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The bounce to prestige property markets anticipated from the approval of signficant investor visas (SIV) could take a long time to filter through given very long processing times and a backlog of applications.
The Department of Immigration says that once it has developed the “organisational expertise for the new visa” it will take between six to nine months to process applications under a "business as usual" scenario.
Checks include assessing an applicants source of funds among a range of the usual background checks a spokesperson told Property Observer.
"The time to process each case will be different."
The department has revealed just two visas issued since the scheme was launched in November – one to a Chinese toymaker - with around 222 invitations issued to investors up to early June, 212 of them to Chinese investors.
The visas are available to offshore investors with at least $5 million to invest in approved schemes, which include Commonwealth, State or Territory government bonds, ASIC-regulated managed funds with a mandate for investing in Australia; and direct investment into Australian proprietary companies.
In NSW, applicants must invest a third of the $5 million in state government Waratah bonds, with the state hoping to use the scheme to fund infrastructure and road projects.
Direct property investments do not qualify, but <a target="_blank" href="/news">Dominic Ong, who heads up a new Knight Frank special significant visa team</a> specifically targeting wealthy Chinese investors, told Property Observer last month that he was showing Asian clients around some of the most expensive Sydney waterfront real estate.
The visas qualify the recipient with four-year’s residency without needing to be proficient in English or meet other traditional visa requirements. Following this period they can then apply for permanent residency.
<a target="_blank" href="/news">Property Observer has previously written</a> that the issuing of the first two visas had generated a seemingly disproportionate amount of press coverage with the Department of Immigration seemingly in no hurry to approve applications despite a pipeline of more than 400 applications.
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lschlesinger-FZcF9M3vE6

Significant investor visas to take up to nine months to process

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Mortgage arrears among prime borrowers remained stable in the first three months of 2013, helped by low interest rates, the latest Fitch Dinkum Index shows.
Fitch records a negligible 2 basis point rise in prime mortgages more than 30 days in arrears rising from 1.46% in the December quarter of 2012 to 1.48% in the first quarter of 2013.
Fitch also notes that loans between 30-59 days arrears were at 0.59% up from 0.55% in the December quarter, making it the lowest post-Christmas level since March 2006.
An increase in 30-59 days arrears in the first quarter is anticipated each year because the serviceability of Australian borrowers is temporarily affected by the holiday season and Christmas spending.
The figures are based on Fitch's analysis of mortgages bundled and sold by lenders to investors as residential mortgage-backed securities (RMBS).
However, of concern will be the rise in arrears for both the self-employed (low-doc loans) and those with poorest credit ratings (non-conforming low-doc loans).
Fitch records the proportion of non-conforming loans more than 30 days in arrears increased from 11.99% to 12.76% while low-doc loans arrears increased from 7.05% to 7.57%.
The graph below shows the stable low-arrears rates for prime mortgages (blue) and rising arrears rates for low doc and non-confirming loans (brown and green lines).
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/06/fitchjune24one.gif" rel="shadowbox"><img src="/images/stories/2013/06/fitchjune24onethumb.gif"></a>
"Self-employed borrowers are still experiencing financial distress and finding it difficult to cure their arrears," says Iselle Gonzalez, associate director at Fitch.
"Historically, low-doc borrowers have taken longer to adjust their spending and cure arrears due to the lumpy nature of the cash flows; Fitch believes this will continue."
According to Fitch, low-doc performance, can be an early indicator of financial distress among borrowers who do not have a stable income and are therefore sensitive to volatility in the economy.
Fitch explains that non-conforming mortgage lending standards do not meet the standard lending criteria of mainstream lenders and include lending to borrowers who have poor credit or payment histories. As a consequence non-conforming transactions tend to have high levels of delinquencies and defaults.
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Mortgage arrears rise for self-employed and credit impaired borrowers: Fitch

