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Residential property was a solid investment play in the 2013 financial share as shares soared but gold took a plunge.
Depending on where you invested, the property market provided investors with total returns – rent plus capital gain - ranging from 3.5% in Hobart to 12.7% in Darwin, according to RP Data-Rismark.
Total property return of 8.5%
The aggregate total return across the eight capital cities was a solid 8.5% with Perth and Sydney both returning in excess of 10% with Melbourne managing just 7.3%.
RP Data-Rismark recorded capital city dwelling prices up 3.8% for the financial year, substantially better than the 3.6% reduction recorded over the 2012 financial year.
A-REIT total return of 24.2%
Arguably the best place to put your money in the listed property trust sector. 
According to Goldman Sachs A-REITS analyst, the S&amp;P ASX200 XPJ index (A-REIT sector) was up 17.4% over 2013 on a share price basis.
If you include dividends, the sector generated a total return of 24.2%.
Shares up 14%
Outside of the listed property space, putting your money in shares was a good option with the ASX rising 14% over the course of the year from 4,133 points to 4,802.
ASX 200 up 17%
Gains were even stronger across the ASX 200, with share prices up 17% across the benchmark index, the highest total returns since the global financial crisis.
Super returns likely around 15.5%
In line with the stronger share market, super funds also thrived. 
Forecasts are for growth super funds to generate a median return 15.5% for the year to June 30, according to super research firm Chant West. This would be highest single financial year return in the past 16 years. Balanced funds are forecast to return 12%.
Cash deposits returning 3.24%
For investors with no risk appetite, putting you money in the bank generated a return of just 3.24% according to the UBS Bank Bill, which is a proxy measure for returns from cash.
Gold values down 25%
Gold was not a good investment option in the past 12 months with values falling 25%.
The precious metal started the year at $US1600, rose to US$1,800 in October, but then started falling in April and is currently trading at around US$1,200 per ounce.
Aussie dollar down 8%
And holding Australian dollars was also not a good bet with the currency falling 8% from parity at the start of the financial year to just under 92 cents currently.
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lschlesinger-FZcF9M3vE6

Residential property’s steady rise as gold sinks: Daily Property Observer list

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Trust account breaches by real estate agents are rife across Australia.
Visits to 12 real estate agents in Parramatta the first week of June identified nine breaches of the Property, Stock and Business Agents Act 2002 at four businesses.
Two of the breaches at one business were serious enough to warrant Fair Trading fines totalling $2,200.
“Most of these breaches involved trust account anomalies,” said Fair Trading commissioner Rod Stowe.
“As custodians of their clients’ funds which can run into millions of dollars, real estate agents have a huge responsibility. Careless bookkeeping is not acceptable,” he added.
In comparison (and highly embarrassing for the industry). the eight motor vehicle dealers and repairers inspected were found to be 100% compliant.
The visits were carried out as part of Fair Trading’s ‘My Place’ educational initiative.
Stowe said in the coming weeks Fair Trading officers would re-inspect the businesses where breaches were found to ensure compliance with relevant fair trading laws.
Monies are lodged in trust accounts in order to be protected. Agents are not allowed to use money in trust accounts for their own purposes.
Recent breaches were identified among <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/perth-settlements-agent-fined-%248000-for-misuse-of-trust-account-funds/2013062562661">Perth</a>, <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/melbourne-estate-agent-suspended-following-trust-account-act-breaches/2013040260130">Melbourne</a> estate agents, a $412,000 misappropriation of funds resulting in a five year jail term <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/former-raine-horne-brisbane-real-estate-agent-jailed-for-%24412000-trust-account-fraud/2013063062803?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">for a Brisbane agent</a> and a <a target="_blank" href="https://www.propertyobserver.com.au/queensland/gold-coast-estate-agency-fined-%2450000-over-231-cases-of-trust-account-misuses/2013062862802?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">Gold Coast agent</a> fined $50,000 for over 200 breaches.
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Trust account “anomalies” identified among Parramatta estate agents following Fair Trading visits

