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The Brisbane median house price decreased 1% to $515,000 over the March quarter, according to the latest figures from the Real Estate Institute of Queensland.
The median price was based on 1,867 sales over the three month period with owner occupiers and investors prevalent but first-home buyer numbers falling sharply.
The top performing suburbs were Norman Park, five kilometres east of the CBD and Stafford, six kilometres north of the CBD, with both recording house price gains of 15.8% over the quarter to medians of $770,000 and $498,000 respectively.
The highest number of sales was recorded in the outlying new suburb of Forest Lake being developed by Delfin, with 61 sales. House priced slipped 3.8% to $369,000.
The most expensive suburb was Ascot, with a median house price of $930,750 from 12 sales.
St. Lucia recorded a 28.8% decline over the quarter to a median of $830,000 from 11 sales. For the year St. Lucia sales are down a more modest 4.9%.
In other prestige suburbs, prices fell 7.4% in Paddington off 17 sales and by 4.6% in Bulimba off 21 sales to medians of $740,000 and $880,000 respectively.
In total 44 Brisbane suburbs underwent house price corrections over the quarter while 30 recorded gains.
There was a more pronounced decline in the greater Brisbane market which recorded a 2.3% fall to a median house price of $430,000 off 3,662 sales.
House prices were up 1.7% in Ipswich to $299,900, but fell 2.7% in Logan City to $321,000.
Moreton Bay recorded a 0.8% gain to $445,000 while house prices fell by 1.8% in Redland City to $445,000.
<img src="/images/stories/2013/05/brisbanemay20one.jpg" width="470" height="134" alt="brisbanemay20one">  The REIQ said the Brisbane housing market remained steady with 12 month figures showing a 1% gain for the year to March for Brisbane City median house prices and 0.9% gain for the greater Brisbane detached housing market.
According to the REIQ, it is owner-occupiers who are leading the way with activity levels up compared to last year.
The estimated numbers of investors in the market also continues to be steady with low vacancy rates likely to encourage more investment activity in the months ahead.
“Unfortunately, first home buyers continue to lag well below historical averages and they are about 50% fewer than the same period last year,” Kardash said.
“First-time buyers usually average about 18% of the market but are currently sitting around the 10% due to the removal of the First Home Owners Grant in mid-October last year.
This was replaced by the <a href="/news">$15,000 Great Start Grant </a>(previously called the first-home owner construction grant) in September last year, available for first-home buyers buying or building a new home valued under $750,000.
First-home buyer had until mid-October to finalise their purchases.
“The importance of first home buyers to the overall health of the property market cannot be under-estimated so we hope to again see some assistance for first-time buyers of established property in this year’s State Budget,” says Kardash.
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Brisbane house prices fall 1% in March quarter as first-home buyer participation dwindles to 10% of market: REIQ

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Westpac will offer new borrowers a one-year fixed-rate home loan of 4.79% from today, among the lowest home loan rates available in Australia.
Its state-based subsidiary banks St.George, Bank of Melbourne and BankSA have also cut their fixed-rate home loans below 5%.
Bank of Melbourne today announced cuts to its 1, 3, 4 and 5-year fixed rate home loans, including a three-year fixed rate of 4.95% per annum for packaged home loan customers.
BankSA has cut fixed home loan rates for one, three, four and five-year terms, with the three-year fixed-rate being cut by 34 basis points to 4.95% per annum.
St.George has announced that it will cut its fixed home loan rate for 1, 3, 4 and 5 years, effective May 21 for a limited time.
St.George’s new fixed rates under the Advantage package are 4.99% p.a. for 1 year, 4.95%p.a. for 3 years and 5.49% p.a. for 4 and 5 years. St.George’s 2 year fixed rate remains at4.99% p.a.
Westpac briefly offered a two year fixed-rate home loan at 4.99% in February and March.
The new 4.79% Westpac rate is available for customers who take out a packaged home loan and borrow in excess of $150,000 and includes a 65 basis point discount off its standard advertised one year fixed-rate home loan.
The decision to offer a 4.79% fixed-rate follows the release of interim results this month, which showed nearly a quarter (24%) of Westpac customers fixed their home loan rate in the six months to March 31.
This was up from just 13% in the previous six month period.
Westpac also offers a reduction of 100 basis points off its current headline standard variable rate of 6.26% on mortgages over $500,000, 90 basis points on mortgages between $250,000 and $500,000 and a discount of 70 basis points on loans over $150,000.
Figures from RateCity.com.au have the proportion of fixed-rate home loans at 18.45%, the highest in five years. 
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Westpac ups the ante in mortgage wars with one-year fixed-rate cut to 4.79%