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The Australian Tax Office is warning users of the virtual currency Bitcoin that it can track who is using it following concerns that it could be used to hide transactions and evade paying tax.
Bitcoin is a virtual currency that launched in 2008 with the aim of facilitating online transactions, but concerns have been raised about its volatility and the anonymity it creates between bitcoin payer and payee.
ATO senior assistant ­com­missioner for the cash economy Michael Hardy told The Australian ­Financial Review it was confident it could track down the identity of bitcoin users saying it was “no more anonymous than physical cash”.
He said the ATO had the experience to deal with the new currency, was monitoring the currency and was confident of catching any misconduct.
Bitcoin is also facing scrutiny from the US Treasury department and US regulator Commodity Futures Trading Commission (CFTC).
While it has yet to be used to purchase property in Australia, it has been used to make payments in relation to property transactions.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/industry-news/secret-agent-jumps-on-the-bitcoin-bandwagon/2013050260955" target="_blank">Melbourne buyers advocate Secret Agent </a>accepted its first Bitcoin payment in May for services relating to a single-fronted terrace house in Carlton.
The buyer, a web entrepreneur called ‘Cosmo’ paid the Secret Agent 10 bitcoins valued at $130 each at the time for the $1,300 fee for its advice and recommendations.
Secret Agent managing director Paul Osborne said Bitcoin transactions could become much more common, though he is only accepting bitcoin for smaller payments.
"We think it could take off," he said.
This week in the US, a start-up venture Coinsetter will launch as a trading platform for bitcoins potentially allowing larger traders using the web currency.
Regular Property Observer contributor Pete Wargent wrote of the volatility in Bitcoin prices in<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/real-estate-is-only-worth-what-someone-else-will-pay-for-it-pete-wargent/2013051561392" target="_blank"> mid-May</a> illustrating this with a chart:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/larry_uploads/bitcoin.jpg" alt="bitcoin" width="470" height="243">
"Since this chart was produced, over the last weeks, bitcoin prices have been all over the place. From a peak of well over US $200, the price quickly swung to a low of just $105, yet by Wednesday the price had rebounded to $175 before plummeting again to $120 on Thursday," wrote Wargent.
"The extreme volatility caused one major exchange to call a 12 hour halt to trading and has caused skeptics to question whether an item with such wild swings in prices can even be referred to as a 'currency' at all.
"The total supply of bitcoins in circulation today is said to be worth around $1.3 billion. Where that figure will be in 6-12 months time is anybody’s guess."
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Bitcoin users in ATO sights as use in property transactions set to rise

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Australian feels more confident about buying residential property and of its potential to build wealth, the latest QBE LMI Mortgage Barometer report has found.
The survey or more than 1,100 home owners and prospective homebuyers also found a distinct shifting in buying tastes with a higher percentage of first-home buyers, second homebuyers and investors contemplating buying a new house or apartment rather than an existing one.
Thirdly, there also appears to be a shift towards buying units with respondents considering buying detached houses in 2013 than in 2012.
Nearly one in three (32%) of those surveyed believe the next six months is the best time to buy residential property, up from 26% in 2012 while more than half believe the next 12 months is the best time to buy, up from 40% in 2012.
“This sentiment is in line with almost half of respondents (47%) thinking that property prices will increase strongly in the next three years and more than a third believing prices will be at least 10% higher in 2013,” says Jenny Boddington, chief executive officer of QBE LMI.
Other results also point to the belief that property will be a better investment vehicle in the coming years with 17% of those surveyed classifying it as a “reliable blue-chip investment” – up from 16% in 2012; 14% considering it as a way to build wealthy relatively quickly (up from 8% in 2012) and 22% considering it an investment to fund retirement (up from 19%).
In addition, significantly fewer respondents now believe property should only be one part of a diversified portfolio (17% in 2013 versus 29% in 2012) - in other words more Australians believe that the asset class can stand on its own as an investment vehicle.
<img width="470" height="223" src="/images/stories/2013/larry_uploads/perceptions.jpg" alt="perceptions">
“The slow recovery of the share market post-Global Financial Crisis (GFC) has likely had a large part to play in these perceptions, with dwelling values outperforming the ASX 200 Index on capital appreciation over the last decade to 2012, and proving to be far more stable (largest 12-month fall of 5% vs. 40%+ for shares),” notes the report. 
While buying an existing home remains the most popular choice for all buyers, the survey did find a rise in appetite for new homes across first-home buyers, owner occupiers and investors.
 
