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Former City of Melbourne city valuer Ray Berryman has been appointed to the board of Melbourne commercial and residential property agents Fitzroys.
Berryman will head up Fitzroys' valuation and advisory services division.
He spent 10 years with the City of Melbourne, including five of those as city valuer, and overseeing nearly $100 million in rate revenue.
More recently, he has held senior positions with Urbis and as a division director of valuations at Savills, handling numerous rating appeals, compulsory acquisitions and valuations of larger bulky good retail outlets.
Fitzroys director David Bourke said the agency was delighted to welcome a professional of Ray’s calibre to the board.
“As the market continues to evolve, the importance of obtaining strategic professional valuation advice is paramount to ensure informed decisions can then be made. Ray’s appointment continues Fitzroys' commitment to providing our clients with accurate valuation advice and strategic corporate advisory services across abroad range of property types,” Bourke said.
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Former City of Melbourne valuer Ray Berryman appointed to Fitzroys board

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The Domus US Multifamily Real Estate Fund will test Australian investor appetite for American rental property, with plans to join the ASX on June 18, subject to a successful $80 million initial public offering.

The company plans to invest in ‘multifamily’ apartment blocks in Texas and New Mexico with more than 150 apartments spurred on by the improving residential market in these states,  a larger pool of renters following the aftermath of the US housing crisis and more Americans moving to the North West and Mid West.
<img height="328" width="470" src="/images/stories/2013/domus.jpg" alt="domus">
“There is a strong renting culture across the US," says Domus CEO Robert Geringer.
“The housing crisis has changed the perception of the property market from the American dream to the American nightmare. It has created a renter class,” he says.
He says currently renting is just a bit more expensive than owning a home, but as house prices recover and rates rise, owning a home will exceed renting costs.
Geringer says going public in Australia was attractive because of Australian’s love affair with real estate. 
“We looked at listing in New York, but that wouldn’t work. They start at $1 billion and up for REITS,” he tells Property Observer.
Multifamily properties are a foreign concept to most Australian investors, being seperate apartments all on one title - as opposed to a strata model - which Domus says creates "significant management efficiencies".
 
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It will follow the likes of the Dixon Advisor <a target="_blank" href="https://www.propertyobserver.com.au/international/thinking-of-buying-in-harlem-dixon-advisory-provides-australian-investors-with-tourist-style-walking-tour-guide/2013050360970">ASX-listed US Masters Residential Property Fund</a>, which has successfully invested in multi-dwelling residential property in New York and New Jersey and attracted signficant amounts of Australian SMSF investment capital, but not without having to overcome some negative perceptions about the US market.
The Domus fund will use the proceeds of its IPO to purchase (through a US subsidiary) two multifamily projects costing approximately US$60 million on June 6 and to acquire other multifamily assets. 
The two projects are Mission Ranch, a 295 unit garden style luxury apartment complex in Dallas, Texas and Mesa del Oso, a 221 unit condo style, luxury apartment complex in Albuquerque, New Mexico ( a city familiar to any investor who is a fan of hit TV show Breaking Bad). 
These two apartment projects will make up the initial portfolio, with the investments funded via low fixed-rate US government-insured debt with interest rates currently between 2.9% and 3.5% allowing the fund to maintain a leverage ratio of between 60% and 70%. 
Domus has the exclusive first right to negotiate on a further portfolio of over 35 multifamily real estate Assets, consisting of over 6,500 individual apartments with an estimated market value of over US$750 million. 
Such assets, the product disclosure statement says, have 90% average occupancy rates with the US housing crisis leading to a steep decline in the number of owner-occupier assets. 
While the fund will initially invest in the southern and western regions of the US, where typically there are lower unemployment rates than other regions, it will consider expanding into other parts given an “ongoing trend for individuals and business to relocate from the more recessed mid-western and north eastern states to southern and western states.” 
The fund hopes to acquire around $250 million to $320 million of US multifamily assets by March 31 2014 with the initial public offer will close on May 31. 
Domus has lodged a product disclosure statement with the ASIC for an offer to raise up to $100 million, with a minimum subscription amount of $80 million, at a unit price of $1.00. 
Applicants will receive one option for every four units which they are allotted. 
Options will be exercisable at $1.00 at any time during the period from 1 January 2014 to the third anniversary of the date of the listing of Domus on ASX.  Options will not be quoted on ASX.  
Geringer says there has been good response to the offer from investor road shows from institutions, investment funds, REIT and small cap funds.
Geringer met with investors in road shows in early May in Hong Kong and Singapore.
He says the perception of the US housing market is good.
“They want to own a piece of US real estate and to invest in the residential recovery. They don’t have to be on the ground themselves,” he says.
Geringer has 30 years of experience in the US property market as a tax lawyer and real estate professional.
The fund will make quarterly distributions with the first scheduled for October 2013 with forecast distributions of 3.6 per unit for the first two forecast periods, an annualised distribution of 6.2% on the offer price.
 
