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The lack of investor interest in the housing market was evident in the July housing credit figures released by the RBA this week.
Housing credit expanded by 0.42% in July, a slight improvement from June, when the 0.32% rise was the weakest since records began to be kept in 1976, with the exception of July 1984.
The three-month annualised growth pace of housing credit held at 5%, down from the 9% pace prevailing late in 2009 and early in 2010.
The current growth pace for investors is just 3.6%, compared with 5.5% for owner-occupiers.
“This highlights the headwinds facing the sector, including a lack of interest from investors,” says Westpac senior economist Andrew Hanlan.
“The outlook for housing credit is lacklustre, housing affordability is a constraint, households are looking to pay down debt and interest rates are a headwind.”
Westpac forecasts overall credit growth is expected to remain subdued over 2011-12.
Commonwealth Bank economist Michael Workman says the subdued growth in owner-occupier and investor mortgage finance points to a softer housing market going forward.
“Housing credit growth has moderated significantly over 2010 and 2011 as owner?occupiers and investors were impacted by past RBA rate rises and the possibility of more,” he says.
“It points to continuing soft existing home sales, prices and turnover activity.”
However, there is some hope for the investor side of the market.
Workman forecasts investor lending to pick up in 2011-12 as rising rentals and stock market volatility entice them back into the market.
ANZ economists Riki Polygenis and Dylan Eades also noted mortgage growth had fallen to record levels, but say the RBA “remains comfortable with households strengthening their balance sheets”.
“Weakness in housing credit also likely reflects a higher level of repayments, not just soft demand.
“However the RBA will be closely watching the renewed weakness in business credit, which at current rates doesn’t augur well for business investment in non-mining sectors.”
Business credit was flat over July, after declining by 0.7% over June. Over the year to July, business credit declined by 1.9%.
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Sluggish housing credit growth points to lack of investor interest: Westpac

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BIS-Shrapnel chief economist Frank Gelber says the eventual end of the resources boom will lead to a dramatic drop in house prices in Western Australia. 
His comments come on the back of a new report, Long Term Forecasts 2011 – 2026, which warns that the Australian economy is vulnerable once the boom ends. 
While Gelber says it is impossible to predict when this will happen, he says the market is starting to weaken. 
“We employ lot more people in the construction phase than in the operation phase [of mines],” he says.
“When the expansion phase end, people will leave, there will be an oversupply of houses and prices will drop dramatically.” 
SQM director Louis Christopher agrees with Gelber that prices will fall when the boom ends but says predicting this is impossible. 
“It could be five years, 10 years or 20 years. It’s like saying that everyone is going to die at some point,” he says. 
Christopher says the risk still remains of a global downturn, which would result in falling commodity prices and a drop in demand for Australian mineral resources. 
In such a scenario, Christopher says mining towns would be the ones most vulnerable to a housing correction. 
“Perth prices have been in a downturn since 2007, and could bottom out fairly shortly. 
“However, mining town like Karratha where a four-bedroom house costs a $1 million would be smashed.” 
In its Long Term Forecasts 2011 – 2026, BIS Shrapnel warns that the structural change to the Australian economy caused by the resources boom and the strength of the Australian dollar should be the real concerns for Australians – not financial shocks being felt around the globe. 
The research house is calling for an infrastructure investment-led productivity drive to bring balance to the economy and which will make Australian industry more efficient and cost-effective. 
“The current financial market ructions are serving as a distraction from something much more important: the impact of the resources boom on the rest of the Australian economy,” Gelber says. 
Gelber says a resources tax is also needed to prepare the economy for the end of the boom. 
“While the resources boom continues and the dollar stays high, investment in infrastructure will serve as a rear guard action against loss of industry,” he says. “But, equally importantly, it will serve as the underpinning of growth once the minerals boom ends.”
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When mining boom ends, the west will weaken: BIS Shrapnel