<hr class="system-pagebreak">
In 2013, more than a third of respondents (35%) said they were looking to buy a new house compared with 29% in 2012.
Interest is a new home highest among first-home buyers, which is not surprising given the changes in first-home owner grants in NSW and Queensland, incentivising only new home purchases, with Victoria, the ACT, South Australia and Tasmania all to follow suite in the coming months and years.
Nearly one in two (49%) first-home buyers are considering a new home compared with 34% in 2012.
Among owner-occupiers, more than a third (34%) are considering a new home over an existing one (up from 26% in 2012) and among investors, 32% are considering a new home (up from 27% in 2012).
Perhaps signalling a desire for a more affordable property, but possibly also reflecting the rise in apartment living in capital cities, the survey found a distinct shift towards purchasing units among owner occupiers and investors with demand for generally more expensive detaching housing falling.
Desire for an apartment remains high among first-home buyers at 32%.
<img width="469" height="456" src="/images/stories/2013/larry_uploads/existing_homes.jpg" alt="existing_homes">
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Homeownership sentiment improves as demand for new homes rises: QBE LMI survey

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A 22% rise in the number of new houses and apartment built is anticipated in Greater Brisbane over the next year.

Almost 3,000 more new dwellings are expected to commence being built over the next 12 months than the previous 12 months, according to forecasts from BIS Shrapnel.
In total, 15,859 new house and apartments are expected to be built in the Greater Brisbane area in 2013/14 compared with 12,963 in 2012/13.
Brisbane will pick up the slack from Melbourne, the now declining, but still the epicentre of new dwelling construction in Australia.
Melbourne dwelling starts are forecast to fall 18% from 38,471 new homes under construction in 2012/13 to 31,423 in 2013/14.
This is still greater - for now - than Sydney, which is forecast to manage a solid 10% growth in residential starts rising from 26,806 dwellings to 29,360.
Much of the new construction in Brisbane will be focused on apartments projects in the inner city with <a href="https://www.propertyobserver.com.au/residential/brisbane-apartment-market-heats-up-as-more-buyers-choose-apartments-over-houses-terry-ryder-hotspotting/2013060561953">hotspotting.com.au’s Terry Ryder</a> writing earlier this month that two new reports by Place Advisory and Colliers International confirm that off-the-plan sales in the March quarter were the highest since September 2004, boosted by the release of six new projects.
Place Advisory records 625 off-the-plan sales in inner Brisbane in the March quarter – double the number in the December 2012 quarter, 40% up on the same quarter last year.
In Queensland, the pick-up in residential building is not confined to the capital city, with a number of lifestyle locations such as Wide Bay and Toowoomba, a property investment hotspot, also included in the Top 20 residential building growth markets.
<img width="470" height="474" src="/images/stories/2013/larry_uploads/dwellings_up.jpg" alt="dwellings_up">
 
