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A price recovery in wine property is some way off, according to the August property review by valuer Herron Todd White. 
“Leading industry bodies suggest that it is likely to be at least another two years before the [wine] industry recovers,” writes Shane Noonan, director of Herron Todd White’s Mildura office in the latest report. 
Noonan quotes the 2011 Winegrape Purchases: Price Dispersion Report, which found that the average price paid for fruit delivered to the largest Australian wineries continues to decline, impacting on vineyard property values. 
The 2011 average purchase price has fallen to $413 per tonne in 2011 from $464 per tonne in 2010, $527 per tonne in 2009 and $717 per tonne in 2008. 
Mildura is the centre of the Sunraysia region in the northwest corner of Victoria, famous for its oranges and vineyards. 
Noonan writes that almost all grape variety returns in 2011 were lower than the previous depressed levels of 2010. 
Wineries are paying on average $235 per tonne for chardonnay; $188 per tonne for colombard; $307 per tonne for sauvignon blanc and up to $427 per tonne for pinot gris. 
For the main red varieties they are paying $311 per tonne for cabernet sauvignon; $278 per tonne for merlot; $285 per tonne for shiraz and $336 per tonne for pinot noir. 
The news is not much better for Mildura’s orange farmers. 
Although citrus growers have had their best crop in 20 years, they are facing significant losses due primarily to the collapse of their prime export markets, the high Australian dollar and higher production costs due to wet weather. 
Citrus exports are expected to be well below the average 50% of total yield, which has resulted in a flood of fruit onto the domestic market. 
The depressed state of the vineyard market is also noted in central NSW by David Sullivan, director of HTW’s Bathurst market. 
“Demand for vineyards remains soft, and we are aware of vineyards sales not progressing until the vines have been removed and sold for alternative agricultural lifestyle values,” he says. 
Sullivan says the regional rural market has gone into winter hibernation, with very few transactions occurring, and in general agents are reporting low enquiry levels.
“Demand for non-local investors and lifestyle buyers is still relative low, and there are limited signs these types of buyers will re-enter the market in the short to medium term,” he says. 
The Cheviot Kirribilly Vineyard Property Group’s 953-hectare South Australian vineyard portfolio is up for sale in August. It has been valued at $42 million. 
The portfolio is being sold by Colliers agents Tim Altschwager and Nick Dean by private treaty, with expressions of interest closing August 16.
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lschlesinger-FZcF9M3vE6

Sour grapes as outlook poor for vineyards

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More than half (57%) of future home buyers say the proposed carbon tax is discouraging them from purchasing a property, according to an online poll by mortgage broker Loan Market.
About a quarter (22%) of the 482 respondents said they were holding off buying to see how the mooted tax would affect them, while 35% said the proposed tax had put them off buying a house entirely.
Loan Market chief operating officer Dean Rushton says the results of the poll shows the carbon tax is not something that is likely to encourage consumers in what is already a challenging market for the home finance and real estate sectors.
The carbon tax appears to be less of a worry for younger borrowers, with 51% of the 18- to 25-year-old age group saying the proposal would not delay their property moves.
More than a third (35%) of respondents still plan to buy a house despite the carbon tax plan, and 8% hope to budget around it, the poll found.
The Real Estate Institute of NSW estimates that the cost of building a house will increase by over $5,700 as a result of the Carbon Tax and additional GST and stamp duty charges.
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More than half of potential home buyers put off by spectre of carbon tax

