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The Federal Court of Australia's decision to approve the $82.5 million settlement between 1,050 former Storm Financial clients and Macquarie Bank has been appealed by ASIC.
ASIC is appealing the decision on the grounds of fairness with around 735 Macquarie borrowers only getting back about 18% of their losses. 
In September last year the <a href="https://www.propertyobserver.com.au/news/commonwealth-bank-settles-storm-financial-dispute-with-asic/2012091456585" target="_blank">Commonwealth Bank settled its Storm Financial dispute with ASIC </a>agreeing to pay about $270 million to investors,  equating to repayment of about 55% of their losses. The Macquarie Bank settlement, announced in March and approved by Justice Logan on May 3, followed a class action brought against the bank by Sydney law firm Levitt Robinson. The settlement will see Macquarie Bank pay $82.5 million (inclusive of legal and administrative costs) in final settlement of the claims of 1,050 Storm clients who took out margin loans with the bank. Under the settlement, around 315 investors who funded the class action will be reimbursed their legal costs and also compensated for approximately 42% of their losses (as estimated by Levitt Robinson) while around 735 Macquarie borrowers will only get back about 18% of their losses (as estimated by Levitt Robinson). During Federal Court proceedings on May 2 to approve the settlement, ASIC intervened to express concerns about matters affecting the fairness of the deal. The ASIC’s appeal relates to:
<ul>
<li>the distribution of the money, which is not in proportion to losses suffered</li>
<li>whether a funders’ premium for class action members who funded the action amounts to an unfair advantage for those members at the expense of the remaining 70% of class action members, and</li>
<li>whether inadequate notice was given to class action members of the prospect of payment of a funders’ premium.</li>
</ul>
“Settlement of a class action should be undertaken in the interests of the class action group as a whole. ASIC’s appeal raises the question whether this settlement was unfair to the 70% of class action members who did not, or were unable to, contribute to the funding of the action,” says ASIC deputy chairman Peter Kell.
ASIC is involved in various actions in connection with the collapse of Storm in 2009.
It has brought proceeding (brought in part on behalf of two former Storm investors) against Macquarie Bank, Bank of Queensland Limited, and Senrac Pty Limited, with ASIC alleging unconscionable conduct in connection with their dealings with Storm investors.
The trial is scheduled to start on June 3 2013. 
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ASIC appeals court decision on Macquarie Bank’s $82.5 million Storm Financial payout on grounds of fairness

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A sharp fall in house prices remains a "remote" possibility, says Business Spectator economist Stephen Koukoulas.
He says weakness in new housing construction,  strong population growth and the ability for the RBA  to cut the cash rate even further will guard against this happening.
However, ‘The Kouk’ has expressed surprise at the recent dip in house values with <a target="_blank" href="https://www.propertyobserver.com.au/residential/autumn-blues-as-dwelling-values-dip-again-in-may-rpdata-timlawless/2013052661671">RP Data’s daily index pointing to a 1.5% decline</a> over the past two months, leaving house values up just 1.2% in net terms since the start of 2013. <a href="https://www.propertyobserver.com.au/residential/house-prices-to-rise-10-this-year-as-part-of-upward-trend-koukoulas/2013020159098" target="_blank">In February</a>, he tipped house prices to rise 10%  over 2013 as part of an "upward trend" after dwelling values rose 1.2% in January according to RP Data-Rismark.
He says he is sticking with this forecast "more or less".
The latest dip means house prices are still 5% off their peak from two years ago.
Koukoulas said if the price decline gathered momentum, the cash rate could fall to around 2% or even 1% in a “worse case scenario”.
Koukoulas says while it’s not clear what is behind the recent house price dip, he points to the recent fall in consumer sentiment and an “updrift” in the unemployment rate as to possible factors.
However, he draws a clear distinction with the house price collapses in the US, the UK, Ireland, Spain and says the Australian housing market is “fundamentally different” because these countries’ house price bubbles were accompanied by a housing construction boom.
“If anything, housing construction in Australia is in the doldrums, with new construction bouncing along at very low levels.
“Perversely, perhaps, this weakness in new housing construction is good news for now as it means there is little risk of a glut of property coming on to the market should there be a more worrying house price fall in the months ahead,” he adds.
Other factors preventing a sharp fall in house prices, he says are the recent decisions by the RBA to cut interest rates and “extremely favourable demographics” such as “especially strong population growth”.
He says the RBA can do a lot more on interest rates and is why it has maintained an easing bias.
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Chance of a sharp fall in house prices “remote” Stephen Koukoulas