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Shopping centre kings John Gandel and Stan Perron along with builder and developer Sir John Pidgeon have been inducted into the Property Council of Australia (PCA’s) hall of fame.
They were inducted over the weekend as part of the PCA’s 2013 Innovation and Excellence Awards and join Westfield co-founder Frank Lowy, the late Dick Dusseldorp, founder and chairman, of Lend Lease Corporation and the late Ray Powys, AMP’s first property investment manager, who were the inaugural inductees last year.
Property Council national president Darren Steinberg said each of the inductees were inspiring entrepreneurs who helped to transform Australia into a dynamic, prosperous society. 
“Through their energy, imagination, drive and determination, these three extraordinary people have shaped Australia’s urban landscape. 
“All three inductees are as renowned for their generosity and philanthropy as they are for their business acumen, and I am delighted that we can acknowledge their outstanding contributions to Australian society,” he said. 
John Gandel is probably most famous as the developer of Australia’s largest shopping centre, Chadstone in Melbourne, now valued at over $3 billion as well as the founder of the Sussan fashion retain chain.
He has been Chairman of the Gandel Group of Companies since 1983 and chaired the Gandel Retail Trust from 1994 to 2006. The Gandel Group managed around $8.5 billion of retail assets up until the sale of the management business in 2006. He was made an Officer of the Order of Australia in 1990 for services to business, commerce and industry and is also well known for his philanthropic endeavours. 
Perth-based Stanley Perron is owner and chairman of the Perron Group of Companies with a property portfolio valued in excess of $3 billion. The Perron Group Property Portfolio is a diversified, institutional style portfolio comprising eleven major shopping centres, several large office buildings and numerous commercial and industrial properties.
<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">In May last year</a>, the privately owned Perron Group has agreed to pay a post-GFC record of $690.4 million to acquire a 50% share in a portfolio of three Centro flagship regional shopping centres.
Perron is also well-known for his philanthropic activities and as chairman of The Stan Perron Charitable Foundation, which supports over 100 charitable organisations with a focus on children’s charities and medical research. 
Sir John Pidgeon built the construction business FA Pidgeon &amp; Son Pty Ltd, founded by his father in 1927, into one of Australia’s largest privately-owned building and development companies, responsible for many iconic projects throughout Queensland. 
He served as chairman of the Master Builders Association, Builder’s Registration Board and the Building Services Authority.
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John Gandel, Stan Perron and Sir John Pidgeon join 2012 inductee Westfield’s Frank Lowy in Property Council’s hall of fame

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The premises of Rogues Jeanery on the trendy Acland Street shopping strip in St Kilda has sold at auction for $3.14 million.
The sale price reflects a yield of around 5% with current tenant is Rogues Jeanery Pty Ltd, returning $158,371 per annum plus GST.
The result reflected a land sales rate of $36,000 per square metre.
Rogues Jeanery (pictured below) has <a href="https://www.realcommercial.com.au/property-retail-vic-st+kilda-500697351" target="_blank">occupied the building since the mid-1980s </a>and its current lease expires in February 2018.
{yoogallery src=[images/stories/2013/05/may20rogues]}
The 110 square metre shop comprises two interconnected shops on two separate titles and has frontage onto Acland Street of 8.5 metres.
The auction campaign was handled by Mark Talbot and Geoff Emmett of Fitzroys. The annual rent review is given as 6%.
Talbot says the purchaser was attracted to the maximum future flexibility of the adjoining shops on two titles, as well as the solid income stream with annual rent review increases, and the location in one of Melbourne’s most sought after retail shopping strips.
Acland retail property is a tightly held asset with no shops currently listed for sale and just two shops available for lease in a new development on the <a href="https://www.commercialview.com.au/68-72a-acland-street-st-kilda/commercial-lease-details-4492671" target="_blank">corner of Acland Street and Carlisle Street.</a>
According to research by Beller Commercial, Acland Street has the highest rents among Melbourne retail strips and also the lowest vacancy, at just 2.5% with just two stores out of 80 vacant.
Acland Street has previously reported a zero per cent vacancy rate in similar surveys published over the years.
Averaging asking rents on Acland Street are around $1,000 per square metre, per annum.
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Investor snaps up Rogues Jeanery shop premises on St Kilda's Acland Street on 5% yield

