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Up and coming chefs are lining up for the opportunity to show case their cooking skills in a new concept food hall, with eateries constructed out of old shipping containers.
There are 11 colourfully painted shipping containers in The General Assembly food hall, a refurbished former cargo shed at Melbourne’s South Wharf promenade, across from Docklands.
The project has been developed by Melbourne Convention Centre owners the Plenary Group, with the aim of turning the precinct into an eating and entertainment destination.
Each shipping container is fitted with brand new kitchen equipment specifically designed to accommodate 11 different cuisines alongside communal bars and dining spaces.
Fitzroys agent Mitchell Humphreys who along with colleague James Lockwood has handled the marketing campaign, says the project has attracted more than 70 expressions of interest.
The campaign closes today.
The chosen chefs and entrepreneurs will receive two-year licences to operate their restaurants.
There is no cost involved.
“The Plenary Group is fitting and running the General Assembly at a substantial loss,” Humphreys tells Property Observer.
“The idea is to draw people to the South Wharf Precinct and give young up and coming chefs an opportunity run something at low risk to them.
Humphreys says the food hall should be and running in six to eight weeks.
“Young up-and-coming operators typically don’t have the capital to invest in setting up at a site long-term and completing their own fit-out,” he says.
They also want to remain independent and don’t want to be swallowed by larger corporations.
“We’re giving young, energetic people the chance to come in at no cost to them to serve their own cuisine.
The South Wharf precinct takes in the Melbourne Convention &amp; Exhibition Centre, the Hilton South Wharf and surrounding retail offerings.
It receives over six million visitors throughout the year, as well as having 2,500 on-site workers and tens of thousands within a one kilometre radius.
The Plenary Group is an infrastructure and property development business with operations in the Americas and the Asia Pacific region.
It works on public–private partnership (PPP) projects with its current most noteworthy project being the $1 billion Victorian Comprehensive Cancer Centre being built by Grocon for the Victorian government.
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Plenary Group attracts budding chefs to shipping container food hall concept at Melbourne's South Wharf

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Twenty four out of twenty five economists polled by Bloomberg expect the RBA to leave the cash rate on hold in June when it meets on Tuesday (June 4).
AMP Capital Investors chief economist Shane Oliver is the only economist who expects the cash rate to fall to a new low of 2.5%.
Last week Oliver and Westpac’s Bill Evans were the only two economists polled who tipped a rate cut in June.
Evans has returned to market consensus, arguing that financial market and real economy developments since the May 7 meeting, when the cash rate was cut by 25 basis points to 2.75%, “have, on net, not been supportive of an immediate follow-up move”.
“As a consequence, we now anticipate that the next move is likely to be delivered in August,”he says.
Oliver says he expects another 25 basis point rate cut next week, but admits that it's "another close call as the RBA may decide that having cut in May and with the fall in the Australian dollar it will wait and assess for now”.
“Against this though, the Australian dollar hasn't really fallen enough to provide a big stimulus to the economy (it’s just at the low end of the range its been in for two years), the latest business investment readings confirm that mining investment has peaked and that non-mining investment is likely to remain weak, readings for business and consumer confidence have been poor, forward looking jobs indicators are soft and the toughish Budget and Ford's decision to quit manufacturing seem to have added to the sense of gloom surrounding the Australian economy. 
“As a result, with low inflation providing plenty of scope to ease the RBA should act again on its easing bias and on balance we think that it will,” he adds. 
<a target="_blank" href="/news">HSBC Australian and New Zealand chief economist Paul Bloxham</a> expects a rate hold in June with his principle argument being the 6% weakening of the Australian dollar against the US dollar since the RBA cut the cash rate on May 7. 
He says the recent depreciation of the dollar has had the effect of adding to 0.1% to Australia’s GDP – “which is around the same as the estimated effect of a 25 basis point rate cut”. 
The odds of a rate cut rise in the third quarter of the year with 10 out of 25 economists favouring a downward move by the RBA.
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AMP’s Shane Oliver the lone economist out of 25 tipping the RBA to cut rates next week: Bloomberg