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Autumn has brought with it a cold wind blowing through the property market.
With just a few days to go until the end of the month, the RP Data daily index suggests house values will decline by about 1% in May following a <a target="_blank" href="/news">0.5% drop in April.</a>
“RP Data's capital city dwelling index looking soft for May, likely to be down nearly 1% for month (-0.9% past 28 days),” tweeted RP Data national research director Tim Lawless today.
This follows dwelling values posted a solid 2.8% gain over the first three months of 2013.
The graph below, posted by Lawless, shows the modest and bumpy recovery beginning in about November last year and the recent dip.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/05/rpdatadwellingsmay27one.jpg" title="Click to enlarge"><img src="/images/stories/2013/05/rpdatadwellingsmay27onethumb.jpg"></a>
The latest property market decline was noted by economist Stephen Koukoulas from consultancy Market Economics.
"House prices are falling again. If these falls are the start of a new trend lower rather than just a bit of a blip could be a very unpleasant signal that will require a policy reaction from the Reserve Bank," he <a target="_blank" href="https://www.propertyobserver.com.au/residential/autumn-blues-as-dwelling-values-dip-again-in-may-rpdata-timlawless/2013052661671">wrote on Business Spectator today</a>. 
RP Data senior research analyst Cameron Kusher noted in April<a target="_blank" href="https://www.propertyobserver.com.au/residential/first-quarter-usually-has-the-year-s-strongest-residential-property-market-cameron-kusher/2013041760473"> that dwelling values are “typically the strongest for growth” in the first quarter of the year</a>.
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Autumn blues as capital city dwelling values dip again in May: RP Data

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Westpac chief economist Bill Evans and AMP Capital chief economist Shane Oliver are the only two economists out of 21 surveyed by Bloomberg last week who expect a rate cut on June 4.
The other 19 economists surveyed by Bloomberg expect the RBA to leave the cash rate unchanged at 2.75%.
Bill Evans was the first economist to tip the RBA to begin its easing cycle in November 2011 and was also the first to forecast that the cash rate would fall to 2.75%, doing so <a target="_blank" href="https://www.propertyobserver.com.au/news/rba-to-cut-rates-by-25-basis-points-next-week-with-three-more-to-come-taking-cash-rate-to-reach-275-by-year-end-westpac/2012053154924">back in May last year.</a>
He expects the cash rate to bottom out at 2% sometime in the March quarter of next year.
Another economist tipping a rate cut in June – but not included in the latest Bloomberg survey - is Macquarie Group chief economist Richard Gibbs, who said so at a recent Mortgage Choice state conference in WA.
Looking ahead, the Commonwealth, NAB and ANZ all expect one more rate cut this year to take the cash rate to 2.5%.
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All economists – bar Westpac’s Bill Evans and AMP’s Shane Oliver - favour RBA cash rate hold in June: Bloomberg survey

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Illawarra-based husband and wife estate agents Roger and Gordana Ocvirk have appealed a 12 month jail sentence imposed on them after pleading guilty to misappropriating $1.4 million of clients founds.
They admitted to misappropriating $1.2 million from strata company Strata Decisions Wollongong and $198,708 from real estate agency Dougmal Harcourts Warilla between August 2010 and January 2012, reported the Illawarra Mercury.
Gordana Ocvirk had previously pleaded guilty in Wollongong Local Court to two charges of failing to account for the money and one of failing to properly supervise Strata Decisions.
Roger Ocvirk pleaded guilty to the same three charges last week.
The couple used the trust account funds to try and keep their business from failing and planned to pay it back, said magistrate McGowan in his judgement.
The Ocvirks were released on bail pending their appeal in the District Court.
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Wollongong estate agents to appeal jail sentence over $1.4 million misappropriation of client funds

