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There were 20 CBD office sales above $100 million each recorded over the final quarter of the 2013 financial year, according to Knight Frank.
It was the fourth successive June quarter that sales of offices over $100 million have risen.
The biggest sale over the course of 2013 was Charter Hall forming a partnership with a local super fund and a Canadian pension fund to acquire Bankwest Place and the associated Raine Square shopping centre in the Perth CBD for $458 million.
<img alt="knight_frank" height="282" width="297" src="/images/stories/2013/larry_uploads/knight_frank.jpg">
Source: Knight Frank
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Major CBD office sales continue to surge: Chart of the week

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A Shanghai-based development company has acquired an office and warehouse building spanning from Bourke Street to Little Bourke Street with approval for a 42 level Hayball-designed apartment project comprising 563 apartments.
The part three level, part single level building has a red-brick façade on Bourke Street that is heritage protected.
The site measures 2,764 square metres and was owned by Australia Post, which currently uses it as a distribution centre.
A permit has recently been issued for the apartment project which would comprise to two towers of 42 and 32 stories as well as 722 square metres of commercial/retail on ground floor, 249 car parks and storage space for around 169 bikes.
It had previously been listed for sale in 1999.
The proposed development is close to the $1 billion Upper West Side four-tower development being built by the Hong Kong-listed Far East Consortium.
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Chinese buyer acquires Bourke Street development site for $22 million

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A local Melbourne investor has bought an office/warehouse at Oakleigh in Melbourne's south east for $550,000.
The tenanted premises 58 Regent Street, Oakleigh sold for above the reserve through Ray White Commercial Oakleigh’s Ryan Amler and George Kelepouris on behalf of a local investor. 
The current tenant is on a month to month lease returning $31,800 per annum plus GST plus outgoings - a yield of around 5.7%.
Amler said the marketing campaign for the building attracted more than 30 enquiries. 
“We had four registered bidders at the on-site auction and after some spirited bidding the property sold under the hammer for $550,000 - $75,000 above the reserve,” he said.
The stand-alone warehouse is situated on a land area of around 484 square metres and the total building area measures around 330 square metres. 
“The property featured a high clearance warehouse with a container height electric roller door,” he said. 
“There were six on-site car spaces and easy access to Oakleigh central.” 
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Private investor buys south east Melbourne warehouse for $550,000 at auction

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AFG recorded a 17% rise in mortgage sales in June compared to the same month last year. 
Australia’s largest mortgage broker sold 7,575 home loans worth $3.08 billion through its network of loan writers in June, well down on the 8,921 home loans sold worth $3.6 billion in May – a fall of 15%, some of which would be attributed to seasonality. 
However, sales are well up on June last year when AFG managed 6,691 sales worth $2.3 billion. 
Leading the pack was WA, with mortgage sales up 30% followed by Victoria (25.8%) and NSW (19.9%).  But Queensland mortgage sales for June were 2.7% lower than in June 2012, and South Australia figures were 10.3% lower. 
The patchiness is also reflected in average loan sizes. 
Last month these were $494,000 in NSW, $408,000 in WA, $388,000 in Victoria, $344,000 in Queensland and $322,000 in South Australia. 
First-home buyers remain on the sidelines comprising just 12.8% of the market compared with 15.6% in June 2012.
Home loans to property investors rose from 36.5% to 37.9% and to refinanciers from 34% to 36.6%.
Standard variable home loans (57.2%) are the most popular product followed by fixed-rate home loans (27.4%).
“The mortgage market is continuing to become more and more complex,” says Mark Hewitt, general manager of sales and operations at AFG. 
“We are seeing patchiness across the states as WA and NSW in particular grow strongly, while Queensland and South Australia are still soft. 
“First home buyers are particularly active in WA, but hardly feature in Queensland and NSW since grants [for existing homes] were cut. 
“Political uncertainly, concerns about China and the economy in general are giving buyers a lot to think about. 
“That said, 95% of people are employed and rates are at their lowest in 30 years.  We’re hoping that a gradual return of confidence over the next financial year will see a broader based recovery take place."
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=dd7d4ab9e7-June_4_RBA&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-dd7d4ab9e7-" target="_blank">Enter your home loan needs here to compare the latest home loan rates.</a>
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AFG mortgage sales up 17% in June year-on-year amid “patchy” market