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An upturn in the building of new houses and apartments is now “well entrenched” in NSW and WA, says Westpac senior economist Matthew Hassan.
There is a more gradual upturn in Queensland, but approvals are still trending down in Victoria, he says.
<img alt="westpac_building_approvals" height="322" width="470" src="/images/stories/2013/may23abelesauction/westpac_building_approvals.jpg">
Hassan's comments follow <a target="_blank" href="https://www.propertyobserver.com.au/residential/dwelling-approvals-rise-by-a-stronger-than-anticipated-91-in-april-abs/2013053061786?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">yesterday’s ABS dwelling approvals data</a>, which showed a greater than expected 9.1% bounce in approvals in April following a 5.5% fall in March.
Hassan points out that total building approvals in NSW rose 33% led by a 57% jump in unit approvals but with a strong 6.6% rise for private sector house approvals as well.
“Victoria also posted a strong 9.3% gain with a more evenly balanced mix (private sector house approvals up 8.2%).
“Queensland approvals fell overall but led by units with private sector house approvals up 8.8%.
“Approvals rose 4.3% in WA although private sector house approvals were down 10%,” he says.
“Stepping back from the monthly volatility, the upturn is well entrenched in WA and NSW but coming through more gradually in Queensland with trend approvals still falling  1% per month in Victoria,” he says.
Renovation activity is also improving with the value of renovation approvals rising 1.5% in April "continuing its improvement from a soft run earlier in the year".
Overall, Hassan says the housing construction recovery, “which began early last year but seemed to lose its way in late 2012 and early 2013 is showing signs of regaining momentum”.
“After trending lower through the first three months of the year, dwelling approvals rose 9.1% in April, well above market expectations of a 4% rise,” he says. Hassan adds that the strong 18% rise in private sector units in April – a traditionally less reliable number often skewed by the launch of new high rise and medium density projects – “showed fairly broad gains”.
“Both 'high rise' and 'low to mid-rise' sub-categories drove the rise. The more granular geographic detail also shows a broad gain rather than one driven by individual projects,” he says.
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Housing construction recovery “well entrenched” in WA and NSW: Westpac’s Matthew Hassan

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Ten suburbs have been added to the list of Sydney suburbs with a median house price above $1 million, but property owners and investors might hold off cracking open a bottle of Penfold’s Grange.
They may wish to open a more modest drop with APM senior economist Andrew Wilson estimating there are now around 100 Sydney suburbs with a million-dollar median house price. There are about 656 suburbs across Sydney.
Given these numbers, Dr Wilson suggests there is nothing all that prestigious about joining the million-dollar median house price.
Indeed he's calling it the “meat and potatoes of Sydney housing," in comments to Fairfax Media.
''It's as certain as death and taxes that the number of million-dollar suburbs in Sydney will rise," he adds.
Lane Cove North, Manly Vale, Connells Point, Concord, Chatswood West, Gladesville, Little Bay, Crows Nest, Abbotsford and Avalon all have medians just above $1 million based on Australian Property Monitors’ (APM) median house price data over the past six months.
<table cellspacing="0" cellpadding="0" border="0" frame="box" style="width: 370px;">
<colgroup>
<col width="62">
<col width="71">
</colgroup>
<tbody>
<tr height="51">
<td width="62" height="51">Lane Cove North</td>
<td width="71" align="right">$1,004,500</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Manly Vale</div>
</td>
<td align="right">$1,005,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Connells Point</div>
</td>
<td align="right">$1,005,000</td>
</tr>
<tr height="20">
<td width="62" height="20">
<div>Concord</div>
</td>
<td align="right">$1,007,500</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Chatswood West</div>
</td>
<td align="right">$1,007,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Gladesville</div>
</td>
<td align="right">$1,051,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Little Bay</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Crows Nest</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Abbotsford</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="20">
<td width="62" height="20">
<div>Avalon</div>
</td>
<td align="right">$1,062,000</td>
</tr>
</tbody>
</table>
<div>Among the best performing of the new million dollar suburbs is Manly Vale, just west of Manly but without the beach at its front door, where the median house price has risen 10% over the past year to a median of $1,005,000.</div>
Wilson says that house priced above $2 million have come back a bit but that those priced between $1 million and $2 million are rising.
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Ten new suburbs join Sydney’s "meat and potatoes” million dollar housing club: APM

