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The key regional NSW cities of Newcastle and Wollongong are expected to come close to matching Sydney's median house price growth over the next three years.
BIS Shrapnel forecasts Sydney house prices to rise 19% over the next three years to June 2016, leading an uneven recovery in the housing market.
The forecasts for Newcastle and Wollongong are for gains of 18% and 17% respectively between now and June 2016, and more concentrated in the latter two years.
In contrast, Melbourne median house prices are forecast to rise just 5% over this time frame.
"Residential property prices in Newcastle and Wollongong usually benefit when Sydney experiences strong price growth and migration into these regional centres increases, says BIS Shrapnel senior manager Angie Zigomanis.
"With affordability in Sydney relatively attractive in a long term sense, an acceleration in prices in these regions is expected to be a little behind that of Sydney, picking up over 2014/15 and 2015/16 as a combination of price rises in Sydney and an expected tightening in interest rate policy begin to reduce affordability in the capital," he says.
 
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Newcastle and Wollongong forecast price growth almost matching Sydney over next three years: BIS

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The Sydney median house price is expected to rise by an average of more than 6% per annum over the next three years leading an uneven recovery in the residential property market, according to new forecasts from BIS Shrapnel.
Sydney median house prices are expected to rise 19% between now and June 2016 – from an estimate of $670,000 as of June 2013 to $795,000 in three years' time.
Gains will be modest to begin with, but then are expected to pick-up from around June 2014 onwards driven by a “sizeable deficiency” in new dwellings to meet demand as well as improved affordability as interest rates remain low.
The other strong gains will come from the resource states with Brisbane (up 17% to $513,000), Perth (up 15% to $600,000) and Darwin (up 10% to $655,000).
However in these three markets, the strongest growth is expected over the next 12 months and is then expected to taper off “as the pipeline of current investment in resource projects is increasingly worked through, with unemployment beginning to rise and migration and population growth slowing”.
Melbourne prices are expected to rise just 5% over the next three years with small gains for Adelaide, Hobart and Canberra with these markets impacted by weaker local economies and the supply of new housing almost in balance with demand. <img height="329" width="470" src="/images/stories/2013/larry_uploads/bis_shrapnel_graph.jpg" alt="bis_shrapnel_graph">
Over the next two years, the strongest conditions are forecast for New South Wales, Western Australia, Queensland and the Northern Territory.
While BIS Shrapnel estimates a sizeable deficiency of 83,000 dwellings nationally, or around half a year’s demand, at June 2013, all of the deficiency is confined to these states.
“The deficiency in their state capitals has driven up rents which, together with recent weak price growth, have resulted in improved yields,” says BIS Shrapnel senior manager and study author, Angie Zigomanis.
“In this environment, the lower interest rates are providing the impetus for greater purchaser demand, as is becoming evident in Sydney, Perth and Darwin house prices, while we expect Brisbane will eventually follow.”
In contrast, conditions in Victoria, South Australia, Tasmania and the Australian Capital Territory are forecast to continue to be tough. These states have all experienced strong peaks in construction in recent years that well exceeded demand for new dwellings. The result has been an erosion of their dwelling deficiency and/or an emerging excess of dwelling stock.
“Economically, these states are also underperforming due to a fall off in construction and a negative impact to industry from the high Australian dollar,” says Zigomanis.
“While some pockets may do well in the current low interest rate environment, without any supply pressures, median house prices overall in Melbourne, Adelaide, Hobart and Canberra are forecast to show little change and decline in real terms over the next three years.”
Zigomanis says the general improvement in residential markets since the latter half of 2012 has been initiated by the low interest rate environment. Since October 2011, the official cash rate has fallen by 200 basis points, translating to a 160 basis point fall in variable rates.
“As a result, we are seeing some improvement in some residential market indicators.
“Lending to both owner-occupiers and investors has been trending upwards in the nine months to March 2013.
“Lending to first home buyers has also been trending upwards outside of declines in New South Wales and Queensland, where changes to first home buyer incentives have created a short term dip in demand.”
The gains in residential property are expected to be modest in the coming 12 months as the economy transitions from one driven by resource investment to one driven by consumption and business and residential investment. will not be seamless.
Low interest rates, which could fall further according to BIS Shrapnel, will eventually drive a stronger pick up in retail spending, new dwelling construction and business investment.
This will start to flow through from about mid- 2014 as the non-resource sectors of the economy improve and take over as the main drivers of economic growth.
BIS Shrapnel says the outlook will become more uneven across the country from 2014/15.
By June 2016 all markets are forecast to be impacted to varying extents by rising interest rates as the Reserve Bank moves to push interest rates from their current extremely stimulatory level towards a neutral level over 2015 and 2016.
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Surging Sydney to lead “uneven” recovery in residential property market over next three years: BIS Shrapnel