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Buying a house in Perth now costs roughly what it cost before the onset of the GFC in late 2007, according to preliminary figures released by the Real Estate Institute of Western Australia.
The median house price in Perth dropped by about 3% during the June quarter, with the metropolitan area experiencing its fifth consecutive quarter of price retraction, according to preliminary data from the institute.
Final data is expected to confirm a 2% drop in the Perth median house price to about $475,000. This is 6% down from the March 2010 peak of $505,000.
“This means the Perth median house price is now pretty much where it was in the December quarter of 2007 before the strong market correction and Global Financial Crisis of that year,” says REIWA president Alan Bourke. 
Flat sales turnover, little pressure on rentals and a surplus of listings are the main reasons for the Perth housing market remaining depressed. 
Markets were stronger in regions outside of Perth with the dip in median house price just under 2%, producing a median of $370,000. Sales activity picked up by about 4% in the quarter for areas outside of the city. 
The key beneficiaries of the fall in house prices have been first home buyers, with numbers increasing by 10% to 2,348 purchasers, the highest level since March 2010. 
However, this is still 26% below the average quarterly figure since the first-home owners’ grant was introduced 11 years ago. 
“First-home buyers remain a strong part of a weak market and represent 25% of all buyers in the quarter. The median purchase price for this group is now $413,000 in the city and $339,000 in regional areas,” Bourke says. 
The average first-home buyer loan in WA for April-May 2011 was $282,000, down by 5% from the peak of $298,000 in December of 2009.
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Perth house prices fall to pre-GFC levels

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Building construction activity is expected to pick up strongly in NSW over the next two years, according to forecasts by BIS Shrapnel. 
Growth of 15% and 14% is forecast in NSW over the next two years to 2013, compared with national growth of 8% and 1%. 
“Very strong growth” in residential construction and a strengthening of non-residential activity – both coming off a very low base – will drive the recovery in NSW, BIS Shrapnel estimates. 
In contrast, construction activity in Queensland will stagnate over 2011-12, growing by just 1% over the period, but will pick up over 2012-13, accelerating by 16%, according to the forecast. 
A drop in residential activity in Queensland 2011-12 will be followed by a “sharp rise in residential construction in 2012-13, with both detached house and higher density projects contributing” the research group has forecast. 
Alterations and additions will also support building in Queensland in 2011-12 as housing is refurbished after being damaged by floods and cyclones across the state in early 2011, the company says. 
Non-residential commencements in Queensland are anticipated to weaken in 2011-12 as spending on education and health projects winds back to more historically normal levels, before showing a small rise in 2012-13 as commercial and industrial building improves.
<img src="/images/stories/bisshrapnelaugust8.gif">
Source: BIS Shrapnel
BIS Shrapnel forecasts the value of new residential building commencements to rise by 10% over 2012-13 on the back of an accelerating economy. 
The research group attributes the 12% national decline in building activity over 2010-11 to the winding down of construction related to the “Building Education Revolution” program. 
This fall-off more than offset the emerging recovery in commercial and industrial building, which is forecast to continue to underpin overall growth in 2011-12. 
“The continuing recovery in commercial and industrial building – up 21% – will be a key driver of the improvement in building commencements in 2011-12, while increased construction in the health sector – up 73% – will also play a part,” says BIS Shrapnel managing director Robert Mellor. 
“With the Australian economy largely recovering since the GFC, the environment has become more conducive for commercial and industrial development. There is also $7 billion in new hospitals and other health care facilities due to commence in 2011-12, particularly in Victoria, Queensland, South Australia and Western Australia.” 
According to Mellor, the contribution from residential building is forecast to be minimal in 2011-12 after being negative in 2010-11 due to the decline in activity after the expiry of the first-home owner’s grant boost scheme, as well as the winding down of the federal government public housing stimulus. 
The decline is expected to more than offset an otherwise healthy rise in multi-unit residential starts. That rise is largely due to the improved financial environment that allows developers to be increasingly able to fund apartment projects. 
Despite a weakening in net overseas migration inflows, which have fallen from a record 300,000 people in 2008-09 to an estimated 165,000 in 2010-11, Mellor says “construction nationally still remains below the level of underlying demand, although in some states the market is closer to balance”.
Gains are expected to be roughly felt equally across new houses and multi-unit dwellings, with the upturn concentrated in Queensland, Western Australia and New South Wales. 
However, the residential building upturn is expected to be short-lived, with BIS Shrapnel forecasting the value of residential building starts to decline by 15% during 2013-14 and 2014-15.
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NSW heads to recovery but others catch the construction blues: BIS Shrapnel