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The Reserve Bank will leave the cash rate on hold at 2.75% when it meets on Tuesday, says HSBC Australia and New Zealand chief economist Paul Bloxham.
His principle argument in favour of a rate hold is the 6% weakening of the Australian dollar against the US dollar since the RBA cut the cash rate from 3% to 2.75% on May 7.
He says the recent depreciation of the dollar has had the effect of adding to 0.1% to Australia’s GDP – “which is around the same as the estimated effect of a 25 basis point rate cut”.
“So the Australian dollar fall could be thought of as already delivering another rate cut,” says Bloxham.
The Australian dollar is currently trading around 96 cents against the American dollar having traded at just below $1.03 prior to the May 7 announcement.
Bloxham says the depreciation of the dollar means progress is being made on the “great rebalancing” of the Australian economy.
“As the RBA acknowledged at the beginning of the month, the economy was already showing signs of rebalancing.
“Retail sales are up, housing prices are rising, and new lending to households is picking up.
“Yesterday's capital expenditure survey reminded us that mining investment is slowing down - not collapsing - and that investment intentions for firms outside of the mining sector are still for a lift in capital spending next year.
Bloxham says future decisions about the cash rate will be “highly dependent on where the Australian dollar heads from here”.
He says last month’s decision by the RBA to cut the cash rate by 25 basis points was “in our view, largely because of the persistent strength of the Australian dollar”.
“The high Australian dollar had put more downward pressure on inflation than expected, which left the door open for the RBA to cut rates, which it did,” he says.
“Since then, the Australian dollar has depreciated 6% against the US dollar and 5% on a trade-weighted index (TWI) basis.
Bloxham says the Australian dollar fall would be welcomed by the RBA.
“Indeed, had the Australian dollar been at its current level when the RBA met last month, we suspect it may not have cut rates,” says Bloxham.
“For this reason, he expects the RBA to leave the cash rate on hold next week.
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RBA to leave cash rate on hold next week as “great rebalancing” of Australian economy makes progress: HSBC's Paul Bloxham

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Victoria’s Supreme Court has awarded an interim injunction to Melbourne wholesale fruit and vegetable stallholders preventing the Melbourne Market Authority from forcing them to sign new leases at the new market being built at Epping by May 31.
An interim injunction has been awarded until June 18.
It prevents traders having their stall allocations stripped and orders that the two parties seek a mediated solution, reported The Australian Financial Review.
It follows <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/victoria/west-melbourne-wholesale-fruit-and-veg-stallholders-seek-lease-injunction-over-site-relocation-growers-market-wholesale/2013052961754" target="_blank">The Melbourne Market Authority </a>preparing to relocate the Footscray Road market to a new site in Cooper Street, Epping but with tenants facing rents almost double what they are currently paying.
Prior to the interim injunction, the Melbourne Market Authority required that traders sign new leases by May 31 or risk losing their stall allocation when the leases go to national tender in June.
Supreme Court judge Peter Vickery in his judgement said the authority “has placed the stallholders in an invidious position where they cannot make a rational commercial decision between the two choices on offer”.
The tenants, represented by Nunzio Lucarelli QC, accused the Melbourne Market Authority of “unconscionable conduct” under consumer law by pressuring them to sign at much higher rents, The Australian Financial Review reported.
They told Justice Peter Vickery rents will rise from $273 per square metre annually to $478 per square metre annually and tenants who also require warehouse space are being asked to sign leases without knowing the details of the storage space.
But the MMA, represented by Michael Wyles SC, said the dispute was not open for the court to decide as the market was implementing government policy.
He said even a short injunction could delay the market opening until 2015.
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West Melbourne fresh produce traders win lease signing injunction until June 18

