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The cost of renting a two-bedroom apartment in Perth increased by 7.1% over the March quarter to $450 per week, according to the latest Real Estate Institute of Australia report.
The Perth apartment market led the nation in quarterly rental growth ahead of Melbourne units, where the weekly rent increased by 5.7% to $370 per week.
Sydney unit rents were unchanged at $470 per week with Darwin the only market to record a decline in unit rents over the quarter, albeit just 0.2%.
A two-bedroom  Darwin apartment rents at $471 per week – just above Sydney – and is the most expensive capital city in Australia to rent an apartment.
Despite the recent slim correction, Darwin has been the best performing unit rental market (from a property investors’ point of view) over the past 12 months, registering an 18% annual rise.
Perth is the second best performing rental market on an annual basis with a 12.5% rise over the past 12 months followed by Sydney (4.4%) and Melbourne (up 2.8%).
Driving up rents have been low vacancy rates.
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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Perth and Melbourne units lead rental growth in March quarter as Sydney stagnates

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The unemployment rate improved slightly from an upwardly revised 5.6% in April to an estimated 5.5% in May, but driven by a rise in part-time jobs, the latest ABS data shows.
The ABS had previously reported a 5.5% unemployment rate estimate for April.
Economists had tipped the unemployment rate to rise to 5.6% in May and is a measure the RBA will factor into its considerations when it next meets on July 2 to decide on interest rates.
Concerns about employment security also factor into house-buying intentions and decisions.
Tellingly full-time employment fell 5,300 to 8,153,600 with an increase in part-time employment of 6,400 people pushing up the aggregate number of people employed by 1,100 to 11,663,300 in May.
The increase in total employment was mainly driven by an increase in male part-time employment.
The number of people unemployed decreased by 3,600 people to 682,900 in May.
"Overall, the labour force report for May was a little better than expected but still reflected relatively soft labour market conditions overall," said ANZ economist Justin Fabo.
"The unemployment rate has gradually trended higher for a little more than two years now and has been consistent with the decline in the ANZ job ads series
"Job ads suggest that employment growth is likely to be slower than population growth in the near term," he says.
CommSec chief economist Craig James took a different view reporting that the "job market defies the doomsayers" after employment rose by 1,100 in May compard with economists expecting a 10,000 fall in jobs over the month.
"If anyone had been wondering what was the true state of the labour market, they would certainly still be confused after the latest jobs result. While job losses at high profile companies continue to dominate the headlines, job numbers across Australia are still rising. In the first five months of 2013 over 99,000 jobs have been created," said James.
"A raft of companies has been telling us that it is hard to attract and retain the right workers. It is just that a small number of listed companies reporting job cuts dominate the headlines rather than the raft of small and medium-sized firms that are getting on with business and hiring new workers. The job market is healthy but becalmed, and consistent with the performance of the broader economy."
The ABS reported a seasonally adjusted labour force participation rate decrease of 0.1 percentage points to 65.2% per cent in May.  The seasonally adjusted underemployment rate was 7.4% in May 2013
Unemployment across states and territories was: NSW 5.6% (5.3% in April); Victoria 5.4% (5.8%); Queensland 5.8% (5.7%; South Australia 5.9% (5.8%); Western Australia 4.9% (5.3%); Tasmania 7.3%(7.5%; Northern Territory 5.1% (4.8%); ACT 4.1% (4.2%).
Combined with the unemployment rate of 5.5%, the latest seasonally adjusted estimate of total labour force underutilisation was 12.9% in May.
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Unemployment rate improves slightly to 5.5% in May, but from part-time jobs rise