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Listed real estate manager and developer Folkestone has raised $15.5 million for a new unlisted property fund that owns a six-level office building in Wollongong.
Investors included those with self-managed super funds attracted to a forecast 10.5% distribution in the first year and with the building anchor tenanted by commonwealth and state government agencies.
Unlisted property funds and single-asset property syndicates have made a resurgence in recent times after investors lost faith following the GFC when many mortgage and property funds were frozen.
Funds offering returns in excess of 8% and with strong tenants and long leases have proved popular with <a href="/news">Centuria</a> and Cromwell among those to find willing investors and close offerings oversubscribed.
The Folkestone Real Estate Income Fund at Wollongong closed around 50% oversubscribed.
As a result, Folkestone increased the amount of equity raised by $1 million, from $14.5 million to $15.5 million, to assist in satisfying part of this excess demand.
The forecast 2014 financial year distribution remains unchanged at 10.5% due in part to the lower initial gearing (47% down to 43%) and the debt being secured for three years at 5.55%, 10 basis points lower than forecast in the product disclosure statement.
Investors have bought into a six level commercial office building with 90 car spaces at 43 Burelli Street and 34 Stewart Street, Wollongong.
It is in the heart of the Wollongong CBD, about 200 metres from the Crown Street Mall and GPT's Wollongong Central retail centre.
The property is anchor tenanted by Commonwealth and state government tenants – representing aroundy 79% of the building’s income.
Folkestone acquired the building on April 10 and the offer to invest in the fund closed on June 20.
The sale price was not disclosed. The building previously sold for $9.75 million in 1998.
“The success of the capital raising demonstrates that investors continue to seek investments with strong income returns and quality covenants,” said Folkestone managing director, Greg Paramor.
He said the forecast distribution of 10.5% offers investors, particularly self-managed superannuation funds, with an attractive risk-adjusted return.”
"Our distribution network continues to grow as illustrated by the strong support from both financial planners and private client investors. Given the continued appetite for quality, yield orientated investments, Folkestone plans to launch the third in its series of real estate income funds in the next few months" Paramor said.
Folkestone’s balance sheet underwrote $8 million of the equity raising to assist in the acquisition which has now been repaid from investor applications.
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SMSF investors flock to Folkestone Wollongong unlisted office fund offering 10.5% return

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Gold Coast real estate company Staymint has been fined $50,000 for 231 counts of dishonestly converting trust account money to its own use.
The offences occurred over more than a year while Staymint operated the Broadbeach holiday apartment complex Carmel by the Sea.
The fine was handed down in the Brisbane Magistrates Court last week after Staymint pleaded guilty to wrongfully converting $141,466 in trust money between 1 July 2011 and 1 August 2012.
The court heard Staymint staff booked tenants into rooms in Carmel by the Sea’s letting pool then, after the guest had checked out, changed the records to indicate the guest had stayed in a leaseback unit.
Lease back units are units for which the property manager guarantees the landlord a set return. If the unit returns less than the guaranteed amount, the property manager must make up the shortfall. If it returns more than the guaranteed amount, the property manager retains the additional income as profit.
Rather than transfer the amount earned from a guest staying at a unit to the unit owner, Staymint transferring the amount earned from this stay to its own accounts.
The Queensland Office of Fair Trading (OFT) investigated after a unit owner complained he had not received rent from tenants who had signed the guest book in his unit.
The OFT executed a search warrant on Staymint’s office, seizing a hard drive and trust account records that showed the company had wrongfully transferred $141,466 to its own account.
The court heard Staymint is in the process of repaying the 34 affected unit owners, with $75,000 paid to date.
No conviction was recorded against the company.
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Gold Coast estate agency fined $50,000 over 231 cases of trust account misuses

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A dozen financial advisory firms from North Asia, Hong Kong, South East Asia, Europe and the Middle East have joined forces to create an advisory committee to represent the interests of clients who invested around $400 million in funds tied to collapsed Gold Coast mortgage lender LM Investment Management (LMIM).
The committee has appointed Australian law firm Holman Webb and legal adviser Gordian Gaeta, to act on behalf of investors, reported London-based online journal, International Advisor.
LMIM collapsed in March this year.
Investments in mortgage funds were promoted by an international network of financial advisers.
Prior to its collapse, LMIM boasted that it operated in 70 countries and managed $3 billion of realisable assets, including the now-stalled $1 billion Maddison Estates residential development on the Gold Coast.
After the closure of many mortgage funds in Australia spooked local investors, LMIM heavily promoted its offerings offshore, particularly to investors in Asia, Europe and the Middle East.
The Adviser Committee for Investors (ACI) has been created by advisory firms, Magellan, based in Japan and Financial Partners, based in Hong Kong and the UAE.
A further 10 other firms have joined the committee, with each new member has been asked to contribute $3,000 towards legal costs.
A charter has been drafted and distributed to potential new financial advisory firm members in Europe, Asia and the Middle East.
Representatives from Magellan, Financial Partners and Mondial visited Australia earlier this year on a fact-finding mission and have since compiled a report to be distributed to members of the committee.
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Committee formed to represent overseas investor interest in collapsed Gold Coast lender LM Investment Management