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"The Wide Bay region lies just above the Sunshine Coast and includes the major regional cities of Bundaberg, Gympie, Hervey Bay and Maryborough. The region is a lifestyle location with tourism being a key industry in the local economy,” says Kim Hawtrey, associate Director of BIS Shrapnel. “We expect continued strong economic activity to drive a pick up in home construction in regions such as Wide Bay (forecast to be up 16%) and Toowoomba (up 12%) in 2013/14 and beyond.”
Greater Brisbane ranks 10th overall among residential building hotspots over the next 12 months, but is by far the biggest market in the top 20.
Other notable larger markets expected to experience strong growth in residential dwelling construction include Bunbury in WA (up 27%) and Newcastle and Lake Macquarie (up 19%).
The pick-up in Bunbury, the Wheat Belt (forecast to grow by 29%), Esperance (+27%) are part of a building focus shift “strongly towards the southern half of the state, especially the south west corner”.
“Bunbury, Esperance and the Wheat Belt cover the south-west corner of the state, including the Margaret River wine region and Manjimup,” says Hawtrey. “The area includes a number of manufacturing operations as well as a local tourism industry and a lifestyle component of demand. A new rail link to Mandurah is promising to open up the region.”
By comparison, the resources-rich Pilbara region is set to undergo a significant residential building correction as the mining investment boom peaks with a forecast 36% drop in dwelling commencements in 2013/14.
<img width="470" height="472" src="/images/stories/2013/larry_uploads/dwellings_down.jpg" alt="dwellings_down">
Other towns tied to mining that are expected to undergo a residential construction slowdown include the Kimberley region (-22%), Greater Darwin (-12%) and Mackay (-8%) in Queensland.
While a relatively tiny market by comparison to Brisbane and Sydney, Coffs Harbour will undergo a mini-residential building boom with a forecast 52% rise in dwelling commencements over the next 12 months.
“Coffs Harbour-Grafton hugs the coast towards the north of New South Wales, sandwiched between Richmond-Tweed and the Mid-North Coast. It has an older age profile, with a median age of 44 compared to 38 across the state as a whole, and has a significant lifestyle and retiree component to demand,” says Hawtrey.
 
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Brisbane to lead residential construction pick-up as Melbourne and Pilbara region contract: BIS Shrapnel

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Since John Howard lifted the ban on superannuation funds borrowing money to invest in 2007, self-managed super funds (SMSF) have invested around $80 billion in property.
A March quarter survey by SMSF administrator Multiport found that 18.6% of super fund assets were property holdings up from 17.4% a year ago.
At the same time ASIC has been raising alarm bells about spruikers targeting this sector of the market with a new taskforce established to look into the behaviour of unscrupulous operators and may also consider expanding its regulatory powers to<a target="_blank" href="/news"> include property investment.</a>
Just this week a property investment adviser who allegedly recommended to various NSW investors that they set up SMSFs to invest in the development of a number of house and land packages in Queensland was charged with eight counts of fraudulent misappropriation.
In May, ASIC cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
In April, it was revealed that <a target="_blank" href="/news">four Melbourne businesses running seminars on investing in real estate through SMSF</a>s are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
This week, ABC’s The Business program provided a special report on “less scrupulous schemes encourage people to set up funds and then borrow heavily to buy property” calling it a “ticking time bomb”.
These are five tips we have gleaned from this broadcast:
1. Don’t let appearances fool you
Consumer advocate Neil Jenman told the ABC that SMSF property investment spruikers will come across as across as “smart, clever, sophisticated, intelligent, trustworthy people. They don't come across like crooks”. He advices that no matter who you are dealing with you should "do your homework and read the fine print".
2. Be wary of cold calls that promise you can save tax and pay off your home quicker
Noel Whittaker from QUT Business School told the ABC he was aware of one Gold Coast company “making 22,000 cold calls a week” which begins with: "How would you like to save tax and pay your home off quicker? Well to see if you qualify, one of our consultants will come to your house." The next thing that happens, according to Whittaker, is a “six-hour brainwashing interview which ends up with you buying a property from them”.
3. Do your own research on property values, don’t trust rental guarantees and promises of discount prices.
Spruikers are likely to use a high pressure sales approach and seek to sell you properties at inflated values, but tell you they can sell them for you at a discount. They will also often offer guaranteed rent on a property they are selling. The higher prices are used to pay the rental guarantees and the high commissions to those promoting these property investments.
4. Always get independent advice before you sign
A spruiker will most likely connect you with their own network of property valuers, mortgage brokers, financial planners and conveyancers who may be in on the game. The four Melbourne sandbelt Melbourne businesses under investigation by ASIC were a law firm, mortgage broker, a real estate agency and a firm of chartered accountants all allegedly acting together in promoting a property investment SMSF scheme. You should always seek out the opinion of an independent valuer you trust and choose your own mortgage broker, lawyer and financial planner.
5. Don’t trust everything you read on Google. Seek personal experiences
Apart from being excellent at presenting themselves as trustworthy, spruikers are also aware that people will do their own research online. To combat this, spruikers have become very good search engine optimisation (SEO) and “flooding the web with positive material to keep the truth from coming out”. Claire Mackay from financial planning firm Quantum Financial Services, which assisted a “financially literate company executive” sucked in by plausible sounding SMSF spruikers, said she had trawl through around 15 or 16 pages of Google searches to “find out more than just guru property experts revealing the secrets”. Speaking to people who attended a seminar about their experiences is a much better way to gauge the real intent of marketeers.
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Five SMSF property spruiker tricks you should not fall for

