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There was a “spectacular” recovering in home loan approvals to fund new home purchases, including apartments bought off-the-plan in March, says Westpac, quoting ABS figures.
Apart from noting that the upswing in housing finance approvals “clicked back into gear in March” Westpac noted a “spectacular 21% jump in approvals for the purchase of newly built dwellings”.
“With approvals for construction up 4.7% the combined gain in 'construction related' finance approvals is showing a strong upturn with a 10% rise in the March month the strongest reading since early 2009 and up 21% for the year,” said the Westpac economics team, led by Bill Evans.
Westpac also noted that when re-financing is stripped out of mortgage approvals to owner occupiers, the number of 'new' loans posted an even stronger 7.2% gain to be up 13.8% for the year. “The rest of the detail showed a more modest gain for approvals to first-home buyers - we estimate up 4% for the month in seasonally adjusted terms but coming from a record historical low.
“The value of loans to investors was also more sluggish, rising 2.1% for the month suggesting the March strength was dominated by 'upgraders',” said Westpac Economics.
Master Builders Australia chief economist was less exuberant in his response to the March figures, saying they were a “welcome improvement” and “good news for an industry going through the tenuous signs of recovery”.
“Residential building is at a ow ebb and the industry hopes that Reserve Bank’s decision to cut interest rates in again May will give new home buyers the boost in confidence to enter the market.
“The solid improvement in March comes off the back of a positive housing finance figure in February but the industry is not ready to count its chickens before they hatch.
“There needs to be a much longer run of positive figures to confirm a recovery. However, builders may be relieved to see these figures, which suggest that new housing activity may have finally found a trough,” he said.
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Mortgages approvals for new homes up a “spectacular” 21% in March: Westpac

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Aussie Home Loans has announced deep cuts to its Aussie-branded fixed-rate home loans as well as a 5.15% variable rate offering for new customers in the wake of the RBA cutting the cash rate to 2.75%.
The John Symond-fronted brand has dropped its two-year fixed-rate by 0.40%  to 4.89% p.a and its three-year fixed-rate by 0.30% to 4.99% p.a,  effective today.
The new variable offering will take effect from May 15 - it required a minimum 20% deposit and a loan size bigger than $500,000.
“Competition between lenders for a slice of the home loan pie is getting hotter and rates are certainly far more competitive than they have been for some time. Aussie is throwing down the gauntlet to the major lenders, and I’m confident consumers will find there is nothing lower than our two and three year fixed rates on the market,” says Aussie founder and chairman, John Symond.
“It is a good time to consider fixing your loan if you are someone who wants certainty on repayment amounts month to month, but equally there are some great deals to be found on variable rates too, so there’s definitely a great choice and variety out there,” he says.
Aussie passed on the full RBA cut announced last week. 
FIXED RATE COMPARISON TABLE
<table border="1" cellspacing="0" cellpadding="0" style="width: 400px;"><tbody>
<tr>
<td style="width: 70px;" nowrap valign="top">
 
</td>
<td style="width: 70px;" nowrap valign="top">
1 Year
</td>
<td style="width: 70px;" nowrap valign="top">
2 years 
</td>
<td style="width: 70px;" nowrap valign="top">
3 years
</td>
<td style="width: 70px;" nowrap valign="top">
4 years
</td>
<td style="width: 70px;" nowrap valign="top">
5 years
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
CBA Package
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
NAB
</td>
<td style="width: 70px;" valign="top">
5.09%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.55%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
WBC
</td>
<td style="width: 70px;" valign="top">
5.24%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
ANZ
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.84%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
SGB
</td>
<td style="width: 70px;" valign="top">
5.15%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
BOM
</td>
<td style="width: 70px;" valign="top">
5.15%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
BOQ
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.59%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
Aussie
</td>
<td style="width: 70px;" valign="top">
4.95%
</td>
<td style="width: 70px;" valign="top">
4.89%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.49%
</td>
<td style="width: 70px;" valign="top">
5.49%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
Suncorp
</td>
<td style="width: 70px;" valign="top">
5.30%
</td>
<td style="width: 70px;" valign="top">
5.34%
</td>
<td style="width: 70px;" valign="top">
5.40%
</td>
<td style="width: 70px;" valign="top">
 