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Andrew Scott, the former CEO of shopping centre group Centro, has escaped a boardroom ban but must pay a $30,000 fine over his part in approving faulty 2007 accounts,  the Federal Court has ruled
Former Centro CFO Romano Nenna was handed a two-year boardroom ban but was not fined.
The outcome of the penalty hearing follows the Federal Court’s June finding that Scott and Nenna along with six non-executive directors had breached their corporate duties when approving the 2007 accounts.
The result will disappoint corporate regulator ASIC which had sought bans of three years for the two men and fines of $100,000 each.
It is also likely to anger Centro shareholders who will receive just 5¢ per share should a restructure of the business be approved in December.
Scott presided over Centro when its financial woes began in December 2007 after it ran into trouble refinancing about $1.3 billion in debt.
For the 2007 financial year, annual accounts show he was on a $3.5 million package.
He resigned as CEO in January 2008.
Lawyers for Scott and Nenna argued they had already been punished from the publicity surrounding the case.
The outcome of the hearing comes just two days after Centro revealed statutory net profits of $2.7 billion after preparing its accounts on a “one-off” liquidation basis.
Current Centro CEO Robert Tsenin says the restructure is “the only feasible prospect of delivering any value to security holders”.
“The alternative is likely to be external administration in which circumstances Centro security holders are expected to receive nothing”.
The judgment and penalties imposed on the former Centro directors may be subject to appeal.
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Former Centro CEO Andrew Scott escapes boardroom ban but cops fine

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The Australian Bankers Association may claim that mortgage competition is alive and well in Australia, but figures released by APRA tell a different story.
According to the latest report, the major banks (Commonwealth Bank and subsidiary BankWest, Westpac and subsidiary St George, NAB and ANZ) grew their combined mortgage books by almost 27% over the past 12 months. The banking sector wrote 92.2% of all mortgages in June, according ABS lending figures with the major banks accounting for 88% of all bank mortgage lending.
The major banks advanced $67.8 billion in mortgages compared to $53.5 billion in the previous 12-month period.
In comparison the other domestic banks managed growth of around 20%, but in absolute numbers accounted for just $12.4 billion in mortgages written over the year compared to $10.38 billion in the previous 12-month period.
Over the March quarter, mortgage lending from this sector actually shrunk from $3.16 billion to $3.15 billion while the major banks recorded growth marginal growth of $133 million to $17.62 million.
The APRA figures also reveal the uneven playing field in the banking sector with the four major banks (Commonwealth Bank, Westpac, NAB and ANZ) operating at a profit margin of 34.4% for the year, with the other domestic banks managing 12.5%. 
Overall, the figures reveal the stagnant nature of the housing market over the March quarter bank. 
The banking sector advanced $20.09 billion in mortgage loans from January to March 2011, just a $215 million increase on the December 2010 quarter.
In comparison, banks grew their mortgage books by $790 million from October to December 2010, by $863 million from July to September and by $1.6 billion from April to June.
For the year the cumulative size of the banking sectors mortgage book grew by 8.2% to $1.196 trillion.
The slowing mortgage growth comes as competition among the major banks for mortgage customers intensifies following the government ban on mortgage exit fees.
The figures also reveal how heavily dependent banks are on mortgage lending for their income
According to the APRA figures, interest charged on mortgages accounted for more than half (55%) the total interest income (credit cards, other loans) earned by the banks over the year to March.
Mortgage lending brought in $77.3 billion in interest income for banks over the course of the year out of a total of just over $140 billion.</body></html>

