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Perth house prices are expecte to continue their "upward trajectory of growth", with median prices to be at record levels sooner rather than later in 2013, according the latest Australian Property Monitors (APM) housing market report.
APM records Perth house prices up 3.2% to $595,609 over the three months to April with unit prices up just 0.4% to $405,547.
Year-on-year Perth house prices are up 6.7% while the unit market has been largely flat, down 0.6%.
APM reports that first-home buyers remain active in the market motivated by the tight rental market and steeply rising rents. In addition the $7,000 first-home owner grant (FHOG) remains in place for both new and existing home purchases.
However, there are headwinds facing the market with APM warning of strains on the local economy emerging from the "record levels of new arrivals, particularly given the apparent topping out of the resources boom".
In addition, Perth’s unemployment rate rose to 5.4% percent over April - the highest monthly level recorded for three years.
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Perth house prices to hit record levels in 2013: APM

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Dwelling values are expected to rise strongly in June regaining most of the losses recorded over April and May.
For the first 27 days of June, dwelling values across the five city aggregate index are up 1.7%, according to the RP Data-Rismark Daily Index.
This takes values roughly back to where they were at the beginning of May and 1.4% higher since the start of the calendar year.
RP Data-Rismark recorded a 1.2% decline in dwelling values across eight capital cities in May and 0.5% down over April.
"The RP Data-Rismark Hedonic Index series is likely to retrace the decline in home values which was recorded over the months of April and May when the end of June figures are released on Monday,” says RP Data national research director Tim Lawless.
“The daily index has shown a consistent upwards trend over the month, with the main drivers being Perth and Sydney where values are likely to end the month up more than 2%.  
“The Hedonic Index movements have closely mirrored the changes in consumer sentiment, with the Westpac-Melbourne Institute survey of consumer sentiment showing a similar trend over the past three months; down in April and May followed by a further rise in June.”</body></html>

Property market to reclaim lost ground with 1.7% rise in June to date: RP Data

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Citi Research modelling that forecasts house prices to rise 3% between now and March next year before a "slight" 2% correction thereafter are "broadly" in line with the views of RP Data.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/australian-housing-bubble-risk-overblown-with-prices-to-peak-in-march-2014-citi/2013062562659">Citi Research analysts Paul Brennan and Josh Williamson expects</a> a slight drop in house prices from the second quarter of 2014 to be driven by the “powerful effect” of lower Chinese immigration, a weaker Chinese economy and a lower Australian dollar. 
RP Data expects a similar trajectory for dwelling values, but driven by wages growth over the medium term. 
“The direction of labour markets, particularly the level of jobs creation and unemployment will have a direct bearing on the level of value appreciation across the Australian housing market as will consumer confidence,” says RP Data national research director Tim Lawless. 
“We are likely to report a fairly flat June quarter when our hedonic indices are released on Monday next week after a solid rise in values over the month of June retraces the 1.7% decline we saw in the index reading over the months of April and May. 
“Perth and Sydney are certainly the stand out performers currently, however Brisbane is also a market that is likely to see some improvement in market conditions which have been relatively sedate up to now,” he says.
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Citi forecasts of 3% rise in house prices and then slight correction from March 2014 “reasonable”: RP Data's Tim Lawless

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Economist Saul Eslake says he is not particularly troubled about the risks of a 'housing bubble' re-forming in Australia following Citi Research, which drew a similar conclusion. 
<a target="_blank" href="https://www.propertyobserver.com.au/residential/australian-housing-bubble-risk-overblown-with-prices-to-peak-in-march-2014-citi/2013062562659">The Citi Research report</a> downplayed the risks of a housing bubble forming and forecast house prices to rise 3% between now and March next year before a “slight” 2% correction driven by the “powerful effect” of lower Chinese immigration, a weaker Chinese economy and a lower Australian dollar. 
Eslake, chief economist at Bank of America Merrill Lynch (BAML) described the Citi Research as “really interesting, innovative and insightful” but remains circumspect about the impact of Chinese demand on Australian house prices. 
“While I was aware of various pieces of anecdotal evidence linking Chinese demand to movements in house prices, this is the first time I've seen any rigorous attempt to quantify it,” Eslake tells Property Observer. 
“In some ways it's hard to see a causal link between Chinese industrial production (IP) and Australian house prices; and lots of things in Australia are correlated with Chinese GDP growth these days (including Australian GDP growth and, inversely, the RBA cash rate), so there might be an element of 'double counting' here. But it's still a very interesting piece. 
“More broadly, I've not been particularly troubled about the risks of a 'housing bubble' re-forming in Australia.” 
Eslake says the present recovery in housing is weak by historical standards and is proportionately reliant on investors. 
“I think households, particularly those who already have some debt, will continue to prioritize paying debt down over taking out new debt, which will inhibit non-FHBs, while FHBs are likely to remain apprehensive about their employment prospects and hence wary about entering the market. 
“If there were signs of a 'bubble' developing because of low interest rates, the RBA in conjunction with APRA could use 'macro-prudential instruments' to reduce that risk. 
These instruments could include mandating lower maximum loan-to-value ratios and shorter mortgage terms by requiring banks to hold more capital against mortgages. 
“Canada has done both of these things and the recent New Zealand budget gave the Reserve Bank of New Zealand (RBNZ) power to do something similar if warranted.”
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Little chance of housing bubble building in Australia but China effect may be overstated: Saul Eslake

