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Aussie Home Loans will decrease its Aussie-branded variable rate home loans by 25 basis points in line with the Reserve Bank of Australia rate cut announced yesterday.
The changes will take effect on Wednesday May 15.
Customers will an average home loan of $300,000 could save $47 per month.
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lschlesinger-FZcF9M3vE6

Aussie passes on full rate cut to borrowers

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GPT Group has reached a $75 million settlement with a group of 2,300 investors in relation to a  Slater &amp; Gordon class action.
The conditional settlement was achieved under terms which include GPT denying liability.
The class action was filed in December 2011 with a four-week trial taking place in the <a target="_blank" href="/news">Victorian Federal Court in March</a> with former GPT boss Nic Lyons among those giving evidence.
It was one of a number of<a href="https://www.propertyobserver.com.au/legal/rod-lambert-s-%24175-million-gold-coast-claim-and-other-courtroom-conflicts-to-consider-in-2013/2013012458976" target="_blank"> high-profile property disputes</a> highlighted by Property Observer in January.
Class action lawyer Ben Phi said the settlement was great news for participating shareholders who were awaiting judgment from Federal Court Justice Michelle Gordon following the trial’s conclusion last month.
The dispute relates to a July 7 2008 statement from GPT to the ASX in which GPT downgraded its forecast earnings for the 2008 calendar year by 27%, and its distributions per security (DPS) by 30%.
Six months prior GPT had released its results for the 2007 calendar year and stated that its earnings would be “flat” (about $600m) for 2008.
Investors claimed that GPT "engaged in misleading or deceptive conduct and breaches of continuous disclosure obligations in relation to and following the release of its 2007 Full Year Statutory Accounts".
"The GPT Group is pleased to announce that a settlement has been reached in relation to the class action with Slater &amp; Gordon. The settlement is subject to Court approval, as is usual in class actions," said GPT today in a statement.


"GPT has maintained its position that it complied with disclosure requirements in 2008 – the settlement will mean that the litigation is now resolved, including any possible appeals.

"As stated previously, claims of this nature were insured. GPT’s share of total costs associated with the case and the settlement is not material, and has been fully provided for in previous years," says GPT.
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GPT settles Slater & Gordon class action dispute with $75m pay out to investors

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Only 10-year government bonds will deliver poorer returns than residential investment property, suggests AMP Capital chief economist Shane Oliver in his latest commentary piece following yesterday’s decision by the RBA to cut the cash rate to 2.75%.
Yesterday, Michael O'Neill chief executive of National Seniors, the consumer lobby group for older Australians complained that the cut in the cash rate would “come as a blow for seniors living off simple investments such as term deposits”.
But it could be property investors relying on income from their investment properties that could be worse off.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/05/shaneolivermay8one.gif"><img src="/images/stories/2013/05/shaneolivermay8onethumb.gif"></a>
 In the current low interest rate environment, Oliver says that housing rental yields are “relatively low at around 4%, less once allowing for costs".
And while he says house prices are likely to rise over the next year or two, returns on residential property are likely to be “constrained by still high price to income ratios”.
Oliver expects average rental yields on investment property to fall to around 3%.
“This means the desire for better performing investments and specifically higher yielding investments will remain,” he says.
Rather than buy a residential property, investors could consider commercial property held in unlisted property trusts, where average returns are around 7%.
“Commercial property (office, retail and industrial) continues to offer relatively attractive income yields, particularly for unlisted property,” says Oliver. 
Recent unlisted property trust offerings have been higher than the average 7% yield.
The latest offer from fund manager Centuria has a forecast distribution of 8% on its 10 Spring Street Fund, which will be acquiring the 10 Spring Street office tower in the Sydney CBD.
<a target="_blank" href="/news">Centuria’s 175 Castlereagh Fund</a>, which closed oversubscribed, offered a return 9%.
If not commercial property then Australian shares, listed property trusts (REITS), Australian corporate bonds and even 12 month term deposits may be a better options than residential property.
“Australian shares have rallied strongly over the last year which has seen average dividend yields decline.
“But once allowing for franking credits, the dividend yield on shares at around 5.5% remains well above the yield available on term deposits.
“Lower interest rates will also help boost the outlook for profits and may help by lowering the value of the Australian dollar taking pressure off trade exposed companies. The broad rising trend in the share market is likely to continue
“Corporate bond yields have already fallen a long way, but their yields remain above term deposit rates and are a good alternative,” says Oliver.
He says sovereign bond yields are likely to remain low making them a “relatively unattractive investment in terms of return potential”.
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Commercial property and shares offer better returns than residential property yields: AMP’s Shane Oliver