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The Bedarra Island Resort in Far North Queensland is expected to re-open on July 1 more than two years after being closed when Cyclone Yasi struck in February 2011.
The resort was acquired by the family-owned Charlton Hotel Group in November 2011, which has since undertaken repairs and a refurbishments to the luxury tourism destination.
The Queensland-based group is headed by general manager Sam Charlton, the grandson of Olympic swimming legend Andrew "Boy" Charlton.
The price paid for the resort was not disclosed.
<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/leisure/bedarra-island-sells-to-queensland-s-charlton-hotel-group/2011112252493" target="_blank">As reported by Property Observer in November 2011</a>, the number of villas on the island has been reduced as part of its redevelopment with just seven compared with 16 prior to the cyclone devastation.
Room rates start from $990 per night per couple in the Oceanview Villas rising to $1,490 per night per couple in the Point or Pavilions villas.
Bedarra Island Resort occupies 44.96 hectares of land on the island and prior to the cyclone enjoyed a strong trading history.
The resort was named as Australasia’s Leading Boutique Resort at the World Travel Awards in 2007.
It is accessible via Mission Beach or direct helicopter flight from Cairns.
Charlton’s hotels include the Metropolitan Motor Inn, Toowong Villas and Mt Ommaney Hotel Apartments and the Kingsford Smith Motel, all in Brisbane.
Bedarra Island is renowned for its unspoilt rainforests and palm-fringe beaches. It is the second largest in the “Family Group of Islands” that form part of the Great Barrier Reef.
Prior to Cyclone Yasi Dunk was an established and profitable family friendly resort offering accommodation across 160 rooms.
The resort includes a nine-hole golf course (which could be extended to 18 holes), mains power, a freshwater dam and a sewerage treatment plant.
The Courier Mail reported in November 2011 that the Charlton Group was thought to have paid $6 million for the resort.
RP Data records show a $3.355 million sale in November 2011, which may only reflect the land component of the resort.
GPT Funds Management acquired the land for $21.5 million in June 2009.
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Charlton Group to re-open Bedarra Island resort from July 1

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Nearly a third of borrowers fixed their home loan rate in May, according to home loan approval figures from Mortgage Choice.
This is despite the RBA cutting the cash rate to 2.75% and with further rate cuts expected, but also as lenders continuing to discount their fixed-rate offerings with the Commonwealth Bank the latest lender to do so last week, <a href="/news">now offering a three year fixed-rate of 4.99%.</a>
Fixed-rate loans amounted to 30.10% of all new loans submitted by Mortgage Choice brokers and approved by lenders during the month of May.
This is the fourth consecutive month that demand for this loan type has risen – rising by 13.75 percentage points since January.
The figures come out one month ahead of the official ABS housing finance data. April ABS data showed fixed-rate demand at five year highs with one-in-five fixing their home loan.
Mortgage Choice accounts for around one in 10 home loan arranged in Australia and its monthly updates are a good lead indicator of national demand.
Ongoing discount variable rate home loans remain the most popular loan type accounting for 38% of all approved loans over May. Discounted rates are usually offered as part of a home loan package deal.
They are followed by standard variable  and basic variable with 13% each of the home loan market.
<img alt="mortgage_choice_figures" height="364" width="470" src="/images/stories/AlexPerry/mortgage_choice_figures.jpg">
Queenslanders continue to be the most conservatively-minded borrowers with the state recording the greatest rise in fixed rate demand up by 7.43 percentage points to reach 37.84% - the highest all the states.
All states apart from Victoria/Tasmania recorded a rise in fixed-rate home loan approvals (21% of loans) with a third of NSW borrowers (33%) fixing their home loan in May. 
“For four consecutive months now a growing number of new borrowers have chosen a fixed rate loan. In fact, the uptake of fixed rate loans now sits almost seven percentage points above the six-month average," said Mortgage Choice spokesperson Belinda Williamson.
“Given the ongoing, competitive pricing of fixed rate loans, it is possible that new borrowers choosing this loan type are motivated less by the peace of mind offered by steady repayments and more by the current offers.
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Nearly a third of borrowers fixed their home loan rate in May: Mortgage Choice