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Interest rates on 90 two-year fixed-rate home loan offerings in the RateCity.com.au database fell in June.
The cheapest two-year fixed rate home loan on the mortgage comparison website is HSBC’s 4.59% rate while the lowest ongoing variable rate in RateCity's database is 4.74% by non-bank lender State Custodians.
Lenders to have cut their two-year fixed-rates recently include CUA, which cuts its offering to 4.89% (also the rate for its three-year fixed rate home loan) with the pace of fixed-rate cuts not slowing down in June, according to RateCity.com.au.
The gap between fixed and variable rates may encourage some conservatively minded borrowers to consider taking out a two year fixed-rate below 5% if they form a view that rates will be higher between now and 2015.
“With fixed rates this low, it's a good time to consider fixing if you're concerned about rising interest rates. But don't be surprised if interest rates fall further before they start climbing again,” says RateCity.com.au chief executive Alex Parsons.
He believes there could be more RBA rate cuts to stimulate the housing market.
“It wouldn't be surprising to see a rate cut next week as the past rate cuts seem to have made little impact on stimulating the home loan market. Since November 2011, the Reserve Bank has cut the cash rate seven times by a total of 2.00 percentage points. While it's now at a record low of 2.75%, there's been very small growth in the home loan market.
Most economists though expect the cash rate to remain on hold in July when the RBA meets next week Tuesday, according to a poll by Bloomberg.
A rate cut in August is tipped by half of economists.
Two-year fixed rates are not a very popular product accounting for around 10% of the fixed-rate market, according to figures by another <a target="_blank" href="https://www.propertyobserver.com.au/news/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504">comparison website, finder.com.au.</a>
Fixed rates currently accounts for between 20% and 30% of all home loans (fixed vs variable) so that gives two-year fixed-rates a market share of between 2% and 3% of the whole market.
Two-thirds of borrowers prefer three-year fixed rates, while one in five prefer a five-year fixed-rate term.
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Two-year fixed-rate loans continue to fall below variable offerings: RateCity

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Property investors should be taking advantage of low interest rates to invest now but with a long-term outlook, says Yellow Brick Road founder Mark Bouris.
Bouris expects modest dwelling prices rises over the next 12 months but says investors need to look to hold property for at least 10 years to benefit from the peaks and to ride out the troughs.
His forecast is for house prices to rise by around 3% for the 12 months to May 2014, matching the 2.9% gain over the previous 12 month period as recorded by RP Data-Rismark.
“Most of the people panicking about property are looking at the three years between 2010 and now, and they see a drop, says Bouris in a column for news.com.au.
“However, if you start at 2008, you see a rise of $44,512 in five years.
In May 2008 the median dwelling price was $446,488, it rose to $507,446 in 2010 and then tapered off to $491,000 in May 2013, according to RP Data-Rismark.
“My bottom line: Stay in property for at least 10 years and ensure you get the peaks as well as the troughs.
“To cover 2014, aim for 2024,” he says.
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Invest in property now but with 10-year outlook: Mark Bouris

