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The long-held Surry Hills headquarters and vehicle rank of Legion Cabs has sold under the hammer for $18 million with more than 200 people attending today’s auction at the Ray White auction room in Sydney. 
It was bought by the <a href="https://www.propertyobserver.com.au/developments/the-carlton-at-vaucluse-at-halfway-sales-mark/2012091356563" target="_blank">RDA Property Group</a> (part of the Discovery Group)  which developed the 14-apartment boutique development Carlton at Vaucluse under the stewardship of Danny Avidan.
Legion Cabs has owned and occupied the 1,370 square metre property at 69-81 Foveaux St for more than 50 years. 
It paid 50,000 pounds for it in 1961.
The taxi business decided to sell after committing to new headquarters in Wolli Creek and will be making the move over the next 12 months. 
It represents one of Surry Hills' largest ready-to-develop sites with flexible zoning permitting a range of uses and is likely to make way for either a residential or office development. 
Bidding started at $9.88 million with three parties pushing the price quickly beyond $13 million. 
Auctioneer James Price sold the property at $18 million. 
Pre-auction expectations were above $10 million. 
Maroun Ajaka of Legion Cabs said the co-op "very pleased with the result which will no doubt benefit our members (shareholders)"
“There’s a lot of history, we’ve been there exactly 50 years. and the company has been around for 66 years.”
The property was exclusively marketed by Ray White director Dan White, Andrew Jolliffe of Ray White Hotels and Marcello Bo of Ray White Projects. 
“Under the new Sydney local environment plan (LEP), the site can be developed for a whole range of uses including a residential development, an educational institution or corporate headquarters. It could also be developed into a hotel or pub,” said Dan White. 
“It’s in a fantastic location, close to Central Station and the city. As we expected the site has attracted a lot of interest.”
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Auction of Surry Hills Legion Cabs rank site draws a crowd and sells to apartment developer for $18 million

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Spruikers that promote investing in property through self-managed superfunds (SMSFs) remain a major concern for ASIC.
“We don't want this to become the new playground for dodgy spruikers,” warned ASIC commissioner Peter Kell on the ABC’s The Business this week as part of a special report into the “stampede into property by self-managed super funds”.
Kell said spruikers were encouraging people to set up SMSFs to invest in property in ways “that may be completely inappropriate for the investor and they're not explaining the risks and the issues involved in investing in some of these areas”.
The Business special report named a number of businesses ASIC is “concerned about” including recently banned Melbourne-based property and finance firm Money Choice and its director Matthew George, Queensland-based Active Super, an unnamed Gold Coast company making 22,000 cold calls a week and prominent property investment firm ParkTrent, which promotes its introductory free investment seminars lunches via flyers handed out on street corners.
Ronald Cross, CEO of Park Trent told the ABC it rejected the tag of “spruiker” saying it was an “icon” and that to call it anything other than a “business enterprise” was a “cheap shot”.
Kell’s comments follow a speech in April, in which he highlighted some cases investors where investors were given advice which was not tailored to their specific situation, or recommendations for insurance were "absent or inadequate".
"Notably, we also found that investors were not warned about the very real risk of not having access to a statutory compensation scheme in the event of theft of fraud," he said at the CPA Australia SMSF Conference.
"Going forward, this will be an area of focus for us. We expect to see advice providers warning investors about this risk."
Also in April ASIC released a new guide ‘SMSFS - Improving the quality of advice given to investor’ and highlighting that SMSFs “represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds”.
“ASIC has ramped up its attention on a sector that is of growing importance to more Australian investors. We want to help ensure that we have a healthy SMSF sector,” Kell said.
In particular, he said ASIC was “concerned about the rise in aggressive advertisements pushing property purchases through SMSFs”.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action,” he added.
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SMSF property investment at risk of becoming “playground for dodgy spruikers”: Peter Kell

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Mortgage market activity picked up by 5.2% in Tasmania over June, according to RP Data's Mortgage Index.
This compared with just 0.5% growth nationally with Victoria (2.1%) and Western Australia (2%) the only other two states to register notable gains over the month.
The data is correct up to June 16.
<img alt="mortgage_activity_june" height="255" width="470" src="/images/stories/2013/larry_uploads/mortgage_activity_june.jpg">
Mortgage activity appears to have flattened out:
<img alt="mortgage_index_graph" height="204" width="470" src="/images/stories/2013/larry_uploads/mortgage_index_graph.jpg">
RP Data systems monitor more than 100,000 mortgage activity events every month across our four main finance industry platforms providing a lead indicator to housing finance commitments.
The index shows an 81% correlation with the ABS housing finance data series (88% using the seasonally adjusted series). 
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Tasmania leads flat mortgage market in June: RP Data