Major banks dominate mortgage lending

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Industrial property zones in Sydney, Newcastle, Wollongong and the Hunter region stand to benefit from infrastructure projects in NSW due to be completed over the next nine years, according to analysis by CBRE. 
News of this boost to industrial property zones in NSW follows the state government’s decision to offer bonds to raise capital specifically for infrastructure projects. 
Although transport accounts for 31% of Australia’s economy, NSW had only an 18% share of investment in transport infrastructure projects, especially those influential to industrial property between 2000 and 2010.
“Two things stand out in the transport infrastructure proposals on our list for New South Wales to 2020,” says CBRE executive director of global research and consulting Kevin Stanley. 
“One is that an increasing share of investment will be going into rail or rail-related projects, as opposed to roads. 
“The major project influencing this trend is an effort to carve out a dedicated rail freight line from the expanded Port Botany facility through the southern suburbs of Sydney, to link to new inland freight terminals at Enfield and Moorebank.”
<img src="/images/stories/industrialaugust31.gif">
The five key future projects identified by CBRE that are likely to influence industrial property are: 
<ul>
<li>
Southern Sydney Freight Line (SSFL) – a proposal for a new 30 km rail in an existing 36km rail corridor between Macarthur and Sefton in the Southern suburbs of Sydney allowing passenger and freight services to operate independently. It is likely to stimulate the construction of warehousing in and around the new freight terminal facilities at Enfield and later, Moorebank, as well as cause a rise in industrial land values in and around these locations.</li>
<li>
Intermodal Logistics Centre - currently being constructed at Enfield, Sydney ,the terminal will consist of five warehouses totaling 55,000 sq m with a light industrial and commercial area consisting of 40,000 sq m. The terminal will be fully operational in late 2013. </li>
<li>
The Hunter Expressway – This is the largest road project currently underway in New South Wales, with a project cost of $1.7 billion.  It will provide a more direct and efficient route for freight movements between the Upper Hunter and the Port of Newcastle and will stimulate the long-term industrial development potential of the Hunter Economic Zone at Kurri Kurri and more generally in Greater Newcastle.</li>
<li>
The Erskine Park Link Road –The $80m project will provide a 3.1 km four lane divided road between Lenore Lane, Penrith and Old Wallgrove Road, Blacktown.  By providing high quality access between Erskine Park and Eastern Creek it will unlock hundreds of hectares of new employment lands for industrial development and use within the Western Sydney Employment Area.</li>
<li>
The Port Kembla Outer Harbour Development –now under construction, it will provide for future stages of port development over the next 25-30 years. Regional-based port expansions are now underway at Newcastle and Wollongong and in Geelong in Victoria.  Regional port expansion can also assist in diversifying regional economies and providing a boost to downstream supply chain real estate facilities in non-metropolitan areas.  Stage 1A of the Port Kembla project is due for completion in mid-2012. </li>
</ul>
Charles says the focus on rail or rail-related projects in Sydney will reinforce the importance of the prime industrial areas in the corridor which stretches from Port Botany west along the M5 Motorway, and picking up those areas in the South West and the Outer West regions along the M7 transport corridor.” 
He says the other theme apparent in NSW is the amount of infrastructure funding dedicated to regions outside of Sydney. 
“Newcastle is the major beneficiary here, which supports ongoing development of the coal industry in the Hunter Region and provides greater potential to downstream industrial property development to support this industry,” he says. 
“The expansion of Port Kembla, already underway, will also act to relieve pressure on the Port of Botany over the long run as well as support the development of the industrial sector in the Wollongong region.”
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NSW transportation infrastructure to boost industrial property: CBRE

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BankWest is among those expecting first-home buyers to return to the market and has lowered its deposit requirements to seek their custom.
First-home buyers have been largely absent since the 2009 conclusion of the government first-home buyers’ boost, but estate agency Century 21’s chairman Charles Tarbey predicts first-home buyers and first-time upgraders will dominate the market during the traditional spring buying season.
“Most activity will be in the first-home buyer and upgrader segments. People that are looking to buy property under the $800,000 mark will be very active over the coming months,” Tarbey has told trade website Real Estate Business.
In Western Australia, BankWest is encouraging first-home buyers by offering a new home loan that allows first home buyers to purchase a property with as little as a 3% deposit.
BankWest has joined with property development companies Satterley Property Group and 30 other WA builders to offer half a billion dollars for the new 3% deposit home loan products, to be used exclusively by WA first homebuyers.
It is expected to be offered to about 1,500 borrowers who meet a minimum annual income threshold of $80,000 with the loans capped at $500,000.
Australian Property Monitors senior economist Andrew Wilson agrees with Tarbey, adding that an extended period of rate stability would help push first-home buyers back into the market.
Besides the rates stability Wilson says reduced competition for properties due to fewer buyers and more properties listed for sale is encouraging entry level buyers and “first-time change-up buyers”.
A rise in the number of first-time buyers taking out mortgages has been noted recently by Mortgage Choice.
Loans submitted by Mortgage Choice brokers on behalf of first-home buyers spiked to 35% of all loan approvals in June, compared with an average of 27% for the past year.
"What I'm starting to see is a return of first-home buyers to the market as housing prices are going through a mild correction, and as longer-term interest rates look like coming down," says chief executive Michael Russell.
According to figures by mortgage broker AFG, there was a brief uptake in first-home buyer numbers in spring last year. First-home buyer numbers increased from 20.6% of all loans written in August 2010 to 24.2% in September and 25.4% in October. But first-home buyer numbers fell back to 22.5% in July 2011, according to AFG.
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Low-deposit loans lures offered to first-home buyers