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AMP Capital’s unlisted Wholesale Office Fund (AWOF) has entered into an agreement with Mirvac to acquire a 50% interest in the land and development of its 200 George Street office project for $317 million. 
The site, currently occupied by a 5,500 square metre C grade building, is being redeveloped into a 37 storey, 38,000 square metre office tower, substantially pre-let to Ernst &amp; Young (28,000 square metres of office space) for 10 years from completion. 
Major site establishment works commenced in January, with completion scheduled for early 2016. 
Mirvac will provide AMP Capital a rent guarantee over any remaining un-leased space at completion for a term of four years.
AMP Capital head of property funds management Chris Judd said as the original owner of the site, AMP Capital had previously negotiated rights to acquire a 50% interest in any future development on the site. 
“This transaction presents a rare development opportunity and an excellent investment outcome for our clients. 
“The acquisition is consistent with our strategy to remain focused on core, well located office towers and bringing some newer assets into the Fund to increase the quality of the portfolio and deliver our investors strong risk adjusted returns over the long term. 
“We are pleased to further build upon our relationship with Mirvac Group where we benefit from partnering with a well-regarded residential and commercial developer,” says Judd. 
“We are delighted to have AMP Capital as an aligned partner in 200 George Street for what will be a landmark premium grade asset, located in the financial and legal core of the Sydney CBD,” says Mirvac chief executive Susan Lloyd-Hurwitz. 
“This agreement further strengthens our relationship with AMP Capital and we will continue to look to work with them in future residential and commercial opportunities.” 
The AMP Capital Wholesale Office Fund is an open-ended unlisted trust investing in office buildings in Australia and New Zealand. 
The fund has assets of $2.8 billion as at 30 December 2012.
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AMP Capital fund buys 50% of Mirvac’s 200 George Street office tower project for $317 million

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The median value of a Sydney apartment reached $500,000 for the first time in June.
RP Data-Rismark records a 2.7% rise in the median Sydney unit value to exactly $500,000.
Sydney units provide investors with a gross return of 7.6% and a yield of 4.9%.
This equates to weekly rent of around $470 per week.
Despite this new milestone being reached, Sydney unit growth was outpaced by Sydney houses, which rose 6.3% year-on-year. 
The gap is narrower over the past six months with Sydney house values are up 4.8% while unit values have risen by a smaller 4.0% notes RP Data research director Tim Lawless.
"The results come as a bit of a surprise considering investors are one of the most active segments across the Sydney market and rental yields tend to be higher for units compared with houses. 
"Potentially one of the drivers of the detached housing market performance is the fact that this segment of the market saw a larger correction in values between late 2010 and mid 2012; house values were down 6.4% compared with a 3.6% fall across the unit market," Lawless says.
Weekly rents across five capital city markets for June
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="154">
 
</td>
<td valign="top" width="154">
Houses
</td>
<td valign="top" width="154">
Units
</td>
</tr>
<tr>
<td valign="top" width="154">
Sydney
</td>
<td valign="top" width="154">
$535
</td>
<td valign="top" width="154">
$470
</td>
</tr>
<tr>
<td valign="top" width="154">
Melbourne
</td>
<td valign="top" width="154">
$400
</td>
<td valign="top" width="154">
$377
</td>
</tr>
<tr>
<td valign="top" width="154">
Brisbane-Gold Coast
</td>
<td valign="top" width="154">
$420
</td>
<td valign="top" width="154">
$374
</td>
</tr>
<tr>
<td valign="top" width="154">
Adelaide
</td>
<td valign="top" width="154">
$339
</td>
<td valign="top" width="154">
$284
</td>
</tr>
<tr>
<td valign="top" width="154">
Perth
</td>
<td valign="top" width="154">
$438
</td>
<td valign="top" width="154">
$412
</td>
</tr>
</tbody></table>
Source: Extrapolated from RP Data-Rismark yields and median values for June 2013
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Sydney unit value hits $500,000 for first time with 4.9% yield

