicated state property listings website for its members, following the Real Estate Institute of Western Australia partnering with West Australian newspaper group to launch <a href="https://www.westrealestate.com.au/">www.westrealestate.com.au</a>.
The WA website is owned by West Australian newspapers, with content and listings provided by the REIWA and its members.
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Real Estate Institute of Queensland launches listings website

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?The newly elected NSW government will need to take drastic action to improve the rate of houses being built in the state, according to forecasts by the Housing Industry Association.

The HIA, which represents the building industry, forecasts NSW will have a housing shortfall of 155,000 if houses continue to be built at the historical average of the past 20 years.
Even if the state picks up its home building rate from the current 40,600 to 48,600 per annum (a high building scenario), it will still have a shortfall of 84,000 houses by 2020, according to HIA modelling.
Under the same medium rate scenario, Western Australia will be 112,000 short of the number of houses it needs by 2020, followed by Victoria (104,200), Queensland (91,800) and South Australia (24,600). 
The ACT is building just about enough houses annually, with an undersupply of just 1,400 houses projected by 2020 if building conditions remain unchanged. 
Australia’s weakest housing market, Tasmania is the only state market building enough houses currently and is forecast to be in surplus (1,300) by 2020.
In total, the HIA forecasts a shortage of 500,000 homes by 2020 across the nation, should building rates not pick up.
<a href="/images/stories/hiasept2large.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/hiasept2.gif"></a>
Source: HIA (Click to enlarge)
At a local government area level, flood-damaged Brisbane is heading for a housing shortage of 25,000 by 2020 at current building rates, according to HIA. 



Other notable municipalities heading for significant housing shortages in nine years’ time include Darwin (6,500), Sydney’s Sutherland Shire (4,700) and Blacktown (4,400) in Sydney’s outer west.

<img src="/images/stories/hiasept22.gif">
Not everyone agrees that Australia is facing a housing shortage.



Property analyst Michael Matusik says the residential market may be heading into oversupply due to an ageing population and the fact that family households are getting bigger.



Figures from SQM Research show a total of 49,466 vacancies nationally in July, only 1,000 more than at the same time last year.
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Critical housing shortage looming: HIA

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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.
 
You probably won’t bump into Carrie Bradshaw and her crew, but Sydney’s Pitt Street mall is rapidly moving up the ranks of the world’s most expensive shopping streets.
According to global research by Cushman &amp; Wakefield, Pitt Street Mall retailers are paying 33% more per square metre than 12 months ago, with the street moving up five places to be the fourth most expensive shopping street in the world.
On average, retailers are paying $9,910 per square metre on Pitt Street mall (the pedestrianised block between Market and Kings streets in the Sydney CBD)– more than what you would pay on the far more famous Avenue des Champs Elysées in Paris ($9,890) and London’s Bond Street ($9,270)
Pitt Street Mall sits just behind Ginza Street in Tokyo ($10,400 per sqm) but is still a long way off the top two shopping strips – New York’s Fifth Avenue and Hong Kong’s Causeway Bay, which in retail renting terms exist in a class of their own. 
The world’s 10 most expensive shopping streets 2011
 
