<html><body>
Bendigo Bank has announced it will decrease its variable home loan interest rate by 25 basis points to 6.26% p.a.
Customers with an average variable home loan of $250,000 will see their repayments decrease by $41 a month (principal and interest home loan over 30 years).
Under the same banking group, Adelaide Bank has announced it will also reduce its standard variable home loan rates by 25 basis points.
The bank's variable smartfit home loan will reduce from 5.81% to 5.56%.
The lower rates kick in on May 27.
Bendigo and Adelaide Bank managing director Mike Hirst said the rate change aims to create a fair balance for all the bank’s key stakeholders. 
“When setting interest rates our Bank needs to take into account a wide range of factors and carefully consider its key stakeholders including borrowers, depositors, staff, shareholders, partners and the wider community,” Hirst said. 
</body></html>

lschlesinger-FZcF9M3vE6

Bendigo Bank cuts variable home loan rates by 25 basis points

<html><body>
CUA has cut its standard variable home loan rate by 25 basis points to 5.60% - an average of 57 basis points lower than the average of the big fours banks.


It has also announced fixed rate cuts with its three-year fixed rate home loan by 11 basis points to 4.99% and cut its three-year fixed rate premium home loan to 5.30%. 
The rate breaker package product will be reduced to 5.17% while CUA’s one year introductory standard variable rate will be reduced by 25 basis points to 5.22%. 
</body></html>