</td>
<td style="width: 70px;" valign="top">
5.85%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
BankWest
</td>
<td style="width: 70px;" valign="top">
5.39%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.49%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
ING
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.09%
</td>
<td style="width: 70px;" valign="top">
5.39%
</td>
<td style="width: 70px;" valign="top">
5.39%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
RAMS
</td>
<td style="width: 70px;" valign="top">
4.99%
</td>
<td style="width: 70px;" valign="top">
5.25%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
Newcastle Permanent
</td>
<td style="width: 70px;" valign="top">
4.98%
</td>
<td style="width: 70px;" valign="top">
4.98%
</td>
<td style="width: 70px;" valign="top">
5.28%
</td>
<td style="width: 70px;" valign="top">
5.64%
</td>
<td style="width: 70px;" valign="top">
5.69%
</td>
</tr>
<tr>
<td style="width: 70px;" valign="top">
Bendigo
</td>
<td style="width: 70px;" valign="top">
5.19%
</td>
<td style="width: 70px;" valign="top">
5.29%
</td>
<td style="width: 70px;" valign="top">
5.44%
</td>
<td style="width: 70px;" valign="top">
5.74%
</td>
<td style="width: 70px;" valign="top">
5.79%
</td>
</tr>
</tbody></table>
AUSSIE SELECT VARIABLE RATES
<table style="width: 414px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="137" rowspan="2" valign="top">
Effective May 15, 2013
</td>
<td width="277" colspan="3">
Aussie Select Variable
</td>
</tr>
<tr>
<td width="98">
&lt;$350k
</td>
<td width="85">
$350k-&lt;500k
</td>
<td width="95" valign="top">
$500k+
</td>
</tr>
<tr>
<td width="137" valign="top">
LVR &lt;80%
</td>
<td width="98">
5.20%
 
 
</td>
<td width="85">
5.20%
 
 
</td>
<td width="95" valign="top">
5.15% 
 
</td>
</tr>
<tr>
<td width="137" valign="top">
LVR &gt;=80.00%
</td>
<td width="98">
5.29%
 
 
</td>
<td width="85">
5.29%
 
 
</td>
<td width="95" valign="top">
5.20%
 
 
</td>
</tr>
</tbody></table>
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Aussie reduces two and three-year fixed rates below 5% with new variable offering in the mix

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There was a 5.2% lift in the number of home loans issued to owner occupiers in March led by strong gains in NSW and Victoria, according to seasonally-adjusted ABS figures.
In total there were 48,071 home loan commitments in March compared with 46,225 in February.
Analysts had forecast a 4% rise in mortgage lending in March.
The seasonally-adjusted estimates rose in New South Wales (up $1,036m, 8.0%), Victoria (up $664m, 5.2%), Western Australia (up $280m, 4.0%), Queensland (up $157m, 1.8%), South Australia (up $155m, 5.3%), Tasmania (up $30m, 4.2%) and the Australian Capital Territory (up $27m, 3.5%), while a fall was recorded in the Northern Territory (down $6m, 1.6%).
In value terms, home loans to owner occupiers lifted 5.8% to $14.9 billion.
Rises were recorded in commitments for the purchase of established dwellings (up $129m, 1.1%), commitments for the purchase of new dwellings (up $16m, 1.8%) and commitments for the construction of dwellings (up $16m, 1.1%).
The total value of dwelling commitments excluding alterations and additions (trend) rose 1.2% in March 2013 compared with February 2013 and the seasonally adjusted series rose 4.5% in March 2013. 
The value of investment housing commitments seasonally adjusted rose 2.1% in March 2013.
Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $91m, 1.4%), commitments for the purchase of dwellings by others for rent or resale (up $11m, 1.3%) and commitments for the construction of dwellings for rent or resale (up $7m, 1.3%).
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Mortgage lending surges up 5.2% in March led by NSW and Victoria: ABS

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The listed property trust sector (A-REITs) gained a new participant yesterday with ArenaREIT, a childcare centre property trust, floating with a share price of $1.05
This represented a premium to its net tangible assets of $1 per share and is also a premium to its initial offer price of $1.01 per unit.
The full initial offer of $75 million was taken up ahead of listing yesterday.
The Melbourne-based trust, formerly the Arena Childcare Property Fund, is managed by Arena Investment Management Limited and comprises 172 childcare centres and 5 childcare centre development land sites located in Australia, valued at $228 million (as at 31 December 2012).
The portfolio has a relatively long weighted average lease expiry (WALE) of 8.2 years as of December 2012 and an occupancy rate of 97.7% as of March 2013.
Two thirds of the portfolio (66.3% by value) is leased to childcare group Goodstart which purchased the collapsed ABC Learning business.
Goodstart is owned by the charitable organisations The Benevolent Society, Mission Australia, the Brotherhood of St Laurence and Social Ventures Australia.
The trust earned rental income of $11.05 million for the half year to December 31 2012 down slightly from $11.8 million in the prior corresponding period.
The joint managing directors of the fund are James Goodwin and Bryce Mitchelson.
The managers of the trust intend to diversify over time expanding beyond childcare into education, healthcare and government tenanted facilities.
Arena REIT trades under the ASX code of ARF. 
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<div class="section">
<div class="layoutArea">
<div class="column">
It was established as an unlisted trust in 2003 investing into childcare centres. 
</div>
</div>
</div>
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Arena REIT lists $228 million childcare centre portfolio with $1.05 share price