<table style="width: 450px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="47" valign="top">
Rank 2011 
</td>
<td width="47" valign="top">
Rank 2010 
</td>
<td width="80" valign="top">
Country 
</td>
<td width="107" valign="top">
City 
</td>
<td width="149" valign="top">
Street 
</td>
<td width="59" valign="top">
US$/sqm/year 
</td>
</tr>
<tr>
<td width="47" valign="top">
1 
</td>
<td width="47" valign="top">
1
</td>
<td width="80" valign="top">
USA
</td>
<td width="107" valign="top">
New York
</td>
<td width="149" valign="top">
Fifth Avenue
</td>
<td width="59" valign="top">
24,218
</td>
</tr>
<tr>
<td width="47" valign="top">
2 
</td>
<td width="47" valign="top">
2
</td>
<td width="80" valign="top">
Hong Kong
</td>
<td width="107" valign="top">
Hong Kong
</td>
<td width="149" valign="top">
Causeway Bay
</td>
<td width="59" valign="top">
20,914
</td>
</tr>
<tr>
<td width="47" valign="top">
3 
</td>
<td width="47" valign="top">
3
</td>
<td width="80" valign="top">
Japan
</td>
<td width="107" valign="top">
Tokyo
</td>
<td width="149" valign="top">
Ginza
</td>
<td width="59" valign="top">
11,238
</td>
</tr>
<tr>
<td width="47" valign="top">
4 
</td>
<td width="47" valign="top">
9
</td>
<td width="80" valign="top">
Australia
</td>
<td width="107" valign="top">
Sydney
</td>
<td width="149" valign="top">
Pitt Street Mall
</td>
<td width="59" valign="top">
10,710
</td>
</tr>
<tr>
<td width="47" valign="top">
5 
</td>
<td width="47" valign="top">
5
</td>
<td width="80" valign="top">
France
</td>
<td width="107" valign="top">
Paris
</td>
<td width="149" valign="top">
Avenue des Champs Elysées
</td>
<td width="59" valign="top">
10,678
</td>
</tr>
<tr>
<td width="47" valign="top">
6 
</td>
<td width="47" valign="top">
4
</td>
<td width="80" valign="top">
UK
</td>
<td width="107" valign="top">
London
</td>
<td width="149" valign="top">
New Bond Street
</td>
<td width="59" valign="top">
10,010
</td>
</tr>
<tr>
<td width="47" valign="top">
7 
</td>
<td width="47" valign="top">
6
</td>
<td width="80" valign="top">
Italy
</td>
<td width="107" valign="top">
Milan
</td>
<td width="149" valign="top">
Via Montenapoleone
</td>
<td width="59" valign="top">
9,860
</td>
</tr>
<tr>
<td width="47" valign="top">
8 
</td>
<td width="47" valign="top">
7
</td>
<td width="80" valign="top">
Switzerland
</td>
<td width="107" valign="top">
Zurich
</td>
<td width="149" valign="top">
Bahnhofstrasse
</td>
<td width="59" valign="top">
9,504
</td>
</tr>
<tr>
<td width="47" valign="top">
9 
</td>
<td width="47" valign="top">
8
</td>
<td width="80" valign="top">
South Korea
</td>
<td width="107" valign="top">
Seoul
</td>
<td width="149" valign="top">
Myeongdong
</td>
<td width="59" valign="top">
7,050
</td>
</tr>
<tr>
<td width="47" valign="top">
10 
</td>
<td width="47" valign="top">
10
</td>
<td width="80" valign="top">
Germany
</td>
<td width="107" valign="top">
Munich
</td>
<td width="149" valign="top">
Kaufingerstrasse
</td>
<td width="59" valign="top">
5,737
</td>
</tr>
</tbody></table>
Source: Cushman &amp; Wakefield (full ranking contained in the report) 
The most recent high-profile retail tenant on Pitt Street Mall was Spanish fashion retailer Zara, which opened its flagship three-level, 1,830-square-metre store in Westfield Sydney in April.
 
David Woolford, managing director of Cushman &amp; Wakefield’s Australia division, says the Pitt Street Mall has undergone “a substantial transformation over the last 12 months with Westfield Sydney and the MidCity centre, both of which had been under redevelopment for several years, now effectively complete”.
“This has created a new super-prime precinct characterised by larger footprint stores and an influx of high-profile international brands.
“This has been confirmed with rents in the precinct consistently reaching $10,000 per square metre, with some as high as $13,000 per square metre. The emergence of international brands including Zara, Bottega Veneta, Christian Louboutin and Diane von Fürstenberg has legitimised this new super prime precinct, as these retailers may have been willing to pay premium rents to secure a flagship location in the Australian marketplace.”
Rent could rise even higher next year given that construction work is now almost complete.
Woolford says leases that were struck during the construction phase were impacted by lower turnover levels and reduced pedestrian thoroughfare at the time.
Despite a rental increase of 4.3%, London’s New Bond Street dropped two rankings, from fourth to sixth with Avenue des Champs-Elysées now the most expensive retail location in Europe, having registered a rental uplift of 5.3%, compared with a decrease of 9.5% last year.
 
