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Approvals to build new houses and apartments fell 5.5% in March in seasonally-adjusted terms and 1.2% in trend terms.
Trend falls of 3.7% and 3.6%  were recorded in NSW and Victoria respectively, according to the ABS, which highlighted the trend figures as being less volatile than seasonally-adjusted numbers.
The fall in NSW approvals will be noted given the state has been incentivising the purchase of new homes with its $15,000 first-home buyer (FHB) grant since October 1 last year.
Victoria will introduce its $10,000 FHB for new homes only from July 1.
Private sector house approvals were up 0.4% to 7,586 dwellings with the more volatile unit approvals down 8.3% to 4,859 dwellings.
In trend terms approvals were down 1.2% with private sector house approvals up 0.2% and unit approvals down 3.1%.
The number of dwellings approved have fallen in the first 3 months of 2013, in trend terms, following a period of growth throughout 2012.
Westpac commented that dwelling approvals "continue to make a disconcertingly soft start to 2013" with the fall in March fall "against expectations of a modest 1.5% gain and suggests the recovery apparent through much 2012 has lost momentum".
Westpac notes the volatile nature of unit approvals, but estimates that 'low to mid rise units', which is less volatile than the 'high rise' sub-segment, has seen five consecutive monthly declines in approvals.
"That suggests the March decline is not simply due to volatility but reflects a broader loss of momentum."
The ABS dwelling approvals also decreased in March in Tasmania (-3.5%) but increased in Queensland (2.4%) which also has a $15,000 FHB new home grant, Western Australia (0.7%) and South Australia (0.2%) in trend terms. Dwelling approval trends have been rising for over a year in Western Australia (14 months) while falling for the last year (12 months) in Tasmania. In trend terms, approvals for private sector houses rose 0.2% in March, having been essentially stable since September last year.
Private sector house approvals rose in Western Australia (2.3%) and New South Wales (0.6%).
In New South Wales the trend has been rising since March last year (12 months).
Private sector house approvals trends fell in Victoria (-0.9%), South Australia (-0.7%) and Queensland (-0.7%). Only Queensland has maintained a fall over the last year (13 months). The trend value of total building approved rose modestly (0.1%) in March and has now risen for 14 months. The value of residential building fell 2.4% while non-residential building rose 3.6%.
The ABS says it focuses on movements in the trend "as seasonally adjusted month to month movements can be highly volatile and are not necessarily indicative of the underlying strength in approvals data":.
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Dwelling approvals "lose momentum" with surprise fall of 5.5% in March led by NSW and Victoria: ABS

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Economic columnist Stephen 'The Kouk" Koukoulas has tipped the RBA to cut the cash rate to 2.75% next week.
<img alt="kouk" src="/images/stories/2013/kouk.jpg" width="470" height="142">
He earlier tweeted that if the RBA was serious, it would cut by 50 basis points.
He said the RBA would not do so, but could could cut the cash rate twice by 25 basis points over the next few months.
He earlier tweeted about the 5.5% drop in building approvals in March, released by the ABS today, with the remark that "...and still some argue against a rate cut".
Koukoulas heads up Canberra-based Market Economic, which provide independent analysis of economic and market conditions.
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Stephen Koukoulas tips rate cut next week and another to come

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Mortgage broker AFG processed $3.2 billion in mortgages over April, 40% higher than the $2.2 billion in mortgages it wrote in April 2012 - and its best month on record.
This was just higher than its previous record-breaking month in March, when the broker arranged $3.17 billion in home loans.
The April 2013 results bucked the trend over the past three years, when April figures have been lower than in March, but this year’s surge bucked the trend.
AFG has 10% of the total mortgage market in Australia with its figures “usually indicative of the ABS housing finance report published six weeks later.
‘With greater certainty that low rates will be with us for some time, we’re seeing more confidence in the market than for some time,” says Mark Hewitt, general manager of sales and operations at AFG.
“But recovery, like property price growth, is very patchy.
“For example, in both NSW and Queensland first-home buyers comprise only 3.5% of the market – about a quarter of the long term figure.”
Overall, 12.4% of home loans in April were for first-home buyers with 35.9% issued to property investors and 35.6% refinanced home loans.
Fixed rate loans, already at an all-time AFG high of 29.6% in March, rose to a new record of 30.7% of all home loan types in April, as more borrowers choose to lock in historically low rates.
A report by Mortgage Choice recorded fixed-rate home loan demand rising to 28% in April, the highest level in five years.
Non-major bank lenders managed to claw back some market share, rising from 20.7% in March to 21.1% in April.
This figures is, however, still lower than previous months, and a peak of 24.0% in September 2012.
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AFG achieves highest ever monthly mortgage sales of $3.2 billion in April

