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Bank of New Zealand chief economist Tony Alexander has proposed eight ways the NZ government could act to cool down the overheating property market, though he expects there is little chance they will be implemented.
They include outlawing of sales of New Zealand residential property to offshore buyers and implementing a tax on New Zealanders who own property overseas.
In his latest weekly newsletter, Alexander warns of four housing problems facing New Zealand being: “affordability, bank exposures should prices fall, the New Zealand dollar’s surge as monetary policy fights housing sector inflation and physical accommodation availability”.
The latest data confirms that house prices have been rising strongly, most notably in Auckland, New Zealand's biggest property market.
In May Real Estate Institute of New Zealand (REINZ) figures showed the Auckland median house price increased to a new record high median price of NZ$565,000 (A$475,000) with median prices up 14.8% over the past 12 months.
But price rises have not been restricted to Auckland.
The National, Auckland, Christchurch and Other South Island Stratified Housing Price Indices all hit new record highs in May.
The Christchurch Index is up 13.1% and the Other South Island Index up 5.4%.
Alexander says the optimal solution to cool the market is a “quick jump in house supply combined with reductions in building materials costs”.
He proposes eight ways to achieve this:
<ul>
<li>First initiate a large builder training programme targeting not just youth but low skilled migrants. Yes, the  migrant gates would need to be opened. Just the signalling of strong intention to boost builder numbers  would make investors think twice about their capital gain assumptions.</li>
<li>Second, ban councils from imposing any development fees and allow developers to install their own infrastructure.</li>
<li>Third, create an SOE whose sole purpose is to undercut existing building materials suppliers through bulk purchases from offshore, nodal warehousing and distribution from just three or four locations in the country, with a separate agency responsible for monitoring the quality of materials sourced.</li>
<li>Fourth, initiate a new large state house building programme relying largely on the to be created new carpenters etc. Constrain new state houses to more efficient building systems including containerised modular housing (this doesn’t involve shipping containers), central and screwed in foundations, etc.</li>
<li>Fifth, ban house sales to non-residents (even new houses given the ease with which special developments could arise targeting solely folk offshore and soaking up construction sector resources).</li>
<li>Sixth, impose a tax on all houses owned by Kiwis offshore with the aim of encouraging them to sell them.</li>
<li>Seventh, put in place a capital gains tax on second properties and farmland and immediately payable stamp duty for all second house purchases.</li>
<li>Eighth, rezone all land within 10-20 kilometres of existing city boundaries as residential.
</li>
</ul>
However, Alexander says the chances of such radical policies (plus others) being imposed are “low, zero, zero, mild, mild, zero, low, zero".
Instead what he says will happen is that “some land will be freed up but it will little affect section prices, construction will soar and rising costs will force higher interest rates and a higher NZ dollar.
“The Reserve Bank will tighten high loan to value lending but the impact will be minimal and mainly encourage young buyers to raise more expensive  finance elsewhere (a big business opportunity looms there) or to leave the country to make a purchase overseas,” he says.
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Ban house sales to Aussies among BNZ economist Tony Alexander’s eight radical ways to cool down overheating New Zealand housing market

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Elders Limited has entered a trading halt as it begins assessing final bids for its Elders Rural Services and Futuris Automotive businesses.
In a statement to the ASX, Elders advised it was “in receipt of one or more final or near final bids for each of its Elders Rural Services and Futuris Automotive businesses.
"As those bids require analysis, consultation with secured lenders and consideration by the Elders Board and potentially further negotiations on key terms, Elders is not in a position to make an immediate announcement in connection."
Elders Limited has sought that the trading halt remain in place until Tuesday (April 18) or until further announcements are made.
Elders has net debts of $295 million and a market cap of about $40 million.
Both businesses have had significant write-downs - Futuris was written down by $166.5 million to $75 million and rural services, by $52 million.
For its 2012 financial year to September 31, Elders Limited reported a statutory loss after tax of $60.6 million compared with loss of $395.4 million in 2011.
Elders Limited announced plans to sell the rural business in October last year.
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Elders Limited in trading halt as it assesses business division bids