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The Reserve Bank has left the cash rate unchanged at 2.75% following its monetary policy meeting today.
It is the second month in a row that the RBA has left the cash rate unchanged, a move widely tipped by economists polled by Bloomberg last week.
The latest Bloomberg survey had 25 of 28 economists seeing no change at the July RBA meeting on Tuesday.
But 15 of the economists expect the August RBA meeting will cut the cash rate from 2.75% to 2.5%.
"The Reserve Bank is likely to be reasonably comfortable with the performance of the housing market; dwelling values are up 3% over the first half of the year and over the June quarter dwelling values rose by just 0.2% according to the RP Data – Rismark Indices," says RP Data national research director Tim Lawless.
"Another indicator that low mortgage rates are having their desired effect is that transaction numbers are rising; national home sales were almost 13% higher over the three months ending April 2013 compared with the same period a year ago. 
"This scenario of rising demand but contained value growth is likely to be exactly what the RBA are seeking from the national housing market.  There has also been an improvement in the number of dwelling approvals with the April data showing a 9% lift over the month and 27% lift over the year," Lawless says.
Ahead of today’s decision, HSBC Australia and New Zealand chief economist Paul Bloxham said the fall in the Australian dollar was doing “much of the RBA’s work”.
“From the RBA’s perspective the Australian dollar’s fall will be the key development affecting its policy view.
“General rules of thumb suggest that a 10% depreciation could add around 0.3 to 0.4 percentage points to the CPI each year, which all else equal, would lift the RBA’s inflation forecasts to around the middle of the target band by end-2013.
“The depreciation should also support Australia’s growth rebalancing act.”
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RBA leaves cash rate unchanged at 2.75% in July

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Despite record retail property transactions in 2012 and continued keen interest from both institutional and private investors, the sector is faces its greatest challenge since the post-GFC period, according to BIS Shrapnel. 
Profits are expected to fall and store vacancies to rise as retailers and landlords struggle against numerous structural headwinds including modest retail turnover growth, the continued growth of online shopping, continued high savings rates coupled with the lack of an economic boom, a peak in new retail commencements in 2013–14 and a substantial depreciation in the Australian dollar. 
Investors in strong shopping centres should expect solid, but not spectacular returns.
For those in less successful centres, returns will most likely weaken.
Yields may firm in the short term as investors continue to be attracted to the sector, but BIS Shrapnel says overseas investors are likely to be less aggressive when the Australian dollar is lower, especially if bond rates rise. 
A key concern is the devaluing of the Australian dollar, which fell 8% over the course of the 2013 financial year. 
“Based on our forecasts of a 23% depreciation against the Trade Weighted Index (the Australian dollar’s performance against the currencies of its biggest trading partners), we estimate that a retailer which imports 50% of product sold will see its profitability fall to zero if it is to continue to pay current rents,” says Maria Lee, senior project manager at BIS Shrapnel and author of a new report looking at retail property market prospects between now and 2023. 
“Clearly, this is not sustainable. This will impact their ability to pay rent, and vacancies could also be expected to rise.” 
Taking all factors into account, BIS Shrapnel forecasts shopping centre incomes to grow at an average pace of just 2% per annum over the next five years—failing to keep pace with CPI inflation. 
As the chart below shows, operating profit as a percentage sales is expected to fall over the next four years from around 7% currently to less than 5%. 
<img src="/images/stories/2013/larry_uploads/bis_shrapnel_forecasts.jpg" width="470" height="194" alt="bis_shrapnel_forecasts">
As a consequence retailers and shopping centre owners are going to have to work harder than ever to remain relevant and sustain growth.
 
“In our view, retail property faces its greatest challenges in decades—barring the immediate post-GFC period,” says Lee. 
The report estimates that the market share of Internet retailing could likely increase from 6% at present to 11% within five years. 
“What this means is that more than $3 out of every $10 of additional expenditure will go online,” says Lee. 
“Put another way, the turnover growth through shopping centres would be a full one percentage point higher without the growth of online shopping. That’s highly significant.” 
The impact of a growing online shopping channel is two-fold says Lee. 
Firstly, it takes market share from “traditional” bricks-and-mortar retailing and secondly, through the use by shoppers of price comparison websites or apps on mobile phones, retailer profit margins are impacted as consumers demand a price-match in order for them to buy there and then. 
“The weak prospects for income growth have clear implications for total returns to retail property,” says Lee. 
“Pre-GFC, even if income growth was weak, total returns were nonetheless solid thanks to the long term firming of yields. But that process has run its course and we don’t expect to get back to 2007 yields before the next boom—which is unlikely to be in this decade.” 
“Nonetheless, strong retail centres remain a good cashflow business with relatively little fluctuation in income returns. Retail property offers solid, if not spectacular, returns.”
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Retail property landlords facing “greatest challenge in decades” with retailing profits set to fall over next four years