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Australia has moved from fifth to fourth most overvalued global property market but the overall risk of a housing bubble has subsided, according to the internationally authoritative, but debatable The Economist magazine's 2013 global housing index.
On a personal income housing affordability measure, Australia ranks fourth behind France (34%), the Netherlands (33%) and Canada (32%) while on a rents measure, Australia ranks third behind Hong Kong (81%) and Singapore (57%).
The Economist calculates that Australian house prices are overvalued 24% against average personal disposable income and 44% against rents.
Last year the economist said Australian house prices were 28% overvalued against personal disposable income and 38% against rents.
The magazine warns that housing markets are “notoriously prone to boom and bust” and uses “two yardsticks” to judge whether house prices are at sustainable levels.
“One is the ratio of prices to disposable income per person, a measure of affordability.
“The other is the price-to-rent ratio, which is analogous to the price-to-earnings ratio used for equities, with rents going to landlords (or saved by homeowners) equivalent to corporate profits.
“If these gauges are higher than their historical averages, property is overvalued; if they are lower, it is undervalued.”
The latest index records only modest gains of 2.6% in Australian house prices over the past year to March (using ABS data), ranking the country 10th best performing global housing markets out of 18 over 2012 with the top performing market being Hong Kong (24.5%) followed by Brazil (12.8%), South Africa (11.1%) and India (10.7%).
Last year, the index had house prices in Australia down 4.8% ranking it 18th best housing market out of 21 global housing markets rated by the magazine.
<img alt="economistmay20one" height="902" width="470" src="/images/stories/2013/05/economistmay20one.jpg">
 
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The Economist's index from last year (pictured below) had Australian housing ranked fifth most expensive on the personal income measure and seventh on the rents measure.
<img alt="economistmay20two" height="445" width="470" src="/images/stories/2013/05/economistmay20two.jpg">
Using these two measures, it warns that Canada’s housing market is “especially vulnerable” with a “large bubble now looks set to burst” with residential sales down 15% year-on-year and a steeply declining appetite among Canadians to buy a home in the next two years.
In Australia, surveys regularly report a strong appetite and desire for property, though the first-home buyer market remains subdued.
Looking at the performance of housing markets since the GFC (the fourth quarter of 2007) suggests that Australian house prices have risen relatively modestly  (up 12.2%) compared rampant – and perhaps unsustainable - markets like Hong Kong, where they have more than doubled (109.4%) and India (88.8%), where they are close to doubling in value.
Australia’s housing market performance since the GFC is also well below that of Singapore (24.8%), China (20.4%) and Canada (18.3%).
In comparison, the house price bubble has truly burst in Ireland with house prices on the Emerald Isle down 50% since the GFC followed by Spain (-26.5%), the US (-20.8%)
The Economist writes of a “patchy” recovery in global housing markets over the past year with house prices rising in 12 out of 18 markets.
It notes generally strong property markets in South Africa as well as two of the big emerging economies, Brazil and India.
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Australia moves up to fourth most overvalued housing market but bubble risk subsides: The Economist

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The solar powered rotating home in Canberra’s outer-north has failed to sell at auction this week.
Co-selling agent Stephen Bunday of LJ Hooker Dickson told Property Oberserver there had been no registrations despite attracting an "enormous amount of curiosity".
"On the night, nothing happened at all, " said Bunday, who is selling the Ross Norwood-designed house alongside fellow LJ Hooker agent Anthony Sorace.
The house at 12 Indi Close is now listed for sale by negotiation.
"We will try and sell it in the next couple of weeks. If it does not sell, the owner will move into it," he says.
"It may be ahead of its time," he added.
Pre-auction expectations were above $1 million.
Bunday says the property is worth around $1.2 million when the value of the land is factored in.
The house, called Girasole, is the <a href="https://www.propertyobserver.com.au/australian-capital-territory/first-rotating-house-in-canberra-going-to-auction/2013051361312" target="_blank">brainchild of builder John Andriolo</a>.
It is supported by 28 wheels and driven by two three-speed motors.
It takes 10 minutes to fully rotate and is controlled by a touch screen panel.
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All spin no sale: rotating Canberra home fails to sell at auction