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ASIC has cancelled the registration of Wickham Securities auditor Brian Kingston as it continues to investigate the collapse of the $30 million mortgage lender and the financial planning business run by founder Bradley Sherwin, which promoted its financial products.
Wickham Securities collapsed in December last year and is now in liquidation.
Self-funded retirees having invested $27 million in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25%.
The money was then lent to what appears to be borrowers of last resort to fund commercial property acquisitions or refinance existing loans, at interest rates in excess of 20%.
Under an enforceable undertaking with ASIC, Brian Patrick Kingston of Bapaume, Queensland, has agreed to "never reapply for registration or perform any duties or functions of an auditor". ‘Mr Kingston clearly failed in his job,” said ASIC commissioner John Price. ‘ASIC will not tolerate inferior work and is determined to lift standards within the auditing profession."
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/administrators-find-%24108-million-black-hole-in-wickham-securities/2013013059033">Property Observer reported in January</a> that investigations into the collapse of Wickham Securities by administrators PPB Advisory uncovered what appeared to be a bogus $10.8 million cashflow statement, one of a number of apparent discrepancies and irregularities. 
The administrators found that an amount of $10,779,835.47 said to be in Bank of Queensland bank account as of 30 November 2012 “was not available in the company’s bank accounts”.
At the time, joint administrator Grant Sparks and David Leigh said they were still waiting to receive a copy of the company’s books and records from Kingston.
Documents published by PPB Advisory since then do not indicate that this information has been provided to them.
This week NAB launched a lawsuit seeking to repossess Sherwin’s renovated 1910-bult colonial Wooloowin home (pictured below) in Brisbane's inner north, according to a report in the Brisbane Courier Mail.
{yoogallery src=[images/stories/2013/06/june28sherwin]}
RP Data records show Sherwin bought the house, which is in his wife Deborah’s name, for $915,000 in 2008. It previously sold for $575,000 in 2004.
Overlooking Kalinga Park, the chamferboard-clad house has five bedrooms and three bathrooms.
In its latest statement, ASIC says that on September 27 2012, just under three months prior to the collapse of Wickham, Brian Kingston issued an unqualified audit opinion on the financial report of Wickham for the year ended 30 June 2012. ASIC formed the view that, in respect of the audit, Kingston failed to carry out or perform adequately and properly the duties of an auditor.
In particular, ASIC was concerned the audit was not conducted in accordance with the Australian Auditing Standards because among other things, “an adequate level of professional scepticism was not exercised in auditing the recoverability of loan assets and assessing going concern, and reliance was placed on representations from Wickham management and directors without having performed appropriate audit procedures to corroborate or confirm those representations”. ASIC is continuing to investigate the collapse of Wickham, and Sherwin Financial Planners Pty Ltd and related entities.
ASIC commenced action against Bradley Sherwin, his wife Deborah Sherwin and eight related companies seeking orders to freeze bank accounts and appoint receivers soon after Wickham Securities collapsed.
The eight related businesses, which include Sherwin Financial Planners Pty Ltd, were all placed in administration on January 24, with administrators from the firm of Taylor &amp; Woodings appointed.
Sherwin has strongly denied any wrongdoing and says he is assisting ASIC.</body></html>

Wickham Securities auditor accepts ASIC life ban as NAB seeks to repossess founder Bradley Sherwin’s Wooloowin house

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Australian household wealth is back to record levels and combined with an improving appetite for spending could be good news for a property market, which is already heavily dependent on opportunistic investors as first-home buyers stay on the sidelines.
The latest financial accounts prepared by the ABS show that net Australian household financial wealth per capita rose from $73,352 to $75,955 in the March quarter, to be up 22.1% over the past year.
Net financial wealth peaked in early 2007 just before the GFC, then fell sharply, but has now surged to a new high.
<img alt="aussie_net_wealth" src="/images/stories/2013/larry_uploads/aussie_net_wealth.jpg" width="470" height="308">
The financial accounts also show that just over 22% of total household assets are being held in cash and deposits.
CommSec economist Savanth Sebastian says that while this is well above the decade average of 20.4%, it have eased over the past few quarters.
“The latest data on household wealth certainly provides Aussie households with a bit of cheer and could not come at a better time, especially given the underlying level of conservatism," says Sebastian.
“The global financial crisis caused the biggest ever drop in wealth for Australian households, however wealth levels have continued to repair over past couple of years and are now back at record highs.
“The sustained improvement in wealth levels and low interest rate environment has resulted in household tentatively starting to spend.
“The improvement in household balance sheets certainly bodes well for future spending.
“And given that a low interest rate environment is likely to be part of the economic landscape over the coming year, it may prompt consumers to invest in other asset classes and spend a little bit more freely,” he says.
<a href="https://www.propertyobserver.com.au/landlords/opportunistic-and-optimistic-property-investors-pick-up-slack-from-dwindling-first-home-buyer-market/2013061162157" target="_blank">April ABS housing finance data</a> shows that the value of home loans taken out by investors rose by 1.1% to five-year highs in April totalling $81.4 billion, while the value of owner-occupier housing loans fell 0.9% to $14.6 billion.
The value of investment home loans to purchase established homes for rent or resale has been rising for nine straight months (since August 2012) and totalled just over $7 billion in April up from $6.82 billion in March.
A year ago the value of investment home loans to purchase established homes for rent or resale was $5.76 billion – an annual increase since then of 21.5%.
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Australian household wealth rises to record levels with an improving appetite to spend: CommSec

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The Adelaide housing market remained "subdued" over the April quarter of 2013 "reflecting the nature of the underperforming local economy where unemployment over April remained seemingly intractably high at 6.1%".
This compares with a national unemployment rate of 5.5%.
Adelaide house prices increased just 0.1% over the quarter to $432,951 and are up by just 0.1% over the past year, according to the latest Australian Property Monitors (APM) quarterly report.
The unit market has fared worse with prices down 0.7% over the April quarter to $281,033 and down 0.4% over the past 12 months.
Howerver, APM reports some positive signs with the number of owner-occupied loans approved in South Australia up by 3.5% over the first 3 months of this year, compared to the same period last year, according to ABS home loan data.
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Adelaide housing market remains subdued with "intractably high" unemployment: APM

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.

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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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