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While the property market appears to be again heading upwards, the improvement has been modest to date and uneven, creating opportunities for savvy investors and homebuyers.
“Overall, there are still plenty of bargains to be found in this market though we remind buyers that it is important to do proper due diligence prior to pricing negotiations by either getting research or getting a valuer to come in and provide a valuation. Doing this will help find real opportunities and help avoid the lemons,” says SQM Research managing director Louis Christopher.
Not that finding bargains is easy.
“The only thing that has changed [in the last couple of years] is it’s just got harder to find and secure great properties at great prices and I don't see that changing for a while given the demand,” says Patrick Bright, a buyers' agent and director of EPS Property Search.
“In the last couple of years I have never had so many people from interstate wanting to buy in Sydney,” he says.
Bright says reasons for investing in Sydney vary, but are generally along the lines of "compared to the other capitals it currently looks to be very good value”.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/how-to-find-property-bargains/2011053150312">In June 2011, </a>Louis Christopher and Patrick Bright provided seven tips for securing bargains and not lemons. Two years have passed, the market trajectory has changed and we've revisited them:
1. Only fools rush in: “Look now, don’t rush,” Christopher suggested in 2011. “The only trouble in trying to theoretically work out whether you have a bargain is that it may be a bigger bargain tomorrow because the market continues to fall."
June 2013 update: “I always believe that one should not rush on a decision to buy a property, even in a rising market even if it means risking losing the property to another buyer. By all means, efficiently to your due diligence and do not bluff a vendor/agent by not retuning phone calls etc as they may take you too seriously and sell it to the next buyer," says Christopher.
“In a rising market it really is very important to properly investigate fair value and not be pressured into purchasing over valued property.”
2. Time it right: The best time to buy is at the bottom of a market trough, just before prices start to rise again. But as Christopher rightly points out in 2011: “No one rings a bell at the bottom of the market.”
However, that does not mean it is impossible to know when the right time is to buy. “Potentially, there could be bargains towards the end of this year [if most national markets have stopped falling by then],” Christopher says.
Buyers should study the market closely now to be ready to buy when the time is right and they have found the right property to suit their needs.
June 2013 update: “As it turned out, the end of 2011 was very close to the bottom of the market. We place the bottom at the third quarter of 2012. And as discussed frequently, this recovery is a modest to moderate recovery. Prices have not yet ‘surged’ ahead. Yet the outlook is far more positive then what is was when this story was originally written. I believe that in terms of timing, the current climate does present some very good opportunities for buyers." 
 
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3. Be especially wary in over-priced areas: Darwin is “massively over-valued,” according to SQM, and properties in south-east Queensland and Perth are selling for far more than they should. Christopher said in 2011 that housing markets in these and other over-valued regions will remain sluggish or will continue to correct. If interest rates rise again this year, that could cause prices to fall further.
June 2013 update: “As it turned out south-east Queensland did continue to fall, while Perth bottomed out sooner than expected on the back of interest rate cuts. Fortunately there were no rate increases in 2011, rather the RBA saw the light of day and cut, thereby saving the market from deeper falls than what actually took place. 
4. Everything is harder in Sydney – but that does not mean impossible: Sydney prices are rising, making bargains even more difficult to find. “In the next three years, I am not expecting any dramatic falls in Sydney,” Christopher said in 2011.
But that does not mean it is impossible to buy in Sydney. There are fewer bargains than in other capitals, but there is also much less risk that the price of an apparent bargain will fall after purchase – provided that you buy into a sought-after suburb.
June 2013 update – “Sydney is now recording a more robust recovery than most other cities. I would place the annualised growth rate now at between 5% and 9%. That’s what I think the pace is, though it varies depending on the location.
“For example the northern beaches are not doing as well, while eastern suburbs and lower north shore are doing better. As a result, it is becoming increasing difficult to find genuine bargains. Rather, the main goal should be (as it always should be) to buy property that is at fair value. I believe Sydney will keep rising for the foreseeable future,” he says.
Patrick Bright says his comments on Sydney remain unchanged.
In 2011, he wrote: “When a market is on the move, what someone paid for a very similar property a month or two ago can look like a bargain.
Bright says most deals that seem too good to be true usually are. He warns that buyers of properties with “something that’s not good about them” will either have to fix the fault or flaw or will have to sell the property at below market rates for the area.
However, some properties are listed at below market value because owners had initially asked too much and have cut the price out of desperation to sell.
What types of properties should savvy Sydney bargain-hunters look out for? “Stick to the inner ring, three to 15 kilometres from the CBD,” Bright says. He says buyers should look for properties close to beaches or those with harbour views.
“Correct property selection for the particular suburb is critical,” says Bright, “if you want to achieve a better-than-average return.”
 
