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New home sales increased by 1.6% in May, taking monthly sales back to their highest level in 18 months, according to the Housing Industry Association's (HIA) latest survey of Australia's largest volume builders.
The strong, but uneven improvement in May comes one day ahead of the <a href="https://www.propertyobserver.com.au/industry-news/hia-summit-to-address-australias-affordability-and-availability-housing-challenges-with-stellar-line-up-of-speakers/2013070262641" target="_blank">HIA's housing summit in Sydney</a>, addressing issues affecting the supply of new housing.
Detached house sales posted modest growth of 0.9% through gains occurring in three out of five mainland states – New South Wales, Victoria, and South Australia.
Multi-unit sales enjoyed a faster monthly growth pace of 5.7%
In the month of May 2013 detached house sales increased by 4.3% in New South Wales, 8.8% in Victoria, and 6.9% in South Australia.
Detached house sales fell by 2.2% in Queensland and by 10.3% in Western Australia.
"It is pleasing to observe upward momentum in new home sales continuing, especially given the low depths plumbed in 2012,” says HIA chief economist, Dr Harley Dale, a speaker at tomorrow's summit.
“A range of housing indicators, including new home sales, suggest Australia experienced modest growthin new residential construction in 2012/13, with some momentum in activity set to carry into the fresh financial year.
“That outcome was important, following as it did a sustained period ofweakness which saw activity in a majority of markets reach historically very low levels.
“The key is whether a new home building recovery can be sustained, and at a growth rate sufficient to meaningfully assist the Australian economy with its rebalancing acts,” says Dale.
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New home sales rise to highest level in 18 months: HIA

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May was a lacklustre month for the retail sector and retail property landlords with just a 0.1% rise in retail turnover recorded over the month, according to preliminary ABS figures.
This follows a downwardly revised 0.1% fall in April. ABS had previously estimated a 0.2% increase in April.
The median forecast among 28 economists surveyed by Bloomberg was for a 0.3% rise in retail sales in May.
Through the year, Australian retail turnover rose 2.3% in May 2013, seasonally adjusted, compared to May 2012.
<img alt="retail_trade" height="257" width="447" src="/images/stories/2013/larry_uploads/retail_trade.jpg">
The largest contributor to the rise in May 2013 was other retailing (0.8%) followed by food retailing (0.2%), department stores (0.8%) and clothing, footwear and personal accessory retailing (0.4%).
These rises were largely offset by falls in cafes, restaurants and takeaway food services (-0.6%) and household goods retailing (-0.3%).
Over the longer term, food retailing remains the largest contributor to growth (up 0.3% in trend terms). 
Commonwealth Bank economist Gareth Aird says the retail sector has had a mixed 2013, so far. 
"Spending was up solidly in the few two months of the year, but has since tapered off.
"In particular, sales over the last few months have been sedate. 
"Some of the recent retail trade outcomes are reflecting the divergence between the real and nominal economies. 
"Over the first quarter of 2013, real retail trade was growing at a faster rate than nominal sales, which is rare. 
"The divergence was reflecting discounting in some parts of the retail sector, particularly the household good retailing category which largely comprises imported goods.  These goods have been made cheaper by a strong Aussie dollar. 
"But the currency has depreciated by around 10% since its peak over the last two months, so we are unlikely to see the divergence between nominal and real outcomes continue. 
He says the 10% fall in the Australian dollar will benefit the sector by making overseas holidays less attractive. 
"And it also means purchasing online from international retailers is more expensive.  Both of these shifts in relative prices support domestic retail trade. 
"In addition, household disposable income has been boosted from interest rate cuts.  These take some time to work their way through the economy with some mileage still to come from the most recent rate cuts," he says.
The state which was the largest contributor to the rise in May was Western Australia (1.6%) followed by Queensland (0.5%), South Australia (0.6%), Tasmania (0.6%) and the Northern Territory (0.8%).
These rises were largely offset by falls in New South Wales (-0.4%), Victoria (-0.3%) and the Australian Capital Territory (-1.7%).
Over the longer term, New South Wales remains the strongest contributor to growth (up 0.4% in trend terms). 
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Retail sales up just 0.1% in May, well below expectations