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Australian house prices are expected to rise a further 3% between now and March 2014 and then “fall slightly thereafter” by around 2% according to forecasts by Citi Research.
With RP Data calculating that house prices have risen just 2.9% since bottoming out in May last year, this would mean around a 6% gain in house prices following 200 basis points being cut from the cash rate since November 2011.
It would be by far the weakest recovery in house prices compared with previous interest-rate easing cycles.
<img alt="house_price_scenarios" height="364" width="470" src="/images/stories/2013/larry_uploads/house_price_scenarios.jpg">
Following rate cuts commencing in July 1996, house prices gained 13% over the following 18 months, they gained 30% following rate cuts commencing in February 2001, and lifted 11% following the big rate cuts that occurred from September 2008 onwards <a target="_blank" href="/news">noted AMP Capital Investors chief economist Shane Oliver in May.</a>
The primary drivers of a correction after March 2014 is a slowdown in the Chinese economy and less Chinese migration into Australia, both of which have been identified as having a strong correlation – albeit with around a three year lag time – with Australian house price movements.
<img alt="chinese_and_house_prices" height="334" width="470" src="/images/stories/2013/larry_uploads/chinese_and_house_prices.jpg">
This forecasts assumes that interest rates remain unchanged over this period and is calculated using a complex forecast model that factors in year-on-year changes in nominal house price, Chinese immigration, variable interest rates, Chinese industrial production, changes in the real trade weighted index, the non-FHBs average loan and consumer confidence.
“Our baseline model shows the nominal house price will continue to grow until March 2014,” say Citi Research analysts Paul Brennan and Josh Williamson.
“The initial house price increase is the result of sustained low interest rates which in turn causes increased borrowing.
“However, the downward pressures created by a slowdown of the Chinese economy, lesser appetite for capital inflows as reflected in a lower Australian dollar and reduced Chinese immigration will eventually overtake the upward momentum from positive domestic factors, causing prices to fall slightly.”
In the short term, the main driver for the Australian housing market will be the low interest rate, which is expected to remain at low levels for "the foreseeable future".
“We maintain our view that the official cash rate will remain at 2.75% until the second quarter of 2014," say Brennan and Williamson.
“This implies that the variable lending rate will also stay at current levels over the same period, easing households’ (particularly non-first home buyers’) concerns over mortgage pressures and consequently stimulating the demand for housing.
“We also assume consumer confidence rises gradually later this year.
“We have allowed for the non-FHB loan size to grow at higher than the historical average rates, which we think is reasonable in response to the record-low cash rate.
“The auction clearance rates in Sydney and Melbourne have been hitting the 70% to 80% mark for the first 5 months of 2013, coinciding with the RBA cutting rates to lows of 3% in December 2012 and again to 2.75% in April this year.
However, the lag factor of lower Chinese immigration growth since 2011-12 will add further downward pressures on house prices.
In addition, Citi's Chinese economists are of the view that "Chinese industrial production (IP) growth will moderate to below 10% over our forecast period, a significant reduction from the double digit growth rates seen not too long ago".
“The falling Australian dollar against major trading currencies, particularly the US dollar also points to weakening offshore investor interest in the form of reduced capital inflow appetite.
“We are of the view that the trade weighted index (TWI) - an average of the Australian dollar exchange rate compared with its most important trading partners - will continue to fall over our forecast horizon, suppressing house price growth.
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House prices to rise a further 3% to March 2014 and then fall around 2% under China effect: Citi Research