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US property fund Domus set for ASX listing as it seeks to tap into growing demand for rental property in Texas and New Mexico

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The Australian dollar appears to be less of a factor than some believe in encouraging offshore investors to buy Australia’s commercial property, research by Jones Lang LaSalle suggests.
The graph below shows that funds poured into Australian commercial real estate when the Australian dollar was well above parity against the US dollar in 2012, rather than discourage investors.
It suggest that the opposite could happen if the Australian dollar falls – or perhaps that the Australian currency is less of a factor in commercial real estate as it may be in residential investment.
Click to enlarge
<a href="/images/stories/2013/05/joneslanglasallemay24one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/05/joneslanglasallemay24onethumb.gif"></a>
Source: Jones Lang LaSalle Research
As Australian Financial Review property editor Robert Harley highlights, listed property trusts like the Goodman Group hedge 86% of their offshore income, so changes in the exchange rate have much less of an impact.
Savvy offshore investors would be able to do something similar to counter the exchange rate impact, while also attracted to Australian real estate due to its sound property market fundamentals - transparency, rising capital values, a strong economy and its proximity to Asia.
Certainly Asian investors are showing no signs of slowing down their appetite for Australian commercial property purchases, with a <a target="_blank" href="https://www.propertyobserver.com.au/retail/gpt-confirms-sale-of-half-stake-in-erina-fair-shopping-centre-to-asian-interests-for-%243971-million-thegptgroup-jllnews/2013052061487">South Korean pension fund </a>paying close to $400 million for 50% of the Erina Fair Shopping Centre on the Central Coast this month.
Harley also points out that the lower Australian dollar – which will support industries like manufacturing and tourism – may also flow through to benefit rural property and tourism property.
And a stronger Australian dollar is attractive to company’s like Westfield Group, which has nearly half of its income-earning assets in the US.
The Australian dollar peaked at $1.11 against the greenback in July 2011 and remained mainly above parity until the recent fall in early May sparked by the cash rate falling to a 53-year-low of 2.75%.
In 2007, the rising Australia dollar was also not an impediment to funds flowing into commercial real estate, with investors most likely seeing Australia as a safe investment haven.
In other periods – such as the late 1980s and mid-1990s – a rising dollar was also accompanies by an increase in funds flowing into commercial property.
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Australian dollar less of a factor in commercial property investment: Jones Lang LaSalle chart

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The onset of the GFC saw the highest proportion of Australian landlords claim losses on their property investments.
In the 2008 tax year, around 1.2 million taxpayers said they made a net rent loss on their investment properties compared with around 500,000 who made a net rent profit, ATO figures analysed by MacroBusiness show.
Property investors claimed a record $9.1 billion in aggregate losses in 2008, lower than $7.9 billion in aggregate losses claimed in 2010-2011 when 1,213,597 out of 1,811,174 landlords held negatively geared property investments.
Analysis by MacroBusiness shows that a greater proportion of property investors negatively gearing their investments from 2002 to 2008, coinciding with booming property markets before the GFC brought the party to a halt.
In 2009 and 2010, as the property market underwent a correction and property investors became more cautious, fewer landlords negatively geared their investments.
In 1998-99 – just before the Howard government halved capital gains tax and mortgage lending became more easily available - the number of investors with positively geared investments was roughly equal to those with negatively geared investment.
<img height="286" width="470" src="/images/stories/2013/macrobusiness_chart_2.jpg" alt="macrobusiness_chart_2">
“Up until 2000, property investment was more or less neutral from an income perspective, with aggregate rental receipts covering costs,” says MacroBusiness editor David Llewellyn-Smith.
“Since then, however, the situation has changed markedly, with the latest ATO data showing that there were just over 1.2 million negatively geared property investors in Australia in 2010-11, representing two-thirds of all property investment,” says MacroBusiness's Leith van Onselen.
“From 2000 onwards, however, net rents deteriorated sharply; with aggregate losses totalling $7.9 billion in 2010-11,” he says.
The logical explanation for the decline in net rental returns from 2000 and the surge of negatively geared property investment, says van Onselen was the Australian Government’s decision in 1999 to change the nation’s capital gains tax (CGT) rules by halving the rate of tax payable on capital gains earned on assets held for more than 12 months.
“This change, in combination with the negative gearing provisions allowing investors to offset rental losses against other (labour) income, encouraged investors to speculate on rising housing values in full knowledge that any losses would reduce their overall tax liability, and any capital gains would be taxed at only half the rate of labour income,” says van Onselen.
“The net result of these policies is that Australian investors have increasingly become Ponzi borrowers – Hyman Minsky’s term for borrowers who rely heavily on capital gains to repay debt and interest – in the belief that housing is a sure fire investment,” he says.
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Proportion of landlords making rental losses peaked in 2008: Macrobusiness