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Property valuation and advisory firm Herron Todd White has launched a new brand identity, including a new logo, as it repositions itself within the industry. 
The new brand identity was designed by identity management and design group Cato Partners, led by recent Officer of the Order of Australia (AO) recipient Ken Cato. 
<img src="/images/stories/2013/larry_uploads/HTW_new_logo_250613.jpg" width="470" height="248" alt="HTW_new_logo_250613"> 
The new visual identity represents the company’s evolution and strategic direction, says Herron Todd White CEO, Brendon Hulcombe.
“Our updated brand better identifies the core of our business, it demonstrates the strength of the services we offer and our positioning within the property valuation industry,” he says. 
Hulcombe says the new visual identity is the positive outcome of the company’s broadening footprint in Australia, unprecedented growth, and increasing recognition. 
“This change is a logical step in our succession and gives us an umbrella under which we can continue to expand our services and locations during our next phase of growth and development.
“We see our new brand profile as an important contribution to attaining our long-term strategic goals,” he says. 
Herron Todd White bills itself as the largest independent property advisory group in Australia with annual turnover of around $100 million and more than 750 staff located in 65 offices across the country in every state and territory.
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Herron Todd White launches new brand identity and logo

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The proportion of distressed property listings fell to its lowest level in two years over the second quarter of 2013, but a fresh wave of receivership and mortgagee sales is building, warns Knight Frank in its latest update.
Less than one in five (18%) properties listed for sale over the June quarter were either mortgagee or receivership sales.
This compares with nearly 30% of properties being listed as distressed sales in the same quarter last year.
Quarterly distressed sales listings
<img alt="knight_frank_distressed_sales" height="350" width="470" src="/images/stories/2013/larry_uploads/knight_frank_distressed_sales.jpg">
The national profile of where distressed sales are most prevalent remains unchanged with Queensland continuing to represent over half (53%) of all distressed listings.
Knight Frank notes that Queensland receiver sales predominately included residential and industrial properties, most notably development sites which were in secondary locations and regional areas.
The collapse of debenture and mortgage funds such as Provident Capital and LM Investment Management has revealed exposures to struggling Queensland developments.
Knight Frank Queensland managing director Grant Whittaker warns that there appears to be another wave of distressed asset sales coming “with many receivers advising that the banks non-performing loans, or loans that are on 'watch', are not reducing”.
“It is expected that the market will start to see a flow through into a larger volume of receivership sales from the end of the third quarter.
“A lot of these assets will continue to be non-income producing, such as englobo residential sites (undeveloped lots or group of lots or vacant properties).
“There also seems to be some larger distressed assets coming through which the banks might have been trying to hold off on however no longer can afford to do so,” he says.
After Queensland, NSW has the second biggest exposure to distressed assets.
Knight Frank found that for the second quarter of 2013, almost one third (29%) of distressed listings were recorded in NSW.
Whilst this is the highest proportion recorded for NSW across the last year, in number value this is significantly down with only 35 distressed properties represented for sale.
However, in keeping with expectations of a fresh wave of distressed asset sales, the flow of distressed assets to the NSW market is expected to continue throughout the next financial year.
With only 11% of all listings noted as a mortgagee in possession, Victoria continues to be the best performing east coast state with industrial secondary assets or development sites making up almost half of these listings.
According to Knight Frank’s managing director of commercial sales, Paul Henley, more distressed assets are expected to come onto the market over the next six to 12 months due to tough leasing conditions and a general lack of business confidence.
“Due to the historically low cost of debt and investors chasing yield, it is expected the banks to become more willing to move on those ‘non performing’ loans and therefore take advantage of improved investor appetite.
“The major concern for banks with lending today is vacancy, hopefully we will see an improvement in leasing sentiment once we get past the election,” Henley says.
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Quarterly distressed property listings fall to lowest in two years but fresh wave building: Knight Frank