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Austin, Aria Property’s 140 apartment project in South Brisbane, which will feature a four-storey commissioned art work, has entirely sold out.
Construction of the project on Grey Street and Fish Lane has recently commenced and will take around 14 months to complete.
One bedroom apartments were priced at around $390,000 with two-bedroom apartments starting from $490,000.
Sitting opposite the Queensland Museum and close to the Queensland Performing Arts Centre (QPAC) and art galleries, the project will incorporate a turn of the century four storey exposed brick façade, that was once a Queensland Rail depot.
It will also house a four storey artwork commissioned by the council to tie in with the buildings close proximity to the Gallery of Modern Art and Queensland Art Gallery.
When completed it will be the tallest building in the South Brisbane arts and culture enclave, “forming a gateway tower between the CBD and South Brisbane”.
Architect Simon White, principle at Rothe Lowman White, tells Property Observer there is not a lot of residential currently in South Brisbane but it’s been mooted as a high growth area with Austin the catalyst for a master plan to develop the neglected Fish Lane – which runs for about six blocks - with ground floor retail tenancies and a café complimenting the already established cultural precinct.
White says Aria took a “direct decision” to build large units aimed at attracting a higher proportion of owner occupiers, unlike most inner Brisbane apartment projects, which are aimed at the investor market.
Two-bedroom apartments measure between 80 square metres while one bedroom apartments between 52 and 55 square metres.
Generally one-bedroom apartments in Brisbane measure less than 50 square metres, he says.
Other attractions of the development include are a focus on amenities and recreation with a 500-square-metre rooftop terrace designed for “quiet recreation with sunbeds, open air bars, dining areas and rooftop planting” all with city views.
Other Aria projects where Rothe Lowman White have collaborated on include a 56 unit, 8 storey development sitting opposite Musgrave Park currently under construction.
Chris Mitchell, head of residential development at ARIA says that the company is dedicated to the successful development of South Brisbane and West End and has its headquarters on Edmondstone Street, on the boundary of the adjoining neighbourhoods.
<a href="https://www.ariaproperty.com.au/" target="_blank">ARIA Property Group </a>is a family owned and operated property development and investment company founded in 2003 by Tim Forrester.
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'Arty' sold-out Austin apartment project to rise to South Brisbane's highest

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The wife of property developer Matthew Joyce has described his 10-year jail sentence in Dubai as “a life sentence” because he must also pay off a $25 million fine before being considered for release.
“This is his own worst nightmare,” Angela Higgins told the ABC.
“We know that this is like a life sentence.
“It’s a 10-year sentence plus the fine. If you can’t pay the fine you keep doing more time past your sentence,” she said.
Joyce and Melbourne-based developer Angus Reed were convicted by a <a target="_blank" href="https://www.propertyobserver.com.au/news/dubai-court-hands-10-year-jail-terms-to-property-developers-matthew-joyce-and-angus-reed-over-2007-land-deal/2013052061503">Dubai court on bribery and corruption charges</a> in relation to a 2007 Dubai waterfront land deal involving Queensland developer Sunland.
They have been ordered to repay the Dhs44 million fee they earned on the deal, and a fine of a similar amount.
Sunland is appealing a Victorian Supreme Court ruling which found Sunland had "commenced and continued the ... proceedings in wilful disregard of known facts and law" and with a willingness to implicate Mr Joyce unjustifiably.
Joyce’s legal team has to file an appeal within 15 days of the May 20 ruling.
Foreign Minister Bob Carr has promised to provide him with “strenuous consular representations” but cannot intervene in UAE legal proceedings.
In February, prime minister Julia Gillard asked the ruler of Dubai, Mohammed bin Rashid Al Maktoum, for a review of the case following the Victorian Supreme Court ruling.
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Dubai conviction “a life sentence” for property developer Matthew Joyce: wife