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Ian Corfield has been appointed as the new Aussie Home Loans chief executive, following the <a target="_blank" href="https://www.propertyobserver.com.au/news/aussie-home-loans-ceo-stephen-porges-resigns-after-commbank-acquisition/2013041560393">resignation of Stephen Porges last month.</a>
He will commence his role on June 3 joining from Bankwest, where he is currently chief executive of its business banking division.
Bankwest is owned by the Commonwealth Bank, which also owns Aussie Home Loans.
Corfield is well experienced in the mortgage broker space having previously held the role of chief executive  for Bankwest's retail banking division between 2007 and 2010.
This included being in charge of its third party mortgage broker business.
Prior to that Corfield held senior roles at the Halifax Bank in the <country-region>UK</country-region> and <country-region>Ireland</country-region>.
“I am really pleased the board has accepted my recommendation to hire Ian, as he was the stand-out candidate in my search for a new CEO," said Aussie founder and executive chairman John Symond.
“He has an impeccable pedigree with relevant experience at the helm of dynamic brands and also has extensive experience managing brands through a corporate transition such as Aussie is experiencing now,” he added.
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Aussie Home Loans appoints Bankwest executive Ian Corfield as new CEO

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Amid expectations of a surge in Chinese buyers of Australian and New Zealand property, LJ Hooker has signed a new three-year strategic partnership with Chinese property listings portal Juwai.com.
A previous 12-month agreement was signed in July last year and has been successful to date with 30% of calls from estate agents to the LJ Hooker head office about wanting a closer relationship with Juwai.com.
Juwai’s two co-CEOs will attend LJ Hooker’s annual conference in Queensland this week to explain how LJ Hooker franchisees can attract as many Chinese buyers as possible to their listings.
Juwai.com bills itself as the top-ranked international property portal for the world’s Chinese-language population.
The new agreement follows Juwai.com recording a <a target="_blank" href="/news">61% rise in Australian residential property searches</a> since the start of the year with property viewings up 162% over the same period.
Chinese buyers spent over $4.2 billion on Australian property in 2011 compared with $1.1 billion spent in 2009, earning Australian estate agents about $48 million in commission in 2011.
The new partnership will include LJ Hooker participation in “elite international property expos in China, attended by high net worth Chinese buyers”.
The real estate group will also get greater exposure to the Chinese market through a special corporate landing page hosted behind the Chinese government firewall; corporate banner ad campaigns designed around the core offshore purchasing seasons as well as other branding initiatives.
LJ Hooker estate agents will also receive exclusive discounts on selected premium advertising products on Juwai.com.
Greater demand among Chinese buyers for prestige residential property is also expected due to the new significant investor visa (SIV) with the first such visa issued just over a week ago to a Chinese toy manaufacturer.
Further issuances of SIVs are expected to flow through to the prestige end of the property market - residential property does not qualify as part of the $5 million investment requirement, but successful applicants will want somewhere to live.
LJ Hooker chief executive Georg Chmiel says that "on the whole, Australian agency brands are not well known in China".
"Our extra branding and advertising on Juwai.com will mean that Chinese buyers know and trust LJ Hooker long before they hear about any other agency network," he says.
Simon Henry, co-CEO of Juwai.com said Chinese buyers are now more confident when planning property inspection and buying trips. 
“It can take 12 weeks to obtain their visa to visit Australia and they use that time to thoroughly research the market. That makes it critical to reach them before they leave China,” he says.
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LJ Hooker looks to sell more property to Chinese buyers with three-year marketing deal with international property listings portal Juwai.com