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Riverpoint, the six-bedroom Isle of Capri mansion that sold through former Ray White Broadbeach prestige selling agent Michael Kollosche for $10 million in September 2010 has been sold ahead of a scheduled July 9 auction for an undisclosed, but likely significantly lower price.
Its most recent price indication came when $3.9 million was offered at its recent May 30 auction which was rejected by Suncorp, the mortgagee-in-possession, who ordered the forthcoming auction.
The house is currently at the centre of a Brisbane Supreme Court legal dispute relating to $2 million deposit paid as an option deal on the 1-3 La Scala Court house in September 2010, with the buyer being former bankrupt call-centre operator Steve Wooldridge’s One-Eleven (Qld) business entity acting on behalf of the Wooldridge Discretionary Trust.
Wooldridge is seeking a return of the $2.04 million deposit claiming he was misled by owners Peter and Kim McQueen and Michael Kollosche, the Gold Coast Bulletin reported.
Separately, Kollosche, solicitor Damien Ingwersen and his firm, and Galacoast, the company that previously operated Ray White Broadbeach is being sued for $17.5 million by Coast real estate agent Rod Lambert, the whistleblower who has alleged price-fixing scams on Mermaid Beach. The case involves the sale of a prime development site on Albatross Avenue at Mermaid Beach to Lambert and his wife in 2007 for $10.6 million.
Both the May and July auctions of Riverpoint were being marketed by Michael Willems from Ray White Prestige Gold Coast - Surfers Paradise.
It is described as being “immersed in a landscape of tropical gardens” though parties involved in the legal dispute may take issue with the view that “Riverpoint is a home where every day is a day in paradise”.
It has six ensuite bedrooms with views down Nerang River as well as a separate guest suite and study in separate private pavilions with wood elements featuring recycled and reclaimed ironbark timber from a Newcastle wharf.
It has 90 metres of direct rver frontage, a 10 car basement parking, a theatre, rumpus, bar, cool room, gym, tennis court, boat mooring and private beach and sits on a 2,600 square metre block.
It was built by the McQueens after they acquired two adjoining properties for $2.2 million in 2002.
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Disputed Riverpoint mansion on Isle of Capri sells ahead of July 9 auction

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Kevin Rudd’s first-home buyer housing initiative – the first-home saver account (FHSA) incentive – has topped 40,000 savings accounts with a surge in new accounts over the first three months of the year.
In total $416.8 million is held in 40,200 accounts equating to average savings per account of around $10,300.
The scheme, which was slow to gain traction when launched is still no where near the planned 750,000 savings accounts the government hoped would be opened by 2012.
There were 1,200 new savings accounts opened over the first three months of the year, more than double the 500 opened in the final quarter of 2012, according to APRA figures.
First home saver accounts
<img src="/images/stories/2013/larry_uploads/fhs_accounts.png" width="470" height="84" alt="fhs_accounts">
Source: APRA
The scheme aims to help first-time buyers save for a deposit for their first homes. 
Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage at the end of the minimum four-year qualifying period, if they saver bought a home earlier, rather than require that the money be paid into a superannuation account.
However, should a saver decide not to buy a home (for example they may decide to head overseas), the money must still be transferred into the saver's super fund and can only be accessed when they retire.
<a href="/news">In February last year </a>Property Observer noted the scheme was gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
According to APRA, the savings accounts are offered through 17 institutions the bulk of which are credit unions and building societies, but also the Commonwealth Bank and AMP.
ANZ pulled out of the scheme in October last year.
A spokesperson for the Commonwealth Bank said it was no longer offering new accounts.
The main features of these accounts are:
<ul>
<li>The interest you earn on the account is only taxed at a rate of 15%.</li>
<li>You have to save at least $1,000 each year over at least 4 financial years before you can withdraw the money. These 4 years do not need to be consecutive.</li>
<li>The maximum account balance is capped at $90,000 but this cap will be indexed in future years. After your savings reach this level, only interest and earnings can be added to the balance.</li>
<li>The money has to be used for your first home. If it is not, it is added to your super and you can't access it until you are retired or can meet another <a target="_blank" title="condition of release" href="https://www.moneysmart.gov.au/glossary/c/condition-of-release">condition of release</a>.</li>
<li>If you buy your first home before the 4 year period is up, you can withdraw the money in your account at the end of the 4 year period to put towards your mortgage. You will not be able to make any more deposits once you have built or bought a property.</li>
</ul>
Source: ASIC
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Kevin Rudd’s first-home saver account scheme gathers pace with $417 million set aside for future home purchases

