<html><body>
Australia’s largest building materials provider, Boral, is reportedly seeking to move its head office out of the Sydney CBD to cheaper and smaller office space in either Chatswood or North Ryde.
Boral currently leases floors 38 and 39 in a 43 storey Bridge Street building but is already sub-leasing half of the 2,500 square metre space, reported The Australian.
It follows Boral cutting 11,000 jobs last year as the construction sector continues to contract.
Australia’s construction industry <a target="_blank" href="https://www.propertyobserver.com.au/residential/detached-housing-construction-sector-sinks-into-steepest-decline-in-eight-months-aig/hia-index/2013060762047">notched up three years (36 months)</a> of continuous contraction in May, according to the most recent Australian Industry Group/HIA Australian Performance of Construction Index (Australian PCI).
Earlier plans were for the company to relocate from 50 Bridge Street to 1 O’Connell Street, but these plans were cancelled after chief executive Mike Kane decided the company did not need to be in the CBD.
AMP Capital and law firm Baker &amp; McKenzie are the anchor tenants in the Bridge Street tower, which is jointly owned by the Australian Core Property Portfolio (ACPP) and the AMP Capital Wholesale Office Fund (AWOF).
CBRE recently reported that Sydney’s office vacancy rate (currently around 6.5%) could <a target="_blank" href="/news">rise due to the amount of office space being sub-leased.</a>
It reported that the amount of sublease space available in Sydney's CBD reached 73,872 square metres in April, the highest in two-and-a-half years, as financial services firms downsized their operations.
'Consolidation' or 'contraction' were the primary reasons for subleasing space with finance and insurance firms accounting for nearly 40,000 square metres of available sublease space followed by property and business services (around 10,000 square metres) and government tenants (10,000 square metres)
More than half the sublease space available (52%), is situated in the city core.
</body></html>

lschlesinger-FZcF9M3vE6

Boral to ditch Sydney CBD for cheaper suburban office digs: report

<html><body>
High-yielding retail property investments in Melbourne under $1 million offering attractive tax depreciation benefits remain possible.
A private investor has acquired the ground floor health spa premises of the recently completed Luna Apartments developed in St Kilda.
The 150-square-metre Endota Spa premises at 173-177 Barkly Street were acquired for $955,000 in a deal negotiated by Andrew Ryan and Jeremy Gruzewski of Colliers International.
The sale price equates to a yield of 6.6%.
Endota Spa has a seven year lease over the premises, which commenced in October last year with two further options of seven years.
It is one of five retail offerings in the development.
“This property ticked the boxes of, strong tenancy covenant, long term lease with options, inbuilt rental growth and depreciation benefits,” says Ryan.
Endota Spa was founded in 2000 and since expanded nationally with health spas in every state and territory.
</body></html>

St Kilda Endota spa premises sells to private investor on 6.6% yield with tax depreciation benefits

<html><body>
St.George Bank takes on average 15.5 days to pass on RBA cash rate cuts while taking just four days to raise rates, new research by Credit Suisse has found.
NAB and Westpac are the most prompt at passing on rate cuts – taking just eight days.
The figures are based on responsiveness of lenders to changes in the RBA cash rate for interest rate decisions dating from 2008 to 2013.
On average, Credit Suisse found that lenders are more than twice as quick to pass on a rate increase than a rate decrease.
They take three to five days on average to respond to a rate increase with the Commonwealth Bank being the fastest at 3.7 days and NAB’s Homeside being the slowest at 5.3 days.
In contrast, they take nine to 11 days to pass on a rate decrease.
ANZ takes the longest of the big four banks to pass on rate cuts - at just over 10 days, but also the longest on raising its mortgage rates following a cash rate rise. This result is skewed by the bank’s policy since January 2012 of making ‘independent ‘interest rate announcements on the second Friday of every month with a gap of 10 days or more between RBA announcements and ANZ decisions in some months.
 <img alt="credit_suisse_report" height="293" width="470" src="/images/stories/2013/credit_suisse_report.jpg">Credit Suisse analysts Jarrod Martin and James Ellis say delaying a rate cut pass-through “incrementally increases net interest income in the relevant operating period”.
By delaying passing on rate cuts the big four banks, which have around 85% of the mortgage market, earn around $12 million a day from borrowers who have variable loans, Canberra-based think tank The Australian Institute calculated last year.
The latest data suggests big banks are taking less time to pass on cash rate increases while still taking as long to cut their mortgage rates when the cash rate falls.
<a href="/news">In October last year</a> the Economic Record, published the Economic Society of Australia reported that the major banks take 6.8 days to lift mortgage rates when the RBA lifts the cash rate and 10.6 days to pass on rate cuts.
</body></html>

