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Darwin's northern suburbs present the best bet for investors looking future capital growth says Herron Todd White in its June market report.
"The Darwin CBD is dominated by investor owners who are looking to cash in on the high yields, while the northern suburbs are mainly owner-occupiers. So with current renters being driven into purchasing this could lead to capital growth in the northern suburbs where a large percentage of owners are owner-occupiers," says the valuation firm.
HTW also notes that Palmerston, 20 kilometres south east of Darwin, could also see some growth in new sub-divisions such as Durack Heights and Zuccoli "where many investors are putting their money".
"With news of INPEX (the Ichthys LNG Project) and other infrastructure projects in the area forecasting a higher need for housing. the new developments seem to be the first port of call for investors in the area as it offers brand new housing which is going to get the higher rent and require less maintenance.
"As the demand for housing increases and these new suburbs develop, this could lead to an increase in value."
HTW notes that Real Estate Institute of NT (REINT) statistics show that Darwin has been a hotspot for growth over the past 12 to 18 months compared to many other capital cities of Australia which have been slow in recovering from the effects of the GFC.
These figures show that inner Darwin suburbs have seen a 5.4% annual increase (to 31st March 2013) in median house price and 11% increases in median unit price. northern suburbs (Sanderson) 4.1% increase in median house price and 7.4% increase in median unit price, and Palmerston has had an 12.7% in median house price and 11.5% increase in median unit price.
The median house price for inner Darwin now stands at $875,000, the northern suburbs (Sanderson) $572,500 and Palmerston $550,500.
For units, the median price for inner Darwin is $499,500, the northern suburbs (Sanderson) $386,500 and Palmerston $399,000.
HTW notes a shift among homebuyers "due to the affordability challenges of renting in the top end".
"Many of the buyers are those that are fed up with the high rental costs, and are jumping off the rental roundabout into home ownership for similar and in some cases lower cost.
The average two-bedroom unit/townhouse in inner Darwin rents for $552 per week.
"Given that a $500,000 loan at 6% will cost you around $576 per week, it is understandable why this is happening.
HTW predicts that Darwin capital values will remain "relatively stable in the short term" noting that currently prices are "high compared to other state capitals and affordability is becoming a real issue which is underpinned by a severe housing shortage in the region".
"Many are pointing at Darwin as a major city of the future for Australia, with China and much of Asia looking like being economic leaders of the world in the ‘Asian Century’. Darwin is the closest Australian city which could see the region grow sizably due to trade and tourism.
"As an investor buying in the current market, Darwin could be a great option with high returns and indicators suggesting rents could go up even further in the next 12 months if the housing shortage is magnified as a result of the infrastructure projects mentioned above. As a home owner it seems to be a case of looking to purchase just to keep costs down so living in the region remains a viable option.
"However, the news is not all bad for those not yet ready to step into home ownership. A number of CBD towers are under construction and looking to be completed in late 2013 to early 2014 which will release over 200 units and should give some much needed rental relief in the market."
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Darwin's northern suburbs present capital growth opportunities: HTW

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Listed property trust Charter Hall has formed a partnership with a local super fund and a Canadian pension fund to acquire Bankwest Place and the associated Raine Square shopping centre in the Perth CBD for $458 million, seeing off competition from both local and offshore investors.
The mixed-use asset will be equally owned by the Charter Hall Core Plus Office Fund, Telstra Super and Canadian pension fund PSP, as identified by the Australian Financial Review.
The price equates to a yield of around 6% with a market capitalisation rate of 7.6%.
The complex was sold by CBRE on behalf of KordaMentha, acting as the receivers for property developer Luke Saraceni and Hossean Pourzand’s Westgem Investments Pty Ltd.
It was built at a cost of around $500 million.
KordaMentha were appointed by Bankwest as receivers in January last year in a bid to recover debts exceeding $400 million owed to Bankwest and Bank of Scotland.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/office/luke-saraceni-loses-bid-to-remove-raine-square-perth-receivers/2012091856645" target="_blank">In September last year</a> Saraceni lost his Supreme Court bid to remove KordaMentha as receivers.
In October, Saraceni launched a $200 million-plus damages claim against Bankwest over the collapse of his property empire last year.
Saraceni and Pourzand lost control of the tower after missing a vital $50 million repayment to financiers Commonwealth Bank-owned Bankwest and Bank of Scotland in late 2010.
The 22-storey office, the headquarters of Bankwest and the accompanying shopping centre, cover 61,500 square metres of lettable area on a 12,300 square metre city block with four street frontages including William, Murray and Wellington Streets.
It has 45,000 square metres of office space and is 100% leased to Bankwest on an initial 12 year lease with renewal options expiring in 2024.
There is almost 10,000 square metres of retail space across three levels in the shopping centre, anchored by Coles, which has a 15 year lease, with links to the William Street train station via an underground tunnel.
It opened in 2012 with 67 retail tenancies and a weighted average lease expiry (WALE) of six years.
There are also two hotel complexes totalling 5,700 square metres leased for a further eight years.
Total occupancy across office, retail and the hotels is 95.5%.
The selling agents were Scott Gray-Spencer, Michael Andrews and Peter Agostino from CBRE and John Williams, Simon Storry and John Talbot from Jones Lang LaSalle.
“The property was highly sought after by both on and off shore investors,” said Michael Andrews, senior director of CBRE’s international investments team.
“The popularity of Bankwest Tower and Raine Square highlights the depth of the investor market  and the popularity of core Australian CBD  assets due to our comparatively high yields and favourable debt conditions,” he said.
CBRE’s Western Australia managing director Peter Agostino said the deal “highlights the strength of the WA economy and the Perth CBD as a desirable investment location”.
“Assets of this size and quality are rarely traded and to achieve this result is a real confidence boost for the WA market.”
Charter Hall’s managing director David Harrison said the he acquisition was in line with its strategy of “raising and deploying capital into core real estate investments and continues the momentum of matching our partners’ capital with attractive investment opportunities”
He anticipates a combined annual growth rate of 5% for office rental income.
“Despite the slowdown in the resources sector, we are confident about the longer term outlook for Perth and are attracted to the security of a non-resource tenant of Bankwest’s calibre in this active precinct,” Harrison said.
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Charter Hall buys Bankwest Place and Raine Square in Perth for $458 million