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HSBC has cut its two-year fixed rates for new home loans to 4.59%.
This is the lowest fixed-rate offering in Australia, according to InfoChoice and Cannex. 
To qualify, applications must be submit their applications by July 22. 
HSBC has also cut its three and five-year fixed rates to 4.79% and 5.09% respectively for new and existing customers.
The rate cut comes as Mortgage Choice reported that nearly a <a target="_blank" href="/news">third of mortgage approvals in May</a> were for fixed-rate home loans. 
“The easing in wholesale funding costs has also meant we can offer some of the lowest three and five year fixed-rates to our customers across the board,” says Alice Del Vecchio, head of mortgages for HSBC Australia. 
HSBC also offers a 4.99% variable rate home loan. 
“With fixed rates like these well below standard variable rates, now is a great time for borrowers to consider fixing or splitting their home loan between fixed and variable rates to get the best of both worlds. It’s a fantastic combination of certainty and value,” says Del Vecchio.
HSBC’s fixed rates are as follows:
2-year fixed rate 4.59%
3-year fixed rate 4.79%
5-year fixed rate 5.09%
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HSBC cuts two-year fixed-rates to 4.59%

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The spun-off Woolworths shopping centre portfolio, Shopping Centres Australasia (SCA Property Group) has acquired a portfolio of seven neighbourhood shopping centres in Victoria and Queensland from a  private investor, for $135.8 million.
The portfolio of seven neighbourhood shopping centres acquired comprises:
<ul>
<li>Alfred Square, VIC ($20 million on a 7.5% cap rate; 100% occupied; 8,964sqm GLA; 11.6 yr average age; anchor tenant 89% of gross income)</li>
<li>Burdekin Plaza, QLD ($18.7mn on a 8.0% cap rate; 96% occupied; 5,513sqm GLA; 26.6 yr average age; anchor tenant 84% of gross income)</li>
<li>Drouin Central, VIC ($12.3mn on a 8.0% cap rate; 99% occupied; 3,798sqm GLA; 4.6 yr average age; anchor tenant 79% of gross income)</li>
<li>Langwarrin Plaza, VIC ($17.2mn on a 7.8% cap rate; 98% occupied; 5,087sqm GLA; 8.5 yr average age;anchor tenant 54% of gross income)</li>
<li>Ocean Grove Marketplace, VIC ($29.9mn (incl. A$0.5mn of surplus land) on a 7.5% cap rate; 96% occupied; 6,910sqm GLA; 8.5 yr average age; anchor tenant 50% of gross income</li>
</ul>
The acquisition will be funded via a $90 million institutional placement and subsequent unit purchase plan (UPP), at $1.58 per share.
The A-REIT  was placed in a trading halt yesterday pending the announcement.
Goldman Sachs A-REIT analyst Andrew Macfarlane says the investment will increase Shopping Centres Australasia’s gearing 34.3% to 35.0% at the top end of management’s target range while net tangible assets will decrease from $1.58 to $1.56.
“While muted rent growth and the roll-off of Shopping Centres Australasia’s two-year rental guarantee provided by Woolworths arguably remain key issues for Shopping Centres Australasia, today’s acquisition goes a small way to diluting the potential shortfall in the 2014 financial year, Macfarlane says.
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Shopping Centres Australasia buys seven shopping centres for for $135.8 million

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Non-bank lender Liberty Financial has cut interest rates on its commercial lending products by up to 100 basis points.

The Melbourne-based lender is offering the lower rates for new customers with its flagship Enterprise full-doc commercial mortgage product starting at 6.8%, reports Australian Broker online.

The product is available for loan amounts from $150,000 to $10 million and aimed at owner-occupiers, small businesses or investors seeking to finance commercial property purchases.

It required a minimum 20% deposit with a 30 year loan term for owner-occupiers and 15 year loan term for investors.

A 6.8% starting rate also applies to its LeaseStream loan for commercial property investors also covering loans from $150,000 to $10 million with a maximum 15 year loan term.
GM of commercial finance, Suresh Pillai, said reductions of 100 basis points had also been made on its low-doc rates now start from 7.40% per annum.