St.George the slowest at passing on RBA rate cuts: Credit Suisse report

<html><body>
Sydney-based hoteliers Peter and Jan McGrath have listed their two Fiji tourist resorts Sonaisali and Tadrai with expectations of between $17 and $22.7 million ($30-$40m Fijian dollars) for both.
The McGraths have owned Sonaisali for 20 years and developed Tadrai 18 months ago.
Sonaisali is a 50.5 hectare private island acquired by the McGraths in the early 1990s after it was sold as a mortgagee in possession by ANZ Bank.
It had been owned by a Melbourne-based syndicate of investors called Naisali Investments Pty Ltd, with the major shareholders being famed shark expert Ian Taylor, who advised Steven Spielberg on the making of 'Jaws' and his wife Valerie.
At the time it was leased to the syndicate on a 99-year lease, which started in 1989, from Fiji’s Native Land Trust Board with rent starting from $10,000 a year for the first five years, switching to 3% of gross receipts from July 1994.
Sonaisali is on Naisali Island, 300 metres off Fiji’s main island of Viti Levu and 20 minutes’ drive from Nadi International Airport.
It features 123 rooms and bures (Fijian for wood-and-straw huts) with ocean views as well as a poolside restaurant, conferencing and retail facilities. It also has its own dive business, a small marina and a passenger ferry providing 24/7 access to the mainland.
“Having developed and operated the resort for two decades, the owners have decided the time is right to sell the property and pass it on to a new owner who can take advantage of the unprecedented trading conditions at play in Fiji,” said CBRE Hotels regional hotels director Robb Cross, who is marketing both resorts alongside Dean Humphries, national director of hotels at Colliers International.
Tadrai Island, completed in 2011, is a five-star resort on a 27.6 hectare parcel of coastal land with three beaches, and planning permission granted for a second resort of up to 331 rooms on the site - the last remaining parcel of land in the Mamanucas that is available for future development.
It is 15 minutes by air from Nadi International Airport or 30 minutes by water taxi from Denarau Marina.
It is an all-inclusive, adults-only retreat with just five luxury beachfront villas, a restaurant, infinity pool and health spa. Each 100 square metre villa has its own private plunge pool.
Room rates are $3,000 per night.
The two resorts are being marketed for sale by CBRE Hotels, Colliers International Hotels, and The Professionals West Realty (Fiji) through an international expressions of interest campaign closing on August 1 2013.
The Resorts are for sale in-one-line or individually.
“Both properties are available with vacant possession, giving buyers the opportunity to partner with regional or international operators under an established brand,” says Humphries.
Both resorts are located on large tracts of long term leasehold land (the most common form of land tenure in Fiji) and come with significant facilities, infrastructure and expansion/development opportunities.
Interest is expected to come from investors and hotel and resort developers.
There listing comes as visitor arrivals in Fiji have trended upwards since 2010.
“Despite a challenging global economic backdrop in recent years, visitor numbers to Fiji increased by 25% from 2009 to 2011, and are expected to reach 750,000 in 2013,” says Humphries quoting Pacific Asia Travel Association (PATA) figures.
Particularly strong growth has come from Australia, which remains Fiji’s key source of tourists, accounting for half of all visitors, he says.
“With this growth in visitor numbers, hotels and resorts are enjoying excellent trading conditions. Fiji has been the star performer in the wider Asia Pacific region over the past three years, recording exceptional growth in occupancy and room rates.”
"Hotels in Fiji have recorded an exponential increase in RevPAR (revenue per available room) since 2009," says Humphries.
</body></html>