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The likelihood of Fairfax spinning-off its Domain property listings division into a separate ASX-entity appears to be gathering momentum with its own platforms reporting on a possible float.
The strongly-growing Domain business, which includes both print and online listings as well as its joint venture with Anthony Catalano’s Metro Media Publishing arm (publisher of The Weekly Review), was hived off into its own division in April this year as part of a Fairfax Media restructuring.
The accompanying media release to announce the restructure did not name who would head up this division with industry speculation that Catalano, the former Age property editor and marketing manager, might be chief executive of the new listed entity.
Fairfax's head of corporate communications Brad Hatch tells Property Observer Tony Blamey, general manager, real estate at Fairfax Media, is general manager of Domain.
Domain is one of the standout businesses among the struggling media giant’s various newspaper and online ventures.
Fairfax Media reported strong 14% growth in Domain revenues in its interim results for the six months to December 30.
Matthew Kidman, director at Wilson Asset Management and former finance reporter for Fairfax-owned the Sydney Morning Herald wrote in Fairfax’s Business Day this week that based on analysts’ forecasts of $6 million and $40 million earnings (before interest, tax, depreciation and amortisation) Domain could be worth anything from $84 million to $480 million.
The Domain division generates about $80 million in revenue.
It was set up as a separate standalone division with its own dedicated management in April with Fairfax “recognising the significance of the real estate sector”.
The merger between Fairfax and MMP was approved by the ACCC in May last year.
MMP publications have a circulation of 220,000 print editions of its real estate advertising glossy The Weekly Review sent out for free to residents of Melbourne’s well-to-do eastern, bayside and north-eastern suburbs and Geelong.
It also has the reviewproperty.com.au website, which claims around 400,000 property listings.
Even if Domain were to list at the top end of its $480 million range it would be dwarfed by News Limited’s market leader the REA Group, publisher of realestate.com.au, which has a market cap in excess of $3 billion.
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Floating of Fairfax’s Domain division gathers momentum but with wide-ranging market capitalisation expectations

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The decision by Ford Australia to close its Geelong production plant in October 2016 with an expected loss of 510 jobs is “unfortunate” but the regional city’s economy is “strong enough” to absorb the shutdown, says hotspotting.com.au’s Terry Ryder. 
“There was a time when Geelong was highly dependent on manufacturing but the city has reinvented itself by moving into new industries, such as health, education and tourism,” Ryder tells Property Observer. 
“One of the positive things in the Ford announcement is that the city has several years to prepare for the event. 
“There are also new ventures in the pipeline which will counter-balance the economic impact, such as the Regional Rail Link and the plan to make Avalon the second international airport for Melbourne," he says.
Ryder says Geelong will continue to have a “strong future as an affordable lifestyle alternative to Melbourne, with improving transport links to the City”. 
The April 2013 Real Estate Institute of Victoria (REIV) update on Geelong, the Surf Coast and Queenscliff has house prices up 0.3% to $390,000 and unit prices up by 1.7% to $305,000. 
The figures are based on properties sold in the previous 12 months, updated on a rolling monthly basis. 
The highest demand was reported in Hamlyn Heights to the west of Geelong on hills that overlook Corio Bay, where the median property price increased by 2.1% in April followed by Highton in the south west, which recorded a 0.7% rise. 
In the Borough of Queenscliff the median house price rose 5% to $735,000 in April. 
The median house price in Surf Coast Shire was stable for the month at $585,000. 
The rental vacancy rate in Geelong is around 4.4% according to the REIV, with 11,659 homes reported as vacant by local estate agents.
Typical <a href="https://www.propertyobserver.com.au/victoria/first-ansett-collapse-now-ford-plant-closure-threatens-broadmeadows-property-market-ford-fordaustralia/2013052361599?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">Geelong yields are between 5% to 6.5%</a> for houses and townhouses within 5 kilometres of the CBD says Peter Fort, sales manager at PRDNationwide Geelong - well above Melbourne yields of around 3.6% for houses and 4.4% for units. 
REIV spokesperson Robert Larocca says the health of any property market is directly linked to the health of the economy. 
“As a result if the closure of Ford leads to reduced economic growth and less employment then it will have a negative impact on the market. 
“It really depends on the region finding a replacement for the economic activity provided by Ford and its suppliers. Thankfully there is a strong and resilient local community,” he says. 
Larocca says the Geelong market has displayed steady growth over the years. 
He says the strong points of the Geelong market are its more affordable houses and the appeal of its country feel and access to the bay. 
“Access to the Bellarine and Surf Coast provides great lifestyle options," he says.
“Improved transport links to Melbourne over the last decade has also allowed a growth in commuting. 
“Given the state government’s desire for decentralisation as a way to deal with population growth in Melbourne this should provide further demand for housing in the next decade or two,” he says. 
Larocca says the Geelong detached houses market has performed better than units. 
“In the market for houses we have seen the strongest growth in a range of price points with Corio house prices rising 9%, Hamlyn Heights by 8.4% and Barwon Heads by 6.2%.
Local estate agent Peter Nell from Stockdale &amp; Leggo Geelong says the Ford announcement  would effect the confidence of all types of purchasers.
"The concerns are obviously employment, as Shell, Alcoa and now Ford have all turning their backs on this town," he says.
But, he believes Geelong has so much to offer that he is sure "we will figure a way to create different forms of employment".
"But we need to do something now, not in 2016," he says.
Nell describes the Geelong market as "fair" with properties selling provided vendors meet the market on price.
"Listings on the other hand are much harder to obtain as loads of vendors are hesitant in putting their homes on the market and are hoping that the market might improve," he says.
Nick Lord, director at Maxwell Collins Real Estate, says the Geelong property market will continue to see healthy growth over the coming years "with demand still strong from investors and home buyers from within the city but more importantly from purchasers who do not currently reside in Geelong".
"While the pending closure of Ford is very disappointing for the town and we feel for the employees and their families, our city has grown to have strong employment in areas such as education and health to name just a few," he says.
He says the city has changed over recent years "with people continuing to commute to Melbourne for work whilst enjoying the Geelong lifestyle"
"I feel that the Ford closure will not have a large impact on the housing market," he says.
Lord says there is renewed interest from investors due to the lowering of interest rates and average rental returns of around 5% on offer.