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Capital city property values rose 1.9% in June led by gains in Sydney and Melbourne, according to the RP Data-Rismark Home Value Index.
Sydney dwelling values rose 2.7% over June to a median of $580,000 with Melbourne values up 2.3% to $512,000.
The June result means property values ended the financial year up 3.8% regaining all the ground lost over the 2012 financial year, when values fell 3.6%.
Property values have now recovered 4.9% of the 7.4% correction in dwelling values since the market bottomed out in May last year.
Over the course of the financial year, the strongest performing capital city property markets are Darwin (+6.1%), Perth (+6%), Sydney (+5.6%) and Melbourne (+3.4%).
The weakest markets are Hobart (-1.8%), Adelaide (+0.2%) and Brisbane (+0.6%).
Looking across detached housing, Sydney and Perth house values are up 6.3% over the 2013 financial year with Darwin house prices up 6.1%.
In the unit market, the strongest gains are for Darwin units (+6.4%) and Melbourne (+4.1%). 
<img height="403" width="470" src="/images/stories/2013/larry_uploads/rp_date_june.jpg" alt="rp_date_june">
The June pick-up wiped out the 1.7% cumulative fall over April and May, with values up 0.2% for the quarter.
“The capital gains recorded over the financial year highlight that lower mortgage rates are starting to have a positive impact on the housing market,” says RP Data research director Tim Lawless.
However, he adds that current conditions are “far removed from the buoyant conditions experienced in 2009”.
The quarter-on-quarter results for June were largely driven by a strong result in the largest capital city, Sydney.
Melbourne and Brisbane recorded a slight fall in dwelling values over the quarter while the decline in Hobart, Darwin and Canberra was more significant.
<img height="219" width="470" src="/images/stories/2013/larry_uploads/RP_Data_june_figures.jpg" alt="RP_Data_june_figures">
Each capital city housing market excluding Hobart, where values have fallen by -1.8%, has recorded an increase in values over the past year.
Annual capital gains have ranged from as little as 0.2% in Adelaide to as much as 6.1% in Darwin and 6% in Perth.
For investors, the highest rental yields are for Darwin houses and units with gross rental yield of 6.2%.
The lowest rental yields are Melbourne houses with gross rental yield of 3.7% and Melbourne units at 4.4%.
Lawless says that while there has been some natural volatility in the month-to-month readings of the RP Data-Rismark Index, the trend is much more indicative of an ongoing recovery in dwelling values.
Rismark International CEO Ben Skilbeck says the index highlights that housing markets do show intra-month and intra-quarter volatility (though very low when compared to the share market).
However, when the index is examined over a longer period, such as the last 3 months, “recent index results highlight that capital gains remain relatively sluggish despite the presence of low interest rates and high auction clearance rates”.
Lawless points out that consumer confidence dipped over April and May before recording a rise in June.
“[However], data on labour markets is jumpy and housing finance data shows hardly any improvement in the average loan size.
“If confidence levels remain high and labour markets continue to show a low rate of unemployment then we would expect that home values will continue to trend higher, albeit at a relatively measured pace,” he says.
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Property market rebounds in June with values up 3.8% for the 2013 financial year