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A liquor store in the Tasmanian north west coast rural town of Wynyard has sold for $2.105 million soon after being passed in as part of a Burgess Rawson portfolio auction.
The Woolworth’s leased BWS branded store was the only non-Victorian commercial property to be auctioned <a target="_blank" href="https://www.propertyobserver.com.au/retail/geelong-water-facing-cafes-sell-on-strong-yields-at-auction/2013062662731?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">among 25 retail properties</a> spread across Melbourne, Sunbury and Geelong.
Woolworths pays net rent of $178,888 per annum equating to a yield of around 8.5%.
The 500 square metre liquor store on a 1,983 square metre site with a drive-thru and two street frontages was acquired by Woolworths in December 2011, modernised and rebranded as a BWS store in 2012.
Woolworths has a 10 year lease on the 1950s-built property with renewal options to 2041.
It includes an agreement for turnover rent of three cents for every dollar in gross sales generated by Woolworths.
According to auctioneer David Scholes from Auctionworks, turnover is up 20% since Woolworths took over the lease and rebranded the store as BWS.
The long-standing liquor business adjoins the Wynyard Hotel.
It last sold for $1.6 million in June 2007, according to RP Data, equating to an annual capital gain of 4.68% per year.
Bidding started at $2 million with two bidders competing.
It passed in on a vendor’s bid of $2.2 million.
The property was marketed ahead of its auction by David Webster of Knight Frank Tasmania along with Shaun Venables and Billy Holderhead.
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Tasmanian liquor store leased to Woolworths sells on 8.5% yield after failing to attract a buyer under the hammer

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Commercial property investors have shrugged off concerns about the Geelong economy and job market with two cafes close to the waterfront snapped up by investors on attractive yields at a Burgess Rawson portfolio auction today.
The Beside the Point Café below a seven story residential development at 100 Western Beach Road sold for $462,000.
The café, which adjoins Deakin University and according to auctioneer David Scholes from Auctionworks, benefits from “students nipping out for a coffee” brings in annual net rent of $35,000 equating to a strong yield of around 7.6%.
Bidding started at $400,000 and quickly rose to $450,000 before two bidders competed with $1,000 increases.
The second property to sell was the Steakhouse and Mila Café also at 100 Western Beach Road, which sold for $1.365 million. It brings in net annual rent of $85,000 equating to a yield of around 6.2%.
Both premises were marketed by Wayne Thompson and Andrew Lewis from Colliers International and Raoul Holderhead and Shaun Venables of Burgess Rawson.
The sales suggest investors have not been spooked by the <a target="_blank" href="https://www.propertyobserver.com.au/victoria/target-jobs-uncertainty-throws-spotlight-back-on-geelong-property-market-targetaus/2013060662031">recent spate of job closures</a> announced by Target and Ford with possible further loss of jobs from possible closures of the Shell Refinery and Alcoa's Point Henry aluminium smelter.
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Geelong seaside cafes sell on strong yields at auction

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Two Melbourne suburban Salvos Stores have sold at auction today as part of a successful Burgess Rawson portfolio auction with 20 out of 25 properties changing hands.
In a packed room at Crown casino, bidders wore their poker faces but generally showed healthy appetite for retail strip premises tied to secure tenants on long leases.
The 407 square metre Bayswater Salvos Store at 716 Mountain Highway sold under the hammer for $1.465 million.
Bidding started at $1 million but quickly rose as a number of bidders competed vigorously for the asset.
Encouraging them to bid, auctioneer David Scholes from Auctionworks said Salvos were now “bona fide retailers” with more than 300 stores across Australia selling “recycled, quality stock”.
The Bayswater store brings in annual net rent of $80,730 equating to a yield of around 5.5%.
The store is leased by Salvos Stores, the retail arm of the Salvation Army, on a five year lease commencing in April 2012 with three renewal options of five years to 2032.
A second 470 square metre Salvos Store on Emerald Road in Beaconsfield in Melbourne's south east, sold for $1.45 million. The store brings in net rent of $98,000 representing a yield of around 6.7%.
Bidding started at $1.2 million. The store is on a renewed lease to 2020 with a further five year renewal option.
The Bayswater store was marketed by Shaun Venables and Jamie Perlinger from Burgess Rawson and Fred Nucara and Brendan Goss of Bellet TBM Commercial.
The Beaconsfield store was marketed by Sam Newton and Jamie Perlinger from Burgess Rawson.
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The top price achieved at the auction was for a KFC in Carrum downs currently undergoing a $350,000 refurbishment, which sold to a Springvale family for $3.82 million.
Other notable sales included a 7-Eleven in Hawthorn which sold for $2 million (5.9%) a new Foodworks in Pascoe Vale which sold for $1.015 million (yield of 5.91%), a corner retail property at 565-567 Church Street in Richmond which sold for $2.05 million (5.05% yield) and a Nando's restaurant in Ferntree Gully, which sold for $830,000, a yield of 6.5%.
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Investors find ‘salvation’ under the hammer on Melbourne retail strips

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

Joel Robinson

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[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;

[smartcode_project_cta:default project_id=152737]

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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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