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Liberty Financial cuts commercial loan rates by 100 basis points

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Gold Coast property investors and estate agents be warned - David Koch is at it again bagging out the struggling Queensland coastal property market.
In January last year the Adelaide-born, Sydney-based financial journalist and Channel 7 breakfast TV host outraged local Gold Coast and Sunshine Coast property players, residents and retirees by <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;source=web&amp;cd=5&amp;cad=rja&amp;ved=0CE8QFjAE&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Fresidential%2Fkochie-to-property-investors-avoid-catastrophic-gold-and-sunshine-coasts%2F2012011953058&amp;ei=C2O6Ud-WDKq5iQemxYGACw&amp;usg=AFQjCNFpSCbgsr0nGifgzS6awlh5hKBbCQ&amp;bvm=bv.47883778,d.aGc" target="_blank">calling them “catastrophes”</a> claiming an oversupply of new apartments was having a “devastating” impact on the market and that any sort of recovery was years away.
In his latest commentary for Yahoo7 Finance, ‘Kochie’ says there are "serious bargains" in the property market despite Australian property prices remaining among the most expensive in the world.
Kochie says there are "still pockets of property in Australia, and one postcode in particular, that go against the grain in a big way”.
“If you’re a market watcher you might guess that I’m talking about the Gold Coast,” he writes.
Kochie notes the latest Home Discounts Report from SQM Research, shows there are now over 1,000 properties in the 4217 postcode (Surfers Paradise and surrounds) that have been on the market for more than 60 days.
However, if he really wanted to drive home his point a bit more research would show that<a target="_blank" href="https://www.propertyobserver.com.au/residential/friday-may-3-news-gold-coast-time-on-market-drops-slightly-to-225-days-apm/2013042960834"> average days on market for Gold Coast property</a> is currently nearly four times this at 225 days - down from 239 days according to Australian Property Monitors (APM).
APM also reported that the Gold Coast’s average discount rate for property increased over April to 13.3% from 10.1% in March - the highest discount rate since June 2012 where it was also 13.3%.
“As you can imagine this oversupply has seriously pounded prices,” Kochie goes on to say.
One example he notes is a two-bedroom Gold Coast unit on the market since September 2011 and listed for $350,000, having previously sold for $595,000 in 2005 –a 40% discount.
Kochie says there are “plenty more where this came from”.
“Now, I don’t mean to single the Gold Coast out as a basket case, because there are certainly other regions that have felt the pain of oversupply too.
“But it should serve as a stern reminder for property investors looking at the region, and properties anywhere for that matter, to look very closely at an area before buying,” he adds.
According to the most recent Prodap Report, the Gold Coast unit market fell by 3% in the March quarter, based on 895 settlements following falls of 11.3% of the past two years.
The average unit price of $419,724 is the lowest since June 2003.
According to report author Bill Morris, this reflects significant discounting of liquidation stock, particularly for central Surfers Paradise high rise apartments.
The most <a href="https://www.propertyobserver.com.au/developments/heavily-discounted-hilton-surfers-paradise-the-only-notable-gold-coast-high-rise-seller-in-november-quarter-midwood/2012121958540/Page-2" target="_blank">recent Midwood Report on the Queensland market</a> recorded only 19 high-rise apartment sales over the November quarter, a 70% plunge from sales figure a year ago with 705 high-rise apartments available for purchase on the Gold Coast, which at current sales rates would take close to a decade to clear.
The Gold Coast detached housing market, which has not been flooded by new developments, is in better shape.
According to the Prodap report, the average Gold Coast house price rose from $515,941 to $554,263 (7.4%) in the March 2013 quarter, matching average prices in Brisbane ($550,000), despite a 27% drop in the volume of house sales. The average price was recorded from a sample of 589 sales.
The increase reversed a 4.5% fall over 2012 and an 8.4% fall over 2011 and 2012 combined.
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Gold Coast “basket case” a good bet for property bargains: David Koch