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Sydney properties priced between $500,000 and $1.5 million could rise as much as 10% over 2013, says Australian Property Monitors senior economist and Dr Andrew Wilson.
Dr Wilson says low interest rates and increasing buyer confidence are the two key factors that could drive this portion of the market to outperform the prestige market and properties priced below $500,000.
The permabull market observer is sticking with his view that there will be an overall 3% to 5% gain in Sydney property prices in 2013 "though closer to 5 than 3".
Earlier this month, he tipped the property market to pick up a little in 2014 with gains of between <a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-could-rise-up-to-7-in-2014-apms-andrew-wilson/2013050961167">5% and 7% forecast</a>.
“[The $500,000 to $1.5 million price bracket] is going to be the strongest portion of the market," Wilson told Fairfax media.
"There's a lot of activity from investors but very few first home buyers and the prestige market is still relatively flat."
The latest <a href="https://www.propertyobserver.com.au/trends/budget-woes-sees-consumer-sentiment-fall-to-lowest-since-august-2012-but-housing-sentiment-lifts-westpac-index-westpac-consumersentiment/2013052261575" target="_blank">Westpac-Melbourne Institute survey of consumer sentiment</a>, carried out after the May 7 rate cut recorded a carried a sharp 7% fall in the consumer confidence index from 104.9 in April to 97.6, pushing it back into a range where pessimists outnumber optimists for the first time since October 2012.
However, sentiment about the property market is much stronger with the ‘time to buy a dwelling’ sub-index lifting 11.2% in May to be up 20.7% over the past 12 months to 142.7.
Two years ago it was at 110.7.
“Households recognise the significance of the rate cut for housing activity along with evidence that a patchy upswing in dwelling prices is under way,” said Westpac chief economist Bill Evans.
Wilson says the revival of the Australia’s housing markets was confirmed 2012 with leading indicators such as rising auction clearance rates pointing to a market heating up.
Last weekend, Sydney’s auctions clearance rates hit new highs with 78.6% of houses sold at auction, the strongest result since early 2010, according to preliminary APM figures which will be updated tomorrow by APM.
Clearance rates have remained high all year, edging steadily higher again since Easter.
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Investor demand could spur 10% gain in mid-market Sydney property prices in 2013: APM’s Dr Andrew Wilson