CUA passes on full rate cut to borrowers with 5.6% standard variable offering

<html><body>
The dust has almost settled following the RBA’s decision to cut the cash rate by 25 basis points to a 53-year-low of 2.75%.
Reflecting better funding conditions, the Greater Building Society was the standout lender, passing on 30 basis points to borrowers followed by ANZ which passed on 27 basis points, saving borrowers between $50 and $60 per month for those on a $300,000 variable-rate mortgage. 
Nearly all lenders diligently passed on the 25 basis points in full, but from different starting points so even if your lender has passed on the rate cut in full, your new home loan rate may not look that attractive.
Westpac chief economist Bill Evans has also highlighted that while the cash rate may be at a record low of 2.75%, the average standard variable rate is someway off the 2009 low of 5.75% with lenders increasing their margins since the GFC by not passing on rate cuts in full and in some cases, lifted rates independently of the RBA.
RateCity.com.au CEO Alex Parson highlights that prior to the Tuesday rate cut, the benchmark standard variable rate was 6.42%.
“While this is the lowest level since December 2009, it is still 3.42 percentage points above the cash rate and the biggest spread we’ve ever seen,” Parson says.
There's also a big spread in the standard variable mortgage offerings - the benchmark at which all lenders price their home loans - as this table shows, starting from 4.75% and rising to 6.22%:
<div align="center">
<table align="left" style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td colspan="3" nowrap width="100%">
Lenders that passed
on more than 0.25%
</td>
</tr>
<tr>
<td nowrap width="31%">
Company
</td>
<td nowrap width="37%">
Standard variable
rate movement
</td>
<td nowrap width="30%">
New standard
variable rate
</td>
</tr>
<tr>
<td nowrap width="31%">
Greater Building Society
</td>
<td nowrap width="37%">
-0.30%
</td>
<td nowrap width="30%">
5.75%
</td>
</tr>
<tr>
<td nowrap width="31%">
ANZ
</td>
<td nowrap width="37%">
-0.27%
</td>
<td nowrap width="30%">
6.13%
</td>
</tr>
<tr>
<td colspan="3" nowrap width="100%">
Lenders that passed
on the full 0.25% cut
</td>
</tr>
<tr>
<td nowrap width="31%">
Adelaide Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.56%
</td>
</tr>
<tr>
<td nowrap width="31%">
Aussie Home Loans
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.24%
</td>
</tr>
<tr>
<td nowrap width="31%">
Bank MECU
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.74%
</td>
</tr>
<tr>
<td nowrap width="31%">
Bank of Melbourne
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.15%
</td>
</tr>
<tr>
<td nowrap width="31%">
Bank SA
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.22%
</td>
</tr>
<tr>
<td nowrap width="31%">
Bankwest
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.14%
</td>
</tr>
<tr>
<td nowrap width="31%">
BOQ
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.26%
</td>
</tr>
<tr>
<td nowrap width="31%">
Commonwealth Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.15%
</td>
</tr>
<tr>
<td nowrap width="31%">
CUA
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.60%
</td>
</tr>
<tr>
<td nowrap width="31%">
Heritage Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.89%
</td>
</tr>
<tr>
<td nowrap width="31%">
IMB
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.91%
</td>
</tr>
<tr>
<td nowrap width="31%">
ING DIRECT
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.41%
</td>
</tr>
<tr>
<td nowrap width="31%">
loans.com.au
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
4.87%
</td>
</tr>
<tr>
<td nowrap width="31%">
MyRate
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.42%
</td>
</tr>
<tr>
<td nowrap width="31%">
nab
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.13%
</td>
</tr>
<tr>
<td nowrap width="31%">
P&amp;N Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.95%
</td>
</tr>
<tr>
<td nowrap width="31%">
People’s Choice
Credit Union
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.12%
</td>
</tr>
<tr>
<td nowrap width="31%">
Police Credit
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.74%
</td>
</tr>
<tr>
<td nowrap width="31%">
St George Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.24%
</td>
</tr>
<tr>
<td nowrap width="31%">
Suncorp Bank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.24%
</td>
</tr>
<tr>
<td nowrap width="31%">
State Custodians
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
5.09%
</td>
</tr>
<tr>
<td nowrap width="31%">
UBank
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
4.87%
</td>
</tr>
<tr>
<td nowrap width="31%">
Westpac
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.26%
</td>
</tr>
<tr>
<td nowrap width="31%">
Yellow Brick Road
</td>
<td nowrap width="37%">
-0.25%
</td>
<td nowrap width="30%">
6.15%
</td>
</tr>
<tr>
<td colspan="3" nowrap width="100%">
Lenders that passed
on less than 0.25%
</td>
</tr>
<tr>
<td nowrap width="31%">
Community First
Credit Union
</td>
<td nowrap width="37%">
-0.22%
</td>
<td nowrap width="30%">
6.12%
</td>
</tr>
<tr>
<td nowrap width="31%">
loans.com.au*
</td>
<td nowrap width="37%">
-0.24%
</td>
<td nowrap width="30%">
4.75%
</td>
</tr>
<tr>
<td nowrap width="31%">
Police Bank
</td>
<td nowrap width="37%">
-0.20%
</td>
<td nowrap width="30%">
5.84%
</td>
</tr>
</tbody></table>
</div>
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Source: RateCity.com.au, ranked by biggest cuts then alphabetically, effective dates vary between lenders/ *For new loans.com.au home loan customers
But as highlighted by Bill Evans, the picture is complicated by discount offerings and very low online home loan rate offerings, these often come with high deposit requirements or a minimum home loan size.
Rate cut announcements made by lenders generally mention the new standard variable rate on offer, but most borrowers would receive some sort of discount off this rate if they take out a packaged home loan, borrow a large enough amount or if they qualify for a discounted special.
This may be an introductory rate (sometimes called a honeymoon rate) or a rate for the life-time of the loan (called a discounted home loan rate).
For example, Yellow Brick Road has cut its standard variable rate to 6.15% but is offering a 1.25% discount of the first 12 months of the loan and 86 basis points off the life of the loan after this period.
Credit union CUA passed on the full rate cut, reducing its standard variable rate to 5.6% on May 20 but will also offer a discounted variable rate of 5.17% under its package offering as well as a honeymoon rate of 5.22%.
NAB may have passed on the full rate cut to borrowers to offer a standard variable rate of 6.13% but many borrowers will be on packaged home loan rates with discounts from 50 to 85 basis points.
Some eyebrows though may be raised at NAB’s online offering Ubank, which will offer a discounting refinancing rate of 4.87% when its cheaper online rates kick in on May 17.
Non-bank lender State Custodians has cut its standard variable rate to 5.09%, but will offer its peak performance loan at a very low 4.74%, with a 20% deposit requirement.
A rate cut should rightly spur some borrowers on variable rate loans or those with fixed rate loans (where the term will soon expire) to review their current mortgage and the rate they are paying together with any fees as well as the benefits and perhaps put in a call to their mortgage broker or lending manager.
But certainly you should not rush into a refinancing your home loan until you have a comprehensive understanding of the costs and fees involved, your personal circumstances and long-term objectives and what refinancing will actually mean in terms of paying off your home loan.
Signing up to an eye-catching low rate because the online offer will expire in 10 days is where the expression “only fools rush in” is most apt.
A good starting point is to arm yourself with knowledge.
Download a <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-12-tips-for-refinancing-your-mortgage">free copy of the Property Observer ebook: 12 tips for refinancing your mortgage</a> and watch the free Property Observer webinars <a target="_blank" href="/news">Refinancing and the interest rates riddle</a> and the <a target="_blank" href="/news">The Do's and Don'ts of Refinancing Your Existing Home Loan - and How to Avoid Unnecessary Hurdles</a>.
</body></html>