5. Watch for desperate vendors: Christopher says some vendors in areas with falling prices become desperate to sell and lower their prices below market rates.
June 2013 update – “This is still the case now, though there are fewer areas in this situation around the country. Canberra is one city though where I believe we might see some keen selling.”
6. Look for properties on the market a long time: Prices will sometimes fall on properties that have been on the market for more than two months.
Marketing of these properties often follows a pattern: vendors start off asking too much; agents lose interest, sometimes even warning prospective buyers that the house is overpriced and the vendor is difficult; vendors become desperate to sell; vendors cut the price heavily, sometimes below market value.
June 2013 update: “This is still the case in a rising market. Indeed many vendors can get a little too confident in recoveries thereby asking way above the market for their property. Even more so today, buyers are very conscious of an overpriced property and will walk away despite overall rising prices. This of course can still really damage a selling campaign leaving the vendor in precisely the same situation mentioned above," says Christopher. 
7. Monitor housing supply levels: When the supply of housing is rising sharply, buyers are in a much stronger position to negotiate for good deals.
According to figures compiled by SQM Research, the number of listings in Australia rose by more than 40% last year. Sydney had the lowest rise in housing supply, at 19.5%. 
June 2013 update: “As published by <a href="https://www.propertyobserver.com.au/trends/canberra-perth-and-melbourne-lead-48-rise-in-may-residential-listings-sqm-louichristopher/2013061062060">Property Observer</a>, SQM’s index of total listings peaked last year, though we note they for the majority of cities, listings are still elevated meaning there is plenty of existing stock to choose from, though noted we agree with the sentiment that there appears to be fewer new listing entering into the market," says Christopher.
“At this stage I judge that buyers are in not as good a position to negotiate as where they were back in 2011 yet they have not lost complete power.”
 
 
 
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How to find property bargains and not ‘lemons’ in the current market

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Auctioneer and real estate agent Andrew Morello was catapulted into reality television stardom when he was crowned winner of the first season of The Apprentice back in 2009.
As his reward, he was won a 12-month contract at Yellow Brick Road (YBR) starting in January 2010.
It is now more than three-and-a-half years since he joined Mark Bouris and his team (transferring from Melbourne to Sydney), where he is head of business development.
Over that time YBR has expanded exponentially while striking up a <a href="/news">mortgage funding partnership with Macquarie Bank.</a>
<img src="/images/stories/2013/06/morellojune21two.jpg" width="400" height="596" alt="morellojune21two">
As the final episode of Celebrity Apprentice goes to air on Tuesday night on Channel Nine and the final four contestants fight it out for the winner's crown, we caught up with Andrew Morello (pictured above) and asked him how he is enjoying his role in the mortgage and wealth management game:
Andrew, how long have you been in the property/mortgage/financial services industry?
I have been in property and finance since I was 17 or 18 - so 10 years now. 
 What’s happening in the area you specialise in?
I believe money is the cheapest it has ever been in my lifetime and yield on property is the highest I have seen in my career and growing. I believe property is the steadiest it has been since the GFC. Hence in my opinion I believe we will see an increase in market sentiment over the next 12 months in property although I think the retail sector is still 12 to 24 months away. 
 What's the most interesting aspect of your job?
As head of business development, I get to fly around the country and encourage people to step outside their comfort zone and open a local YBR branch. The most rewarding are the ones I signed up two to three years ago that are now successful branches. In some way I feel I contributed to them following their dreams and reaching their full potential.
What are the ingredients to being successful in your job?
Resilience, positivity and relationships.
 What tips have you picked up from working with Mark Bouris and his team?
- There is no magic dust just hard work and more figuring out of what not to do.
- Play to your strengths and work on your weaknesses.
- Stay humble and true to your roots.
 What aspects of your role do you enjoy the most?
Seeing the business grow month on month and the excitement of the constant evolution and change.
Where would invest a spare $750,000?
I'd be hedging my portfolio right now with a mix of residential and commercial property, some planned wealth investments and at least $100,000 in cash investments such as the Yellow Brick Road Smarter Money Fund which returned in excess of 6% to 7% last year and in which i have some money currently invested. 
 Which football teams do you support?
AFL – Essendon
NRL – Melbourne Storm
Soccer – Melbourne Victory
State of Origin – NSW
What’s your favourite app or techno gadget?
Shazzam –I love my music collection and love finding new tracks that get me pumped up at 4.30 or 5am in the morning. 
How do you use social media? 
I am on<a href="https://www.facebook.com/andrew.m.morello" target="_blank"> Facebook</a> and need to get onto Twitter, as everyone keeps telling me.
You can also connect with Andrew Morello on <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-morello/1b/b60/534" target="_blank">LinkedIn.</a>
 