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The Reserve Bank of Australia has acknowledged the challenges facing retail property.
“Property values for speciality retail stores in large suburban shopping centres are estimated to have fallen by around 9% over the two years from their peak in late 2007.
“Smaller centres fared worse, with property values having fallen by around 15% from their peak.
“Over this period, vacancy rates increased and growth in gross market rents slowed, with growth in rents slightly firmer in CBDs and larger suburban locations than in smaller neighbourhood centres.
“More recently, gross rents for CBD retail properties were flat over the year to June, although there have been reports of solid growth in rents in certain premium locations.
“Property values in suburban centres have recovered somewhat from their lows, having increased by around 2% over the past year. Overall, the outlook for retail property remains subdued reflecting modest growth in retail spending.”</body></html>

Specialty retail property loses value: RBA

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The RBA says finance conditions are improving for developers seeking funding for new office projects.
“The bank’s liaison suggests that lenders’ appetite for funding new office projects has improved a little over the past year, though funding conditions vary considerably across developers,” the RBA writes in its August monetary policy statement. 
It notes that tenant pre-commitment requirements are contributing to funding constraints. 
The RBA’s assertion that lenders appetites for offices is improving follows the Property Council reporting an overall tightening of office vacancy rates nationally over the first six months of the year, with demand for premium office space rising. 
The RBA notes an improvement in financing conditions alongside an overall uptick in conditions for commercial property and a rosier outlook.
“After a period of rising vacancy rates and falling property values and rents, conditions in the commercial property sector have improved somewhat over the past year,” the RBA says.
The RBA notes the drop in office vacancy rates in Perth and Brisbane but says these are still much higher than in 2007 when these markets were “exceptionally tight”.
 
“A further improvement is expected by most observers over the period ahead, with solid demand and only moderate additions to supply over the next few years leading to gradually declining vacancy rates and rising rents.” 
It concludes its review of offices by saying that based on the current pipeline of projects in the early stages of planning, “supply is projected to grow at a faster pace by mid-decade, although the extent and timing will depend on the outcomes of a number of proposed large developments”. 
The Reserve Bank also notes the positive outlook for industrial property uncovered by recent research “reflecting expected solid demand and, in some areas, modest near-term growth in supply”. 
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RBA says finance availability improving for office developments

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The prospect of a rate rise in the next few months has fallen after the RBA revised growth for 2011 downwards in its August monetary policy statement. 
“Growth over 2011 has been revised downwards since the May statement, due to a slower-than expected recovery in coal production and, to a lesser extent, a downward revision to consumer spending as domestic and international concerns have weighed on sentiment,” the statement reads. 
“The medium-term outlook continues to be characterised by the significant pipeline of resources-sector investment – with a number of large projects already underway – and by strong growth in resource exports.” 
The GDP is forecast at 2% for 2011 and at 4.5% in 2012.
The two-speed economy is highlighted as a drag on growth. 
“There is a large divergence between the mining and related sectors and the rest of the economy, with the cautious behaviour of households, the unwinding of the fiscal stimulus and the high exchange rate weighing on a number of industries,” the RBA says. 
“Outside of the mining sector, business surveys suggest that, in aggregate, conditions are around long-run average levels while measures of confidence have recently fallen to below-average levels. 
“However, this masks considerable divergence across industries. Conditions in the retail sector remain very weak due to subdued consumer spending, and parts of the construction industry not exposed to the mining boom are feeling the effects of weak residential and non-residential building as well as the fading of the fiscal stimulus.” 
Mining investment is expected to rise from around 4% of GDP in 2009/10 to more than 6% in 2012/13 while non-mining investment will remain weak in the near term, but gradually pick up later in the forecast period.
Besides the economy slowing down over the remainder of 2011, the RBA also forecasts inflation to begin trending down, though it forecasts “significant volatility in headline CPI inflation over the next few years”. 
It is forecast to fall modestly from 3.6% in the June quarter to 3.5% in December, before easing to 2.5% by June 2012. 
The underlying inflation outlook excluding the carbon tax is for 3.25% in 2011, 3.0% in 2012 and 3.25% in 2013.
“In the near term, several volatile items – fruit, vegetable and fuel prices – are continuing to have a large influence on the headline inflation profile, with year-ended CPI inflation likely to remain above the target band for the remainder of 2011, before falling sharply in early 2012,” the RBA says. 
“There would subsequently be a temporary effect from the introduction of the carbon price.
Despite the revised growth expectations for the remainder of 2011, Westpac said over all growth outlook remained positive and is "still comfortably above trend".
Westpac expects the non-mining sectors of the economy to contribute much less growth and labour demand than indicated in the RBA's forecasts.
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RBA cuts growth forecast