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Of the five Brisbane suburbs identified as ‘top picks’ by property investment adviser Sam Saggers just over a year ago, just one has to date been a solid performer, Property Observer analysis reveals.
Saggers identified South Brisbane, Stafford, Newmarket, Annerley and Clayfield as his 'best buy' suburbs in the March 2012 issue of Smart Property Investment magazine based on annual RP Data figures to December 2011.
Saggers said at the time that from 2013 Brisbane would experience "double digit price growth" with a market high in 2016/2017 and with the five-year forecast “looking good”.
Currently, RP Data has Brisbane property values up 1.2% for the first four months of the year, suggesting double digit annual growth could be some way off.
However, he was not the only one to forecast a turnaround for the Brisbane market.
Researchers BIS Shrapnel anticipating, in late 2011, a moderate improvement in prices from January 2012 as the market entered a “consolidation phase” following a decline exacerbated by the December 2010 floods.
Of Saggers' five suburb picks, Stafford, six kilometres north of the CBD, is showing the best long-term prospects.
Stafford median house prices appear to have bottomed out after a 2% fall over 2012 to be 2% up over the 12 months to March 2013 from 84 sales.
Apartments in Stafford are performing even better with median prices up 7% based on 118 sales over the 12 months to March 2013.
House prices in Newmarket, five kilometres north west of the Brisbane CBD, appear to be close to bottoming out having declined by 6% in 2012 they are now just 1% down over in March based on annualised sales data.
In Annerley, six kilometres south of the CBD, both house and unit median prices have fallen substantially.
House prices are down 5% and unit prices are down 7% based on more than 114 house sales and 130 unit sales.
Clayfield is another poor performer to date with a 9% drop in the median house price from 86 sales and a more modest (but declining) 2% drop in unit prices based on 167 sales.
The South Brisbane unit market has also yet to fire. 
HOUSES
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="111" valign="top">
 
</td>
<td width="76" valign="top">
Median house price Dec 2011
</td>
<td width="76" valign="top">
Median house price March 2013
</td>
<td width="66" valign="top">
12 month change to Dec 2012
</td>
<td width="66" valign="top">
12 month change to March 2013
</td>
</tr>
<tr>
<td width="111" valign="top">
<a target="_blank" href="/news">Annerley</a>
</td>
<td width="76" valign="top">
$552,500
</td>
<td width="76" valign="top">
$525,000
</td>
<td width="66" valign="top">
-3%
</td>
<td width="66" valign="top">
-5%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Clayfield</a>
</td>
<td width="76" valign="top">
$860,000
</td>
<td width="76" valign="top">
$800,500
</td>
<td width="66" valign="top">
-7%
</td>
<td width="66" valign="top">
-9%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Newmarket</a>
</td>
<td width="76" valign="top">
$658,000
</td>
<td width="76" valign="top">
$644,000
</td>
<td width="66" valign="top">
-6%
</td>
<td width="66" valign="top">
-1%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Stafford</a>
</td>
<td width="76" valign="top">
$452,500
</td>
<td width="76" valign="top">
$447,250
</td>
<td width="66" valign="top">
-2%
</td>
<td width="66" valign="top">
+2%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">South Brisbane</a>
</td>
<td width="76" valign="top">
$805,000
</td>
<td width="76" valign="top">
N/A
</td>
<td width="66" valign="top">
-17.3%*
</td>
<td width="66" valign="top">
N/A**
</td>
</tr>
</tbody></table>
*From only seven sales **Just one sale recorded in 2013
 Source: RP Data
UNITS
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="111" valign="top">
 
</td>
<td width="76" valign="top">
Median house price Dec 2011
</td>
<td width="76" valign="top">
Median house price March 2013
</td>
<td width="66" valign="top">
12 month change to Dec 2012
</td>
<td width="66" valign="top">
12 month change to March 2013
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Annerley</a>
</td>
<td width="76" valign="top">
$399,000
</td>
<td width="76" valign="top">
$369,000
</td>
<td width="66" valign="top">
-5%
</td>
<td width="66" valign="top">
-7%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Clayfield</a>
</td>
<td width="76" valign="top">
$415,000
</td>
<td width="76" valign="top">
$357,500
</td>
<td width="66" valign="top">
+3%
</td>
<td width="66" valign="top">
-2%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Newmarket</a>
</td>
<td width="76" valign="top">
$370,000
</td>
<td width="76" valign="top">
$380,000
</td>
<td width="66" valign="top">
-1%
</td>
<td width="66" valign="top">
-4%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Stafford</a>
</td>
<td width="76" valign="top">
$346,000
</td>
<td width="76" valign="top">
$389,080
</td>
<td width="66" valign="top">
+7%
</td>
<td width="66" valign="top">
+7%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">South Brisbane</a>
</td>
<td width="76" valign="top">
$456,000
</td>
<td width="76" valign="top">
$460,000
</td>
<td width="66" valign="top">
-2%
</td>
<td width="66" valign="top">
-3%
</td>
</tr>
</tbody></table>
Source: RP Data
Image of jacaranda tree by Richard Fisher, courtesy of Flickr.
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Stafford blooms but four out of five Sam Saggers Brisbane hotspots yet to show promise