Home loan rates guide: What's now on offer and what you should be considering after the historic RBA cash rate cut

<html><body>
Mortgage demand is picking up, conditions are improving in the housing market and indicators and enquiries suggest demand for new housing is strengthening, the RBA has said in a more upbeat assessment of of the mortgage and property market in its monthly statement on monetary policy.
The statement reveals that low inflation, the high Australian dollar and a weaker economic outlook  - rather than housing market concerns - were behind its decision to cut the cash rate to a historic 53-year-low of 2.75% on Tuesday.
"There are signs of an increasing appetite for borrowing in the household sector, with approvals for housing and personal loans increasing over recent months," says the RBA in its introduction to the lengthy statement.
"This coincides with improved conditions in the housing market. Dwelling prices are around 4% above their low point of mid 2012 and auction clearance rates have also increased to be at, or above, long-run average levels.
"Higher house prices, low borrowing rates and a tight rental market should support a recovery in dwelling investment. 
"Notwithstanding a decline in building approvals for higher-density housing in the March quarter, forward-looking indicators suggest that demand for new housing is gradually strengthening.
"This is also apparent in the Bank’s business liaison, with firms noting that enquiries from prospective purchasers and visits to display homes have increased," says the RBA.
The RBA says forecasts for the domestic economy embody a "gradual shift in growth from investment in the resource sector towards exports, non-mining investment and household demand".
"This rebalancing appears to be beginning, but inevitably there remains considerable uncertainty about exactly how it will unfold."
The RBA makes it clear that low inflation, a weaker economic outlook and the high Australian dollar were the main catalysts for the decision to resume its easing policy in May.
"Over 2012, the Board reduced the cash rate by 125  basis points, bringing it to 3% and borrowing rates close to their previous lows.
"Since then, signs have emerged that the economy has been responding to the low level of interest rates,"
However, it says the exchange rate has been "little changed at a historically high level over the past 18 months, which is unusual given the decline in export prices and interest rates during that time"
"Moreover, the demand for credit has thus far remained relatively subdued.
"Over the earlier part of this year, the Board held the cash rate steady while carefully assessing economic developments and noting that the inflation outlook would afford scope to ease further, should that be necessary to support demand.
"At its May meeting, with inflation a little lower than had been expected, and growth of economic activity likely to remain below trend into next year, the Board judged that a further reduction in the cash rate would help to support sustainable growth in the economy, and would be consistent with achieving the inflation target.
"The Board will adjust the cash rate as appropriate to foster sustainable growth and low inflation," says RBA, suggesting that further rate cuts will be considered.
</body></html>