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Westpac chief economist Bill Evans is tipping the cash rate to fall by 25 basis points to 2.5% in June and then to eventually bottom out at 2% by the first quarter of 2014.
Following the June rate cut, he expects two further rate cuts will be required in the December quarter of this year and March quarter of next year.
"That would see the cash rate bottom out at 2% from its current 2.75%. Having driven rates down to that level we expect rates to remain on hold through the remainder of 2014," he says.
Evans was the first major economist to correctly tip <a href="/news">the cash rate to fall to 2.75%.</a>
"There are ample precedents for a May/June move. Over the last 10 years the Bank has moved rates on four occasions in May with two of those occasions being followed up in June," says Evans in his latest market commentary. 
Evans expects that from June, the RBA will be "patient to assess the impact on domestic demand of the low rates".
"However by year's end it will become clear that further stimulus will be required to offset the impact of a softening world economy while the response to the low rates in the domestic economy will be disappointing," he says.
Evans says the really key new developments over the last few weeks have been "evidence of an even lower than expected trajectory for inflation and, as pointed out in this note, a Reserve Bank that is clearly open to further action". 
"Given this scenario we think that the most likely policy option is a follow up rate cut in June of 25 basis points which will be implemented for the same reasons as we have seen today complemented by further evidence of softening confidence and weak business investment. 
"We have also always argued that our assessment of the global economy is more subdued than the consensus. The IMF is expecting 4% world growth in 2014 – we are closer to 3%.
"For Australia's terms of trade, the peak to trough decline in the 2011–12 period was 17%, while we forecast a 2013–14 decline in the region of 10%. We have long maintained that from a world growth perspective, 2014 will feel like 2012," he says.
Furthermore, Evans says the "threat of a disruptive event in Europe remains ever present". 
"The US story does not convince us. We confidently expect that the US Federal Reserve will persist with its quantitative easing policy through most of 2014. 
"China has already begun the process of recalibrating its monetary and real estate policy settings and the support it received from the export sector in the first quarter is already receding.
"Indian domestic demand is flagging badly and the required policy support has not been adequate. Japan is something of a bright spot, but its gross acceleration will far exceed the net from a global growth perspective as it takes back market share," he says.  
"Our specific profile for the Australian dollar, which had incorporated a steady cash rate of 2.75% (with downside risks) and a softening world economy, saw the Australian dollar back at US$0.97 by June next year, partially due to a gradual narrowing of the overvaluation premium. 
"With our lower RBA rate profile there is some modest room for further moderation in the fair value of the Australian dollar with our June 2014 target being lowered to US$ 0.96. However, the key to a more significant fall in the Australian dollar is a more marked reduction in that over valuation premium – something that lies essentially outside the RBA's influence," he says.
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Westpac tips June rate cut and cash rate to fall to 2% by March 2014