Sydney hoteliers list luxury Fijian island resorts with combined $22.7 million price tag

<html><body>
A former Bankstown-based mortgage broker has pleaded guilty to 10 charges of providing false loan applications to lenders over a six-month period to secure approvals for home loans totalling almost $3.8 million. Moustafa Dandachli, also known as Muzi Dandachli, 31, of Georges Hall, supplied the applications to two banks between July 2011 to January 2012. The applications, for 10 people, included loans ranging from $196,000 to $640,000. Documents included employment history, tax returns and bank statements.
He was authorised to provide credit services to consumers from 23 December 2010 until 27 February 2012, when his employer terminated his authorisation.
In August 2012 he was expelled as a member of the Mortgage and Finance Association of Australia (MFAA)  after its tribunal found  he "had engaged in acts of a fraudulent or dishonest nature by submitting  mortgage applications to lenders which included supporting documentation in the form of bank statements, he either fraudulently created or knew to be false at the time of their submission to the lender".
He was previously suspended by the industry body in July 2012 pending further investigations.
Dandachli was charged by ASIC under section 33 of the National Consumer Credit Protection Act 2009  whilst he was engaging in credit activity on behalf of his employer.
Section 33 makes it an offence for a person engaging in credit activities to give false or misleading information or documents to another person where that person knows, or is reckless as to whether, such information or documents are false or misleading.
The main purpose of this provision is to make it an offence for a person to forward an application for a credit contract or a lease that is false or misleading. Dandachli appeared before Sydney’s Downing Centre Local Court and admitted to providing the documents knowing they were false or misleading. He faces a maximum penalty of two years imprisonment, a fine of up to $11,000 or both, for each charge. He was granted conditional bail, was committed to the Sydney District Court for mention on 28 June 2013. He will be sentenced at a later date. The Commonwealth Director of Public Prosecutions is prosecuting this matter.
</body></html>

Former Bankstown mortgage broker pleads guilty to submitting false loan applications worth $3.8 million

<html><body>
The number of residential property rental vacancies increased again during the month of May, rising by 0.1 percentage points to 2.1% and coming to a total of 59,670 nationwide, the latest SQM Research figures show.
It was the fourth straight month that the vacancy rate has eased, according to SQM Research calculations.
The majority of capital cities either experienced modest rises, or remained the same during May, with Darwin being the only city to experience a decline – falling from 1.1% to 1.0% month on month.
Melbourne has the highest vacancy rate - 2.7% - of all the major capital cities, but was unchanged over May with 11,806 vacancies. 
Perth has the tightest vacancy rate of the major capital cities, though it eased slightly from 1.2% to 1.3%.
Click to enlarge
<a href="/images/stories/2013/06/sqmjune19one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/06/sqmjune19onethumb.gif"></a>
Given that a vacancy rate of 3% indicates a balanced market between landlords and renters, Perth remains in a severe rental crisis.
Looking nationally, SQM Research managing director Louis Christopher said the May result "reflects a rental market that is continuing to loosen, albeit gradually".
"However, SQM Research stands by our original prediction that until there is a mass exodus of renters prompted by absorption of stock from the sales side of the property market, we will not see massive increases in vacancy rates," he says.
Christopher says the rental market is starting to provide "some choices for tenants".
"Vacancies have increased four straight months now. This is also showing up on our weekly rentals index where cities such as Canberra and Perth have recorded falling rents in recent months," he says.
Other key findings of the May report:
<ul>
<li>Darwin has recorded the tightest vacancy rate of the capital cities, revealing a vacancy rate of 1.0% and a total of 237 vacancies.</li>
<li>Canberra has recorded the highest yearly increase in vacancies. Climbing 0.8% to 1.5% since the corresponding period of the previous year (May 2012) and coming to a total of 798 vacancies.</li>
<li>Hobart was the only capital city to record a yearly decrease in vacancies, falling by 0.1% to 2.7% since the corresponding period of the previous year (May 2012) and coming to a total of 739.</li>
<li>Hobart has however, recorded the highest monthly increase in vacancies, rising by 0.2% during May 2013.</li>
<li>Darwin was the only capital city to record a monthly decrease, falling by 0.1% to 1.0% during May 2013.</li>
</ul>
</body></html>