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Centuria’s fast expanding property funds management business is targeting Asian investors looking to qualify for the $5 million significant investor visa (SIV) with all its unlisted property trusts now compliant with the program.
It comes as Centuria settled on its acquisition of the 17-level 175 Castlereagh tower from Stockland for $56 million and launched its latest single property syndicate for its 10 Spring Street acquisition.
ASX-listed Centuria, which plans to launch a listed property trust later this year headed by former Mirvac boss Nick Collishaw, bought the 10 Spring Street office tower from John Swire &amp; Sons for $91.6 million with its 10 Spring Street Fund offering investors a forecast distribution of 8%.
The 175 Castlereagh fund launched in February offering a return 9% in its first year growing to 9.25% in year two and closed oversubscribed.
Centuria entered into a conditional contract to acquire the building from Stockland in January and settled this week on an initial yield of 7.7%.
A brochure advertising the 10 Spring Street Fund, which has a minimum $100,000 requirement to be held for 5.5 years and closes on June 13, says it is a "complying investment for investors seeking nomination by the NSW State Government for a Significant Investor Visa (SIV)", which requires a minimum $5m investment.
Jason Huljich, CEO of Centuria Property Funds, tells Property Observer, in the last few months, there has been a noticeable increase in enquiries from investors with significant visa aspirations.
He explains that investors do not need to invest the entire $5 million in one hit, but can spread it around over a number of investments.
Investors cannot qualify for a visa by making a direct $5 million property investment but can invest in unlisted managed fund that holds Australian direct property assets.
“Many of the investors in our 175 Castlereagh fund were high net worth individuals who invested above the $100,000 minimum requirement,” Huljich says.
No SIVs have yet been issued by the Department of Immigration, but<a href="/news"> Property Observer reported last week</a> that 222 invitations had been issued to investors, 212 of them to Chinese investors.
Almost half (101) of these invitations are for applicants looking to invest in NSW, with 81 in Victoria and 29 in Queensland.
Commenting on the decision to buy 175 Castlereagh Street, Huljich said Centuria liked the mid-town location right next to the new 43 level ANZ building at 161 Castlereagh nearly completed by GPT, which is sparking a revival in what has been a somewhat unloved part of the Sydney CBD.
“It’s tidying up the area and also adding retail to the mix,” he says.
The building was valued at $53 million by Stockland last year covering 12,000 square metres of office space over 13 levels plus four levels of underground parking and ground floor retail.
”Stockland had spent a lot of money refurbishing 175 Castlereagh and it now has a NABERS Five Star energy rating," sasy Huljich.
The building is anchor tenanted by a number of NSW state government departments, which have just renewed their leases for three and four year terms, lifting the weighted average lease expiry (WALE) term from 1.4 years to in excess of three years.
The 2012 Stockland property portfolio review says the building brings in passing rent of $521 per square metre placing it in the mid-range of Stockland’s office portfolio.
Stockland has its headquarters just down the road at 133 Castlereagh and also owns 9 Castlereagh, the Harry Seidler designed 31 level A grade office tower, valued at $172.5 million.
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Centuria targets significant investor visa aspirants with Sydney office property syndicate investment opportunities

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Australia’s economy will stay soft for “another year or two” as the mining investment boom peaks and begins an orderly decline leaving the economy "with no clothes", says BIS Shrapnel chief economist Frank Gelber.
A turnaround, he writes in his weekly column in The Australian, will only occur when first residential and then non-mining business investment rises to stimulate the economy.
Gelber does not expect non-mining profits to pick up and add to budget revenue until the 2014-15 tax year.
As a result, he says, “the miracle economy" supported by "transitory" revenues from the mining sector "has no clothes” - a reference to the Hans Christian Andersen fairy tale, where an emperor is swindled into walking around in the nude, thinking the fine clothes he is wearing are "invisible to anyone who was either stupid or not fit for his position".
Everyone goes along with the charade out of fear until a small child points out the emperor has "nothing on".
In the context of his column, Gelber is pointing out an obvious truth about the economy that many continue to deny: that the mining boom investment miracle is at an end.
Gelber expects there will be no easy fix to the budget deficit, with whoever wins power in September unlikely to take the extremely unpopular decision of raising taxes to the extent of putting the government finances back in the black.
He says an expected budget deficit of around $10 billion will not be a problem in itself, but what will be an issue is a rising budget deficit with the government locked into further increases in expenditure in the future.
Gelber expects a combination of continued budget deficits, expenditure cuts and tax increases over the next election cycle.
In particular he expects significant cuts to infrastructure spending over the next few years as well as significant cuts to public service employment.
He also warns of the risk of a more significant fall in mining investment further down the track, but says Australia is safe “for another two to three years with projects already committed”.
“The question is about the next round of projects and work done in the second half of this decade,” he says.
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End of mining boom will leave Australian economy “with no clothes”: Frank Gelber