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One of the poorest performing major listed property trust over the 2013 financial year was the CFS Retail Property Trust, joint developer of Emporium Melbourne, which last week announced a $60 million write-down of this project.
It's share price is up just 4.1% over the course of the 2013 financial year.
The S&amp;P ASX200 XPJ index (A-REIT sector) was up 17.4% for the 2013 financial year on a share price basis, says Goldman Sachs A-REIT analyst Andrew MacFarlane. 
"If you include dividends (total return) then the accumulation index was up 24.2%," he says.
For the financial year, the share market ended the year up 17.2%
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="123">
Company
</td>
<td valign="top" width="92">
ASX Code
</td>
<td valign="top" width="132">
June 30/2012 share price
</td>
<td valign="top" width="145">
June 30/2013 share price
</td>
<td valign="top" width="72">
% change
</td>
</tr>
<tr>
<td valign="top" width="123">
CFS Retail Property Trust
</td>
<td valign="top" width="92">
CFX
</td>
<td valign="top" width="132">
$1.92
</td>
<td valign="top" width="145">
$2.00
</td>
<td valign="top" width="72">
4.1%
</td>
</tr>
<tr>
<td valign="top" width="123">
Investa Office Fund
</td>
<td valign="top" width="92">
IOF
</td>
<td valign="top" width="132">
$2.71
</td>
<td valign="top" width="145">
$2.91
</td>
<td valign="top" width="72">
7.3%
</td>
</tr>
<tr>
<td valign="top" width="123">
Westfield Retail Trust
</td>
<td valign="top" width="92">
WRT
</td>
<td valign="top" width="132">
$2.85
</td>
<td valign="top" width="145">
$3.10
</td>
<td valign="top" width="72">
8.7%
</td>
</tr>
<tr>
<td valign="top" width="123">
Commonwealth Property Office Fund
</td>
<td valign="top" width="92">
CPA
</td>
<td valign="top" width="132">
$1.01
</td>
<td valign="top" width="145">
$1.10
</td>
<td valign="top" width="72">
8.9%
</td>
</tr>
</tbody></table>
Correction: In an earlier version of this story, Property Observer reported that Leighton Holdings was the worst-performing A-REIT with 5% decline in its share price over the 2013 financial year. Leighton Holdings is not an A-REIT. It is a construction and engineering business.
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CFS Retail Property among poorest performing A-REIT share prices for 2013 financial year

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Charter Hall’s share price rose 70.4% over the course of the 2013 financial year making it the top performing major listed property trust.
The group has around $10 billion of funds under management across the office, retail, industrial and residential sectors.
It’s most recent significant transaction was to form a partnership with a local super fund and a Canadian pension fund to acquire <a href="https://www.propertyobserver.com.au/commercial/charter-hall-buys-bankwest-place-and-raine-square-in-perth-for-%24458-million/2013061962415">Bankwest Place and the associated Raine Square shopping centre</a> in the Perth CBD for $458 million, seeing off competition from both local and offshore investors.
Charter Hall has also been named as a bidder for a collection of assets worth around $250 million that make up the Australand Wholesale Property Fund No.6 (AWPF6).
Charter Hall’s share price closed at $3.87 last Friday having started the financial year at $2.27.
The S&amp;P ASX200 XPJ index (A-REIT sector) was up 17.4% for the 2013 financial year on a share price basis, says Goldman Sachs A-REIT analyst Andrew MacFarlane.
"If you include dividends (total return) then the accumulation index was up 24.2%," he says.
Top five performing A-REITS over 2013 financial year.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="123">
Company
</td>
<td valign="top" width="92">
ASX Code
</td>
<td valign="top" width="132">
June 30/2012 share price
</td>
<td valign="top" width="145">
June 30/2013 share price
</td>
<td valign="top" width="72">
%change
</td>
</tr>
<tr>
<td valign="top" width="123">
Charter Hall
</td>
<td valign="top" width="92">
CHC
</td>
<td valign="top" width="132">
$2.27
</td>
<td valign="top" width="145">
$3.87
</td>
<td valign="top" width="72">
70.4%
</td>
</tr>
<tr>
<td valign="top" width="123">
Cromwell Property Group
</td>
<td valign="top" width="92">
CMS
</td>
<td valign="top" width="132">
$0.69
</td>
<td valign="top" width="145">
$0.975
</td>
<td valign="top" width="72">
41%
</td>
</tr>
<tr>
<td valign="top" width="123">
Australand
</td>
<td valign="top" width="92">
ALZ
</td>
<td valign="top" width="132">
$2.47
</td>
<td valign="top" width="145">
$3.48
</td>
<td valign="top" width="72">
40.8%
</td>
</tr>
<tr>
<td valign="top" width="123">
Goodman Group
</td>
<td valign="top" width="92">
GMG
</td>
<td valign="top" width="132">
$3.67
</td>
<td valign="top" width="145">
$4.88
</td>
<td valign="top" width="72">
32.9%
</td>
</tr>
<tr>
<td valign="top" width="123">
Mirvac
</td>
<td valign="top" width="92">
MGR
</td>
<td valign="top" width="132">
$1.27
</td>
<td valign="top" width="145">
$1.61
</td>
<td valign="top" width="72">
26.7%
</td>
</tr>
</tbody></table>
Other strongly performing property stocks were the Cromwell Property Group (share price up 41%) despite its chief executive Paul Weightman warning in March of a commercial property bubble building in Australia, take-over target Australand (up 40.8%), industrial A-REIT Goodman Group (32.9%) and diversified group Mirvac (26.7%).
Australia’s biggest A-REIT Westfield Group and its shopping centre spin-off Westfield Retail Trust ended the financial year up 20.4% and 8.7% respectively.
For the financial year, the share market ended the year up 17.2%
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Charter Hall ends financial year as top performing property group