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The Canberra property market underwent a signficant statistical correction in the first three months of the year with average median house prices falling 8.7%, figures compiled by the Real Estate Institute of Australia show.
The headline Canberra correction is large and alarming, but only partially representative of the market as the biggest fall recorded across Canberra districts were 4% in Tuggeranong ($480,000) and 3.2% in Gunghalin ($455,000) with these two more affordable suburbs accounting for 80% of the 294 preliminary sales.
The much bigger weighting to lower priced house sales (which fell) were responsible for the higher 8.7% fall in the median price, using the REIA methodology.
The REIA determines median prices based on the reporting of sales information based on sales at the date of contract exchange.
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Canberra, Sydney, Melbourne, Adelaide and Perth median prices are based on preliminary unrevised figures based on a high (75% -90%) sample of final sales. Brisbane, Hobart, Darwin median prices are not revised.
Prices held firm in the more expensive districts closer to the centre of Canberra.
In the Inner Central district (Canberra North and Canberra South) house prices gained 0.6% to $746,300.
In the inner South (Woden and Weston Creek) house prices lifted 0.8% to $617,300.
REIA researcher Evgeniya Hawthorne tells Property Observer while final figures are usually revised upwards, the estimates are a “right reflection of the market” with Canberra vendors having to discount their offerings to achieve a sale.
Overall, the property market tread water in the March quarter with the weighted average median price for the eight capital cities falling 0.2% for houses to $534,015 with units down 0.9% to a median of $434,601.
Darwin was the strongest performer in the detaching housing market with its median house price up 2.4% to $592,000 with Sydney (up 1.6% to $673,681) and Perth (up 1.0% to $505,000).
Apart from the steep decline in Canberra house prices, the other capital cities to record noteworthy declines in their detached house prices in the March quarter were Brisbane (down 2.3% to $430,000) , Hobart (down 1.4% to $360,000) and Adelaide (down 1.3% to $395,000).
In the unit market, only Perth (median prices up 2.4% to $425,000) and Hobart (up 1.0% to $290,000) recorded gains.
Apart from Canberra’s 6% correction in its unit prices, Adelaide (down 2.3% to $300,000), Sydney (down 1.6% to $473.808) and Darwin (down 1.2% to $425,000) all recorded declines of more than 1% over the quarter.
Year-on-year house prices are up 4% with median house prices increased in all capital cities apart from Canberra, with values down 7.2%.
Darwin recorded the largest rise across the capitals, up 7.6% followed by Perth (5.2%) Melbourne (4.8%), Sydney (4.2%) and Adelaide (3.4%)
Unit prices are up 1.7% over the past year with Hobart recorded the largest increase, up by 13.7% followed by Perth (3%), Darwin (2.4%), Melbourne (2.2%) and Sydney (1.7%).
In terms of rentals, the REIA data shows that nationally, median house rents increased over the March quarter across the capitals, with Perth and Canberra recording the highest increases of 4.4% and 4.3% respectively.
Rents for two bedroom other dwellings increased in Melbourne, Brisbane, Adelaide, Perth and Hobart while median other dwellings rents remained unchanged in Sydney and Canberra.
Darwin recorded a 0.2% decline in rents for two bedroom other dwellings, which probably reflects the increased supply of apartments coming online in the Top End’s capital, said Bendigo and Adelaide Bank retail executive Dennis Bice.
The report was co-sponsored by Bendigo Bank.
Bice said that despite the slight decrease in the March quarter, the weighted average median house price has risen 4.0% in the past 12 months.
“With the exception of Canberra, there has been median house price growth in all Australian capital cities,” he said.
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Canberra median house prices down a 'statistical' 8.7% as property market treads water in March quarter: REIA report

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Demand for fixed-rate home loans surged to its highest level in more than five years in April, the latest ABS housing finance figures reveal.
More than one-in-five borrowers (20.6%) fixed their home loan rate in April up from 18.4% in March and 13.5% in February.
The ABS figures show big surges in fixed-rate demand in NSW (up 18%), Victoria (up 22%) and WA (up 31%) in April.
The previous high (and all-time high for ABS data going back to 1991) was in March 2008 when more than a quarter (25.5%) of borrowers fixed their home loan rate when the cash rate reached 7.25%.
This followed a period of increased take-up of fixed rates as the cash rate rose with fixed rate demand as a proportion of total mortgage lending above 20% between October 2007 and March 2008.
For many who fixed over this period, it proved a disastrous move as the RBA then proceeded to cut the cash rate by 425 basis points between September 2008 and May 2009 – leaving those on fixed-rates with significantly higher mortgage payments.
The only option then was too pay hefty mortgage exit fees (still in place for fixed-rate home loans) or continue to pay the higher mortgage payments until their fixed-rate term ended and then refinance into a cheaper variable-rate home loan.
This time the situation is quite different with the cash rate down to a 53-year-low of 2.75% and lenders offering enticing one, two and three-year fixed rates well below 5%.
A more conservative mindset amid concerns about the economy and jobs may also be a factor in rising take-up of fixed-rates.
The most recent lender to cut its fixed-rates was <a href="/news">the Commonwealth Bank</a>, the nation’s biggest mortgage lender, which cut interest rates on new three-year fixed rate home loans- the most popular fixed-rate term - to 4.99% per annum under its package home loan offering.
Others to have cut their fixed-rates recently include <a href="/news">Citibank</a>, <a href="/news">RAMS</a>, and <a href="/news">Aussie</a>.
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Fixed-rate home loan demand surges to five-year high with one in five fixing: ABS