Photograph by Giovanni Variottinelli
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Pitt Street mall closing in on Fifth Avenue retail rents

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Steadily improving but far from spectacular - that’s the verdict from Moody’s on what investors should expect from their listed property trust investments over the next 12 months. 
The rating agency has issued a “stable” rating for A-REITs. 
Its analysts expect portfolio valuations to gradually improve in 2011 and into 2012, with “capitalisation rates tightening incrementally and net effective rents continuing to rise but at a modestly lower trajectory than in the past year”. 
For the year to date, the S&amp;P/ASX 200 A-REIT is down 4.73%. 
Moody’s September 2011 Australian Corporate Sector Outlook highlights the more conservative nature of A-REITs, with gearing levels well below 2008 borrowing ratios when the GFC crippled the sector. 
“Liquidity has declined from traditionally high levels but should remain manageable at current ratings. Many issuers in the sector have taken steps to improve debt tenors and diversification,” the report says. 
It also highlights the strength of A-REIT balance sheets, but warns that while there may be limited acquisition opportunities, ratings could come under pressure if trusts adopt a more aggressive capital management approach and raise gearings levels above “historically conservative levels”.
<img src="/images/stories/moodys.jpg">
Source: Moody's
Retail and office A-REITS will face headwinds in trying to generate above-inflation returns due to poor retail spending and “a new, cautious outlook within the finance sector is affecting demand for office space, particularly in Sydney”. 
“As a consequence, vacancy levels in Sydney’s central business district may not decline as quickly as previously expected although other Australian states’ capital cities continue to enjoy healthy demand,” the report says. 
Gearing levels will remain relatively conservative, and valuations should continue to firm as net operating income continues to rise. These factors support the ratings and outlooks that we have on issuers in the sector. 
Moody’s is forecasting that solid employment numbers (less than 5%) and GDP growth of between 3% and 4% will support demand for industrial and retail space, while a solid outlook for white-collar employment will underpin the office market. 
It also forecasts more share buybacks due to most A-REITS trading at about a 25% discount to net tangible assets which could impact on leverage and risk levels.
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A-REITs slow but steady investments: Moody's

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Demand for fixed-rate mortgages increased only marginally in August despite lenders making big cuts to these products. 
Fixed-rate mortgages accounted for 14.1% of all successful loan applications submitted by Mortgage Choice brokers on behalf of borrowers over the month – up from 13.3% in July. 
Earlier this month, Australia’s biggest home lender Commonwealth Bank cut its fixed-rate mortgages by up to 60 basis points following earlier cuts by Westpac, AMP, ANZ and ING Direct. 
According to Mortgage Choice spokesperson Kristy Sheppard, the trend “speaks volumes about new borrowers’ and refinancers’ mindset around interest rate rises and the value they place – or rather, don’t place – on locking in their rate at the moment”. 
“I expected the take-up of fixed rate home loans to grow noticeably in August due to the well- publicised reductions many lenders have been applying to their fixed term pricing. 
“Despite our lender panel’s average three-year fixed rate falling half a percent in the past four weeks alone, fewer than one in seven new mortgage holders fixed part or all of their rate last month. 
“Borrowers’ reticence to fix may also be influenced by memories of the break costs many people faced when considering switching out of their fixed terms during Spring 2008 to Autumn 2009 when the cash rate fell from 7.25% to 3.00% and home loan interest rates followed.” 
Ongoing discount home loans - where the interest rate is discounted over the entire loan term usually in return for an annual fee – remain by far the most popular mortgage product, accounted for 41.5% of all approved loans, up from 38.6% in July.
There remains little demand for line of credit mortgages – most popular with investors, accounting for less than one in 20 mortgages approved and close to the 12-month average of 4.7%. Line-of-credit loans allow borrowers to use their mortgage like a credit card, allowing them withdraw funds up to a set limit at any time.
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Fixed-rate mortgage discounts fail to sway many borrowers