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A property investment adviser who allegedly recommended to various NSW investors that they set up self-managed superannuation funds to invest in the development of a number of house and land packages in Queensland has been charged with eight counts of fraudulent misappropriation.
Steven William Hill, 52, of Kelso, NSW, appeared in the Bathurst Magistrates Court where was charged following an ASIC investigation. ASIC alleges that between January 5, 2006 and March 6, 2007, Hill through Hill Stephens &amp; Associates Pty Ltd (HSA) and International Finance Consortium (Aust) Pty Ltd (IFC) dishonestly induced various investors to pay approximately $618,000 to acquire interests in a “house and land” property development located in Queensland.  ASIC alleged that investors never received the returns promised, and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties.  The court granted Hill bail, which includes a residential requirement and prohibits him from approaching any points of international of departure from Australia. The matter was adjourned for further mention on 26 August 2013. The Commonwealth Director of Public Prosecutions is prosecuting the matter. 
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SMSF property investment adviser charged with eight counts of fraud

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ME Bank has continued the trend of lenders cutting fixed-rate home loans lowering its one and five year fixed-rates by 10 basis points today.
The reduced rates are available to eligible super funds and unions. 
The super members home loan (SMHL) standard home Lloan fixed one-year rate now drops from 5.19% p.a. (comparison rate 5.61% p.a.) to 5.09% p.a. (comparison rate 5.60% p.a.), and the fixed five-year rate now drops from 5.59% p.a. (comparison rate 5.64% p.a. to 5.49% p.a. (comparison rate 5.59% p.a.).   
 
ME Bank has also reduced the one-year fixed rate and five-year fixed rates on the SMHL ultimate offset account and SMHL interest only investment loans. 
Yesterday Property Observer reported that borrowers will be able to access a <a href="/news">one-year fixed-rate of 4.54%</a> and a three-year fixed-rate of 4.69% through mortgage brokers that operate under NAB’s Advantedge Financial Services platform.
Around a third of borrowers are choosing a fixed-rate product according to May loan approval figures from Mortgage Choice.
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ME Bank cuts one and five-year fixed-rate home loans

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St Kilda Road on the Melbourne CBD fringe has the highest residential vacancy rate in Australia, according to figures compiled SQM Research.
There were 360 properties vacant in May in postcode 3004, which is predominantly St Kilda Road, equating to a vacancy rate of 13%. 
There are 3,651 apartments along St Kilda Road, according to Census 2011 data, and only seven separate houses. 
The census data indicates it is property investment hotspot with more than half of apartments (52.6%) on St Kilda Road rented. 
SQM Research data shows that the vacancy rate has actually declined on St Kilda Road having peaked at around 24% in January 2102. 
In total there are six Victorian postal codes on the top 10 list including two more in Melbourne. 
These are Doreen, 26 km north-east from of the city, has a vacancy rate of 11.2% with 142 properties vacant over May and Southbank, just across the Yarra from the CBD, with a vacancy rate of 9.7%.
Commenting on the high vacancy rates on St Kilda Road and Southbank, SQM Research director Louis Christopher suggests this may be driven by the rise in the number of new residential property developments that have come into these areas in recent years.
"I think there is no coincidence the two postcodes are in close proximity to each other," he says.
<img alt="TEN_HIGHEST_VACANCY_RATES" height="227" width="470" src="/images/stories/AlexPerry/TEN_HIGHEST_VACANCY_RATES.jpg">
Image of Southbank courtesy of Flickr.
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Melbourne’s St Kilda Road and Southbank bookend top ten highest rental vacancy rates in Australia: SQM