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Melbourne’s premier retail development, Emporium Melbourne has suffered a $59.4 million write-down following an independent revaluation by joint owner, CFS Retail Property Trust.
The project is now only scheduled to be completed by the first quarter of 2014 instead of an earlier December opening meaning retailers will miss out on the key Christmas trading period and New Year's sales.
<img alt="emporiumapril24two" height="277" width="470" src="/images/stories/2013/04/emporiumapril24two.jpg">
The write-down applies to the 50% of the project owned by CFS Retail.
The other half of the project is owned by the Government of Singapore Investment Corporation (GIC).
The 15.5% revaluation means CFS Retail’s share of Emporium Melbourne is now worth $325 million with costs increasing from $575 million to $590 million for the A-REIT's share of the project.
The write-downs were the result of downward revisions to income assumptions and increased costs over the project, currently being built by Grocon on the corner of Little Lonsdale Street and Bourke Street.
Emporium Melbourne (pictured above and below) will replace the former Myer Lonsdale Street store and will offer over 225 stores of premium retail space over eight levels.
<img src="/images/stories/2013/04/emporiumapril24one.jpg" width="470" height="402" alt="emporiumapril24one">
Confirmed tenants include <a href="https://www.propertyobserver.com.au/retail/names-names-namesuniqlo-marcs-saba-and-mj-bale-set-for-emporium-melbourne/2013042360694" target="_blank">Japanese retailer Uniqlo and UK retailer Topshop</a>.
The gross leasable area of the complex is 48,000 square metres with Myer accounting for 7,000 square metres of retail space.
Goldman Sachs analyst Andrew MacFarlane repeated remarks made in April highlighting that “the vertical nature of the retailing offer inherent in the project risked suffering from a lack of tenant demand, and that timing over the development completion would be challenged given union and weather related issues that have faced the project”. 
Emporium Melbourne was the centre of a bitter dispute between Grocon and building union the Construction Forestry Mining and Energy Union (CFMEU), which blockaded the site between the 28 and 31 August.
In May, the Supreme Court of Victoria found the blockade was in contempt of restraining orders issued by the court.
“We have now seen these two risks transpire, with CFS Retail citing that while 75% occupancy (by income) has been secured, the subdued retail leasing market has impacted its income forecasts,” says MacFarlane.
“Similarly, development completion is now expected to occur in the first quarter of 2014, rather than by December 2013, with tenants set to miss the key Christmas trading period.”
CFS notes in its update that good progress is being made at Emporium Melbourne with the final concrete slabs that will form the floors being poured.
“Despite this progress, we have not been able to recover all the previously-advised lost time, and consequently we are now aiming to complete the redevelopment around the end of the first quarter of calendar year 2014," fund manager Michael Gorman.
“The delay has resulted in a $15 million (CFS Retail share) increase in forecast project costs, largely reflecting the additional interest costs to be incurred, bringing the revised total forecast project cost to $590 million (CFS Retail share).
“Leasing has progressed significantly in recent months, with approximately 75% of income now secured. However, in light of the subdued retail leasing market, we have revised down our income forecasts. The combination of lower income and increased costs has resulted in a revised target year-one yield on costs of approximately 5%.
The decline in Emporium’s valuation was offset by an upward revision of $32.2 million to its Chatswood Chase shopping centre on Sydney’s North shore based on improved income growth and discount rate tightening, which is now worth $845 million.
In total there were 19 assets re-valued for the six months to June 30, with he net result was a portfolio write-down of $20.7 million, or 0.4%.
The 30 assets comprising the fund are valued at $4.8 billion as of June 30.
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Emporium Melbourne's opening delayed until 2014