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The trendy inner city suburb of South Yarra, just four kilometres south east of the Melbourne CBD, was the top performing Melbourne suburb in 2012, according to the latest Victorian Property Sales report prepared by the office of Victorian valuer-general Robert Marsh.
It led a strong but patchy recovery in the Melbourne property market in the final quarter of the year, with Metropolitan Melbourne sales statistics show an increase of 4.8% for median house prices to $495,000 following a 1.6% decrease in the September quarter.
South Yarra, home to the glitzy shopping strips of Chapel Street and Toorak Road, registered a 19.9% increase in its median house for the December 2012 quarter compared with the previous corresponding period.
The South Yarra median house price increased from $1,037,500 in the December quarter of 2011 to $1,243,500 in the December quarter of 2012 with 158 sales recorded over 2012.
Over the December quarter the South Yarra median house price increased by 25.6% from 36 sales.
Other inner city suburbs to record strong annual quarter-on-quarter gains were Malvern (up 10.8%), Footscray (10%) and Fitzroy North.
However, there were also significant corrections in some prominent inner city suburbs with Toorak, Melbourne's most expensive suburb, recording a 15.9% annual correction with its median house price falling from $2.68 million from $2.26 million with 113 sales recorded over 2012.
There were also an 11.5% decline in St. Kilda (103 sales) and an 11.3% decline in South Melbourne (105 sales).
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“The data does not indicate the general location of the 4.8% increase in metropolitan Melbourne housing values,” says Marsh.
“It does indicate the need for data analysts to undertake their own detailed research,” he added.
However, the overall trend was for an increasing number of suburbs to record increases in their median house prices.
“It has generally been observed that there are fewer suburbs showing a decrease in median house price in the December 2012 quarter compared to the September 2012 quarter,” says Marsh.
The December quarter figures show that 134 metropolitan suburbs with 10 or more sales showed a decrease in median house price for this quarter, compared to 182 suburbs in the September 2012 quarter.
In addition, 77 metropolitan suburbs with 10 or more sales in both of the last two quarters shifted from showing a median price increase for the September 2012 quarter to a median price decrease for the December 2012 quarter compared with 112 metropolitan suburbs shifting from an increase in the June 2012 quarter to a decrease in the September 2012 quarter.
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In the Western suburbs, the strongest annual gains were in Altona (up 3.4%) and Derrimut (2.6%) but with steep falls in Keilor East (-9.5%) and Sunshine (-5.8%).
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In the outer-western suburbs,  Taylors Hill house prices lifted 12.6% followed by Hillside up 9.1%. However Werribee median house prices fell 6.6% over 2012 and by 4.4% in Tarneit.
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In the outer-eastern suburbs, Heathmont recorded a 6.8% rise, but Wantirna prices fell 6.9%.
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South Yarra shines with 19.9% annual rise as part of patchy Melbourne median house prices recovery: Victoria valuer-general report

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Western Australia's consumer watchdog Consumer Protection has won a legal victory in its campaign against rent-to-buy property schemes with the operators of <a href="https://www.sellhouseseasy.com.au/" target="_blank">www.sellhouseseasy.com.au</a> served with a Supreme Court interim injunction preventing them from engaging in alleged misleading and deceptive conduct.

The injunction is in place until a trial takes place in relation to the allegations made against the operators of the website - siblings Patricia Mirawati Susilo and Bryan Artawijaya Susilo of Applecross.
<img alt="sellhouseseasyjune12two" src="/images/stories/2013/06/sellhouseseasyjune12two.jpg" width="278" height="148">
WA’s Consumer Protection also alleges that they are operating as real estate agents without the required licence.
Bryan Susilo told Property Observer he would not respond or comment until Consumer Protection "adjusted" their media statement.
"It's not what the judge actually ordered," he said.
A spokesperson for Consumer Protection told Property Observer there would be no changes to its <a href="https://www.commerce.wa.gov.au/Corporate/Media/statements/2013/06/Supreme_Court_injunctions_agai" target="_blank">press release, issued on June 10.</a>
"Our media statements go through a rigorous approvals process, which includes our Legal Unit, before release and we believe it is an accurate summary of the Court Orders.
"There are no plans to retract or amend the release," he said.
Consumer Protection <a href="https://www.propertyobserver.com.au/western-australia/was-consumer-protection-takes-legal-against-rent-to-buy-property-scheme-after-tenant-sells-portable-swimming-pool/2013022559509">sought the injunction in October last year</a>, after alleging that the Susilos engaged in misleading and deceptive conduct in breach of Australian Consumer Law.
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On a video on the site, the Susilos refer to their business as "your friendly real estate pawn shop".
Consumer Protection alleges that the Susilos accepted <a href="https://www.propertyobserver.com.au/industry-news/wa-consumer-protection-targets-rent-to-buy-property-scheme-that-took-david-beckham-jersey-in-lieu-of-deposit/2012101557170" target="_blank">wedding rings and various family collectables</a>, including a Real Madrid football jersey signed by David Beckham, in cases where tenant/buyers could not afford the upfront fees.
Rent-to-buy schemes are targeted at people who don’t qualify for home loans. Buyers agree to pay rent to the seller in return for being able to purchase the property at a later date.
While they are not illegal they have come under increasing scrutiny from regulators.
Consumer advocate Neil Jenman, a long campaigner against rent-to-buy schemes, calls them “dangerous scams” that are “designed by predators who prey on the poor”.
“They are a complete rip-off and should be outlawed," Jenman said in 2007.
In February Consumer Protection lodged a Supreme Court writ against the<a href="https://www.propertyobserver.com.au/western-australia/was-consumer-protection-takes-legal-against-rent-to-buy-property-scheme-after-tenant-sells-portable-swimming-pool/2013022559509" target="_blank"> promoter of another rent-to-buy property scheme</a>, alleging the company and its director misled consumers, after a tenant/prospective buyer allegedly sold an above-ground swimming pool, valued at more than $16,000, despite not being the owner of the property.
The Susilos describe themselves on their website as "part of a group of real estate investors who buy residential property in all areas throughout Australia! Any price, any condition!"
 