RBA notes signs of "increased appetite" for mortgages in improving housing market

<html><body>
Fresh from announcing its new strategic focus on acquiring prime office assets in the major capital cities, Mirvac has swooped to acquire GE’s seven office property portfolio for $584 million covering 83,500 square metres of office space.
It is being acquired at an initial passing yield of 7.8%.
The portfolio includes two A Grade office towers – the 90 Collins Street office tower at the Paris End of Collins Street with 21,000 square metres of office space, acquired for $170 million and the 28,000 square metre Allendale Square skyscraper in Perth, acquired for $231 million.
Allendale Square is a 32-level building with tenants include ANZ and Minter Ellison, built in 1976 and refurbished in 2002.
The 90 Collins Street tower covers 22 levels and was built in 1988, refurbished in 2011. It stands in between the iconic 101 and 120 Melbourne office towers with tenants including Westpac and VicSuper.
The five other buildings are all in Sydney: 210 and 220 George Street, 37 and 51 Pitt Street and 6-8 Underwood Street, just off George Street..
The acquisitions are being funded via a $400mn equity raising and an offer to Mirvac securityholders.
“The key properties in this portfolio are the five Sydney properties (only 31% of the portfolio) which are located next to, or in immediate proximity to Mirvac’s current office development project at 200 George Street,” notes Goldman Sachs A-REIT analyst Simon Wheatley.
“These properties, within the bounds of George, Pitt, Dalley and Alfred St’s, comprise a re-development opportunity, with 210 and 220 George St set for an initial upgrade, with potential for future site consolidation and redevelopment.
“The three properties on the corner of Pitt and Underwood St present more immediate potential for redevelopment of a 30,000sqm office building. “
</body></html>

Mirvac kicks off new strategic focus with $584 million CBD office portfolio acquisition

<html><body>
ANZ has cut its standard variable mortgage rate by 27 basis points, the first time the bank has cut rates by more than the RBA's official cash rate reduction since announcing its independent interest rate review in December 2011.
Westpac, NAB and the Commonwealth Bank have all passed on 25 basis points to borrowers.
Only the Greater Building Society has passed on more than ANZ with its <a href="/news">30 basis point rate cut announced yesterday</a>.
ANZ's standard variable rate will reduce from 6.40% to 6.13% from May 17 (6.23% p.a. comparison rate) and will steal some of NAB's thunder.
NAB has claimed the lowest standard variable rate for the past 46 months, but must now share that title with ANZ.
NAB will reduce its variable rates from May 13.
The Commonwealth Bank will reduce its standard variable rate to 6.15% on May 13 with Westpac the outlier with a standared variable rate of 6.26% from May 20.
The 27 basis point decrease will save ANZ customers about $60 per month or $750 per year for the average home loan of $280,000.
Since announcing it would go it alone on interest rates, ANZ has twice lifted the cash rate independently of the RBA
It increased variable rates by 6 basis points in February last year and by 6 basis points in April.
“This month we reviewed a range of factors including the Reserve Bank’s decision to decrease the official cash rate this week, our competitive position and a recent easing in the cost of our wholesale funds," said ANZ CEO Australia Philip Chronican
“While competition for deposits remains strong, our overall funding cost position hasallowed us to reduce variable mortgage rates by 0.27%pa.
“This decision reflects ANZ’s approach to reviewing retail lending rates each month which includes an assessment of our overall funding costs and I’m pleased our mortgage customers will see a benefit this month,” he said.
ANZ also said that variable rates for small business lending would decrease by 25 basis points.
</body></html>