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It is still “likely” that the RBA will cut the cash rate in August to 2.5%, says the Westpac economics team led by chief economist Bill Evans.
However, the outcome will be heavily dependent on two bits of economic data to be released between now and the August 6 RBA meeting, as well as what happens to the Australian dollar.
The two pieces of data are the second quarter Chinese growth figures “tentatively” due out on July 15 and Australia’s second quarter CPI figures, due out on July 24.
In its analysis of yesterday’s very short (six paragraphs) monetary policy decision statement by governor Glenn Stevens, Westpac highlighted a repeat of the line that “the inflation outlook, as currently assessed, may provide some scope for further easing, should that be required to support demand".
<img src="/images/stories/2013/larry_uploads/underlying_inflation.jpg" width="470" height="450" alt="underlying_inflation"> Source: Commonwealth Bank
Westpac also places emphasis on the RBA's view on the Australian dollar.
In his statement yesterday, Glenn Stevens said the Australian dollar had depreciated “by around 10% since early April, although it remains at a high level”.
Westpac interprets this to mean that the currency is “at a less restrictive level but it is not actively stimulating growth or aiding the transition from mining to non-mining led growth”.
“A further decline in the currency – seen as a possibility – is viewed as required for this to occur.
“The currency move is also not seen as a threat to the inflation outlook which the Bank continues to see as remaining consistent with the medium term inflation target,” says Westpac.
Westpac does not provide any commentary on the importance of Chinese growth apart from mentioning the importance of the second quarter data figures.
In research published last week, Citi Research identified a strong link between <a href="https://www.propertyobserver.com.au/residential/citi-forecasts-of-3-rise-in-house-prices-and-then-slight-correction-from-march-2014-reasonable-rp-data-s-tim-lawless/2013062762752" target="_blank">Chinese economic growth and demand for housing.</a>
Ahead of yesterday’s decision, the ‘shadow’ RBA board strengthened its call for the cash rate to remain on hold until most needed highlighting that “uncertainty about the global economy is rising and bond, equity and currency markets are reacting violently”.
The shadow board, comprising noted economists, including former RBA board member Warwick McKibbin in a think tank hosted by the Australian National University, also mentions the importance of China commenting that “China's authorities are attempting to rebalance their economy by reining in credit and imposing tougher financial rules”.
“This has led to a temporary spike in the interbank rate as financial institutions are scrambling for liquidity.
“On Monday, 24 June 2013, the Shanghai stock index suffered its worst one-day loss in nearly four years. The big question is whether China's authorities will be able to engineer a soft landing or whether Chinese markets, and the economy, will experience further severe disruptions," says the shadow board.
Commonwealth Bank chief economist Michael Blythe notes the easing bias remains, but with “some subtle hints of a rethink on the inflation outlook” by the RBA as well as a “generally positive view on economic prospects”.
Blythe notes that the RBA’s description of the inflation outlook has “shifted since the May Board meeting from one that “would afford scope to ease further” to one that, in yesterday’s statement, “may provide some scope for further easing” (his emphasis).
He says there is a risk that the second quarter inflation of around 0.4% would leave underlying inflation undershooting the RBA’s target band of between 2% and 3%, “underwrites our call for an August rate cut and a terminal cash rate for this cycle of 2.5%
A cash rate of 2.5% would take the cash rate to a new record low, though still well above interest rate settings of other first-world economies.
<img src="/images/stories/2013/larry_uploads/interest_rates.jpg" width="470" height="452" alt="interest_rates">
Source: Commonwealth Bank
The previous lowest proxy measure of the cash rate (official cash rate settings date back to August 1990) was 2.89% in August in January 1960.
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Quarterly inflation data, the Australian dollar and Chinese data to guide RBA thinking on possible August rate cut

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ANZ chief economist Warren Hogan expects there may not be another RBA rate cut until after the election, which he suggests may be put back to October.
Yesterday, <a target="_blank" href="https://twitter.com/anz_warrenhogan">he tweeted</a>:
<img alt="warren_hogan_tweet_1" height="96" width="470" src="/images/stories/2013/larry_uploads/warren_hogan_tweet_1.jpg">
Hogan says there is still chance of an August rate cut with an easing bias remaining in place following yesterday's decision.
<img alt="warren_hogan_tweet_2" height="86" width="470" src="/images/stories/2013/larry_uploads/warren_hogan_tweet_2.jpg">
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ANZ chief economist Warren Hogan calls October election and no rate cut likely until November: Tweet of the day

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Australian and overseas economists, commentators and analysts will take part in the 2013 HIA Housing Summit in Sydney tomorrow examining issues of new housing availability and affordability.
The Building Better Cities summit takes place at the Sofitel Sydney on July 4 at a time when new home construction in Australia is experiencing its longest trend decline in post war history with the sector enduring three recessions in the last 12 years.
The Housing Industry Association (HIA) warns this situation has had "significant negative consequences not only for the sector itself, but for the wider domestic economy given the large flow-on impact that residential construction activity has through the wider economy".
The Summit agenda will investigate the causes behind and solutions to demand and supply side constraints in the context of the future levels of residential construction activity Australia requires.
 