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Despite a deterioration in underlying market conditions over the past 12 months, offshore investors are expected to continue to pour money into Australian commercial property, according to Paul Braddick head of property research at ANZ.
Braddick notes in the June ANZ commercial property update that "tenant demand has weakened, vacancies and incentives have risen and rental growth has slowed, particularly for secondary properties".
"Nonetheless, the global flood of liquidity, a heightened appetite for yield and the recent sharp decline in the Australian dollar are expected to continue to support investor interest in Australian commercial property (although to date offshore demand has been heavily focused on prime properties)," says Braddick.
The following graph demonstrates that offshore investment in Australian office property has not dampened despite a deterioration in demand for office space:
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Offshore investors attracted to Australian commercial property despite deteriorating fundamentals: Chart of the week

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The Sunnybrook Hotel in Warwick Farm in Sydney's southwest will be refurbished and open in September as a Holiday Inn Warwick Farm.
It will be the twenty-second Holiday Inn in Australia.
This follows a franchise agreement between InterContinental Hotels Group (IHG), which own the Holiday Inn brand and Oscars Hotels, which acquired the 146-room hotel in April 2011.
The refurbishment will include the guest rooms and restaurant.
IHG is expanding its presence in Australia with its first Holiday Inn Express to open in Perth in 2015 and with plans for around <a target="_blank" href="https://www.propertyobserver.com.au/leisure/perth-to-get-first-holiday-inn-express-as-city-occupancy-rate-hits-85/2013032760099">40 new Holiday Inn Expresses</a> to be build or developed over the next 10 years.
It has also partnered with hotel developer Jerry Schwartz to develop the Crowne Plaza hotels in the Hunter Valley and Newcastle as well as with Eureka Funds Management on other projects.
Recent refurbishment and rebranding projects include transforming the Clarion Hotel in Parramatta into the Holiday Inn Parramatta. 
<a target="_blank" href="https://www.sunnybrook.com.au/">Located at 355 Hume Highway Warwick Farm</a> on the site of the old Sunnybrook Winery, the revamped hotel will aim to meet the needs of the growing commercial and leisure based industries of south west Sydney. 
The hotel facilities include an all-day dining restaurant, a tavern adjacent to the hotel with gaming facilities, gymnasium, a meetings and events centre, heated outdoor swimming pool and generous onsite parking. 
Following the refurbishment of all guest rooms and the hotel restaurant, the gymnasium and swimming pool will be fully upgraded, as will the adjoining Oscars Tavern and the meeting and events centre (both due for completion in early 2014). 
Warwick Farm is close to the suburbs of Liverpool, Chipping Norton, Cabramatta and Moorebank.  It’s also central to leisure attractions such as Warwick Farm Racecourse and Warwick Farm Polo Fields. 
“The signing of Holiday Inn Warwick Farm is significant to our strategy of expanding the Holiday Inn brand across New South Wales," says  IHG Australasia head of development, Phil Kasselis. 
"The Liverpool local government area has been earmarked by the state as a major regional centre in Sydney, and this Holiday Inn will be ideally positioned to cater to growing demand for hotel accommodation there, offering a great guest experience” he adds. 
Bill Gravanis, owner of Oscars Hotels says the hotel will create a "real opportunity to significantly increase its share of corporate, meetings and leisure business in Sydney’s south west" .
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Sydney's southwest to get Holiday Inn with Sunnybrook Hotel makeover

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Property Observer recently reported that the Australian Tax Office will write to <a href="https://www.propertyobserver.com.au/tax/ato-to-write-to-110000-rental-property-owners-over-incorrect-rent-deductions/2013061262175" target="_blank">110,000 property investors</a> over concerns they may have claimed rental property deductions they were not entitled to claim.
The ATO now has sophisticated data-mining tools that pick up inconsistencies in tax returns compared with previous years.
With around two-thirds of property investors negatively gearing their rental properties, knowing what you can and cannot claim is vital.
These are four rental property deductions that are not allowed:
<ol>
<li>Acquisition and disposal costs of the property</li>
<li>Expenses not actually incurred by you, such as water or electricity charges borne by your tenants</li>
<li>Expenses that are not related to the rental of a property, such as expenses connected to your own use of a holiday home that you rent out for part of the year</li>
<li>Borrowing expenses or interest on the portion of the loan you use for private purposes like buying a new car.</li>
</ol>
For tips on what you can claim as rental property deductions against your taxable income <a href="https://www.propertyobserver.com.au/tax/seven-rental-property-deductions-property-investors-are-allowed-to-claim-to-reduce-their-tax-bill/2013061762279" target="_blank">click here.</a>
<ul></ul>
This advice is sourced from the ATO. It is of a general nature only and does not constitute financial advice. Investors should seek qualified professional financial and tax advice when completing their tax returns.
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Four rental property deductions property investors are not allowed to claim to reduce their tax bill