 
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In profile: Yellow Brick Road's Andrew Morello, the original Apprentice

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Buying the home you desire may require that you be able to borrow a large amount of money than originally intended.
There are a number of ways you can increase the size of your home loan, though always keep in mind that a larger loan size will mean higher mortgage repayments and these may rise if interest rates increase.
You should always have a buffer built into your budget to cater for rising repayments. And if rates do fall, then you can possibly put extra money into your home loan or invest it elsewhere.
Here are seven tips provided by mortgage broker Mortgage Choice:
1. Know what constitutes ‘genuine savings’ - Most lenders require you to have a deposit comprised of genuine savings. Typically, ‘genuine savings’ means money that has been saved over a period of at least three successive months. For most lenders, this excludes things like tax refunds, monetary gifts, the First Home Owners Grant, the sale of personal assets (like cars or jewelry) and lump sum annual leave payouts. Some lenders will consider some of these items when assessing your deposit, if you can provide a rental payment history, for example. To make the most of your savings, it is a good idea to get a grip on what each and every lender defines as ‘genuine savings’.
2. Maximise your deposit size - Lenders will look favourably on you if you have a large deposit, and a larger deposit can bring about a better chance of getting the lowest possible interest rate from a lender and the reassurance of already having equity in the property. 
Larger deposits also remove the cost of lenders’ mortgage insurance (LMI) as it is more commonly known. LMI protects the lender if you default on the loan and the home is sold for less than the lender is owed. LMI is required to be paid when you borrow more than 80% of the property’s value. The price of LMI can vary depending on the value and type of loan you have selected as well as the deposit you have saved. 
In addition to saving hard, another popular method is for parents or other family members to put forward a monetary gift towards a property purchase. In this instance, you must provide evidence that the gift is not repayable and sign a statutory declaration. Keep in mind that if you are using gifted funds you may still be required by a lender to contribute to the deposit up to 5% of the purchase price in the form of genuine savings. 
In each state and territory eligible first homebuyers may apply for a grant towards the purchase of their first home, which is known as the First Home Owner Grant. Recent changes in many states see the grant applicable on only newly built or off the plan property purchases, so be sure to investigate what is available in your state. First homebuyers should keep in mind there are different caps on the value of properties that can be purchased with the grant. There may also be concessions on stamp duty available to borrowers, which vary from state to state.
 First time buyers may also be able to increase their savings by opening a First Home Save Account. These accounts attract a lower rate of tax on the interest earned and each financial year a government contribution calculated on the personal contributions will be deposited. Savers using these accounts can still claim federal and state first homebuyer incentives, however before they can withdraw the funds to buy or build a home they must contribute at a minimum amount per year to the account in four financial years.
3. Reduce existing debt - Cut as much of your other debt as possible, such as car and other personal loans, credit and department store cards, and HECS debts. Be aware that with credit and store cards, the amount owed isn’t what matters to the lender, they’ll factor the overall credit limit into your ability to repay the loan.
Keep in mind that if you share a loan with a friend, spouse or sibling, and you want to take out another loan in your own name, most lenders will assess your loan application based on your ability to repay the full loan amount of the existing loan – not just the half that you’re paying back! This occurs with those particular lenders regardless of whether you already have an agreement with the co-borrower to manage that existing loan.
4. Clean up your credit file - Check whether you have multiple enquires or any defaults in your credit history. If this is the case for you, try to resolve them with the relevant credit provider before you apply for a home loan and if need be, provide an explanation to your lender. You can order a copy of your credit file from suppliers such as <a href="https://www.mycreditfile.com.au">www.mycreditfile.com.au</a>.
5. Ensure you have steady employment and regular savings - Lenders also want to see a steady recent employment record, eg. 6-12 months or more in your job, receiving regular income. If you are looking to change company at the same time you are looking to buy property, seriously reconsider one or the other. If you recently changed positions within a company due to a promotion or received a payrise, or changed jobs multiple times in a short period of time but they are all connected by industry, be sure to carefully explain that in the home loan application.
6. Submit satisfactory bank statements - Your recent bank statements should be free from any suspicious withdrawals or transfers such as movements of sizeable sums of money into or from your account/s. If this does occur, include an explanation for the transaction in your loan application. 
7. Shop around - Lastly, talk to an experienced mortgage broker who has access to a lender panel of at least 20, about the wide range of options available. There are many great deals out there at the moment thanks to hot competition between lenders both large and small. Also keep in mind that lenders’ approval measures vary, meaning different lenders can offer varied loan amounts to the same borrower. The same goes for interest rate, features, fees, accessibility and approval turnaround times. Be sure to compare your options.
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Getting a bigger home loan: Seven tips to boost your borrowing power