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A 11% dip in residential building construction is anticipated in Geelong over the next 12 months, the key regional Victorian centre hit by a spate of recent business closures and planned closures.
Researchers BIS Shrapnel forecast a 11% fall in dwelling commencements in Geelong in 2013/14 with construction of 2,333 new house and apartments to begin over this period.
This compares with 2,627 dwelling commencements over 2012/13.
This ranks Geelong as the 13th most contractionary new housing market over the next 12 months in Australia.
The drop in new dwelling commencements signals a likely contraction in the local Geelong residential building sector at a time when they may be reduced demand for new homes given recent company announcements.
Earlier this week retailer Target confirmed that 200 jobs would be cut from its Geelong headquarters.
It follows Ford Australia’s announcement last month that it would close its <a href="https://www.propertyobserver.com.au/victoria/first-ansett-collapse-now-ford-plant-closure-threatens-broadmeadows-property-market-ford-fordaustralia/2013052361599" target="_blank">Geelong production plant in 2016</a> with the loss of around 500 jobs.
There is also uncertainty around the future of workers at Shell’s Geelong refinery. The enterprise employs around 450 people as well as contractors.
A further 500 jobs are at risk at Alcoa's unprofitable Point Henry aluminium smelter with the American-owned enterprise considering cuts worldwide. Alcoa had planned to shut the smelter down last year before receiving a $40 million bail out from the Victorian and Federal governments.
The potential loss of more than 2,00 jobs (more when contractors and affiliated employment are factored in) has been tempered by news that Geelong has been chosen as the headquarters of the new DisabilityCare agency for the National Disability Insurance Scheme (NDIS), which will employ around 300 people plus another 150 in the regional office.
State and federal government initiatives have also been announced to assist the Geelong economy.
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New dwelling starts to fall 11% in Geelong: BIS Shrapnel

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The Macquarie Group and Macquarie Bank have raised their holding in Mark Bouris’s wealth management and home loans business Yellow Brick Road from 8.3% to 10.5%.
This follows the purchase of additional shares last week.
<a href="/news">In November last year</a>, Yellow Brick Road announced that it had signed an origination agreement with Macquarie Bank, the financial services subsidiary of Macquarie Group, to "develop branded banking and wealth management products and services, including the terms of a new mortgage funding and distribution arrangement".
Macquarie will provide wholesale mortgage funding to Yellow Brick Road, allowing the franchise to expand its mortgage offering with plans for further wealth management and banking products though out the year.
Yellow Brick Road (YBR) franchise network grew its mortgage book by 21% to around $1.5 billion in the first three months of the year, a May quarterly update revealed.
The increased investment comes as the final episode of Channel Nine’s Celebrity Apprentice airs this week, hosted by Mark Bouris.
Channel 9’s Nine Ventures consumer investment group holds an 18% stake in Yellow Brick Road.
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Macquarie lifts its Yellow Brick Road stake to 10.5%