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Perceptions about Australian property being overvalued are significantly higher among first-home buyers then owner-occupiers, the latest QBE LMI Mortgage Barometer shows.
This was one of the key findings of the report, which found an overall improvement in sentiment about the property market with more than a quarter (26%) of Australians looking to buy property in the next 12 months despite nearly one in two believing it to be overvalued.
More than three quarters (76%) of first-home buyers believe property is overvalued with nearly half (48%) believing prices are overvalued by more than 10%.
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In comparison just 41% of owner-occupiers and 48% of Australians believe property prices are overvalued, according to the online survey of 1,107 adult Australians responses of which 763 have a mortgage, 680 considering buying property and 399 qualifed as both.
This finding combined with concerns about changes to first-home buyer grants favouring new homes only and another finding from the survey - 69% of FHB respondents worry they’ll never be able to afford their own home – provide insights into why the segment of the market has shrunken in recent times.
Other findings from the report suggest a frustrated first-home buyers market despite recent improvements in affordability.
The report quotes ABS figures showing that since February 2013, the number of FHBs as a percentage of total owner-occupied housing commitments has fallen by more than 5% since September 2012 and now sits at 14% nationally, an eight year low. .
This is due to record low FHB commitments in NSW and QLD (both less than 10%) – a plunge of more than 10% since the grants were replaced, while other states saw FHB commitments rise.
"There are concerns that Victoria will follow suit as it replaces its First Home Owner Grant with a $10,000 newhome owner grant as of 30 June 2013," says the report.
Figures compiled the<a href="/news"> Real Estate Institute of Australia (REIA)</a> found the number of home loans to NSW first-home buyer in the March quarter totalled 2,647 - 57% lower than a year ago and a 40.6% fall in the March quarter alone.
This was the largest annual decline recorded across the country but in line with a national trend of dwindling first-home buyer demand.
In Queensland, a state which has also cancelled its first-home owner grant in favour of a $15,000 handout for new homes in September last year, home loans to first-home buyer decreased by 43.7% over the March quarter  to 2,557 - the largest quarterly decline across the nation the REIA found.
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Overvalued, unaffordable property keeping first-home buyers on the sidelines: QBE LMI survey

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American-style diner and hot dog specialists Massive Wieners has leased a 90 square metre shop space on Chapel Street in Prahran previously leased by fashion retailer Eurotrash.
Massive Wieners, which claims to make the ‘World’s Biggest Wiener’ will move from its current smaller space at nearby Greville Street, where the outlet has established a cult following, to the new store at 226 Chapel Street.
Eurotrash is moving to a shop across the road.
Last year the owners of Massive Wieners Dave Brennan and Liam Magee <a href="https://www.facebook.com/photo.php?fbid=10151177317333928&amp;set=a.10150176541668928.330431.375498923927&amp;type=1&amp;theater">created a 25-inch (63.5-centimetre) hotdog roll.</a>
The 90 square metre shop was acquired in February this year by a private investor, who also acquired a similar sized shop next door at 224 Chapel Street in off-market sales negotiated by Charles Emmett and Kiran Pillai of Fitzroys.
The sale price was not disclosed.
The 226 Chapel Street store brings in rent of around $57,360 per annum.
The leasing deal, which will  see the diner occupy the ground floor over seven years with two further seven-year extensions, was negotiated by Fitzroys leasing agent Harry Curtis,
Curtis said Massive Wieners intended on opening a 24-hour traditional American-style diner, featuring their 1940s inspired “less is more approach”.
“The new Massive Wieners will bring a unique flavour to the area, with the landlord keen to see them open up at the location because of his enthusiasm for the concept,” he added.
Curtis said food retailers were taking a rising amount of space throughou Melbourne’s retail strips and shopping precincts.
Massive Wieners has catered for large organisations such as the AFL, L’Oreal, Vans Shoes, Microsoft/Xbox and MTV, and has appeared at The Melbourne Food and Wine Festival, St Kilda Festival 2013, Melbourne Central and Westfield.
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Chapel Street landlord swaps Eurotrash for Massive Wieners American-style diner

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.

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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.

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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.

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“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.

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Larry Schlesinger

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