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AMP Capital chief economist Shane Oliver is tipping the cash rate to fall to 2.5% noting that the housing market in particular has failed to respond to rate cuts in the manner it has done in previous easing cycles.
Figures compiled by Oliver show that house prices, building approvals, retail sales and employment growth have responded in a "modest" manner to the current easing cycle 18 months on from the first rate cut in November 2011 in comparison with much swifter responses to previous easing cycles  in 1996, 2001 and 2008 over the same time frame.
As the table below shows, home prices are currently up just 1.9% since November 2011.
This compares with an 18% increase in house prices 18 months after the RBA cut the cash rate by 50 basis points in July 1996.
They were up 30% a year-and-a-half after the start of 2001 easing cycle and 11% a year-and-a-half after the big GFC easing cycle started in September 2008.
Key variables, 18 months into rate cutting cycles
<table width="347" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="111" valign="top">
Variable
</td>
<td width="47" valign="top">
July 1996
</td>
<td width="47" valign="top">
Feb 2001
</td>
<td width="47" valign="top">
Sept 2008
</td>
<td width="47" valign="top">
Avg
</td>
<td width="47" valign="top">
Latest
</td>
</tr>
<tr>
<td width="111" valign="top">
NAB biz confidence,
index level
</td>
<td width="47" valign="top">
+5.7
</td>
<td width="47" valign="top">
+12.6
</td>
<td width="47" valign="top">
+16
</td>
<td width="47" valign="top">
+11.4
</td>
<td width="47" valign="top">
+2
</td>
</tr>
<tr>
<td width="111" valign="top">
Consumer conf, index level
</td>
<td width="47" valign="top">
101.7
</td>
<td width="47" valign="top">
105.6
</td>
<td width="47" valign="top">
117.3
</td>
<td width="47" valign="top">
108.2
</td>
<td width="47" valign="top">
104.9
</td>
</tr>
<tr>
<td width="111" valign="top">
Retail sales, % gain since first cut
</td>
<td width="47" valign="top">
+5%
</td>
<td width="47" valign="top">
+9.8%
</td>
<td width="47" valign="top">
+8.4%
</td>
<td width="47" valign="top">
+7.7%
</td>
<td width="47" valign="top">
+4.5%
</td>
</tr>
<tr>
<td width="111" valign="top">
Home approvals, % gain since first cut
</td>
<td width="47" valign="top">
+18%
</td>
<td width="47" valign="top">
+60%
</td>
<td width="47" valign="top">
+35%
</td>
<td width="47" valign="top">
+38%
</td>
<td width="47" valign="top">
+5%
</td>
</tr>
<tr>
<td width="111" valign="top">
Auction clear rate, % – Syd, 4 wk avg
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
70.6%
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
73.6%
</td>
</tr>
<tr>
<td width="111" valign="top">
Auction clear rate, % – Melb, 4 wk avg
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
78.7%
</td>
<td width="47" valign="top">
NA
</td>
<td width="47" valign="top">
68.9%
</td>
</tr>
<tr>
<td width="111" valign="top">
Home prices, % gain since first cut
</td>
<td width="47" valign="top">
+13%
</td>
<td width="47" valign="top">
+30%
</td>
<td width="47" valign="top">
+11%
</td>
<td width="47" valign="top">
+18%
</td>
<td width="47" valign="top">
+1.9%
</td>
</tr>
<tr>
<td width="111" valign="top">
Employment, % gain since first cut
</td>
<td width="47" valign="top">
+2.1%
</td>
<td width="47" valign="top">
+2.4%
</td>
<td width="47" valign="top">
+1.5%
</td>
<td width="47" valign="top">
+2.0%
</td>
<td width="47" valign="top">
+1.5%
</td>
</tr>
<tr>
<td width="111" valign="top">
Private credit, % gain since first cut
</td>
<td width="47" valign="top">
+14%
</td>
<td width="47" valign="top">
+16%
</td>
<td width="47" valign="top">
+2.5%
</td>
<td width="47" valign="top">
+11%
</td>
<td width="47" valign="top">
+4.5%
</td>
</tr>
</tbody></table>
Source: NAB; Westpac/Melbourne Institute; ABS; Australian Property Monitors; RP Data/Rismark, RBA, AMP Capital 
“The basic issue in Australia is that the slowdown in mining investment growth is now looming and we need to see a pick-up in non-mining activity to fill the gap in terms of the contribution to GDP growth,” says Oliver. 
“While this was never expected to occur smoothly, the evidence to date points in the direction of non-mining activity not picking up quickly enough.
To be sure interest rate cuts have got some traction: the home buyer market has improved with increased sales, auction clearances and house prices, consumer confidence is up and retail sales are up. 
“But the response has been tentative and weak. 
“Apart from auction clearance rates, which look solid, all of these indicators are currently below the average level they attained this far into past easing cycles. 
“Importantly, he points out that while consumer confidence has picked up, business confidence remains subdued. 
“Retail sales picked up in January and February but the level of sales is still well below where it would normally be this far into an easing.
“It’s the same story with dwelling approvals which are off their lows but haven’t seen the average 38% gain they would have normally seen by now. 
“Employment growth is also lagging,” he says.
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Cash rate to fall to 2.5% as housing and other non-mining sectors fail to pick-up “quickly enough”: Shane Oliver