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The Canberra office vacancy rate could rise to 15% if an incoming Coalition government goes ahead with its stated goal of cutting 12,000 public service jobs, market researchers BIS Shrapnel have warned.
Under this worst-case but now "most probable" scenario, 216,000 square metres of occupied space could be vacated, the equivalent of 11% of Canberra’s entire office workforce.
This would result in around 216,000 square metres of office space vacated, which at current net absorption rates would take six years to fill meaning “double-digit vacancy rates for a decade, accompanied by falling rents and property values”.
The Property Council of Australia reported in January that the Canberra office vacancy rate was at 11.9%.
Around 87% of all office space in Canberra is leased to government and community tenants. 
<img alt="canberra_office" height="307" width="470" src="/images/stories/2013/canberra_office.jpg">
A previous more moderate scenario, which could still play out according to BIS Shrapnel, would be 5,000 jobs cut, which would still have negative implications for vacancies, rents, prices and investment returns. 
At the current average workspace ratio of 18 square metres per person, the loss of 5,000 jobs means that occupied space in the nation’s capital will drop by 90,000 square metres - more than twice the size of the new ASIO Building.
“Even at this level, there will be a rise in average vacancy rates – to more than 11% in Civic and above 14% across the metropolitan area”, says BIS Shrapnel analyst Christian Schilling.
Howerver, he warns that what was just a “possibility” 12 months ago of 12,000 job cuts has now “become the most probable outcome.”
“There is little doubt that there will be a much sharper decline in the Commonwealth workforce compared with the incumbent government’s plans”, says the study’s author, senior project manager Christian Schilling. “The main question is how many jobs will be lost and what does that mean for leasing, construction and investment in Canberra.”
"Depending on the severity of the cuts, it could tip the market into a severe downturn”, Schilling says.
“We could see falling rents for much of this decade. Investors would see their returns eroded by falling values. Canberra office space would not represent a good investment.”
However, the rise in the vacancy rate will not be uniform with A grade space “where vacancies are likely to remain relatively confined, will be less affected than the rest.”
BIS Shrapnel identifies seven mostly empty buildings at the airport as well as more speculative space due to come on stream in Barton later this year, “which will continue to act as a brake on the market”.
“Secondary buildings, in contrast, will struggle to find tenants. There is no demand for small, older-style properties that do not comply with current Commonwealth accommodation standards and scheduled consolidation at the Departments of Human Services (this year) and Families, Housing, Community Services and Indigenous Affairs (2016) will release more backfill space that stands little chance of finding another office tenant. For many owners, the only option is re-development,” says Schilling.
Others do not make such dire predictions.
President Michael Kumm played down concerns about the impact of public sector job cuts on the Canberra property market.
Kunn, a 34 year veteran of the Canberra real estate market, expects that whoever wins power on September 14 will shrink the size of the civil service, but says this will be more than compensated by the large numbers of servants due to retire in the next five years.
“Around 20% of those working in the public service are due to retire over the next five years," he told <a href="https://www.propertyobserver.com.au/australian-capital-territory/concerns-over-public-sector-job-losses-on-canberra-property-market-overplayed-reiact-president/2013020159085">Property Observer in February</a>.
“The Liberals are talking about a 12% reduction in the public service - and through natural attrition - meaning they will have to hire an additional 8% to make up the shortfall.
“The reality is that it’s not as bad as people think.”
Another positive factor he says is that whereas in years past, those that retired from the public sector would move out of Canberra, now those that retire are choosing to stay in the federal capital
Savills reported that following the completion of 4 National Circuit during the first quarter of 2013, there remains a total of 96,000 square metres of stock in the supply pipeline under construction and due to complete in 2013, most of which is new supply.
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Canberra office vacancy rate could reach 15% under Coalition job cut plans: BIS Shrapnel