National residential vacancy rate lifts to 2.1% in May: SQM

<html><body>
House and unit prices have remained “relatively flat over recent months” though "still higher than the previous year" the minutes of the June 4 RBA board monetary policy meeting reveal.
However, signs of a pick-up in household appetite for borrowing and a “range of housing market indicators” suggested to the RBA the “housing market generally appeared to be improving” following previous cash rate cuts.
At the June 4 meeting the RBA left the cash rate unchanged, but the minutes reveal it discussed the possibility of further rate cuts noting that the “inflation outlook as currently assessed might provide some scope for further easing, should that be required to support demand”.
Overall with respect to the housing market, the June minutes were similarly upbeat as they were in May with members observing “that the effects of low interest rates had been evident in a range of housing market indicators”.
“Building approvals for both higher-density and detached dwellings had increased over recent months.
“The Bank's liaison contacts were generally becoming more positive about the outlook for dwelling investment.
“Also, loan approvals had grown more strongly in recent months, including for new housing, and auction clearance rates were well above average in Sydney and had picked up to be a bit above average in Melbourne.
“While measures of dwelling prices had been relatively flat over recent months, they were still higher than the previous year,” say the RBA minutes.
The RBA board also notes that following the decision in May to reduce the cash rate target by 25 basis points, “most lenders in Australia had subsequently lowered their standard variable housing rates in line with the reduction in the cash rate”.
“This resulted in lending rates for most households and businesses reaching or approaching historic lows.
“There were also signs that the appetite for borrowing in the household sector was picking up, and the housing market generally appeared to be improving, as the effects of the most recent and earlier reductions in the cash rate worked their way through the economy,” says the RBA.
In the minutes accompanying the May 7 decision to cut the cash rate by 25 basis points to a 53-year-low of 2.75% the RBA noted that “conditions in the housing market remained generally positive” with dwelling prices “around 4% above their trough in mid-2012”, and that auction clearance rates had increased.
It also noted an improvement in the mortgage market and that the pick-up in demand for new housing was improving “with enquiries from prospective purchasers and visits to display homes increasing”.
“New dwelling investment had increased since the middle of the previous year, with members observing that approvals for higher-density dwellings had increased, while approvals for detached dwellings had been flat over this period,” said the RBA in May.
</body></html>

Dwelling prices still “relatively flat” but housing market "appeared to be improving": RBA minutes