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More than 110,000 property investors will receive letters from the Australian Tax Office after new data mining technology identified they may have submitted incorrect tax claims based on their 2011-12 tax returns.
Most will relate to incorrect rental property deductions with figures for the 2010-11 tax year revealing that around <a target="_blank" href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">two-thirds of property investor negatively gearing their investments</a> and claiming losses on their investment properties to offset their tax bills.
“This year we are writing to more than 110,000 rental property owners about their entitlements and obligations, to help ensure tax returns are filled in correctly,” said the ATO in a statement.
The incorrect claims have been identified through new data-mining technology and using a specialist team called “the doctors”, reports Fairfax Media.
In April, the ATO revealed it would use new data-matching technology to closely scrutinise residential and commercial property sales to ensure tax payers paid the correct amount of tax.
It said 10.4 million taxpayers would face scrutinise over their property dealings this year with the ATO’s high tech computer systems gathering real property transaction details from state revenue offices and relevant state government land and property departments.
The recently released 2010-11 ATO figures show there was a small rise in gross rental income from $28 billion to $30.7 billion but a bigger rise in tax deductible rental interest payments (up from $18.4 billion to $22.7 billion), capital works deductions and other allowable rental deductions.
The ATO has<a href="https://www.ato.gov.au/corporate/content.aspx?doc=/content/00355988.htm&amp;pc=001/001/001/003&amp;mnu=0&amp;mfp=&amp;st=&amp;cy=" target="_blank"> released tips to ensure property investors know what they can claim and cannot claim.</a>
Expenses that may be claimed "straight away" in the income year in which they are incurred include interest on a loan used to purchase a rental property, interest on a loan to purchase land to build a rental property or interest on a loan to purchase a depreciating asset for the property - such as an air conditioner; or to finance renovations or home improvements, like a deck.
Investors can claim other expenses over a number of years, including the cost of depreciating assets, structural improvements and most borrowing costs.
Assets that are part of the property such as stoves, refrigerators, air conditioning and hot water systems can be claimed over a number of years as a 'decline in value' deduction.
Expenses for which investors are not able to claim deductions include acquisition and disposal costs of the property, expenses not actually incurred by them, such as water or electricity charges borne by tenants and expenses that are not related to the rental of a property.
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ATO to write to 110,000 rental property owners over incorrect rent deductions

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Mirvac has given Sydney CBD workers the first glimpse of the grand six-storey entrance that will sit underneath its new 8 Chifley Street office tower.
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The office tower is the first Australian office building designed by renowned UK architect Richard Rogers.
Rogers most distinctive buildings include the Pompidou Centre in Paris, the Lloyd’s of London building and the Millennium Dome in London.
The curved shapes rising up the corner of the building on Phillip Street are strikingly similar to the famed shiny industrial facade in the Lloyd's of London building, considered a modern architectural masterpiece.
The reveal of the grand entrance at 8 Chifley follows the completion of the foyer paving of what will be a new public space in the Chifley Square precinct in the northeastern corner of the Sydney CBD.
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The new office tower is under construction directly next to another iconic Sydney office tower – the Deutsche Bank tower with its distinctive triangle-shaped steel frame top.
The 34-storey building is due to be completed in August – ahead of schedule.
The building will rise above the public space and six-storey void supported by enormous blue girders with red girders zig-zagging up the side.
The ground floor open space will be repeated midway up the building and again at the top, “integrating Australia’s outdoor lifestyle into the city environment”.
QBE Insurance Group announced in April it had signed a 10-year agreement to lease approximately 2,800sqm of the building, which is jointly owned by Mirvac and Keppel REIT.
Law firm Corrs Chambers Westgarth has also leased over 8,000 square metres of space, representing approximately 42% of the building’s net lettable area, for a 12-year term.
A further three vertical villages remain available to lease.
The building’s design is a collaboration between the internationally renowned Rogers Stirk Harbour + Partners and Australia’s Lippmann Partnership.
It stands on a north-facing site, bounded by Elizabeth, Hunter and Phillip Streets and will feature seven vertical villages providing connectivity and vertical integration between the floors and adding to the feeling of extensive space throughout the premises.
“We are excited to announce that 8 Chifley will complete ahead of schedule in August, offering a progressive and world class head office space for organisations and enhancing Chifley Square as a dynamic pedestrian hub,” said Mirvac’s CEO for development and group strategy, Brett Draffen.
“From the unique suspended glass foyer enclosure to the elevated ‘village square’ on the 18th floor to the eye-catching red exterior braces, the final construction remains true to the original vision and delivers a vibrant new landmark in Sydney’s CBD precinct.”
Ivan Harbour of Rogers Stirk Harbour + Partners says the design, “whilst internationally significant, is very specific to the climate and culture of Sydney”.
“Perhaps the defining feature of the project is the six-storey open space at street level that not only forms a grand entrance to the building but creates a new, significant area of public space which addresses and completes Chifley Square.
8 Chifley will be one of the greenest buildings in Sydney when completed.
It has achieved a 6 Star Green Star Office Design and is committed to achieving a 5 Star NABERS Energy Rating.
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Mirvac gives glimpse of six-storey foyer beneath Richard Rogers-designed Sydney office tower