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Estate agent Michael Wilkes has been sentenced to five years jail for misappropriating $412,796.40 from trust accounts while operating inner-city Brisbane real estate agencies.
The sentence was handed down on May 22 by the Brisbane District Court.
Wilkes was director of Excalibur Property Services Pty Ltd, trading as Raine &amp; Horne Ascot and Ivan Lazarou Real Estate, and The Art of Property Pty Ltd, trading as Elders Real Estate in New Farm.
A joint investigation by the Office of Fair Trading (OFT) and Queensland Police Service found Wilkes had illegally removed the funds from two agency trust accounts over the course of a year (1 November 2008 to 11 November 2009) for his own personal use.
The Office of Fair Trading commenced an investigation into the agent in 2009, including a forensic examination of the trust accounts, following complaints from landlord clients.
The matter was referred to the Queensland Police Service which continued the extensive investigation and charged Mr Wilkes with two counts of fraud.
Wilkes pleaded guilty to both counts and was sentenced to five years imprisonment, to be suspended after 18 months.
The Queensland Government’s Claim Fund had paid out over $412,000 to 70 affected clients, which Wilkes and Excalibur Property Services Pty Ltd was liable to repay.
“To date we have recovered more than $70,000 of the misappropriated funds and returned it to the Claim Fund,” said OFT executive director Brian Bauer.
“Action to recover further funds is ongoing.”
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Former Raine & Horne Brisbane real estate agent jailed for $412,000 trust account fraud

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Michael O’Sullivan ran a separate financing operation while managing director of collapsed debenture issuer and mortgage lender Provident Capital, to provide “financial accommodation” to clients who had defaulted on their high-interest loans, a court has heard.
The company O'Sullivan ran as sole director was called PCL Holdings.
In 2008, PCL Holdings had a loan on its books of $4 million to Marcia Raheb - O’Sullivan’s wife, which he told the court was for “tax purposes”.
PCL Holdings allegedly used Provident company information to offer Provident clients first and second mortgage loan accommodation, receivers PPB Advisor claimed as part of its examination of O’Sullivan and othe company directors last week in a public hearing at the federal court, reported on by financialobserver.com.au.
O’Sullivan told the court that PCL Holdings improved Provident’s liquidity by provided financial accommodation to a borrower in arrears with Provident Capital receive that money “dollar-for-dollar”.
He claimed the directors of Provident were fully aware of the activities of PCL Holdings, which he said was well documented in the company’s conflict register. O’Sullivan was also grilled over recycled loans funded by wholesale provider Bendigo &amp; Adelaide Bank .
Provident Capital acted as a lender of last resort on risky development, charging very high interest rates and fees.
It collapsed in July last year following an application by Australian Executor Trustees Limited (AET), a trustee for Provident Capital debenture holders. It then emerged that 85% of loans were six months or more in arrears.
Around 3,500 debenture holders had invested around $96 million in Provident Capital when it collapsed.
A second interim distribution to debenture holders was paid on June 21 representing 2 cents in the dollar.
This takes total distributions to debenture holders over the course of receivership to date in excess of $7 million.
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Provident Capital managing director Michael O’Sullivan ran separate financing company for defaulters: hearing

Joel Robinson

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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.

[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.

Larry Schlesinger

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