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Fixed-rate home loans accounted for more than a quarter of all successful home loan applications submitted by Mortgage Choice brokers on behalf of borrowers in April, the highest level in five years, led by a big rise in demand from NSW borrowers.
April figures show that 28.04% of all new Mortgage Choice-submitted home loans approved in April were on fixed rates, up from 27.58% in March and 18.41% in February, the highest level of interest in fixed rate loans since March 2008, when demand reached 34.87%.
In March 2008, the cash rate rose to 7.25% prompting many borrowers to fix, most disastrously, as the cash rate then tumbled to just 3% by April 2009 as the Reserve Bank took emergency measures to prop up borrowing and spending in the wake of the GFC.
However with the cash rate now near record lows at 3% and at most two more rate cuts pencilled by some economists (others like Michael Blythe at the Commonwealth Bank tip no more rate cuts), borrowers are unlikely to lose out to the same extent should the cash rate fall further.
The rise in demand for fixed-rate home loans comes as lenders continue to cut their fixed-rate offerings in an attempt to lock in customers.
Citibank was the most recent to do so with its two-year fixed falling to 4.89% this week while last week <a href="/news">NAB cut its five-year fixed rate home loan</a> to a twenty-year-low of 5.55%.
Demand for fixed-rates rose steeply in NSW by 7.94 percentage points to 32.45% of all home loans.
Demand for fixed-rate home loans fell 6.53 percentage points in Queensland, indicating perhaps less jittery borrowers, but it still remains the second most popular state for fixed-rates at 30%.
Victorian appetite for fixed-rates is weakest across the states with just over one in five borrowers (21%) willing to fix.
<img alt="ratesmay2onethumb" height="198" width="470" src="/images/stories/2013/05/ratesmay2onethumb.gif">
“With a number of lenders still offering highly competitive fixed rate loans, it is not surprising that borrowers have been taking advantage of the deals available and that the national percentage of fixed rate loan approvals has increased,” says Mortgage Choice spokesperson, Belinda Williamson.
“What came as a surprise was that the majority of states – Queensland, South Australia and Western Australia – saw demand for fixed rate loans fall, albeit slightly. With no obvious economic factors instigating the trend, it may be a sign of growing consumer confidence. Time will tell!”
Ongoing discount rate home loans, where the rate is discounted for the life of the loan usually in exchange for a monthly fee, rose to 38% of all home loans – the most popular product – followed by the standard variable home loan (14%) and no-frills basic variable (13%).
<img alt="ratesmay2twothumb" height="171" width="470" src="/images/stories/2013/05/ratesmay2twothumb.gif">
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Fixed-rate mortgage demand rises to highest level in five years led by NSW home buyers: Mortgage Choice

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The Dahlsen hardware family run by former BRW rich lister John Dahlsen  is selling its historic Ballarat hardware site after being muscled out by Coles-owned Bunnings and Woolworth’s fast expanding Masters DIY chain. 
The store on the site was run as Dahlsens Hardware by a local family for the past seven year but the site was previously home to the oldest hardware chain in Ballarat, Coltmans Mitre Ten, dating back to the gold rush, which was later sold to Dahlsens. 
<img src="/images/stories/2013/05/dahlsensmay2one.jpg" width="470" height="323" alt="dahlsensmay2one"> 
John Dahlsen, a fifth generation Dahlsen, is the chairman of the hardware chain started when John Christian Dahlsen opened of timber yard business in 1877 after travelling to Gippsland in search of gold. 
Of late it has been exiting from the retail side of the DIY market, unable to compete with the market power wielded by Coles and Woolworths. 
Last month, Dahlsen sold <a target="_blank" href="/news">hardware store premises in the Gippsland town of Sale</a>, leased by Bunnings, for $6.36 million to a Melbourne-based private family on a yield of 7.5%.
<img src="/images/stories/2013/05/dahlsensmay2two.jpg" width="470" height="274" alt="dahlsensmay2two">
Bunnings recently relocated from its original Wendouree premises to a new, 8,400 square metre purpose-built store in Creswick Road.
Woolworths in its joint enture with US home improvement chaing Lowe's plans to open a new Masters store at a site also in Wendouree. 
Last year, competition regulator the ACCC, blocked Woolworth’s attempt to acquire three hardware stores in Ballarat over concerns it would reduce competition in the local DIY market.
Market sources suggest Dahlsens expects around $7 million-plus for the 15,400 square metre site at 55-63 Albert Street, Sebastopol which incorporates 5,365 square metres of building space, 8,240 square metres of hardstand and a sealed car park for 125 cars. 
The sales campaign is being led by Colliers International agents Charles Kennedy, Andrew Lewis and Tom Noonan on behalf of the Dahlsen family. 
Noonan says strong interest is expected from major retailers looking to position themselves close to other strong national retailers including Woolworths and Aldi, as well as a number of development groups.
“Retail offerings of this scale are not common in regional markets such as Ballarat, and the recent portfolio sale of Shepparton CBD retail properties which included 16,766 square metres of additional zoned retail land to the Lascorp Development Group, showed the continued interest from Melbourne-based groups looking to capitalise on the significant growth prospect in Victoria regional areas,“ he said.
Charles Kennedy says the property is in a key location in a major Ballarat retail precinct, within a strong growth corridor and a strengthening commercial activity zone.
“Dahlsens have chosen to get out of retail/DIY hardware in this area and concentrate on operating on a trade-only basis, as a result the company’s large site in Ballarat’s Sebastopol area is now being offered for sale,” Kennedy says.
The property will be offered with vacant possession and will be sold by expressions of interest closing May 17.
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Coles vs Woolies DIY battle sees Dahlsens sell gold rush era hardware site in Ballarat