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Credit union Mecu is hoping to provide more competition to the major banks after being granted permission from APRA and the RBA to call itself a bank. 
From today it will start trading as Bankmecu. 
It hopes to attract business away from the major banks by emphasizing that it is owned by its customers and is not beholden to shareholders. 
It quotes a November 2010 poll conducted by Essential Media Communications showed that 37% of customers of the Big Four banks had considered leaving and finding a new financial institution. 
“Unlike other banks who distribute profits among a small group of shareholders, Bankmecu’s profits stay with our customers who are also the owners of our business,” says incoming Bankmecu CEO Damien Walsh. 
“Australians deserve a better deal and are looking for more competition in banking, which is why Bankmecu welcomes the government’s introduction of the ‘tick and flick’ program that will make it easier for people to switch banks. 
“Being a bank also allows us to reach out to a new group of younger customers for whom the idea of a customer-owned bank appeals. 
The bank has 25 service centres, most of which are in Victoria, and has 135,000 customers. 
It has assets in excess of $2.6 billion and $287 million in capital. 
Following its launch in Melbourne, Bankmecu has also announced that $137,000 (4% of its annual profits) will be allocated to projects that create positive social, environmental and economic benefits.
Mecu dates back to the 2003 merger between Members Australia Credit Union and Education Credit Union, and the name is an acronym for Members and Education Credit Union Limited. Over the years it has acquired several other credit unions, including the Dependable Credit Union and the APESMA Professionals First Credit Union.
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Customer-owned credit union takes on banking

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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.
 
The gold rush is long past, but Bendigo’s housing market is shaping up as a treasure trove for property investors, according to the latest data released by the Real Estate Institute of Victoria. 
Bendigo, about 130 kilometres north of Melbourne and with a population of around 100,000, has the tightest rental vacancy rate in Victoria, according to the REIV. 
During the month of July, the vacancy rate tightened from 0.5% to 0.3%. 
Rental yields for houses and apartments in Bendigo are around 5%, compared with 3.7% for Melbourne houses and 4.3% for Melbourne units, according to RP Data figures.
According to SQM research, renters make up about a third of the Bendigo market. 
In addition to its strong rental market, the regional centre has also experienced solid house price appreciation, with the Bendigo median house price rising 4.5% in the June quarter to $287,500 – beating regional centres Ballarat (up 1.3%) and Geelong (down 3.9%), according to the REIV. 
Despite this growth, Bendigo houses are substantially cheaper than Melbourne, where the median house price is still above $500,000 despite recent declines. 
According to REIV spokesman Robert Larocca there are two opposing forces spurring on the Bendigo market. 
“On the one hand Bendigo is benefiting from very good transport connections to Melbourne, in fact the corridor between the two cities is seeing city type prices in some centers. But on the other hand as the state’s population has grown the rate of new dwelling construction has not kept pace,” he says. 
“There is also a particular issue in Bendigo that at the time the vacancy rate has been below 1% the proportion of rental homes deemed affordable has dropped from 72% to 50% of rental homes.” 
There are 208 properties listed for rent in Bendigo on Realestate.com.au, with two-thirds of these houses. 
Weekly rentals for houses start from about $200 for a two-bedroom house to more than $600 for Victorian-era houses close to the Bendigo CBD. 
<img src="/images/stories/cheapbendigo.jpg">
The cheapest unit for rent (also the cheapest rental in Bendigo) is a one-bedroom unit on Rowan Street (pictured above) close to the Bendigo CBD asking $135 per week with Danny Clarke from The Professionals handling the listing. 
<img src="/images/stories/expensivebendigo.jpg">
At the top end of the scale is “Hustlers Heights” (pictured above), a stately three-bedroom Victorian house offered at $700 per week, fully furnished by Emma Morison from Tweed Sutherland First National Bendigo. 
Despite the apparent shortage of rental properties, Hustlers Heights has been listed since July 30 with its close proximity to the Capital Theatre, Art Gallery and the cafes of View Street not proving enticing enough to tempt anyone to part with $700 every week. 
Nathan Ludeman, property department manager from Tweed Sutherland First National Bendigo, says the last couple of months demand for rental property has actually slowed down. 
“We have a couple of vacancies at the moment, but that is quite unusual – over the last 18 months to two years there has been a zero vacancy rate. Everything was leased.” 
He puts the current availability of rental properties to seasonal factors: “The market usually slows down over the colder months.” 
Ludeman, who has lived his whole life in the town, says there are a lot of homes under construction at present including subdivisions in and around the outskirts of the city. 
“There are a lot of people moving from Melbourne. The highway has made it a lot quicker to commute – it takes about an hour and 40 minutes – and property is much cheaper than in Melbourne,” he says. 
As for the appeal of the region, he says while it is not dependent on any one industry, it has every sector covered and offers a reasonably relaxed place 
“It’s a smaller version of Geelong, without the beach,” Ludeman says. 
Another local property manager, Anita Harrington from Tony Harrington Estate Agents – Bendigo, says demand for rentals is enormous. 
“We are currently sitting with one property vacant,” she says. 
Harrington says rentals get snapped up very quickly, with new tenants ready to move in almost immediately after an incumbent vacates. 
“It can be quite heartbreaking. There are often people crying because they cannot get a rental property.” 
Harrington says there are a lot of Melbourne investors dipping their toes into the Bendigo market as well as core investors from Bendigo who own multiple properties and continue to buy.
 