ANZ beats the RBA and all rival lenders bar one with 27 basis points rate cut

<html><body>
Mermaid Beach, the Gold Coast suburb made famous by the dramatic plunge in beachfront property values along Hedges Avenue following the GFC, is Australia's worst-performing suburb since 2009.
Median prices of two-bedroom houses in Mermaid Beach have fallen nearly 66% in the last four years while the four-bedroom house prices have fallen nearly 57%, according to a new report compiled by property investment group Real Estate Investar using Australian Property Monitors data.
The top ten worst total four year median price performance suburbs
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="103" valign="top">
Suburb
</td>
<td width="103" valign="top">
State
</td>
<td width="103" valign="top">
Dwelling type
</td>
<td width="103" valign="top">
Median price
</td>
<td width="103" valign="top">
One year median price growth
</td>
<td width="103" valign="top">
Four year median price growth
</td>
</tr>
<tr>
<td width="103" valign="top">
1. Mermaid Beach
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
2 bedroom house
</td>
<td width="103" valign="top">
$413,000
</td>
<td width="103" valign="top">
-22.74%
</td>
<td width="103" valign="top">
-65.56%
</td>
</tr>
<tr>
<td width="103" valign="top">
2. Burleigh Heads
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
2 bedroom house
</td>
<td width="103" valign="top">
$206,000
</td>
<td width="103" valign="top">
-51.25%
</td>
<td width="103" valign="top">
-60.62%
</td>
</tr>
<tr>
<td width="103" valign="top">
3 Mermaid Beach
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
4 bedroom houses
</td>
<td width="103" valign="top">
$972,000
</td>
<td width="103" valign="top">
-24.8%
</td>
<td width="103" valign="top">
-56.80%
</td>
</tr>
<tr>
<td width="103" valign="top">
4. Bilinga
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
3 bedroom house
</td>
<td width="103" valign="top">
$449,500
</td>
<td width="103" valign="top">
-37.14%
</td>
<td width="103" valign="top">
-55.05%
</td>
</tr>
<tr>
<td width="103" valign="top">
5. Sunshine Beach
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
4 bedroom
</td>
<td width="103" valign="top">
$1.295m
</td>
<td width="103" valign="top">
-26%
</td>
<td width="103" valign="top">
-52.91%
</td>
</tr>
<tr>
<td width="103" valign="top">
6. Mandurah
</td>
<td width="103" valign="top">
WA
</td>
<td width="103" valign="top">
Studios  &amp; 1 bedroom units
</td>
<td width="103" valign="top">
$190,000
</td>
<td width="103" valign="top">
+40.74%
</td>
<td width="103" valign="top">
-51.90%
</td>
</tr>
<tr>
<td width="103" valign="top">
7. Bonny Hills
</td>
<td width="103" valign="top">
NSW
</td>
<td width="103" valign="top">
2 bedroom house
</td>
<td width="103" valign="top">
$169,500
</td>
<td width="103" valign="top">
+25.55%
</td>
<td width="103" valign="top">
-51.85%
</td>
</tr>
<tr>
<td width="103" valign="top">
8. Bilinga
</td>
<td width="103" valign="top">
QLD
</td>
<td width="103" valign="top">
3 bedroom unit
</td>
<td width="103" valign="top">
$820,000
</td>
<td width="103" valign="top">
+8.25%
</td>
<td width="103" valign="top">
-50.31%
</td>
</tr>
<tr>
<td width="103" valign="top">
9. Safety Beach
</td>
<td width="103" valign="top">
VIC
</td>
<td width="103" valign="top">
3 bedroom unit
</td>
<td width="103" valign="top">
$399,000
</td>
<td width="103" valign="top">
-3.86%
</td>
<td width="103" valign="top">
-49.82%
</td>
</tr>
<tr>
<td width="103" valign="top">
10. Ultimo
</td>
<td width="103" valign="top">
NSW
</td>
<td width="103" valign="top">
Studios  &amp; 1 bedroom units
</td>
<td width="103" valign="top">
$185,000
</td>
<td width="103" valign="top">
+3.35%
</td>
<td width="103" valign="top">
-49.8%
</td>
</tr>
</tbody></table>
Source: Real Estate Investar
The median price for two-bedroom houses on Mermaid Beach has fallen to just $413,000 while four-bedroom houses now sell for around $972,000.
And the decline on Mermaid Beach has not been arrested in the last year, despite some improvement in the Gold Coast market with the most recent Prodap Report recording a 7.4% rise in average Gold Coast house prices over the first three months of the year.
Two-bedroom Mermaid beach house prices are down 23% over the past 12 months while four-bedroom houses are down 25%.
The collapse in real estate prices on Mermaid Beach has led to accusations by real estate agent Rod Lambert that investors were duped into buying multimillion-dollar properties as part of an elaborate price-fixing scam.
A legal battle between <a target="_blank" href="https://www.propertyobserver.com.au/legal/rod-lambert-s-%24175-million-gold-coast-claim-and-other-courtroom-conflicts-to-consider-in-2013/2013012458976">Lambert and ex-Ray White Estate agent Michael Kollosche</a> and other parties is currently underway over the sale of a property site to Lambert and his wife for $10.6 million in 2007.
Recent sales on Mermaid Beach include a <a target="_blank" href="https://www.homehound.com.au/30+arthur+street+mermaid+beach+qld+4218/">four-bedroom house on Arthur Street</a> just a block from the beachfront, which sold for $800,000 in January 2013.
It previously sold for $1 million in July 2005, a 20% drop in value.
In November 2011, Property Observer compiled a list of the <a target="_blank" href="https://www.propertyobserver.com.au/residential/the-8-biggest-losses-on-mermaid-beach-s-millionaire-s-row-show-no-post-gfc-recovery-in-sight/2011113052610">eight biggest losses on Mermaid Beach</a>, led by 199 Hedges Avenue, sold in 2011 for $7,700,000, last sold for $17.5 million in 2007, a loss of 56%.
Queensland coastal suburbs occupy the top five positions on the list of worst-performing locations with two-bedroom houses in Burleigh Heads second with a 61% decline over the past four years.
Bilinga, a southern beachfront suburb on the Gold Coast ranked fourth with three-bedroom house prices down 55% followed by prestige Sunshine Beach market on the Sunshine Coast, where prices have fallen 53% with a 26% decline recorded over the past 12 months.
The worst performing unit market is Mandurah, the regional city south of Perth where studio and one-bedroom apartments are down 52%, though values have recovered in the past 12 months, up 40.7% to a median of $190,000.
Investors may be surprised to see Ultimo, the inner Sydney suburb amongst the top 10 with studio and one-bedroom apartment prices down nearly 50% over the past four years with a median price of $185,000.
</body></html>