However, as is the case in Melbourne and other capital cities, first-home buyers "continue to be the quietest section of the market"
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Geelong economy “strong enough” to absorb Ford plant closure: Terry Ryder

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The proportion of Australian taxpayers that have become landlords has more than doubled since negative gearing was re-introduced  in September 1987 with a surge in those who claimed losses on their investments from 1999 onwards, according to analysis of ATO figures by MacroBusiness.
The negative gearing tax break for property investing was briefly abolished between 1985 and 1987 by the Hawke government, before being hastily reintroduced.
"Australia has morphed into a nation of landlords. In 1989-90, 696,000 taxpayers – 7.2% of the total – reported net rental income to the Australian Taxation Office (ATO). But in 2010-11, 1,811,000 did – 14.2% of total taxpayers," writes MacroBusiness's Leith van Onselen.
The surge in property investing from 1999 coincided with the ability of investors to minimise their tax bills via negative gearing, combined with easier access to credit – more lenders, a diversity of lending products, growth of mortgage broking - and the halving of Capital Gains Tax (CGT) in 1999 by the Howard government.
Recently, both the Coalition and the incumbent Labor government said they had <a target="_blank" href="/news">no plans to remove negative gearing</a>.
The graph below documents the rise in the proportion of taxpayers who are landlords (blue line) since 1979, with a steep rise occurring from around 1989 onwards.
The red line shows the proportion of landlords who negatively gear their investments has risen from around 6% in 1999 to in excess of 9% in 2011.  
<img height="280" width="470" src="/images/stories/2013/macrobusiness_chart_1.jpg" alt="macrobusiness_chart_1">
The recently published 2010-2011 <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">ATO annual report</a> revealed that around two-thirds of 1,811,174 property investors - 1,213,597 taxpayers – claimed losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
The highest proportion of tax payers claiming rental deductions are those earning between $37,000 and $80,000 per year, making up more than a third of all negatively-geared property investors.
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Landlord numbers have doubled since negative gearing reintroduced in 1987

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

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MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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