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Prime Brisbane retail property on Queen Street Mall offers signficantly stronger returns to investors than the more glamourous shopping strips of Singapore and Hong Kong, research by DTZ reveals.
The graph below shows the gap between Brisbane and its Asian rivals, which looks set to remain in place until at least 2017, although it is forecast to narrow.
<img alt="retail_yields_brisbane" height="360" width="470" src="/images/stories/april11rosebery/retail_yields_brisbane.jpg">
The graph is included in the latest DTZ Foresight Asia Pacific Fair Value report for the first quarter of 2013.
"Despite anticipated rate hikes, borrowing costs currently remain low across the region due to lingering global uncertainties, weak regional recovery and volatile international capital flows," reported DTZ.
"At the same time, investors’ perception of risk has reduced again this quarter; the combination of low borrowing costs and lower risk premiums is making property attractive relative to fixed-income returns."
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Brisbane retail returns stronger than Hong Kong and Singapore: Chart of the week

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Consumer sentiment rebounded in June following sharp falls in April and May, with house-buying intentions still very strong.
The Westpac Melbourne Institute Index of Consumer Sentiment rose 4.7% in June from 97.6 in May to 102.2 taking the index back over the 100 level indicating that optimists now just outnumber pessimists.
The results were based on a survey of 1,200 Australians aged over 18 conducted in the week from 3 June to 9 June 2013 - when the RBA left the cash rate unchanged at 2.75%.
Despite the rebound in June, consumer confidence still remains 8.2% lower than its peak early in the year.
There was only a small 0.4% rise in the ‘time to buy a dwelling’ sub-index in June but it remains at an elevated level of 143.3, up 12% over the past year and well above the long-term average of 123.1.
It also has the highest reading of the five sub-indexes.
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“Clearly consumers see this as an opportune time to make major purchases or enter the housing market, likely reflecting the low cost of finance and comparatively good affordability,” says Westpac senior economist Matthew Hassan.
“However concerns about the economic outlook are likely discouraging many buyers from going ahead with actual purchase decisions,” he added.
Hassan notes that all components of the index recorded some improvement between May and June with the strongest gains around family finances.
The sub-index tracking  assessments of ‘family finances vs a year ago’ rose 8.5%, more than reversing the 8% drop in May while the sub-index tracking expectations for ‘family finances over the next 12 months’ rose 5.3%’.
“It appears that some of the factors behind the sharp drop in sentiment in May were temporary,” says Hassan.
“In particular, concerns stemming from the Federal Budget may have eased somewhat in June.
“However, a deterioration in consumer sentiment around prospects for the Australian economy, which has been a key underlying theme over the last three months, remains apparent,” he added.
The sub-index tracking expectations for ‘economic conditions over the next 12 months’ was up 3.8% after a heavy 13.8% fall in May; and the sub-index tracking expectations for ‘economic conditions over the next five years’ up just 3.2%.
"However, both remain sub-100 indicating a pessimist forward view on the economy," says Hassan.
“These fears [about the economy] would have been underscored by the weak first quarter national accounts data, a sharp sell-off in the sharemarket (down 7% between the May and June surveys) and a slide in the Australian dollar (down 4¢ vs the US dollar between the two surveys), " he says.
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Consumer sentiment lifts 4.7% in June with house buying sentiment still elevated: Westpac 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.

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“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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[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.

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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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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