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Increasing numbers of borrowers are feeling short-changed upon refinancing their mortgages as lenders ramp up their marketing campaigns.
Nearly half (47%) of borrowers who refinanced their mortgages earlier this year did not benefit from making the switch, according to research by the Mortgage Finance Association of Australia.
The industry body has highlighted the growing dissatisfaction in light of the ban on mortgage exit fees being subsequently lifted, which now makes it easier for borrowers to switch mortgage providers.
Even before the ban was lifted on July 1, borrowers have been bombarded with campaigns and special limited-time offers to switch their mortgages.
ANZ is offering incentives of up to $2,000 for borrowers who switch their home loans, and BankWest is waiving the application fee on all home loan applications.
NAB has been particurlarly aggressive in a long-running advertising and marketing campaign offering heavily discounted mortgages via its online brand UBank.
The MFAA findings come as commercial venture One Big Switch, backed by consumer group Choice, continues to attract more borrowers to its refinancing campaign with numbers substantially above 10,000, according to founder Lachlan Harris.
MFAA chief executive Phil Naylor says five years ago about 80% or 90% of borrowers surveyed claimed to be benefiting when they refinanced their loans.
“The number of people satisfied after refinancing has gradually declined over this time,” Naylor says.
“People are just making the decision and then finding out the change was not worth it.
“If you are receiving marketing material encouraging you to switch your loan, at the very least you should show it to a mortgage broker for a second opinion.”
The July mortgage index put out by mortgage broker AFG revealed that refinancing activity has increased from 36% to 39% over the first seven months of the year.
“The grass may not always be greener [when you refinance],” Naylor told Property Observer.
“With a ban on exit fees, the mortgage holder is seen as a potential switcher by the lenders. And that means borrowers are being swamped by extensive promotional advertising.”
He says many people might not know if they are switching to a better deal.
The MFAA says a borrower’s priority should be finding a more appropriate loan, not just a new loan.
Naylor says borrowers should seek credit advice from mortgage brokers before committing to refinancing.
“Simply refinancing doesn’t always achieve the desired goal,” he says.
“And switching for a better rate may not be as important as the terms of the loan. A mortgage is an important financial commitment which warrants a professional opinion.”
The government banned the charging of exit fees on new mortgages as of July 1, allowing mortgage holders to switch to a new loan without incurring early exit fees.
“If you are receiving marketing material encouraging you to switch your loan, at the very least you should show it to a mortgage broker for a second opinion.”</body></html>