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Westpac chief economist Bill Evans got the timing of yesterday's cash rate cut wrong – tipping June instead of May – but believes a “further move could still possible”.
Evans, the first major bank economist to correctly tip the RBA to begin its easing cycle in November 2011, was also the first to forecast that the cash rate would fall to 2.75%, doing so <a target="_blank" href="https://www.propertyobserver.com.au/news/rba-to-cut-rates-by-25-basis-points-next-week-with-three-more-to-come-taking-cash-rate-to-reach-275-by-year-end-westpac/2012053154924">back in May last year.</a>
“The overnight cash rate has now reached 2.75% which was the target we nominated in May last year when the consensus view was that rates would bottom out at 3.25 to 3.5%," said Evans in a note following the RBA's decision yesterday to cut the cash rate. “We have been reluctant to moderate that target although have argued consistently that the risks have been to the downside and have intensified over the last month. In light of yesterday's decision we are currently evaluating the outlook," he says.
"We have consistently argued that 2.75% would be the low point but that risks are to the downside for the cash rate. We are currently assessing that outlook," he says.
The bank is tipping the cash rate to fall again by 25 basis points to 2.5% in June and then to eventually bottom out at 2% by the first quarter of 2014.
Evans says the governor’s statement indicates further easing may be on the cards.
“[Yesterday’s] statement by the governor points out that a further move is possible.
“The final paragraph of the statement makes the following point:
'The Board has previously noted that the inflation outlook would afford scope to ease further, should that be necessary to support demand. At today's meeting the Board decided to use some of that scope. It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target.'
Evan said it was also significant that the Governor did not choose to use the term: 'The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target over time.' Evans has argued since May last year that a drop in the cash rate to 2.75% would not result in bank variable rates at equal record lows, given that previous rate cuts have not been passed on in full, while there has also been small increases in variable mortgage rates outside of an official RBA increase.
Evans highlighted this point again in his commentary following yesterday’s decision.
“It is significant that while the cash rate has now been reduced to 2.75%, below the 2009 lows, borrowing rates are described as "approaching previous lows".
“This is somewhat of an overstatement given that official RBA statistics nominate the low point on the standard variable rate at 5.75% in May 2009 compared to 6.45% before today's decision," he says.
He adds that headline mortgage rates are "complicated by special discounts which banks consistently offer” similar to a point made by <a target="_blank" href="/news">Commonwealth Bank CEO Ian Narev</a> in February, when he said that no borrower paid the bank’s standard variable rate -  every borrower’s rate is set relative to this benchmark rate.
Were ANZ to pass on 25 basis points on Friday as the three other major banks have done already, the average standard variable rate of the big four would be 6.17% - still someway off the May 2009 record low.
Evans says the argument for the RBA to consider a further rate cut are contained in the post-decision statement.
"The description of the domestic economy has taken a step down from previous statements. Growth in the second half of 2012 is now described as 'a bit below trend' and 2013 to date is described similarly," he says.
"Employment is assessed as not being strong enough to absorb the labour force explaining the rise in the unemployment rate and probably indicating further increases in the future.The peak in mining investment is assessed as being in 2013 while the demand for credit remains relatively subdued.
"On the positive side, consumption is described as 'strengthening' and there are prospects for some increase in non-mining investment. The description of the all important housing market is fairly downbeat with dwelling investment described as 'modest firming' and asset values 'have risen'. "Of course the recent unexpectedly low print on inflation is assessed as 'a little lower than expected' while labour costs have moderated slightly and productivity growth appears to be improving. "Finally the governor once again points out the unusual elevated level of the exchange rate given that export prices and interest rates have fallen markedly over the last 18 months with the exchange rate remaining relatively steady," Evans says. 
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Scope for more rate cuts says Westpac’s Bill Evans, the first to tip a 2.75% cash rate

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The appeal of ungainly industrial property for private investors remains high with a warehouse/office with long term tenants at Bentleigh East in Melbourne’s south-east selling at auction for $1.115 million.

The property at <a href="https://www.commercialrealestate.com.au/property/2010363834/for-sale/vic/bentleigh-east/industrial-warehouse" target="_blank">2 Ardena Court, Bentleigh East</a>, was sold by Ray White Commercial Oakleigh’s Ryan Amler and George Kelepouris on behalf of an undisclosed vendor. 
Amler said the industrial property on a total land area of approximately 1800 square metres and currently leased for $65,000 per annum net was sold to a local investor with a yield of 6%. 
There were more than 30 enquiries for the property and three registered bidders at the auction.
Tenents recently commenced a new five by five year lease.
The property included a large clear span warehouse and well-appointed office/showroom with a building area of approximately 1200 square metres.
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Warehouse appeal for investors as Bentleigh East showroom sells on 6% yield

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Architect firm Hassell has relocated its Sydney studios from The Rocks to a new studio at the historic Walsh Bay Pier 8/9, near Barangaroo, where it will work on the redesign of the $2.5 billion Darling Harbour exhibition centre among other Sydney projects.
The new studio is in historic Pier 8/9 on the harbour’s edge off Hickson Road - adjacent to Barangaroo Headland Park, is in the heart of the emerging Walsh Bay creative industries community.
Businesses renting premises nearby include search engine Yahoo, global architect firm Grimshaw, advertising agent Leo Burnett and visual effects studio Method Studios.
Pier 8/9 was built in 1914 to store and load wool onto ships bound for Europe.
The rent has not been disclosed.
A 329-square-metre space on <a href="https://www.realcommercial.com.au/property-offices-nsw-millers+point-500508471" target="_blank">Hickson Road in Walsh Bay</a> is currently being advertised at $575 per square metre plus GST.
The new Hassell studio has a large double height creative hub that "reveals the historic fabric and function of the building while accommodating interaction, model making, meeting and forum spaces".
This space will facilitate everything from incidental get togethers,to formal presentations and even performances for larger groups.
The main studio space on the mezzanine level overlooks the hub, placing Hassell’s design process on display, visible from both the entry below and throughout the large column free workspaces.
Hassell's current projects include Darling Harbour Live - the redesign of the convention, exhibition and entertainment precinct, a new glasshouse and tropical centre at Sydney’s Botanic Garden, the new light rail project in Sydney’s CBD and south eastern suburbs, and several mixed use projects within the city and cityfringe.
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Architects Hassell relocate from The Rocks to historic Walsh Bay pier