Mermaid Beach still poorly performing, with Mandurah and Ultimo bouncing back from their GFC lows

<html><body>
John McGrath is targeting sea and tree-changers with the opening of a new McGrath Estate Agent office in the northern NSW coastal resort town of Byron Bay.
McGrath Byron Bay will complement the established Ballina office, which opened at the end of 2009.
"Byron Bay and its surrounding hinterland have long been desirable locales for city people looking to make a sea or tree change and the real estate market has improved considerably in the last 12 months,” says McGrath chief executive John McGrath.
“The area has always been part of our expansion plans as we see it as synergistic with our existing client base and now is the perfect timing to open an office here.
“While median house prices are relatively high compared with other nearby beach areas, the region offers a lifestyle which is highly attractive and affordable to retirees, or professionals and their families, from Sydney, Brisbane and Melbourne,” he says.
The median house price for Byron Bay is $555,000 and the median unit price is $430,000, according to March figures from realestate.com.au.
There have been a number of sales above $1 million in recent months and beachfront houses in prestigious Wategos Beach range from $2 million to $7 million.
Prestige listings include the Rae's on Watego's guesthouse at <a target="_blank" href="/news">Byron Bay</a>, re-listed in February after its $20 million purchaser failed to settle an October 2012 pre-auction deal.
The Byron Bay office is the fourth in a McGrath franchise group led by David Mills.
This group includes McGrath Ballina (formerly Ballina/Byron Bay), Coolangatta/Tweed and Palm Beach. 
</body></html>