<img height="300" width="470" src="/images/stories/2013/06/hiasummitjune25one.jpg" alt="hiasummitjune25one">
A mix of economists, commentators and overseas-based thinkers will address issues of affordability, preference for and availability of new housing.
<img height="219" width="470" src="/images/stories/2013/06/hiasummitjune25two.jpg" alt="hiasummitjune25two">
Speakers include Nine network finance editor Ross Greenwood, Rismark economist Christopher Joye, HIA chief economist Harley Dale, Paris-based OECD economist Christophe André and Mark Clapson from the University of Westminster in London.
Ross Greenwood will examine where Australia’s appetite for new housing, Christopher Joye will tackle government policy responses to housing and Christophe André will provide lessons learned from other OECD countries addressing housing supply challenges.
The event’s MC will be ABC television journalist Jim Middleton.
<img height="370" width="470" src="/images/stories/2013/06/hiasummitjune25three.jpg" alt="hiasummitjune25three" style="font-size: 0.8em;">
Ahead of the summit, the HIA revealed the results of a survey of community service providers, which found that housing availability and affordability as the biggest problem facing the sector and the greatest drain on resources.
The survey by the Australian Council of Social Service (ACOSS) of 500 service providers released today states that a lack of affordable housing is having a ‘devastating impact’ and that nearly 70% of housing and homeless service providers report that they struggle to meet demand.
“There has been a failure by successive governments at a state and federal level to address the fundamental constraints to housing delivery,” said HIA chief executive Graham Wolfe.
“Residential construction is currently experiencing its longest trend decline in post war history, which is being driven in part by the excessive and inefficient taxation on housing, a tight credit supply and state planning systems that constrain the timely and cost effective delivery of housing.”
“When there is shortage of homes being built, this impacts on the rental market at all levels.
“Families that would have otherwise been owner occupiers instead now compete for rental properties. This places cost pressures on those already in the rental market. Families that can now no longer afford the rental accommodation they need due to more competition, move to a lower price point and so on it goes.”
“At the end of this cascading effect is the people who are the most vulnerable, but they have nowhere else to go and this has a social and economic cost to the entire community,” he says.
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HIA summit to address Australia’s affordability and availability housing challenges with stellar line-up of speakers