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Other statements in the Frequently Asked Questions section of the website include:
Q: Why should I contact you?
"We can buy your house fast. Agents can't.
Q: If you buy my house before the banks foreclose, will that save my credit?
 Selling your house before foreclosure is finalized may prevent foreclosure and/or bankruptcy from appearing on your credit report, which is usually better for your credit (think of it as amputating an infected leg to save your life)."
The interim injunction granted to WA’s Consumer Protection requires that the Susilos publish statements on their website "clarifying the nature of their business and clearly outlining the purchasing and rental arrangements for the properties they are advertising for sale under the scheme".
It requires that they "make the terms of their contracts clearer to consumers in relation to the ownership of the property and the purchasing arrangements between the owner and prospective buyer/tenant".
"They must also provide purchasers with a notice setting out a payment schedule and timeframe, as well as outlining the consequences should the buyer/tenant not be in a position to purchase the property at the end of the contract period," said WA Department of Commerce in a statement.
"Claims in their advertising that a loan from a bank or other financial institution is not required to purchase the homes will need to be qualified with “Bank or other financial institutions aren’t required to assist in all cases”.
"The injunctions prevent the promoters from representing that they own or have interests in properties unless they are the owner or have the represented interest.
"They must also indicate that the sale price and instalment payments being advertised are approximate amounts only.
"The promoters must provide both owners and prospective buyers/tenants with a written notice stating the exact nature of the scheme they are proposing, at least seven days before any contracts take effect."
Commissioner for consumer protection Anne Driscoll said the injunctions will give greater clarity to those who might be considering this particular scheme.
“The Supreme Court’s decision acknowledges the need for greater clarity about these complex rental and purchase arrangements and the need for both parties to know their rights and financial obligations before signing any contracts,” she says.
“We would urge anyone who is contemplating a rent to buy property proposal to seek legal and financial advice before committing to a contract, as there are many aspects of these schemes that require careful consideration.”
“We would strongly recommend that, if buyers or sellers of WA properties decide to deal with an intermediary, they only deal with licensed real estate agents. This gives much greater protection as there are laws that are designed to uphold consumer rights and safeguard their financial interests.”
In August 2011, the Commissioner warned consumers about rent to buy property promoters No Loan Home Pty Ltd (trading as Perth’s Easyhomes WA), its sole Director Filip (Fil) Butkovic and employee Nikola (Nik) Butkovic.
In May 2012, the Supreme Court ruled the scheme was illegal because the promoters were not licensed real estate agents.
 
 
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Perth rent-to-buy property scheme promoters hit with injunction ahead of trial