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Australia has ranked as the sixth most overvalued OECD housing market behind Belgium, Norway, Canada, New Zealand and France, but with prices falling.
It is the only non-European country included in a category “where houses appear overvalued but prices are falling” released as part of the OECD's latest global economic update.
“This category is the largest as it includes many European countries where the post-crisis housing market correction is still ongoing, most notably Spain, but also the United Kingdom, Belgium, Denmark, Finland, the Netherlands and one non-European country, Australia,” says the OECD.
“While price corrections in these countries are necessary, they are also concerning as they weaken households’ financial health and potentially fragilize banking sectors.”
It follows The Economist magazine ranking <a target="_blank" href="https://www.propertyobserver.com.au/news/australia-moves-up-to-fourth-most-overvalued-housing-market-but-bubble-risk-subsides-the-economist/2013051761451">Australia the fourth most overvalued housing market behind France, the Netherlands and Canada</a> earlier this month.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/05/oecdmay30one.gif"><img src="/images/stories/2013/05/oecdmay30onethumb.gif"></a>
The OECD determines the fair value of a housing market based on two measures: the price-to-rent ratio (a measure of the profitability of owning a house) and the price-to-income ratio (a measure of affordability).
If the two measures are above their long-term averages, house prices are said to be overvalued, and vice-versa.
On a price-to-rent ratio Australian house prices are about 35% overvalued while on a price-to-income ratio they are about 20% overvalued.
The figures were released as part of the OECD’s latest global economic update, where it said the global economy was moving forward but with divergence between countries and regions reflecting “the uneven progress made toward recovery from the economic crisis”.
It projects Australian GDP growth of 2.6% in 2013 rising to 3.2% in 2014 outperforming other OECD countries with GDP projected to rise by 1.2% this year and by 2.3% in 2014.
“The expected weakening of the boom in mining investment will be only gradually offset by the sector’s increasing export capacity and the strengthening of the non-mining sector,” notes the OECD in its May economic forecast summary.
“The persisting high exchange rate and still fragile confidence are inhibiting the emergence of new drivers of growth. “In the absence of inflationary pressures, monetary policy should remain accommodative in order to underpin activity.
“The authorities need to gradually balance the public budget so as to restore fiscal leeway. Should activity worsen significantly, however, there is scope for fiscal policy to be relaxed to support demand. A tax reform to improve the effectiveness of housing taxation and lower corporation tax by means of an increase in VAT would enhance efficiency.”
The OECD anticipates the world real gross domestic product (GDP) is projected to increase by 3.1% this year and by 4% in 2014.
Across OECD countries, GDP is projected to rise by 1.2% this year and by 2.3% in 2014, while growth in non-OECD countries will rise by 5.5% this year and 6.2% in 2014.
In the US, activity is projected to rise by 1.9% this year and by a further 2.8% in 2014.
GDP in the euro area is expected to decline by 0.6% this year and then rebound by 1.1% in 2014, while in Japan GDP is expected to grow by 1.6% in 2013 and 1.4% in 2014.
“The global economy is strengthening gradually, but the upturn remains weak and uneven,” said OECD secretary-general Angel Gurría.
“Supportive monetary policies, improving financial market conditions and a gradual restoration of confidence are at the root of the recovery. Also, the fiscal adjustment of the last few years is beginning to pay off. Several countries are close to stabilising their government debt-to-GDP ratios and ensuring a gradual decline in indebtedness over the longer term,” he said.
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Australia’s housing market sixth most overvalued but prices falling: OECD