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<img alt="macreemarch20one" height="94" width="470" src="/images/stories/2013/03/macreemarch20one.gif">
Michael Walsh is the managing director of Jones Lang LaSalle's Hospitality, Education &amp; Healthcare Service division in the Asia Pacific, an area where he sees strong growth opportunity over the next ten years and beyond.
<img src="/images/stories/2013/07/mikewalsh.png" width="200" height="200" alt="mikewalsh" style="margin: 5px; float: left;">Agent: Michael Walsh Position: Managing director, Hospitality, Education &amp; Healthcare Services, Asia Pacific Company: Jones Lang LaSalle Office location: Brisbane
How long have you been in the industry? 
I originally graduated as an architect in the UK in 1991 and since then, have gained 22 years professional experience in this industry, covering development, design and construction.
What’s happening in the area you specialise in?
We have the good fortune to be in the Asia Pacific region where so much is currently happening. 
I have personal experience across a range of real estate sectors, but my current focus is on Hospitality, Education and Healthcare and this is really where we see a strong growth opportunity over the next ten years and beyond. 
Global and regional trends have determined our strategy. These include factors such as an ageing population; the emerging affluence and aspirations of the new middle classes in Asia; the phenomenal rate of urbanisation and population growth in cities, and the significant attraction the region holds as a travel destination for the rest of the world. 
The real estate landscape in all three sectors has undergone significant transformation over the last ten years, and continues to evolve. New types of participants have emerged, particularly in education and healthcare where international brands are being drawn to the region so that the Asian domestic population can access them in their own environment rather than having to travel internationally. This, in turn, brings a new dynamic to the inter-regional travel and hospitality market and portfolio ownership. 
The growth of inter-Asian tourism, coupled with the increasing international popularity of the region’s cities and resorts, continues to drive the demand for hotels and hospitality facilities, including those sought for meetings, incentives, conferencing and exhibitions (MICE). 
Jones Lang LaSalle has the benefit of 40 years’ experience in Asia, and has developed a deep presence across the region which means that, as these sectors continue to evolve, our objective is to utilise the best of the firm’s full life cycle Real Estate Service platform - both for existing and new clients.
Describe the most interesting property you have sold/leased/developed
The project that stands out as the most interesting would be the first really large scale project I worked on as an architect in China from 1996-1999; a luxury residential development in the French quarter of Shanghai. I still pass it regularly on my business trips and recall the many marvellous experiences it afforded me over the 4 years of complete dedication I gave to it. This project was my first experience of doing business in China – something I have continued to be involved in ever since.
What are the ingredients to being successful in your job?
Collaboration, trust and respect are the core values that are needed by all people at a senior level in any business, and they are an essential part of my role at Jones Lang LaSalle as I work across many facets of the business platform.
Beyond that, for me it’s about behaviour which I hope reflects what I would like to see in other people, namely, clear and strong communication, and a committed support for my team.
What aspects of your role do you enjoy the most?
People are by far the best part of the job. It’s great to be in an industry, and an organisation with so much talent. Being able to build trust, and innovation, with both clients and colleagues as a collective group is invaluable.
The creative process is where I am most comfortable - sharing ideas while learning from other people. This works best within trusted relationships, but when a diversity of backgrounds and skills come together, the creative opportunities are boundless
Where would you invest a spare $750,000?
I have tried many forms of investment, but none have benefited me as much as property, so that’s where I would focus.
The London market presents some good opportunities if you can look beneath the mini bubble that has been created in parts of the City. In order to really understand the market, I personally feel that it is important to do as much research as possible before making the commitment to buy, whether at home or abroad.
Which football team do you support?
I am British so it’s ‘football’ for me (we don’t call it soccer!) I am a long suffering, but diehard, Leeds United fan - a relationship that started at the age of 5 and has provided more downs than ups in the last 40 years, but one I will never change.
What’s your favourite app or techno gadget?
I use many, but the one app that really engages me is TED Talks. It showcases people with such a huge diversity of thought with amazing experiences to share. I find the talks on innovation, technology, and architecture particularly engaging.
How do you use social media?
Like many others of my generation I have changed my attitude towards social media over the last few years. I am quite passive in terms of self-contribution, but I’m active as a watcher and listener, both professionally and personally. I have seen increasing business value in platforms such as LinkedIn where adoption has grown exponentially in the last year or so.
On the social side I tend to connect vicariously through my family’s various accounts and applications
Follow Mike:
 
Twitter: <a target="_blank" href="https://twitter.com/JLLAsiaPacific">@JLLAsiaPacific</a>
LinkedIn: <a target="_blank" href="https://www.linkedin.com/company/jones-lang-lasalle">https://www.linkedin.com/company/jones-lang-lasalle</a>
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In profile: Jones Lang LaSalle's Asia Pacific managing director Mike Walsh