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The Fairfield-Liverpool region in the heart of the outer western Sydney growth corridor has regained the unwanted title of most mortgage delinquent region in Australia, according to Fitch Ratings.
The Gold Coast East region which includes the coastal suburbs of Broadbeach, Surfers Paradise and Mermaid Beach, temporarily replaced Fairfield-Liverpool at the end-September 2012 for the first time in seven years, but has now dropped to third most delinquent region following a small improvement.
Between September 30 and March 31 the proportion of mortgage holders more than 30 days behind on their mortgage repayments in Fairfield-Liverpool increased from 1.82% to 2.37% - around one in 42 borrowers.
<img height="212" width="470" src="/images/stories/2013/larry_uploads/fitch_ratings_regions.jpg" alt="fitch_ratings_regions">
The Fitch Ratings report indicates a wider problem managing mortgage repayments in western Sydney with outer south west Sydney ranking fifth (delinquency rate of 2.25%), Blacktown ranking ninth (1.98%) and outer western Sydney ranking 10th (1.96%).
The Gold Coast East 30 plus days arrears improved by 15 basis points to 2.29% at end-March 2013, but 90+ days arrears were still high at 1.22% (versus 1.14% in September 2012).
It ranked as third most delinquent region in Australia behind the struggling Central Coast retiree region between Sydney and Newcastle.
The top 10 worst performing region list is dominated by outer Sydney and Gold Coast regions, with Hume City in Melbourne’s North – lower socio-economic location – ranking eighth.
Fitch notes that Blacktown has returned to the 10 worst-performing regions list by value as delinquencies increased by 43 basis points in the six months to 31 March 2013.
Fitch Ratings analyst James Zanesi tells Property Observer that many borrowers in the Fairfield-Liverpool region would be classified as on lower incomes with less of a  financial buffer to protect them from short term shocks such as unemployment.
He says more borrowers in this region fall behind on mortgage repayments due to Christmas spending, but then tend to cure their delinquency over the next few months.
He says lower income regions always perform worse than other regions, but the extent of the increase in the delinquency rate in Fairfield-Liverpoolwas unexpected.
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Greater Western Sydney replaces Gold Coast as most delinquent region: Fitch 

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Whale sightings and rash holiday apartment investments remain seemingly popular activities in the NSW coastal town of Nelson Bay.
The tourist and holiday home destination has maintained its unwanted crown of most delinquent post code in Australia, a title it has held since Fitch Ratings began compiling its mortgage delinquency by post code list in 2007.
Nelson Bay (post code 2315), within the local government area of Port Stephens in the Hunter region, has maintained a delinquency rate of 6.6% as of March 31, unchanged from six months ago.
This translates into around one in 15 mortgage holders being more than a month behind on mortgage repayments.
Second on the list and unmoved from six months ago is Montrose, a northern suburb of Hobart, with one in twenty (5%) borrowers 30 days or more behind on their mortgage repayments.
Suggesting perhaps a tentative recovery in the apartment-laden Surfers Paradise market, where a number of high-rise developments fell into receivership, the marquee Gold Coast suburb’s 30 days plus arrears rate improved from 4% to 3.4% from September 2012 to March 2013.
As a consequence its ranking fell from fourth on the list of worst performing postcodes by value as of September 2012 to 10th as of March.
<img height="367" width="470" src="/images/stories/2013/larry_uploads/mortgage_delinquencies.jpg" alt="mortgage_delinquencies">
Nelson Bay has a population of around 5,400 people according to census 2011 with 44.9% of the nearly 3,900 dwellings unoccupied on census night, July 19, during the middle of winter.
A high proportion of these unoccupied dwellings would have been seaside holiday apartments.
<img height="334" width="470" src="/images/stories/2013/larry_uploads/mortgage_delinquencies2.jpg" alt="mortgage_delinquencies2">
Sales histories on realestate.com.au indicate that many of the properties sold as mortgagee in possession in Nelson Bay in recent years have been holiday apartments.
A recent mortgagee auction was a <a href="https://www.realestate.com.au/property-unit-nsw-nelson+bay-112326523">two-bedroom unit Mantra Aqua Resort</a>, which sold through Rebecca Dean of PRDnationwide – Port Stephens.
RP Data records indicate it sold for $215,000 having last sold for $380,000 in April 2010 a compound annual growth rate of – 28.9%.
Another apartment in the same resort is listed for July 27 auction.
“Stagnation in the local housing market has increased the time required for foreclosed properties to sell, leading to an accumulation of arrears in the 90+ days bucket (4.71% at end-March 2013 versus 5.78% at end-September 2012),” notes Fitch in its report.
“There has been an increase of 1% in new delinquent borrowers despite the recent improvement in 90+ days arrears.”
Fitch Ratings James Zanesi analyst says some properties are more than 300 days in arrears with lenders struggling to sell them. He says a number are in the same building.
When the Fitch Ratings figures came out in August last year, local estate agents and mortgage brokers highlighted that most of the delinquent properties related to holiday home purchase.
Local agent Daniel O'Meara of O'Meara Property said that while the rate was high there were few cases where residents are losing their homes.
“The vast majority of owners of these properties are not owner-occupiers and rarely live locally. As these are not the family home, the mortgage will often be let slip once money becomes tight.
Local broker Ben Eick of Hunter Home Loans Solutions in Nelson Bay told Australian Broker Online that it was his understanding that the properties are bought basically from people coming up here on holiday, liking the area, seeing an apartment or unit that looks fantastic.
Eick said holidaymakers bought a slew of properties in 2005 and 2006 gambling on prices going up, but a weaker rental market made it harder for investors to rent the property out for most of the year.
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Nelson Bay retains most delinquent postcode crown, but Surfers Paradise drops down list: Fitch