<html><body>
Borrowers will be able to access a one-year fixed-rate of 4.54% and a three-year fixed-rate of 4.69% through mortgage brokers that operate under NAB’s Advantedge Financial Services platform.
Since 2009, NAB has owned three of the largest mortgage broking business in Australia – PLAN, FAST and Choice under  the umbrella of Advantedge business.
The new rates, among the lowest in the market, are available exclusively through the Advantedge’s home brand fixed rate product suite under PLAN Lending, FASTLend and ChoiceLend and are effective from today, reports Australian Broker Online.
It continues a trend of lenders cutting fixed rates as demand for the product soars to nearly one in three borrowers, according to Mortgage Choice May data.
Today, <a href="/news">Westpac will cut its two and three-year fixed-rate home loan rates</a> below 5% for package home loan customers.
Last week <a href="/news">HSBC cut its two-year fixed rates for new home loans to 4.59%</a> and its three and five-year fixed rates to 4.79% and 5.09%.
Advantedge has reduced its standard fixed rates on one, three, four and five-year fixed rate terms, with the lowest available rate from 4.54% on a one-year loan (reduced by 0.10 percentage points) and from 4.69% on a three-year loan (reduced by 0.15 percentage points).
The group offers a four-year fixed rate loan at 5.06% and has cut its  five-year fixed-rate term by a further 10 basis points to 5.12%.
“Advantedge is committed to offering fixed rate products available exclusively through the broker channel, which provides brokers with the opportunity to offer their customers some of the most competitive rates in the market,” Brett Halliwell, general manager of Advantedge distribution.
 Advantedge product offerings through brokers:
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="154">
Fixed rate term
</td>
<td width="154">
Rate Change (p.a.)
</td>
<td width="154">
Full Doc Standard (p.a.)
</td>
<td width="154">
Discounted Rate (p.a.)
</td>
</tr>
<tr>
<td width="154">
1 year
</td>
<td width="154">
-0.10%
</td>
<td width="154">
4.64%
</td>
<td width="154">
4.54%
</td>
</tr>
<tr>
<td width="154">
2 year
</td>
<td width="154">
No Change
</td>
<td width="154">
5.07%
</td>
<td width="154">
4.69%
</td>
</tr>
<tr>
<td width="154">
3 year
</td>
<td width="154">
-0.15%
</td>
<td width="154">
4.84%
</td>
<td width="154">
4.69%
</td>
</tr>
<tr>
<td width="154">
4 year
</td>
<td width="154">
-0.10%
</td>
<td width="154">
5.16%
</td>
<td width="154">
5.06%
</td>
</tr>
<tr>
<td width="154">
5 year
</td>
<td width="154">
-0.10%
</td>
<td width="154">
5.22%
</td>
<td width="154">
5.12%
</td>
</tr>
</tbody></table>
</body></html>

Mortgage brokers to offer borrowers fixed rates from 4.54% through NAB’s Advantedge offering

<html><body>
The popularity of home renovation reality television shows like <a target="_blank" href="/news">Channel Seven's House Rules</a> and <a target="_blank" href="https://www.propertyobserver.com.au/news/the-gap-narrows-between-the-block-sky-high-and-house-rules-theblock9-houserules_on7/2013060662039">Channel Nine's The Block</a> are clearly having an impact on homeowners but a new survey has found that the vast majority of homeowners wish to renovate to improve their quality of living not to sell and make a profit.
Two out of five home owners (43%) surveyed by Mortgage Choice said they are planning to renovate their homes.
However, of these more than three quarters (77.3%) gave as their reason “to improve my quality of living”. 
Less than a quarter (22.7%) said they were renovating to sell their home and make a profit with around 15% planning to renovate to accommodate the needs of their growing families.
Hardly any plan to renovate to accommodate grandparents or relatives.
 
<table border="1" cellspacing="0" cellpadding="0" style="width: 470px;"><tbody>
<tr>
<td width="491" valign="top">
Why are you planning to renovate? 
</td>
<td width="113" valign="top">
Results
</td>
</tr>
<tr>
<td width="491">
To improve my quality of living
</td>
<td width="113">
77.3%
</td>
</tr>
<tr>
<td width="491">
For profit
</td>
<td width="113">
22.7%
</td>
</tr>
<tr>
<td width="491">
To accommodate growing children
</td>
<td width="113">
9.9%
</td>
</tr>
<tr>
<td width="491">
To accommodate a new child
</td>
<td width="113">
4.3%
</td>
</tr>
<tr>
<td width="491">
To accommodate grandparents/relatives moving into the same
</td>
<td width="113">
0.2%
</td>
</tr>
<tr>
<td width="491">
Other
</td>
<td width="113">
6.3%
</td>
</tr>
</tbody></table>
 
Source: Mortgage Choice
Reflecting the improved lifestyle motivations behind renovating, the kitchen and the bathroom are the areas of the house to get makeovers first, the survey found followed by outdoor entertaining areas and the living room.
 