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The closure of Ford's Broadmeadows and Geelong production plants in 2016 with the loss of 1,200 jobs will have homeowners and investors reviewing their property holdings in these two markets.
Particularly concerned will be investors and first-home owners in the outer Melbourne suburb of Broadmeadows, where Ford is the main employer.
Ford Australia chief executive Robert J. Graziano announced today that the two plants, which manufacture the Territory, Falcon and Ute models, will cease production in October 2016 with the loss of 1,200 jobs.
There will be around 650 jobs lost in Broadmeadows and 510 in Geelong.
Local Broadmeadows estate agent Ray Biner from Raine &amp; Horne Gladstone Park expects the plant closure to impact both Broadmeadow property investors and owners, many of whom are first-home buyers.
“Certainly it will impact in a big way” says Biner.
He likened it to the collapse of Melbourne-based airline Ansett Australia in 2001, which, he said, had a massive impact on the surrounding areas with some people losing their homes.
“There are 100s of people in <a target="_blank" href="/news">Broadmeadows</a> and Jacana and other surrounding suburbs who work at that Ford plant. It is the major employer in the area,” he says.
“It will impact on people who have mortgages, investors and first-home buyers."
Biner expects that investors would be weighing-up their investments as well as first-home buyers who may have borrowed around $300,000 to get into their first home.
Accordingto RP Data the median house price in Broadmeadows is $318,000.
Production at both plants will continue until October 2016, giving home owners and investors time to plan their finances, but Biner expects that in the short term it will psychologically affect a lot of people.
Lenders might also look at these mortgagees in a different light, he says.
Peter Fort, sales manager at PRDNationwide Geelong, does not believe the Geelong plant closure will have a major impact on the much larger and more diversified Geelong property market, though he says some people may “tread with a bit of caution".
“So many people live in Geelong and commute to Melbourne. It’s very affordable for people and attractive to investors," he says.
Fort says typical Geelong yields are between 5% to 6.5% for houses and townhouses within 5 kilometres of the CBD - well above Melbourne yields of around 3.6% for houses and 4.4% for units.
“We have strong inquiries from Melbourne investors in particular because of the affordable and strong returns,” he says.
ABS census figures suggest around a quarter of properties in Geelong and Broadmeadows are owned by investors.
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First Ansett collapse, now Ford plant closure threatens Broadmeadows property market

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Consumer confidence, raising financing and a lack of suitable development sites remains the biggest challenge facing the commercial property sector, according to the NAB March commercial property survey.
Respondents to the survey also have modest interest rate cut expectations over the next 12 months with just 10 basis points expected to be shaved from commercial lending rates.
While consumer confidence remains the biggest challenge facing the sector, just 14% of the 300 survey respondents – mainly commercial property owners, developers, managers and estate agents – identified it as such compared with 22% in the December 2012 quarterly survey and 20%, six months ago.
This could rise in the June quarter survey with <a href="https://www.propertyobserver.com.au/trends/budget-woes-sees-consumer-sentiment-fall-to-lowest-since-august-2012-but-housing-sentiment-lifts-westpac-index-westpac-consumersentiment/2013052261575?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">yesterday’s Westpac Melbourne Institute Index of Consumer Sentiment</a> falling by 7% from 104.9 in April to 97.6, pushing it back into a range where pessimists outnumber optimists for the first time since October 2012.
Tellingly for commercial property businesses, the biggest drop – 13.2% - was in the sub-index measuring sentiment about the economy over the next 12 months, which has fallen to 90.8 points, well below the 100 points neutral setting.
<img src="/images/stories/2013/consumer_sentiment_chart.jpg" width="470" height="290" alt="consumer_sentiment_chart">
Concerns about consumer confidence are greatest in Queensland (22% of respondents from that state) with Queensland also the state where industry sentiment is weakest.
In contrast, just 6% of respondents in South Australia/Northern Territory listed consumer confidence as a challenge.
The two other major challenges emerging from the survey are the ability for commercial property businesses to access funding or financing as well as the availability of property development sites for new projects or a lack of suitable sites.
Financing and funding challenges are greatest in South Australia/Northern Territory (19%) while the challenge of finding suitable development sites is greatest in WA (22%) and Victoria (16%).
The survey also asked respondents about the upcoming federal election with uncertainty about the September 14 poll a key concern, especially in Queensland (15%) and NSW (13%).
Concerns about government regulation and red tape increased slightly from the December quarter survey, but are down from a year ago.
The survey also found that around 19% of the survey panel anticipate higher interest rates in the next 12 months, 38% expect them to fall and 43% see no change.
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Consumer confidence, funding and lack of development sites the biggest challenges for commercial property businesses: NAB index

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Bunbury property management company Just Property Management (WA) Pty Ltd has been fined $10,000 for taking too long to lodge security bonds with the Bond Administrator.
The company was also ordered to pay costs of $715 by the Bunbury Magistrates Court on 17 May 2013.
Lawyers for Consumer Protection told the court that the company had taken between 17 and 46 days to lodge 37 bonds totalling more than $50,000. The bonds were collected during May and June 2012. The company faced 37 charges of failing to lodge security bond money with the Bond Administrator ‘as soon as practicable’, as required under the Residential Tenancies Act.
Commissioner for Consumer Protection Anne Driscoll said this is the third real estate agency or property management company that has recently been fined for lodging late bonds.
“Delays in lodging bond money is in breach of the law and tenants need to be assured that their funds are safe and secure,” Driscoll said.
“Consumer Protection will take action against agents, property managers or landlords who retain these funds for an unreasonable amount of time and fail to comply with the law.”
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Bunbury property management firm fined $10,000 for late bond lodgement