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The current slow rise in house prices could create problems for Australia’s vital small business sector, the RBAs head of domestic markets, Chris Aylmer, has warned.
Aylmer said single digit credit growth implied that house price growth “won’t actually be that strong” and “certainly won’t match what we have seen over previous decades” while speaking as part of an MFAA mortgage industry panel discussion.
“That home equity actually allowed small businesses to fund themselves to grow,” he said, meaning a new business model was needed to fund new start-up ventures.
However, he said there was no easy answer because if there was “someone would have sorted it and made a business out of it”.
Aylmer said there would probably need to be innovation in the venture capital space and “intergeneration transfers, because the people who have the home equity are the older generations.
"So how do you actually move that from that generation to the younger generation?”
He also suggested that banks would have to become more involved unsecured lending, which might mean that the cost of business debt would increase.
This, he said, would make the role of the bank credit officer and mortgage broker more important.
Aylmer also highlighted that the small business, which is responsible for around 47% of employment in Australia, does not get the coverage in the media that the housing sector gets.
“If you just think of it in those terms, that surely means you have to sit up and think about the sector,” he said.
Fairfax economic and business commentator Michael Pascoe, who chaired the MFAA discussion, wrote in a column that the picture was “bleak for the renewal of small business under the patterns we have become used to”.
“While there's plenty of credit available for would-be home buyers, the banking industry remains wary of would-be business borrowers – start-ups without equity need not apply,” Pascoe wrote.
He also highlighted that the possibility of faster growth in house prices was something the RBA was not in favour of with the “central bank on the record as being willing to ‘lean’ against asset bubbles.
Pascoe suggested solutions for entrepreneurs could include “crowd sourcing, capital-lite business models, virtual thingies of one sort of another”.
“But that takes time to evolve while the traditional mainstay of small business funding hasn't been functioning like it used to for several years now and isn't like to revive any time soon.”
 
 
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Modest housing recovery not good news for next generation of entrepreneurs: RBA

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Vendors in the Western Perth suburb of Nedlands managed an average gross profit of $467,500 over the March quarter, making it the highest grossing  re-sale location, figures from RP Data show.
Nearly nine out of ten (89.7%) of properties sold in Nedlands over the March quarter generated a profit.
These properties were held for an average of 8.7 years.
In line with the national trend, the 10.3% of Nedland properties that sold for a loss (the median loss was $25,000) were hold for a much shorter period of three and a half-years, meaning they were bought in late 2009.
The best performing WA location in terms of the proportion of properties that sold for a profit was Vincent on the southern outskirts of Perth where 98.8% of properties sold above their previous selling price with an average gross profit of $207,000
The worst performing location in terms of the proportion of properties that sold at a loss was Kwinana on the southern outskirts of Perth where 15.6% of properties sold below their previous selling price with an average lose of $23,500.
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Perth's Nedlands leads nation with best resale profit of $467,500

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 The Greater Building Society will cut its one-year fixed home loan rate by 0.20% from tomorrow (June 21).

The Greater’s one year packaged home loan (ultimate home loan) will reduce to 4.54% (comparison rate of 5.49%) - one of the lowest one-year fixed-rates on offer. 
Product manager David Bryde said the new rate is the lowest one year rate for a home loan that the Greater has ever offered.
Bryde said people taking out fixed-rate loans should ensure that they don’t unnecessarily sacrifice flexibility or fall victim to the “revert rate rort”. 
“With the Greater you get an incredibly low rate but can still make extra payments and redraws," Bryde said.
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Greater Building Society cuts one-year fixed-rate home loan to 4.54%

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.

&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]

Larry Schlesinger

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