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An unnamed “national financial institution” has hired Colliers International to find 22 prominent retail locations to lease on high streets stretching from Kempsey on the Mid North Coast region of NSW all the way to Geelong in Victoria.
Seemingly bucking the trend of struggling suburban high streets and an overall subdued retail environment the unnamed financial institution is seeking half of the retail spaces around Sydney with 11 shopfronts sought in suburbs including Belmore, Five Dock, Potts Point, Rozelle  and Surry Hills.
The campaign is being handled by Colliers International agent Mable Lee who said her client was seeking retail spaces in "heavy traffic areas" to offer financial services.
<img src="/images/stories/2013/05/colliersmay9one.jpg" width="470" height="255" alt="colliersmay9one">
Lee says she cannot disclose the name of her client but tells Property Observer a few submissions have been received since the campaign launched a few weeks ago.
The advertisement says the institution is seeking “strong retail locations” with “good exposure and street frontages” measuring in size from 120 square metres to 250 square metres.
A number of locations in the advertisement include specific street requests including for a shop on Elizabeth Street in Surry Hills.
Current real estate listings show just a handful of retail space available to lease on Elizabeth Street including these 220 square metre premises at <a href="https://www.commercialrealestate.com.au/property/8268201/for-lease/nsw/surry-hills/retail" target="_blank">491 to 493 Elizabeth Street</a>.
In Victoria, the institution is seeking shopfronts on Flinders Street in the Melbourne CBD and on St Kilda Road on the fringe of the city as well as in Hawthorn and Clifton Hill along with locations in Mornington and Whittlesea.
The full list of 22 locations is:
Regional NSW
Kempsey (Mid North Coast)
Blaxland (Blue Mountains)
Umina Beach (Central Coast)
Nowra (South Coast)
Sydney
Belmore
Forestville
Five Dock
Gladesville
Gymea
Kingsford
Oatley
Padstow
Potts Point
Rozelle
Surrey Hills (Elizabeth Street)
Regional Victoria
Whittlesea
Geelong West
Mornington
Melbourne
Melbourne CBD (Flinders Street)
Melbourne (St Kilda Road)
Clifton Hill
Hawthorn
Do you know who the mystery national financial institution is? If so, send an email to <a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Mystery financial institution embarks on east coast streetfront retail expansion

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Westpac has joined the Commonwealth Bank and NAB by passing on the full rate cut to its borrowers, though they will have to wait a week longer for lower monthly repayments.
The bank's headline standard variable mortgage will be cut by 0.25% to 6.26% effective on May 20.
Both the Commonwealth Bank and NAB will pass on their full rate cuts on May 13.
The decision by three of the big four to pass on rate cut in full mean there has been no change in the rankings from lowest to highest standard variable rates, excluding ANZ, which only announces its decision on the second friday of the month, May 10.
Were ANZ to pass on 25 basis points to borrowers, its standard variable rate would be 6.15% meaning:
<ul>
<li>NAB - 6.13% standard variable rate (May 13)</li>
<li>CBA - 6.15% standard variable rate (May 13)</li>
<li>ANZ - 6.15% likely standard variable rate (announcement on May 10)</li>
<li>Westpac - 6.26% standard variable rate (May 20)</li>
</ul>
Westpac package home loan customers who receive a minimum 0.7% package discount on the headline standard variable mortgage will see their new effective rate fall to 5.56% per annum.
The reduction in home loan rates will save homeowners $48 a month or $576 a year in total monthly repayments on an average mortgage of $300,000.
“With headline mortgage rates now at their lowest level for three and a half years, we know this reduction is the kind of incentive our customers are looking for to make the most of the opportunities available in the housing market," says Jason Yetton, group executive of Westpac retail and business banking.
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Westpac passes on full rate cut to offer 6.26% standard variable rate, but only from May 20

<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.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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