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Potential buyers of the four-storey building tenanted by all-night Sydney drinking hole Jackson's on George are being enticed with the prospect of being part of a proposed new city square in the heart of the Sydney CBD.
The bar occupies the entire 485-square-metre site at 174 to 176a George Street in the Sydney CBD and is opposite the Four Seasons Hotel. It has occupied the site since 1987 and trades 24/7 except on Christmas and Good Friday.
<img src="/images/stories/jacksonmap.jpg">
The square, known as “APDG block”, is bordered by Alfred, Pitt, Dalley and George streets.
Under the proposal, the Rugby Club directly behind Jacksons on George would be turned into Rugby Lane, a pedestrian laneway with opportunities for alfresco dining and “other night-time activities”.
It is being sold by well-known Sydney publican Chris Crawley, managing director of Marsico Holdings, who will use the cash to expand elsewhere.
Crawley, who recently closed his Jordons Seafood Restaurant at Darling Harbour, told the Fairfax press he would retain the Jacksons on George licence and premises until the new owner redeveloped the site
The building – constructed in 1975 – last changed hands for $14.5 million in 1989.
According to the investment report, the bar brings in income of about $1.5 million annually.
The property is being sold by Stephen Kovacs and Vince Kernahan from Colliers.
Kovacs says the building’s strong selling points are its prime George Street location, long-term lease and future development potential.
“There is the potential uplift from the redevelopment of surrounding properties and the possible inclusion of the subject property in one of the developments,” Kovacs says.
In addition, he says its value will be enhanced if the council proceeds with its vision of a new city square and a light rail line along George Street.
The building is being sold by expressions of interest closing on September 8.
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Jackson's on George building hopes to draw investors with city square plan

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Perhaps offering some hope on the home construction front, private sector housing approvals picked up in NSW and Victoria over July, according today’s ABS data.
On a seasonally adjusted basis, NSW registered a 4.6% improvement, while Victoria recorded an 8.7% uptick.
The worst-performing state was Queensland, where housing approvals declined 14.5% over the month.
Nationally, private sector housing approvals fell 0.2% in July, are down 4.1% for the July quarter and down 13.1% over the last 12 months.
Westpac called the Queensland result “disconcertingly large” and commented that the state still showing no signs of a rebounding.
The HIA described the 1% increase in seasonally adjusted building approvals over July as “modest” result, noting that they are down by 6.4% over the three month period.
NSW was the only state to record an improvement in total dwelling approvals – up 5.4% in July, with Victoria down 3.1%.
Nationally, the estimate for private sector housing approvals fell 0.2% in July 2011 following a fall of 3.3% in the previous month while the value of total residential building fell 1.2% and the value of non-residential building fell 9.7%
Westpac described the small drop in private sector houses in July as a “reassuring result, suggesting the 3.3% fall in Jun is not necessarily the beginning of another significant re-weakening”.
However, it warns that the 1.4% decline in private sector units approvals is a further sign that this sector is “experiencing a lagged downturn that may still have some way to run”.
HIA’s senior economist Andrew Harvey noted the 0.1% decline in total detached houses (both private and non-private) over the month, which he said “further highlights the weakness within the new home building industry at this point in time”.
“Twelve months of trend decline in approvals in part reflects the weak business and consumer sentiment that exists in the non-resource economy at the moment,” he says.
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Varied outlook on home approvals front

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?Six real estate funds have rated as highly suitable investment products for financial advisers to recommend to their clients, according to new research by SQM.