<table border="1" cellspacing="0" cellpadding="0" style="width: 470px;"><tbody>
<tr>
<td width="491" valign="top">
What area/room will you renovate first
</td>
<td width="113" valign="top">
Results
</td>
</tr>
<tr>
<td width="491">
Kitchen
</td>
<td width="113">
28.2%
</td>
</tr>
<tr>
<td width="491">
Bathroom
</td>
<td width="113">
27.0%
</td>
</tr>
<tr>
<td width="491">
Outdoor entertainment area
</td>
<td width="113">
15.1%
</td>
</tr>
<tr>
<td width="491">
Living room
</td>
<td width="113">
10.4%
</td>
</tr>
<tr>
<td width="491">
Bedroom
</td>
<td width="113">
6.3%
</td>
</tr>
<tr>
<td width="491">
Laundry
</td>
<td width="113">
3.6%
</td>
</tr>
<tr>
<td width="491">
Study
</td>
<td width="113">
1.4%
</td>
</tr>
<tr>
<td width="491">
Other
</td>
<td width="113">
8.1%
</td>
</tr>
</tbody></table>
Source: Mortgage Choice
 The survey also found that the majority of those planning renovations (53%) plan to make major cosmetic renovations with no structural changes such as re-tiling or replacing kitchen cupboards with just over quarter (27%) planning major structural changes such as increasing room space or change the layout of their home.
Most renovation budgets are under $50,000.
The results of the Mortgage Choice 2013 Homeowners’ Intention Survey was based on the responses of over 1,000 Australian mortgage holders, with 444 answering 'yes' to the question: "Are you planning to renovate your home?"
“While renovations can potentially increase the value of a property, our survey results show that the purpose for many Australians is to improve their lifestyle by customising their home to suit them,” said Mortgage Choice spokesperson Belinda Williamson
“This lifestyle focus was further highlighted by the fact that of those Australians intending to renovate, 15% were looking to renew their outdoor entertainment area first. This was among the top three most popular areas to renovate and followed upgrading the kitchen and bathroom at 28% and 27% of respondents, respectively.”
</body></html>

Pleasure not profit the reason for most home renovations: Mortgage Choice survey

<html><body>
In the last five years since the GFC borrowers would have been better off taking out a HomeSide home loan than a mortgage through one of big four banks, a new lender index has found.
HomeSide is NAB’s home loan product offering sold solely via mortgage brokers.
HomeSide currently has an advertised variable rate of 6.16% and three-year fixed-rate of 4.99%.
It ranks first on the new Australian Lenders' Index compiled by mortgage broker 1300HomeLoan.
The index currently ranks six lenders: Commonwealth Bank, NAB, Westpac, ANZ, Homeside (a division of NAB), and St George Bank (a division of Westpac).
The current rankings as of June 2013 are:
<ol>
<li style="line-height: 16.363636016845703px;">Homeside - NAB subsidiary</li>
<li style="line-height: 16.363636016845703px;">National Australia Bank</li>
<li style="line-height: 16.363636016845703px;">ANZ</li>
<li style="line-height: 16.363636016845703px;">Commonwealth Bank</li>
<li style="line-height: 16.363636016845703px;">St George</li>
<li style="line-height: 16.363636016845703px;">Westpac</li>
</ol>
The index measures the interest rate performance of Australia's major lenders in the residential home loan market, across a range of industry metrics over a five year period dating back to March 2008.
Metrics include the average size of lender interest rate spread to RBA cash rate and the number of movements in line with the RBA cash rate.
It found that HomeSide has been providing consistently the best rates over the past five years with NAB ranking second and Westpac at the bottom of the list.
A Homeside customer could save $31,980 over the life of their loan relative to the worst performing lender in the index – Westpac.
This is based on a borrower taking out a $300,000 home loan with a standard variable professional pack interest with a relatively high 30% deposit.
"NAB's Homeside is currently delivering the best variable home loan products among the major lenders," says 1300HomeLoan managing director John Kolenda. 
"The Australian Lenders' Index has also found that Homeside has been providing consistently the best rates over the past five years," he says.
A full break-down of the index methodology can be found at <a href="https://www.australianlendersindex.com.au" target="_blank">www.australianlendersindex.com.au.</a>
</body></html>

NAB’s mortgage broker product HomeSide beats big four banks as best post-GFC offering: new index

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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.

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

<main data-perf-region="main">
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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News