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The residential property market recovery is underway but the house and land market is lagging this by around six months, new Stockland CEO Mark Steinert has told investors at a third quarter update.
He also revealed more pain ahead for Stockland investors before a recovery from about 2016 onwards with another $49 million worth of write-downs identified on previously impaired projects.
This follows Stockland reporting a <a href="https://www.propertyobserver.com.au/land/stockland-pins-hopes-on-western-sydney-and-wa-residential-projects-as-interim-profits-slump-148/2013021259306" target="_blank">$306 million write-down across 13 residential community projects</a> in February as part of a 148% drop in statutory interim profits and a loss of $147 million to December 31.
The new writedowns assume a worst-case scenario with "no additional material impairments"expected "unless trading conditions deteriorate significantly".
Third quarter performance is expected to be in-line with expectations but earnings per share for the full 2013 financial year will be down 25% on 2012 and at the bottom end of the target range provided three months ago.
Stockland is forecasting a 2013 distribution to shareholder of 24 cents per security.
Steinert revealed that only 30% of Stockland’s projects are “capital efficient” amid an overall upbeat outlook for the residential market.
“Key leading indicators are showing signs of improvement and the established housing market is improving,” said Steinert.
Stockland achieved its strongest net deposits in the March third quarter of 2013 since the first quarter of 2011, with its WA division accounting for 47% of these and Victoria improving, though still impacted by "competitor rebating".
"Queensland lead indicators suggest confidence is returning, but this varies between sub-markets," he said.
Steinert said the group would no longer build standalone high-rise apartments, saying this had been an “unhappy” experience for Stockland and also “high risk”.
Instead, Stockland will look to “reshape” the residential portfolio by accelerating the launch of new projects that “improve geographic diversity, accelerate completion of poor performing projects and right-size the land bank”.
Stockland will also look to expand its customer reach with medium-density offerings, noting the success of its terrace home Bower series at its Bells Reach community in Queensland.
Other successful medium-density projects noted by Stockland include the Mernda (Victoria) and Willows (NSW) retirement projects, Essence in Maribyrnong and Riverwalk and Waterside in NSW.
In the growing medium-density housing market, Stockland will look to build semi-detached and attached houses, townhouses, and terraces as well as low rise apartment towers of up to six levels.
These will be built by “selectively developing land from its existing land bank”.
“Residential performance will improve in coming years with the launch of new projects, disposal of non-core assets, reduction in cost base and delivering community outcomes in our larger masterplanned communities,” said Steinert.
<img src="/images/stories/2013/stockland_housing_graph.jpg" width="470" height="371" alt="stockland_housing_graph">
 
<hr class="system-pagebreak">
Stockland has an existing land bank of 86,000 lots of which 31,000 of these lots are at its $4 billion Lockerbie project in Melbourne’s north (covering 1,121 hectares and aimed to deliver homes for 30,000 people) and its 2,300-hectare Caloundra South project on the Sunshine Coast, with plans for homes for 50,000 people.
<img alt="stockland_land_bank" height="320" width="470" src="/images/stories/2013/stockland_land_bank.jpg">
Source: Stockland
The goal will be to reduce its land bank to 51,000 lots by 2018 with 30,000 of these remaining lots in Lockerbie and Caloundra and 21,000 in other projects.
The group is targeting 5,000 to 6,000 lot sales per annum with an expectation of rising sales in NSW (17% to 21% of sales), Queensland (30% to 33%) and WA (19% to 23%).
However, lots sales in Victoria are expected to fall from 34% to 23%.
Stockland will launch new residential projects in East Leppington and Marsden Park in NSW in 2014/15 to “take advantage of the strong market conditions in metropolitan Sydney”.
It also notes that its WA business is “now at scale and benefiting from the strong market conditions”.
In total Stockland has 28 active residential projects covering 28,000 lots with plans for five new projects valued at $200 million to be launched in 2014/15 covering 11,000 lots.
Stockland expects residential margins to increase from 2016 onwards and will look to increase revenue by “creating a better community value proposition that drives higher customer referrals”.
Around a fifth of all new sales leads are referred.
“These leads convert at three times the rate of a non-referred lead. There is a strong link between satisfaction and referral,” says Steinert.
“Our proprietary liveability study of over 1,700 residents has enabled the identification of the specific community elements that contribute the most to higher customer satisfaction (or liveability)
“By focusing our development and community creation activities on the most important elements, we can increase satisfaction, drive greater referral rates and grow margins over time,” says Steinert.
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Residential recovery underway but more pain for Stockland as $49 million write-down revealed