The research house rated eight property fund managers out of a possible 26 (19 declined to be rated), with six achieving a score of four stars are higher.
A score of between four and 4.25 indicates “superior” quality, while 4.5 and above indicates “outstanding” quality.
The highest rating was achieved by BT Wholesale Property Securities Fund, which maintained its 2010 rating of 4.5.
The $109 million fund invests primarily in Australian listed property trusts, developers and infrastructure investments, both directly and indirectly.  Over the last two years it has delivered a return of 8% per annum.
Three funds achieved a score of 4.25 including the listed APN AREIT Fund, which was one of two funds to improve its 2010 rating of four stars.
The Perpetual Property Securities Fund improved its rating from 3.5 (“average”) to 3.75 (“good”).
Of the eight funds that chose to be rated by SQM the Maxim Property Securities Fund was the only one to suffer a ratings downgrade from 3.75 to 3.5.
<img src="/images/stories/sqmaugust30.gif">
The rated funds achieved a median rating of four stars, steady on last year, which SQM described as an “excellent achievement reflecting the quality of fund managers under review”.
SQM managing director Louis Christopher says the managers rated in this cycle represent the cream of the industry.
“They represent some of the very best real estate fund managers operating in this country and around the world today. Many of them have delivered value to their fund even while, in the past four years, the A-REITs markets have provided the most difficult investment climate ever recorded.
“As the list reveals there are many managers offering funds in the domestic property securities fund space and many of these managers have not sought a rating from us. Sometimes, it is even more revealing those managers who choose not to be rated by us verses who do choose to get a rating. Unlike some of our competitors, we are recognised as being fairly conservative in our ratings process.”
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Six real estate funds rate highly as investment options: SQM

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On the back of the HIA reporting new home sales falling to their lowest level in more than a decade, residential builders typically say the market is extremely tough with consumers holding back and unfavourable conditions likely to persist into next year.
New home sales fell 8% in July to 6,428 across the country, the lowest level since January 2000. This follows an 8.7% decline in June, according to the HIA survey of Australia's major residential builders.
Ryan Stidwill, who heads up RW Stidwill Construction and builds high-end homes on Sydney’s Northern Beaches, says the market is quieter than usual.
He puts this down to factors such as the carbon tax and the current consumer caution.
“It has been tough for the last couple of years – renovations are more popular at the moment.”
Stidwill, who won the 2011 HIA Australian Home of the Year award for a five-bedroom waterfront home on Scotland Island, says seasonality may be a factor and is hopeful that consumer confidence will pick up in spring and summer. 
Victoria’s Brian Lee master builder, who won the Australian Townhouse/Villa Development of the Year and who specialises in projects in the Balwyn and Canterbury areas of Melbourne, told Property Observer building activity had dropped off. 
“It’s going to be tough going forward. Everyone is struggling at the moment.” 
Another HIA award winner, Pat Ryan from Queensland-based Ryan Design homes, which won the Australian project home of the year, told Property Observer the market was “really tough”.
Ryan, who builds homes from Gympie to North Lakes, says he has had to work hard to maintain a reasonable level of activity.
“We have to make sure every inquiry count,” he says.
Wilhelm Harnisch, CEO of the Master Builders Association (MBA), says he is surprised at the lack of recovery given the strong fundamentals of a growing population, strong underlying demand and higher employment.
“We were expecting a recovery by now, but that has not eventuated.”
Based on feedback from members, Harnisch says the biggest factor inhibiting recovery is the lack of confidence in the market, brought about by concerns of higher interest rates and uncertainty about where economy is the heading. 
“These are the main inhibitors leading to slower growth,” he says. 
Asked what would be required to turn the market around, Harnisch says an improvement in consumer sentiment would be a major factor as well as a signal by the RBA that rates are on their way down. 
“We need greater certainty as to where the economy is heading and how the carbon tax will play out.” 
The MBA and the HIA are both vehemently opposed to the planned carbon tax with the MBA estimating the tax will add 2% to building costs and HIA expecting it to add $6,000 to the cost of building a new home. 
But Not all builders are finding the market tough going. 
Jason Agresta, purchasing manager at Modernview homes in Sydney’s Hills district, a finalist in the Australian project home of the year category and NSW winner in 2010, says activity has been “quite good”.
Agresta says he is getting plenty of enquiries, though people are little slower and more careful about making a decision.
Being a new builder and being shortlisted for the award have both helped bring in enquiries from both new home buyers and those seeking custom builds, Agresta says.
“We’re looking to double our capacity and are currently building a display home."
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Even home building award winners finding the market tough

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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