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Administrators will seek to wind up the $480 million LM First Mortgage Income Fund (FMIF) – one of the investment funds offered by failed Gold Coast Funder fund manager LM Investment Management.
Debenture holders have around $288 million invested in the fund, which was then lent on as registered first mortgages over commercial, residential, industrial, retail and vacant land – most of which is now in default.
John Park and Ginette Muller of FTI Consulting were appointed joint administrators of LM Investment Management at the end of March and in April were appointed responsible entity of the fund.
The fund closed to new investment in March 2009 with LM Investment Management blaming this on “headwinds caused by the global financial crisis”.
In a June update to investors in the fund, administrators said they had been authorised by ASIC to “investigate and preserve the assets and affairs of the fund and to either “wind-up the scheme” or “transfer the functions of the responsible entity to an entity not externally-administered”.
“Whilst we have now reached our view that it is in the best interests of members to formally wind up the FMIF, we have given an undertaking (and the Court may order) that we not take any steps pending the [court] hearing on 15 July 2013, to formalize the winding up,” said the administrators.
The July 15 court hearing is to determine whether FTI Consulting remain as responsible entity or fund management group Trilogy (which controls other LM funds) be appointed as the replacement responsible entity
At the time the fund closed, there were 55 loan assets.
Prior to its collapse, LM Investment management secured the sale of 28 loans leaving a balance of 27 loans totalling $481 million.
The accounts reveal provisions for impairments of $146 million leaving a net balance of $334 million, according to its most recent annual report to June 2012.
Of the $480 million lent out, $216 million was secured against assets under construction with the loan to be repaid through “cash flows of the project”.
Four of the loans account for 10% of the fund‘s exposure each and total
Management fees over 2012 were $2.47 million and were $9.1 million in 2011, the annual report shows.
FTI Consulting says that while “technically” a wind-up has not commenced actions taken by LM Investment management following the closure of the fund in 2009 would be no different to a winding-up of the fund.
“The only assets of FMIF are loans which are secured by mortgages. Most of the loans are in default.
“The function of LM is to realize those loans – it does this by taking the appropriate action to enforce its rights under those loans or sell those loans.
“As a result of the global financial crisis LM has been unable to make new loans on acceptable terms. Accordingly, in accordance with the “go forward” strategy which was announced by LM on 20 December 2012, when loan moneys are recovered they are used to pay FMIF liabilities with the surplus being distributed to members.
“Thus while a technical wind up of FMIF has not commenced, the action in relation to FMIF loan assets and moneys recovered which is being taken by LM would be no different if a technical wind up had commenced,” said FTI Consulting.
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FTI Consulting to seek winding up of LM Investment mortgage fund

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While Canberra house prices <a href="https://www.propertyobserver.com.au/australian-capital-territory/canberra-median-house-prices-down-a-statistical-87-as-property-market-treads-water-in-march-quarter-reia-report/2013061262200" target="_blank">fell sharply in the March quarter</a>, property investors received an income boost with the Federal capital recording the biggest rent increase for three-bedroom houses of all capital cities over this period.
The Real Estate Institute of Australia (REIA) records a 4.4% rise in median weekly rents to $470 per week for three-bedroom houses in Canberra ahead of Perth (up 4.3% to $480 per week), Adelaide (up 3.1% to $330 per week), Melbourne (up 2.9% to $350 per week) and Sydney (up 2.4% to $430 per week).
In Canberra, the biggest gains were four-bedroom houses in the West and North (Belconnen, Gungahlin and Hall), up 6.4% to a median of $585 per week followed by four-bedroom houses in the Inner South (Woden andWeston Creek) up 4.5% to $575 per week and three-bedroom houses in the Inner South up 4.3% to $490 per week.
Over the past year Perth and Darwin clearly standout with the former recording a 12.9% rise in weekly rents of three-bedroom houses and the latter recording a 16.3% rise in weekly house rents.
Within the Perth market, rents surged within 5 kilometres of the CBD with REIA reporting a 12.9% quarterly rise in inner city weekly house rents to $700 per week compared with more modest gains of 3.2% ($490) and 3.5% ($445) in the middle and outer suburbs of Perth respectively.
Over the quarter, Broome was the only regional centre in WA to record a fall in the median house rent, down by 1.3%.
Albany in the Great Southern region of WA was another strong rental market, recording a 6.7% rise in weekly house rents to $320 per week.
In Melbourne, the biggest gains were recorded in the middle suburbs with two-bedroom house rents rising 2.6% to $390 per week and three-bedroom house rents up 2.4% to $430 per week.
According to moving annual trend figures, Perth, Sydney and Brisbane have the tightest unit markets with vacancy rates of just 2% followed by Melbourne (2.2%), Darwin (2.3%) and Canberra (2.9%) which all sit below the 3% benchmark vacancy rate.
Vacancy rates below 3% generally indicate a rental market favouring tenants while a vacancy rate above 3% is said to favour renters.
Hobart has the highest unit vacancy rate among capital cities of 4.8% - its weekly rents have fallen 5.3% over the past year.
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Canberra and Perth record strongest rental growth for houses in March quarter: REIA

<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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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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Larry Schlesinger

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