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The total number of new houses and apartments approved for construction in April lifted by a stronger than expected 9.1% to 13,774 dwellings with private sector house approvals trending up strongest in WA, NSW and Victoria, according to the latest ABS data.
This followed a fall of 5.5% in March on a seasonally-adjusted basis.
April’s result was well above economists median expectations of a 4% rise in building approvals in April, according to last week’s Bloomberg survey.
Building approvals are forward indicators of future demand for new houses and apartments and are also factored into RBA decisions about the cash rate.
Private sector housing approvals lifted 2.5% over April and have risen for four months.
In the more volatile apartment market, approvals lifted by 18% following a fall of 9.9% in the previous month.
Year-on-year private total dwelling approvals are up 27.3% with private sector housing approvals up 18.9% and apartment approvals up 37.2%.
Economists had tipped a 22.5% year-on-year total dwelling rise.
Looking at the longer-term trend, the ABS notes that the total number of dwellings approved have risen in April, in trend terms, for the first time in 2013.
Dwelling approvals increased in the Northern Territory (8.7%), Tasmania (2.9%), Western Australia (2.5%), New South Wales (0.7%) and Queensland (0.5%) in trend terms.
They declined in the ACT (-2.2%), Victoria (-1.1%) and South Australia (-0.8%). Dwelling approval trends have been rising for more than one year in both Western Australia and Queensland (15 months each) while falling for the last nine months in Victoria says the ABS.
Western Australia (1.9%), New South Wales (1.3%) and Victoria (1.1%) experienced the largest rises in private sector house approvals.
In New South Wales the trend has been rising since April last year (13 months). Private sector house approvals rose in Queensland (0.2%) for the first time since February 2012.
"The rebound in April was broad-based, reflecting an increased number of approvals in six of eight states and territories, Queensland and the Australian Capital Territory proving the exceptions,” said HIA chief economist, Dr Harley Dale.
“Over the three months to April 2013 approvals were up everywhere except New SouthWales and Victoria.
"In 2012 we had four out of eight new home building markets in Australia in recession. In that context the recovery implied by the profile for building approvals is very modest, a fact reinforced by the effectively flat trend evident in recent months.
“It is nevertheless vital to be seeing some signs of improvement – approvals suggest an increase in housing starts in the current fiscal year in the order of 7%, which is HIA’s forecast.
“The concern is that the new home building activity implied by a range of leading indicators, including building approvals, does not provide evidence of a durable recovery and certainly does not provide evidence of a recovery commensurate with the requirements of the Australian economy as it transitions away from a disproportionate reliance on resources-related investment
"This situation represents a challenge for state and federal government policy makers. Lower interest rates are delivering some traction for new residential construction. However, a recovery of the magnitude and duration required by the Australian economy will not be forthcoming without regulatory and taxation reform to reduce the excessive and inefficient cost base embedded in the new homebuilding sector,” said Dale.
In value terms, building approved fell 2.7% in April following a rise of 6.1% in the previous month.
The value of residential building rose 3.8% following a fall of 6.4% in the previous month. The value of non-residential building fell 10.3% following a rise of 25.2% in the previous month.
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Dwelling approvals rise by a stronger than anticipated 9.1% in April: ABS

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Investors in collapsed mortgage lender Provident Capital’s monthly income fund (MIF) have received further distributions as liquidators from PPB Advisory continue to dispose of loans.
MIF unit holders received nine cents per unit on May 17 following distributions totalling 61 cents per unit since December last year.
Unitholders in Provident Capital’s high yield fund (HYF) have received 66 cents per unit in total distributions, with the last payment of 14 cents per unit in February.
Creditors voted to <a href="https://www.propertyobserver.com.au/news/provident-capital-s-creditors-vote-to-liquidate/2012102457415">liquidate the $130 million subprime lender</a> in October.
Provident Capital acted as a lender of last resort on risky development, charging very high interest rates and fees.
It collapsed in July last year following an application by Australian Executor Trustees Limited (AET), a trustee for Provident Capital debenture holders. It then emerged that 85% of loans were six months or more in arrears.
“The timing and amount of any further payments from the fund will depend on how the wind up process proceeds and the extent to which the remaining assets continue to earn income,” said Marcus Ayres, Tony Sims and Philip Carter receivers and liquidators from PPB Advisory.
“Income distributions may be made at the same time as payments arising from the realisation of the fund's assets.
“Investors will receive a tax statement in respect of their income distributions at the end of the financial year
To date distributions to unitholders totalling 66 cents in every dollar invested have been made.
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Provident Capital investors receive further distributions

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.

Joel Robinson

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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Larry Schlesinger

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