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Westfield co-founder and chairman Frank Lowy has risen above mining boss Ivan Glasenburg to be Australia’s second richest with a $6.87 billion fortune, according to the 2013 BRW Rich List.
Top of the list is Gina Rinehart, worth $22 billion, but her fortune has slid $7.15 billion.
Last year Frank Lowy had a fortune of $6.47 billion, according to BRW magazine.
Barangaroo Casino developer James Packer is up from sixth to third with a $6 billion fortune.
Meriton boss Harry Triguboff, who turned 80 this year, has risen up one place from seventh to sixth with a fortune estimated at $4.95 billion up from $4.85 billion a year ago.
Shopping centre king John Gandel, is ranked eighth with a $3.7 billion fortune up from $3.35 billion while further down the list retailer Solomon Lew’s wealth has risen from $1.15 billion to $1.7 billion.
Glencore Xstrata chief executive Ivan Glasenberg's wealth declined from $7.4 billion in 2012 to $5.61 billion this year, ranking him fifth.
WA shopping centre magnate Stan Perron, whose Perron Investments Group paid a post-GFC record of $690.4 million to acquire a 50% share in a <a target="_blank" href="https://www.propertyobserver.com.au/retail/perron-group-to-acquire-half-stake-in-three-centro-centres-for-%24690-million-setting-post-gfc-commercial-retail-record/2012051754740">portfolio of three Centro flagship regional shopping centres</a> last May, has risen from 15th to 14th richest Australian with his personal fortune rising from $2.05 billion to $2.33 billion.
Propety developer Lang Walker, whose Walker Corporation is building the $1.3 billion Collins Square in Docklands as well as projects in Malaysia, Canada and the US, has slid from 13th to 18th richest Australian with his wealth declining marginally from $2.1 billion to $2.09 billion.
Melbourne-based shopping centre developer Maurice Alter, who developed the Rundle Place shopping mall in the Adelaide CBD, ranks 20th with a $1.78 billion fortune. Last year he also ranked 20th, but with a smaller $1.5 billion fortune.
Further down the list, Queensland property developer Kevin Seymour has ranked 82nd, worth $580 million. Last year he was worth $550 million and ranked 73rd.
Aussie Home Loans founder John Symond has fallen from 83rd richest Australian to 91st richest Australian, though his wealth has remained unchanged at $490 million. The mortgage broking business is now owned by the Commonwealth Bank.
Sydney-based hotel magnate Robert Magid, also the publisher of the Australian Jewish News, is worth $360 million, ranking him 130th richest Australian, down two places from 128th last year, when he was worth $330 million.
<a href="https://www.propertyobserver.com.au/queensland/nathan-tinkler-lists-indulgent-brisbane-acreage-mansion-tinkler-twowaterslides/2013052161547" target="_blank">Embattled coal baron Nathan Tinkler,</a> who has put his acreage mansion up for sale dropped out of the BRW Rich 200, which has an entry price of $235 million.
Last year the entry price was $210 million, just enough for Therese Rein to squeeze in.
Bottom place this year goes to Sydney fund manager David Paradice.
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Westfield’s Frank Lowy rises above Ivan Glasenberg as second richest Australian with Meriton’s Harry Triguboff up to sixth richest on 2013 BRW Rich list

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Shopping centre giant Westfield Group is reportedly in talks with US private investment firm Starwood Capital over a possible deal to sell seven of its US malls for in excess of US$1 billion.

A report on Reuters says the discussions are at an early stage.
In 2012, Westfield sold seven of its US malls to Starwood Capital, founded by US commercial property market king Barry Sternlicht for around $1 billion.
Westfield have not confirmed the talks.
Details of the discussions may be revealed at the Westfield AGM on May 29.
Westfield is looking to sell its non-core US assets to fund further mall developments in core markets.
Last month Westfield Group exited its troubled Brazilian joint venture, selling to their joint venture partner the Almeida Junior Family.
Earlier this year, Westfield entered into an agreement with O'Connor Capital Partners to form a US$1.28bn joint venture comprising a portfolio of six Westfield regional malls in Florida while disposing of its joint venture interest in Brazil.
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Westfield in negotiations to sell seven US malls to Barry Sternlicht’s Starwood Capital: Reuters

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

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

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

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