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Ahead of today's RBA meeting, economist Stephen Koukoulas <a target="_blank" href="https://twitter.com/TheKouk">@TheKouk</a> says it is "almost certain" that the RBA will leave the cash rate on hold today at 2.75%.
"The Kouk" has also tweeted that mortgage rates and inflation are much lower since John Howard left office in 2007:
<a href="https://twitter.com/TheKouk" target="_blank"><img alt="kouk_tweet" height="83" width="470" src="/images/stories/2013/larry_uploads/kouk_tweet.jpg"></a>
He says it a "reasonably straightforward" decision for the RBA due to an "uptick in the interest rate sensitive sectors of the economy, in particular housing and consumer spending".
"On the down side, there is no doubt that mining investment is in the early stages of decline and this will be a drag on economic growth over the medium term. It is likely to be a key point that will see the Reserve retain a bias to cut interest rates, 'if circumstances permit,'" he writes in Business Spectator.
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Interest rates and inflation much lower since John Howard left office: Stephen Koukoulas Tweet of the Day

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Investing in an off-the-plan apartment is a popular option for property investors particularly in capital cities like Brisbane, Sydney and Melbourne where apartment developments are a dime a dozen.
Investing in a new apartment can be significantly cheaper than buying an existing house or apartment, plus you can take advantage of tax depreciation benefits. However, there are major potential pitfalls and stumbling blocks, which you should be aware of before you sign a contract and pay your deposit.
Here are eight to keep in mind:
<ol></ol>
<ul>
<li>Settlement period won’t be long enough</li>
</ul>
Uncertainty about when settlement will be required can be a major and costly headache for investors. Once registration of title has occurred, developer will usually require settlement to take place as soon as possible, which can be as early as just 14 days under many contracts of sale. This can be a wholly inadequate period, says Rob Balanda, a partner at Gold Coast based law firm MBA Lawyer. This may mean having to apply for an extension, which if granted can attract high penalty rates of up to 20%. He suggests asking for a more reasonable time for settlement of say 30 days from the registration of the title when signing the contract. “You will usually get it too because the developer is keen to make the sale to you then,” he says.
<ol start="2"></ol>
<ul>
<li>You may not be satisfied with the end product</li>
</ul>
<ol start="2"></ol>
When you are buying off the plan, you are purchasing something that has not yet been finished and relying on sketches, plans and artist impressions. The finished product may not match these projections. Carolyn Chudleigh, a partner at law firm Holding Redlich, says the best way to protect yourself from a nasty shock is to check every detail on the sale contract, particularly regarding the finishes. “Most disputes arise from a buyer not being happy with the end product. The best way to avoid this is to be aware of exactly what all of the finishes should be,” she says. Chudleigh recommends looking at the schedule of finishes for all parts of the property, including floor coverings, colour schemes and kitchen appliances. “Know everything about the interior, down to how many power points there will be in every room. All of this can be negotiated before exchange of contracts and should be included specifically in the contract if you want to be able to enforce performance against the vendor. If a contract is skinny on detail, there may be little room for complaints at the end of the day,” she says.
<ol start="3"></ol>
<ul>
<li>
You may need to find extra cash if valuation comes in lower at settlement </li>
</ul>
<ol start="3"></ol>
Lenders will only give conditional approval to finance an off-the-plan purchase, subject to a future valuation. When the unit is complete in 12 to 24 months time the lender will then get a valuer to value the unit. If the unit is valued at less than the purchase price (the market may have fallen in this time) the lender will finance a lesser percentage of the purchase price leaving you with the shortfall to make up. “ If you can’t find the short fall and can’t settle the purchase, then of course you will be in breach of your obligations under the Contract and the very least that will happen to you is that you will forfeit the deposit,” says Balanda. The developer could also sue you for any loss incurred from the re-sale of the unit.
<ol start="4"></ol>
<ul>
<li>Rental guarantees may be misleading</li>
</ul>