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An interim injunction has been served against Mark William Whittingham and his business, Connection Blue Pty Ltd restraining them from selling rent rolls, mortgage trail commission books or financial planning books.
The injunction was confirmed by the Melbourne Magistrates’ Court, which also ordered the defendants to pay more than $5,000 in legal costs.
The details of the injunction were revealed by Consumer Affairs Victoria after <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/victoria-and-nsw-estate-agents-warned-about-unsolicited-rent-roll-emails/2013032660082">warning estate agents in Victoria and NSW in March</a> about unsolicited emails being sent out by Connection Blue Pty Ltd.
Whittingham had sent unsolicited emails to real estate agents, advertising rent rolls for sale through Connection Blue, which was only registered as a proprietary company in August last year.
Consumer Affairs said in March that in one instance, it is claimed a Victorian estate agent paid $135,000 for rent rolls but did not receive access or a refund.
Another Victorian estate agent alleges to have paid $24,200 and a New South Wales agent claims to have paid $1,000.
Whittingham is well known in mortgage broking circles with the <a target="_blank" href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=mfaa+whittingham&amp;source=web&amp;cd=2&amp;cad=rja&amp;ved=0CDgQFjAB&amp;url=http%3A%2F%2Fwww.brokernews.com.au%2Fnews%2Fbreaking-news%2Fmfaa-warns-brokers-against-whittingham-145117.aspx&amp;ei=MRdSUYfsJOyXiAfB6YHICw&amp;usg=AFQjCNFlBC5zxLxAUFoyOS6M4qY-VWXIWA&amp;bvm=bv.44342787,d.aGc">MFAA issuing a warning to its members</a> about his business practices in November last year.
Whittingham had previously offered to sell loan trail books to mortgage brokers through another company that has since been placed in liquidation, with brokers not being refunded their deposits as promised in information booklets.
Specifically, the interim injunction restrains Whittingham and Connection Blue from “disbursing, transferring, dealing with, drawing on or disposing of deposit monies received (up to $161,000) prior to the sale and delivery” of rent rolls, mortgage trail books or planning books.
It also restrains both parties from “requesting any money from any person for access to these assets” and “requesting/disbursing/transferring/drawing on/disposing of any payment or other consideration (after this order was made) prior to the actual delivery of the goods”.
The court ordered the defendants to pay costs of $5076 (including $700 costs previously ordered on 30 April).
The court also struck out the defendants’ Notice of Defence and gave them leave to file an amended Notice of Defence by 4pm on 14 June 2013.
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Court confirms interim injunction against rent roll seller Mark Whittingham 

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The majority of economists expect the cash rate to remain on hold on July 2, the latest Bloomberg survey reveals.
Of the 27 economists polled by this week, 22 tip the cash rate to remain at 2.75%.
This is almost unchanged from the June 7 forecast when 21 out of 26 economists said no rate cut in July.
AMP Capital Investors chief economist Shane Oliver and Stephen Koukoulas from Market Economics are among the five economists tipping a rate cut in July.
The others are from analysts Nomura Australia, Goldman Sachs and RBC Capital Markets.
Looking ahead to August 6, economists are almost equally divided with 14 tipping a rate cut to 2.5% and 13 expecting no change.
The minutes of the <a href="https://www.propertyobserver.com.au/residential/dwelling-prices-still-relatively-flat-but-housing-market-appeared-to-be-improving-rba-minutes/2013061862374" target="_blank">June RBA monetary policy meeting</a> said there was scope for further rate cuts if needed highlighting that previous rate cuts were supporting what appeared to be an improving housing market.
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Most economists tip no RBA cash rate cut in July: Bloomberg

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

Joel Robinson

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

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]

Larry Schlesinger

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