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The metropolitan Sydney vacancy rate tightened by 0.1 percentage points to 1.7% in April, according to new figures compiled by the Real Estate Institute of New South Wales (REINSW).
It was the third consecutive month that vacancy rates have tightened.
The last time the Sydney vacancy rate was at 1.7% was in April last year.
Over the past 13 months, the vacancy rate peaked at 2.2% in January this year.
The tightening of vacancy rates occurred uniformly across inner, middle and outer Sydney suburbs.
Inner suburban vacancy rates (within 10km of the CBD) fell 0.1 percentage points to 1.6%, middle suburban vacancy rates (10-25km from CBD) fell 0.1 percentage points to 1.9% and outer suburban vacancy rates  (more than 25km from CBD) fell 0.1 percentage points to 1.7%.
The REINSW vacancy rate statistics are compiled by market research firm Insightrix, based on a survey of REINSW members and covering 140,555 residential properties. “Sydney residential vacancies hit levels last seen 12 months ago in April and May 2012,” said REINSW president Christian Payne. “It is time for the NSW government to recognise the supply issues caused by a lack of incentives to invest in the property market."
The REINSW is calling for the NSW government to cut transfer stamp duty rates in the state budget on June 18, in a move it believes will increase state revenue by encouraging more investors into the market.
According to Payne, a cut in NSW transfer stamp duty rates of as little as 0.5% would incentivise the property market and potentially boost state revenue by up to hundreds of millions of dollars.
There were contractions in other key NSW regional markets. The Illawarra contracted 0.4 percentage points to 1.8% led by a decline of 0.4 percentage points in Wollongong at 1.9%.
Vacancy rates on the Central Coast fell 0.5 percentage points to 1.9% and the Northern Rivers region vacancy rate dropped 0.6 percentage points to 2.1%. Orana, which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a fourth month in a row with its vacancy rate falling 0.2 percentage points to 1.4%.
Coffs Harbour is the easiest place to find rental accommodation despite a decline of 0.2 percentage points to 4.1%. There was 0.2% percentage point increase in the Hunter region to 2.6 per cent, despite a fall of 0.2 percentage point fall in Newcastle to 1.9%. The Mid North Coast’s vacancy rate jumped 0.7 percentage points to 3% and Albury rose 0.5 percentage points to 2.2%.
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Sydney vacancy rate tightens to 1.7% in April: REINSW

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The Greater Building Society has cut its one-year fixed-home loan rates by 25 basis points to 4.74%.
The new rate is available under its one year fixed ultimate home loan package offering.
It was the first lender to offer a fixed-rate home loan under 5% when in October last year, it cut its one year <a target="_blank" href="/news">fixed-rate packaged home loan by 30 basis points to 4.99%</a>
The Newcastle-based mutual lender <a href="/news">cut its standard variable  by 30 basis points last week</a> following the Reserve Bank’s 25 basis point cut to the cash rate.


Credit card rates will also be reduced by 1% from June 1, with card rates starting from 9.25%. 
CEO Don Magin said The Greater Building Society continued to take on the major banks to provide a more competitive financial sector for Australian consumers. 
“As a mutual financial institution we’re focused on customers rather than shareholders, which means we can put people before profits,” Magin said. 
 
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Greater Building Society cuts one-year fixed-rate home loan to 4.74%

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Prominent property investment adviser and Sky Business host Margaret Lomas has slammed ‘Barefoot’ investment adviser Scott Pape following his comments that the government didn’t have the “ticker” to abolish negative gearing tax rules.
Lomas warned that removing negative gearing would cause a “sudden market crash” leave 600,000 homeless and a “government unable to house them under public housing programs”.
“Private housing is a must and removing the capacity to claim loan interest [under negative gearing allowances] would create far more problems than it solves,” she said.
Pape said in a <a href="/news">post-budget newsletter</a> that abolishing the concessions could save the government $5 billion in lost tax revenue having previously called it a “dud” policy that does little to increase the supply of new homes, "since the majority of investors buy established properties".
Lomas said in response that Pape wasn’t a property investor and “does not consider the full picture”.
“I like Scott but he needs to stick to his specialty,” she said.
Lomas says there is an inherent misunderstanding of negative gearing.
“It’s not a strategy, it's a tax outcome.  Therefore any discussions about negative gearing versus positive gearing are completely moot.
“The strategy is property investing.  Two people could buy exactly the same property and it would be negatively geared for one of them and positively geared for the other.
“It’s about tax, interest rates and income, not about the property,” she said.
Lomas said removing negative gearing rules –as Pape contends – would remove the ability for investors to claim the interest on their loan, “which is what negative gearing is”.
“Contrary to popular belief, removing it means you can still make tax claims for everything but the interest and probably more than half of them would sell,” she said.
However, not all agree with Lomas.
Bank of America economist and former ANZ chief economist Saul Eslake told Fairfax Media ahead of the budget, but following the publishing of ATO figures showing one in three property investors negatively gear their investments - that it should be abolished.
"I have to translate the words 'negative gearing' to people overseas because it just sounds crazy to have a system that rewards people for losing money,” he said.
Eslake said removing negative gearing would be top of his list of priorities calling the decision to halve the headline rate of capital gains tax [in 1999] decision that made negative gearing attractive “the worst tax decisions of the last 20 years".
 