Rental guarantees offered by developers may seem tempting but they should be treated with a fair degree of suspicion. Investors should always do the numbers to see if they really stack up. Buyers’ agent Catherine Cashmore warns against buying into a development that is offering a rental guarantee because “it is always factored into the sales price, and once the guarantee expires, the unit’s yield will revert back to market forces”. Cashmore says current rental guarantees are in the order of 5% to 7%.If an investment has a gross return of 6% and the developer guarantees $300 a week rent that would put the purchase price at $260,000. But if the market rent is in fact $250 a week, the property is really worth $218,000. This would have you paying 19.2% over the market value. The developer only has to pay $5,200 in total over two years to guarantee the $300 a week rent and the company would pocket $42,000 – or $36,800 net – on the sale price.
<ol start="5"></ol>
<ul>
<li>You may be buying the wrong type of apartment for the area</li>
</ul>
<ol start="5"></ol>
Buying the wrong property type off the plan for an area can result in poor re-sell values and/or a struggle to find tenants, says property investor and blogger Cameron McEvoy. “You may find a tenant quickly, but they may not be willing to pay the desired rental rate, if the property is not their ‘first choice’ for that area.” He suggests three remedies for this: firstly, get to know your potential area and do this in several ways: use online tools to study the demographic breakdown of your chosen area and develop a ‘persona’ of who is most likely to be living there, secondly, take a walk in the area, buy a coffee at the local cafe, and people so you can learn about the inhabitants of a particular location and thirdly, look at recent sales on real estate sales websites to see what sells and talk to local estate agents.
<ol></ol>
<ul>
<li>The area becomes oversupplied with other off the plan developments</li>
</ul>
<ol></ol>
Scarcity creates value. If there are three or four other off-the-plan developments set to be completed in the next couple of years with similar features and targeted at the same demographic as your development, an oversupply situation could develop. You risk depreciation in value, struggling to find tenants or having to lower your rent to secure new tenants. “First up, understand that by buying off the plan you are doing the developer a big favour, says finance journalist and Channel 7 Sunrise host David Koch. “Developers are keen to start selling off the plan early seeking as many pre-commitments as possible because it will please their bank manager when they try and finance the development.” The key is to do your research and find out what other developments are planned for the area and what units they will have and their price points.
<ol></ol>
<ul>
<li>Fees and costs you have not factored in may reduce your return</li>
</ul>
<ol></ol>
Having factored in costs like mortgage fees, stamp duty, land taxes and legal fees, off the plan buyers may find there are other costs once they settle and rent out their apartment. “Quarterly strata fees and the body corporate structure should also be factored into the purchase, says 1300HomeLoan managing director John Kolenda. “Make sure you can afford to cover these fees and, of course, make sure you do a final inspection and to make sure any defects were fixed before settling as the developer is obliged to repair any defects,” he says. Make sure you have a comprehensive list of all the fees and costs you are likely to incur once the apartment is completed.
<ol></ol>
<ul>
<li>The developer may go bust or there may be delays</li>
</ul>
<ol></ol>
While there are laws to protect buyers if a developer goes bust  (a number of high profile large building groups have collapsed in recent times) or they take longer to complete the project then agreed to, you may have to go to court at your own cost initially to recoup your investment. “A developer going bust or producing a substandard product can drag on for years through the courts and, while the law is there to protect you, it’s costly and it will be at your own expense to fight initially – this is a sad, but very true, fact about our legal system,” warns James Buyers Advocates.
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Eight potential pitfalls to watch out for when you buy off-the-plan

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

<main data-perf-region="main">
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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

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.

[smartcode_project:default project_id=152737 project_image_fid=377685]

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.

[smartcode_project:default project_id=152737 project_image_fid=377680]

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.

&nbsp;

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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.

[smartcode_project:default project_id=150999 project_image_fid=374005]

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.

[smartcode_project_cta:default project_id=150999]

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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