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Centuria is preparing for a possible July float of its listed property trust after taking over as responsible entity of the North Sydney Property Trust, which comprises the Northpoint Tower office and retail complex in North Sydney.
Northpoint stands at 100 Miller Street at the corner of the Pacific Highway and Miller Street, comprising two retail levels, 32 office floors and a 432 space car park over six basement levels.
It last sold for $114 million in 1987.
The trusteeship was acquired by Centuria's property funds management entity Centuria Property Funds Limited, which controls property assets totalling some $1.1 billion and is led by chief executive Jason Huljich.
It replaced the North Sydney Property Trust (NSPT Pty Ltd), a now de-registered managed investment scheme which has been trustee since developer Terry Agnew took control of the tower in 2008, reported the Australian Financial Review.
Centuria says it is anticipated that the $300 million trust will be the entity which will comprise Centuria’s first listed real estate investment trust to be run by former Mirvac chief executive Nick Collishaw.
"Centuria will now seek to register the trust as a managed investment scheme in preparation for a public listing at some point in the future," Collishaw tells Property Observer.
It is expected that Centuria will seek grow the proposed A-REIT with other acquisitions once it floats.
Centuria chief executive John McBain said that it is pleasing to see solid progress towards our three level property funds management strategy, being direct, listed and wholesale offerings.
McBain told Property Observer in April that Centuria was <a target="_blank" href="/news">working very hard sounding out institutional investors</a> and has offers out in the market for a “few hundred million dollars of real estate” which will form the core of the new listed trust.
Centuria also announced this week a “reasonable expectation” that the group profit for the year to June 30 will “exceed the group profit for the previous financial year by a material amount”.
A minimum statutory net profit after tax of $6.9 million is forecast for 2013 compared with $1.97 million in the 2012 financial year.
Centuria also revealed that Centuria Property Funds Limited has successfully closed the capital raising for the Centuria 10 Spring Street Fund and settled the $91.6 million acquisition prior to June 30.
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Centuria prepares for A-REIT float with trusteeship of North Sydney trophy asset amid expectations of strong 2013 results

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The Gold Coast East mortgage delinquency rate improved slightly over the last six months to the end of March, but it still trails the Sunshine Coast by a significant margin, according to Fitch Ratings.
The two Queensland coastal markets have been among the most troubled housing regions in Australia since the GFC.
Fitch Ratings record that delinquency rate on the Gold Coast improved by 15 basis points as borrowers noting that borrowers in this region are less sensitive to interest-rate movements.
It records a delinquency rate of 2.29% (borrowers more than a month behind on mortgage repayments) for the Gold Coast East market, which comprises those suburbs along the coast including Surfers Paradise, Broadbeach and Mermaid Beach, making it the third most delinquent region in Australia after <a href="https://www.propertyobserver.com.au/residential/greater-western-sydney-replaces-gold-coast-as-most-delinquent-region-fitch/2013070262884" target="_blank">Liverpool-Fairfield in greater western Sydney</a> and the NSW Central Coast.
The Sunshine Coast’s delinquency rate remained unchanged at 1.9% over the six months to the end of March with Fitch noting that the Sunshine Coast shared the same trend in delinquency rates as Gold Coast East over the 18 months to end-March 2013.
“However, as of this date, the Sunshine Coast was no longer among the 10 worst-performing regions in Australia,” says Fitch.
<img alt="queensland_delinquencies" src="/images/stories/2013/larry_uploads/queensland_delinquencies.jpg" width="470" height="338">
In comparison Gold Coast East has been the worst-performing region in Queensland since 2008 with “declining house prices have had an impact on the credit profile of leveraged buyers, attracted to the region by expectations of short-term property gains and high rental yields”.
“Declining house prices also increased the time required to sell foreclosed properties, leading to an accumulation of delinquent loans in the 90+ day bucket. Almost half (1.22%) of all delinquent loans (2.29%) were delinquent for more than 90 days as of end-March 2013.
“Of more concern is that the number of delinquent obligors has remained high since end-March 2011 in contrast to the rest of Australia.
“A total of 16 loans out of 1,000 were non-performing in these two regions at end- March 2013, the same level since end-March 2011,” says Fitch.
In terms of postcodes, Surfers Paradise ranks as the 10th most delinquent postcode in Australia with an arrears rate of 3.4%, an improvement from 4% six months ago.
Recent mortgagee sales on Surfers Paradise include <a href="https://www.realestate.com.au/property-unit-qld-surfers+paradise-110148185" target="_blank">a one bedroom unit on Monte Carlo Avenue</a>, which sold for $168,000 in April last year through Ross Kachel of Harcourts – Runaway Bay. It previously sold for $195,000 in March 2010 according to RP Data.
However, there are no Sunshine Coast locations among the 20 worst performing postcodes.
The closest is Caboolture Shire – in between Brisbane and the Sunshine Coast - which recorded the highest increase in 30 plus days delinquency rates across all regions of Australia in the six months to March, with its delinquency rate increased by 71 basis points to 2.28%.
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Gold Coast trumps Sunshine Coast as most delinquent Queensland coastal market

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

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The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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