John McGrath expands northern NSW coastal presence with Byron Bay office

<html><body>
The expected surge of high net worth Chinese investors spending $5 million in Australia to be eligible for the signficant investor visa (SIV) has coincided with a rise in Chinese online searches for Australian property and Macquarie launching a new series of SIV funds.
Chinese international property portal Juwai.com has recorded a 61% rise in Australian residential property searches since the start of the year with property viewings up 162% over the same period.
Around 82% of Juwai.com users are from mainland China with the remainder located in Australia, South East Asia and other countries.
Direct residential property investment is not a qualifiable investment under the visa program but estate agents expect an increase in demand for prestige property in Sydney and Melbourne from successful visa applicants seeking a home in Australia.
"Chinese buyers seek out Aussie property because of Australia's stable housing market, regulatory protection and the fact that its time zone is very close,” says Andrew Taylor, Co-CEO of Juwai.com.
“East Coast Australia is only two hours different from Shanghai and Beijing, while Perth is in the same time zone as the Chinese cities.”
“Recent initiatives such as the significant investment visa have had an impact on cementing Australia as a preferred property investment destination,” he says.
The signficant investor visa opportunity is noted in the <a href="https://www.juwai.com/news27437.htm" target="_blank">news section of Juwai.com</a>.
Last weekend, the first significant investor visa was granted to a <a href="/news">Chinese toy manufacturer</a> and his family.
Immigration minister Brendan O’Connor said 170 significant visa applications have been lodged, totalling a potential of $850 million in investment.
A spokesperson for the Department of Immigration said further visa approvals would not be far off.
Macquarie has recently launched four managed investment funds aimed at signficant visa applicants. The funds require a minimum $1 million investment.
Complying significant visa investments are Commonwealth, State or Territory government bonds, ASIC-regulated regulated managed funds with a mandate for investing in Australia; and direct investment into Australian proprietary companies.
Direct property investments of $5 million are not qualifying investments, but managed funds can hold property assets.
Macquarie says in its fund information memorandum that they are “designed for investors who are applying for a Significant Investor Visa issued by the Australian Department of Immigration and Citizenship”.
Three out of the four funds hold a small weighting in listed property trusts.
Taylor also highlighted the recent convertible currency deal between Australia and China, where the Australian dollar and Yuan convert directly, which he said “will nurture Chinese buyer interest in to the future.”
China’s fifth largest bank, Bank of Communications, says it plans to allow its clients to convert the Australian dollar directly into yuan.
Australia is only the third country to have such a currency agreement with China.
Juwai.com notes ABS figures which show that the number of Chinese-born people living in Australia increased by 54% between 2006 and 2011
“The number of Chinese who settled permanently in Australia soared by 16% since 2010. The number was 17,580 in 2012, up from 15,780 in 2011 and 14,720 in 2010.
“Short-term Chinese visitors are rising even faster. They have tripled in the last decade to 630,000. Chinese tourists are now the second biggest visitor group to Australia, behind New Zealanders,” says Juwai.com.
</body></html>

Chinese online searches for Australian property up 61% as Macquarie targets significant investor visa applicants

<html><body>
ME Bank has cut its standard variable mortgage rates by 0.25% following the RBA’s decision to lower the official cash rate to 2.75% p.a. 
Home loans marketed by the lender are available to eligible super funds and unions and currently more than 50 basis points lower than that of the nearest major bank.
However, the new rates are only effective from May 28 -  a full three weeks after the cash rate reduction.
The standard variable rate drops from 5.88% p.a. to 5.63% p.a., and the member package variable rate drops from 5.68% p.a. to 5.43% p.a. (for customers borrowing up to $500,000). 
</body></html>

ME Bank passes on full rate cut but with late May 28 start date

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<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

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News