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The recently published <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891" target="_blank">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.
Negative gearing is likely to become more attractive and drain more from government coffers in the next few years as house prices start rising again and interest rates remain low.
A high interest rate environment makes investors less willing to take on debt while a falling property market means less certainty about future capital gains.
The 2010 Henry Tax Review did not call for the abolition of negative gearing perhaps due to the polarisation of views.
“Some submissions suggest that 'negative gearing' for investors and the exemption from CGT for owner-occupiers benefit high-income Australians.
Others argue that negative gearing supports the provision of affordable rental housing,” the report said.
The review received a number of submissions that claimed that “'negative gearing' has reduced housing affordability by causing speculation in the housing market”.
“Several submissions propose restricting negative gearing or directing it so that it promotes the supply of affordable housing.
“The housing industry argues for the retention of negative gearing on the grounds, among others, that the temporary removal of negative gearing lead to an increase in rents in 1987.”
The contention that the “quarantining” of negative gearing between 1985 and 1987 caused rents to spike is often used to argue against it being removed.
However, those in favour of removing it claim that high interest rates, which peaked at 19.4% in December 1985 and not the removable of negative gearing alone, made property investment unfavourable while the implementation of the capital gains system in September 1985 is also believed to have been a factor.
Analysts also point to rents not rising evenly across all capital cities (rents rose the most in Sydney and Perth, were flat in Melbourne and Canberra, but fell in Brisbane and Darwin) while negative gearing for property investment purposes was briefly abolished as evidence that the quarantining of negative gearing was not the sole factor behind rent rises.
In September last year, finance minister Penny Wong responded to questions from Greens leader Christine Milne about negative gearing.
Wong said it would be “difficult to quantify whether limiting the ability to offset rental losses against other income would lead to a decrease in the rate of return on investment property, or just a one-off fall in prices”.
“The impact of changes to negative gearing on house prices is difficult to quantify because of a number of factors.
“These factors include the ratio of negative geared properties to owner occupied housing; the extent to which the benefit provided by negative gearing is reflected in housing prices or whether the benefits are shared with renters through the provision of lower rents; and a range of other factors which impact on housing supply and interest rates,” she said.
 
 
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Scott Pape is wrong on negative gearing: Margaret Lomas

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Westfield Group's joint chief executives Steven and Peter Lowy have come under fire from two US proxy shareholder groups after they earned a combined 2012 remuneration package in excess of $18 million.
The two Lowy brothers were appointed co-chief executives in 2011 following the decision of Frank Lowy to assume a non-executive role.
Peter Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $3.36 million cash bonus. Combined with equity and cash awards, his total remuneration was $8.91 million.
Steven Lowy received a 2012 salary of $2.5 million – unchanged since 2008 – along with a $4 million cash bonus. Combined with equity and cash awards, his total remuneration was $9.4 million.
Both salaries are expected to be endorsed by shareholders at Westfield’s AGM on May 29.
However, CGI Glass Lewis, which acts on behalf of US institutional investors, said the aggregate salaries paid to Steven Lowy and Peter Lowy was more than twice the median of the entity’s market index peers” according to reports in the Australian Financial Review.
CGI Glass Lewis questioned the need for such “significant” pay packages and demanded a “thorough and convincing explanation for such high remuneration” - as yet not provided.
Another US proxy investor firm ISS, a subsidiary of global investment advisory giant MCSI called for more clarity around long-term incentives, of which only 22 Westfield executives participate, including the co-chief executives are eligible.
Long-term incentives are awarded based on Westfield meeting certain performance hurdles, which if met are paid out in 2016 and 2017.
Despite their objections, both US firms have urged their investors to vote in favour of the remuneration report at its AGM on May 29.
Westfield is one of the top performing A-REITS, beaten only by Goodman Group and Lend Lease Group on a return on equity measure.
Since their appointment the co-CEOs’ remuneration has not been increased to reflect their new roles while no adjustment will be made to their remuneration in 2013.
Their base salaries have been frozen since 2008.
The Westfield remuneration committee re-weighted their pay packet in 2012, reducing their cash salaries with a corresponding increase in their deferred equity to be issued to them under the short-term incentive plan.
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Westfield co-CEOs under fire over $18 million executive pay packets

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[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.

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[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.

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[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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