The city will also benefit from a new world-class hospital with the Victorian government throwing $630 million into the New Bendigo Hospital project due to commence in December and due to be completed in 2016. 
Bendigo ranked 69 on Your Investment Property’s Top 100 Suburbs survey earlier this year. 
The survey quoted PRDnationwide figures, which found that Bendigo’s house market recorded growth of 12.3% in 2010, and has maintained a 10% average annual growth rate over the past decade. 
PRDnationwide research analyst Dan O’Halloran highlights its relatively close proximity to Melbourne and its role as one of Victoria’s key rural hubs as its key attributes. 
“The area has a diverse and robust economy that comprises mining, agriculture, manufacturing, tourism, health, and a strong financial presence, with Australia’s only provincial stock exchange,” he says. 
“The Bendigo real estate market is large enough to maintain a reasonable level of supply and demand throughout tough economic conditions, which makes it an attractive and secure investment option.” 
“Bendigo’s relative affordability compared to Melbourne, coupled with a strong community vibe, assists to attract many new homeowners to the area each year, while a strong rental yield of 6% per annum creates an enticing option for property investors,” he concludes.
Main photo courtesy of Tourism Victoria
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Bendigo a rental property goldmine for 21st-century speculators

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The Commonwealth Bank is considering whether to sell the 17% stake it acquired in Mortgage Choice following its acquisition of financial planner Count Financial.
Count is Mortgage Choice’s biggest shareholder.
The bank already owns a third of John Symond’s Aussie Home Loans business, which competes directly with Mortgage Choice.
In addition, Count has its own mortgage broking division known as Finconnect, which sells loans through loan writers and professional referral partners such as doctors, lawyers and accountants.
The bank says will consider selling its stake in Mortgage Choice if it its stake in the company is identified as a problem by competition watchdog the ACCC.
However, Commonwealth Bank might decide to offload its stake in Mortgage Choice regardless of the ACCC’s position because there would be little strategic benefit to having a stake in the mortgage broker, the Australian Financial Review reported.
The Commonwealth Bank is the biggest home lender in Australia and is one of 25 home loan lenders that Mortgage Choice brokers can offer to its clients.
According to Mortgage Choice’s annual results for the 2011 financial year, the major banks accounted for 61% of all loans written by its brokers.
Analysts do not expect the ACCC to block the deal.
CBA will pay $373 million to acquire the financial planner.
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CBA counting down to ACCC decision on its Mortgage Choice stake

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Building approval figures are expected to rebound in Queensland over the next six months following the introduction of the government's building grant, according to Westpac senior economist Matthew Hassan. 
A $10,000 grant has applied from August 1, 2011 and will run until January 31, 2012 for those buying or building a new home in the state. 
The impact of state government interventions on approvals has already been documented in previous ABS figures. 
Following Queensland Treasurer Andrew Fraser unveiling the $10,000 new home building boost grant on June 14, <a target="_blank" title="Queensland building approvals fall" href="https://www.propertyobserver.com.au/:%20http:/www.propertyobserver.com.au/new-south-wales/state-government-initiatives-cost-the-housing-market-dearly/2011080351012">Queensland promptly led a national fall in dwelling approvals in June, with an 18.6% fall compared with May</a>.
ABS figures for July revealed a 14.5% decline in private sector house approvals, a result Hassan called “alarming and puzzling”. 
“Given the extremely low absolute levels this resulted in and the backdrop of an expected recovery from severe weather events and associated rebuilding activity, the weakness was hard to explain,” Hassan says. 
“It has since been brought to our attention that state government policy initiatives may be partly behind the July drop. 
“Clearly those contemplating building in July would have had a significant incentive to delay their decision until August. 
“Accordingly, a significant rebound is likely to come through in August.”
Hassan says such incentives tend to impact more heavily on private sector houses than on private sector unit approvals.
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Queensland building grant to boost construction after government-induced downturn: Westpac

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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