Borrowers switching mortgage providers, but not necessarily for the better

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A lack of free parking in the Newcastle CBD and weak rental growth in Wollongong is deterring development activity in the two key regional NSW towns, according to the August property market report by valuer Herron Todd White.
The report, based on market observations by local valuers, paints a picture of a struggling or static NSW regional commercial sector, though with some pockets of growth.
In Newcastle, HTW director Kerry McLeish reports that more parking meters recently installed on the popular Darby Street restaurant strip in the CBD have further reduced the amount of free parking available to office workers.
“Many of the workers that call the CBD home for around eight hours a day drive their cars into work and take up valuable free car spaces on the fringes of the CBD,” McLeish says.
“We bring this up, as it is becoming clear that new commercial developments will be required to think seriously about their car parking requirements. We would envisage that in the future a higher ratio of car parking to office space should be required.”
Newcastle is set to run out of CBD parking space in a decade.
In August last year, developer GPT pulled the plug on its proposed $500 million Hunter Street Mall commercial development in Newcastle following three years of planning.
McLeish says commercial rates and yields appear to be holding steady in Newcastle.
Wollongong valuer Jon Butler writes that regional conditions in the Illawarra region have been weak for some time, with the region struggling to compete with the Sydney suburban market.
A definite two-speed office market is in evidence in Wollongong, with vacancy rates for A-grade office space sitting at 0.5%, compared with vacancies between 16% and 18% for B- and C-grade space.
Despite the apparent undersupply of A-grade space, Butler says there has been no real pressure to date on rental rates to make new construction feasible.
“This would suggest the primary driver in the local office market is affordability.
“Current face rents for A-grade space ranges from approximately $320 to $380 per square metre gross with incentives required to attract tenants.
“The economic rate to encourage new development is estimated to lie in the order of $380 to $400 per square metre.”
However, there have been some pockets of activity, with tenants taking up space within Wollongong University’s Innovation Campus.
The first commercial office building on the campus is now fully leased and the recently completed second building is reportedly 80% leased.
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Newcastle and Wollongong office markets weakening: HTW

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Ambitious proposals by the Productivity Commission to relax zoning and planning regulations to make it easier for new retail sites to be developed have been welcomed by the Urban Taskforce and the Australian Retailers Association.
The proposals are contained in the draft report on the Economic Structure and Performance of the Australian Retail Industry.
The draft report declares that Australian retail is suffering because of planning and zoning regulations that are complex and excessively prescriptive.
The six proposals covering planning and zoning reforms are:
<ul>
<li>State and territory governments should broaden zoning within and surrounding activity centres to facilitate new retail formats in existing business zones. 
</li>
<li>Local governments should significantly reduce prescriptive planning requirements to facilitate new retail formats in existing business zones and ensure that competition is not needlessly restricted. </li>
</ul>
<ul>
<li>Governments should not consider the viability of existing businesses at any stage of planning, rezoning or development assessment processes. Impacts of possible future retail locations on existing activity centre viability (but not specific businesses) should only be considered during strategic plan preparation or major review. 
</li>
<li>Local governments should facilitate more as-of-right development processes to reduce business uncertainty and remove the scope for gaming by competitors. 
</li>
<li>State and territory governments should ensure third-party appeal processes within planning systems include clear identification of appellants and their grounds for appeal and allow courts to award costs against parties found to be appealing for purposes other than planning concerns. </li>
</ul>
<ul>
<li>State and territory governments should reduce the compliance costs associated with planning systems and development approvals by implementing the leading practices identified in the Commission’s recent benchmarking report on planning, zoning and development assessments. </li>
</ul>
Aaron Gadiel, chief executive of the Urban Taskforce, says retail productivity has suffering for a long time, courtesy of “brutal planning regulations”.
"We're pleased that the commission has unambiguously stated that governments should not consider the viability of existing businesses at any stage of the planning, rezoning or development assessment processes,” Gadiel says. Gadiel says the federal government needs to urgently act on this issue and enlist state governments in a major effort to reform out-dated planning laws.
"This is an urgent wake-up call to every level of government," he says. "The Australian retail industry is in a rut, but government has the power to fix some of its most serious problems."
The Australian Retailers Association agrees with the suggested reforms.
ARA executive director Russell Zimmerman says it welcomes the commission’s acknowledgement that “planning and zoning restrictions are propagating the power imbalance between landlords and retailers at the negotiation table”.
The draft report also found that planning regulations that give businesses in some locations preference over others could be counterproductive.
The commission makes reference to numerous overseas examples to demonstrate that “stringent land use regulations are an important factor in constraining productivity growth in many countries”.
“Countries that generally have more flexible planning systems, such as the United States, have experienced higher rates of productivity growth in the retail sector than other countries with less flexible regulations,” the commission says.
“In short, planning and zoning regulation which restricts the location of retail outlets or store formats has a negative influence on retail productivity growth.”
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Retail industry bodies welcome suggested rezoning 

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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