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Mirvac will look to sell poorly-performing shopping centres and retail properties in secondary, sub-optimal markets as it focuses on building a prime retail portfolio.
The A-REIT will look to acquire sub-regional, and neighbourhood shopping centres in “strong markets” as well as select CBD retail assets “within strong trade areas either standalone or as part of mixed-use property”.
Mirvac will look to acquire assets in the four big capital city markets - Sydney, Melbourne, Brisbane and Perth - as well as in some select regional markets "with strong fundamentals", said Mirvac chief executive Susan Lloyd-Hurwitz as part of the group’s strategic review.
Secondary and in sub-optimal markets make up 20% of Mirvac's $1.6 billion retail portfolio.
<img src="/images/stories/april23tivoli/mirvac.jpg" width="470" height="247" alt="mirvac">
Assets that might come under review given the new strategic focus might include the Orange City Centre, Manning Mall in Taree and Hinkler Central in Bundaberg.
The strategic review highlights that Mirvac’s Broadway Shopping Centre in Glebe, just outside the Sydney CBD, is its most productive shopping centre over 45,000 square metres by annual turnover per square metre.
The 50,000 square metre centre is valued at $250 million and brings in annual turnover of $423 million.
“Whilst there has been some improvement in retail sales this quarter, conditions are expected to remain difficult for retailers during 2013,” says Lloyd-Hurwitz.
“Recent interest rate cuts, whilst boosting consumer incomes, have not translated into broad-based sales growth and category performance is expected to remain mixed.
“Vacancy rates to remain resilient in quality centres (across all sub-sectors); however rental growth continues to moderate,” she says.
Mirvac has an $800 million retail investment pipeline tied to its residential community projects include the Stanhope Shopping Village in north west Sydney, Kawana Shopping World on the Sunshine Coast and the Orion Springfield town centre in Ipswich.
Mirvac revealed a 99.2% occupancy rate in its retail property portfolio with moving average turnover up 3% across its portfolio driven by food-based retailers and mini-majors.
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Mirvac to head to big city suburbs and CBDs for prime retail investments amid “difficult” conditions

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Thinking about one day renting the heritage premises at 70 Errol Street, North Melbourne tenanted by Australia Post? Take a number. Better yet wait 868 years, as only 131 years of the lease has gone.
According to the Melbourne City Council book on lease agreements, recently opened to public inspection, Australia Post has the lease on the premises (pictured below) until 2881.
And that’s not a typo.
<img alt="postofficemay13one" height="353" width="470" src="/images/stories/2013/05/postofficemay13one.jpg">
According to The Age’s city editor Jason Dowling, lord mayor Cornelius Job Ham signed a 999-year lease with Australia Post in 1882.
Melbourne City Council finance committee chairman Stephen Mayne called the lease agreement “ridiculous” and said it should be renegotiated.
Image courtesy of Travel Victoria.
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Australia Post’s 999-year lease in North Melbourne revealed by Melbourne City Council

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The NSW government’s decision to only incentivise first-home buyers who purchase new homes from October last year appears to be gaining traction, the Reserve Bank has noted in its May monthly statement on monetary policy.
"For the state as a whole, there has been an increase in demand from first home buyers, which is likely to reflect the increase in government incentives to first-home buyers purchasing new homes relative to the incentives available for purchases of established homes," says the RBA.
The following graph prepared by the RBA shows the trend of rising first-home owner grants (FHOGs) in NSW for new dwellings and also a small uptick in Queensland, where a similar incentive scheme is in place.
In Victoria the trend is heading in the other direction, but this is ahead of the introduction of a <a target="_blank" href="/news">$10,000 FHB grant for new homes only from July 1</a>, with an expected rush among some FHBs to finalise purchases of existing dwellings.
<img alt="fhb_in_nsw" src="/images/stories/2013/fhb_in_nsw.jpg" width="470" height="402">
The <a href="https://www.propertyobserver.com.au/residential/everything-you-need-to-know-about-the-new-nsw-first-home-buyer-%2415000-grant/2012092756828/Page-1" target="_blank">NSW government provides $15,000 to first-home buyers</a> purchasing a new home up to $650,000 but has removed the previous $7,000 grant available for both new and existing FHBs.
A first-home buyer maximum stamp duty exemption of $20,240 is also available for new homes worth up to $550,000.
From January 1 2014 the $15,000 grant will reduce to $10,000.
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FHB demand for new homes rising in NSW: RBA

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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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.

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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.

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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.

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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.

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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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Larry Schlesinger

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