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Japanese retailing giant Daiso, having recently opened a new store in the Myer Centre in Brisbane, has leased 1,800 square metres of office space at Level 1, 2 Elizabeth Street, across from Flinders Street station for a new store.
The gift and homewares retailer, promising "everyday life solutions for one price of $2.80" and which has 3,200 shops in 25 countries, will convert office space to first floor retail with escalators from Flinders Street providing access to the store.
The rent has not been disclosed but Daiso will pay more than $200 per square metre over office rents.
The building, recently vacated by long-standing tenant the Commonwealth Bank is known as "Riverview House" and is owned by Fivex Commercial Property, which plans to redevelop it.
According to Fivex spokesperson Joshua Berger, Melbourne City Council plans to convert the Elizabeth Street block from Flinders Lane to Flinders Street to a pedestrian mall.
The planned conversion from office to retail comes as BIS Shrapnel forecasts the office vacancy rate in Melbourne to reach 10% by the end of the year, which could see other office landlords consider a similar strategy, if space remains vacant.
The lease was negotiated by Michael Di Carlo and Jeremy Marmur from Savills alongside Ben Tremellen, Colliers International retail leasing manager and , Tim Boyce, Daiso property executive, who said the owner has added significantly to the income and capital value of the property by undertaking the conversion.
"Traditionally, retailers have had a strong preference for ground floor shop fronts, but as vacancy across the Melbourne CBD remains tight I believe we will see an increase in what we call vertical retailing, particularly with big box international retailers,” said Tremellen. 
“At Colliers International, we are working with numerous landlords to activate multiple levels for retail use. This new Daiso store will be one of the largest Level 1 retail offerings in the Melbourne CBD when it opens later this year.
Daiso launched in Australia in 2010 with a store in Abbotsford and also has stores at Westfield Doncaster, Highpoint Shopping Centre and on Bourke Street in the Melbourne CBD.
Daiso’s Australian CEO, Kit Cheong – a former senior executive at the Coles Group and Pacific Brands – says there are plans for up to another dozen stores to open this calendar year along the east coast.
It sells everything from potholders to pencils, lollies and locks.
It has 2,500 stores in Japan with 500 in 25 countries.
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Japanese retailer Daiso to convert Elizabeth Street office space into shop after recent Brisbane opening

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Six shop premises in the maritime heritage Melbourne suburb of Williamstown have been listed for sale and may appeal to self-managed super fund (SMSF) property investors.
The shops stand at the corner of Stevedore Street and Douglas Parade in the heart of the Williamstown shopping precinct on the former site of the Burke &amp; Co Pty Ltd department store, which operated from 1926 until 2008.
Five out of the six shops are tenanted with one currently vacant and bring in annual rent of between $50,000 and $127,000. All leases contain relocation and redevelopment clauses.
They are being offered separately or as a whole with price expectations in excess of $7.5 million for all six.
Located at 66 Douglas Parade, <a href="https://www.commercialrealestate.com.au/property/2010370396/for-sale/vic/williamstown/retail" target="_blank">the six shops are</a>:
-          Lot 1 – Shop 1, leased to  Jas Stephens – 108 sqm, income of $86 ,614 plus GST
-          Lot 2 – Shop 2 – vacant – 106sqm
-          Lot 3 – Shop 3, leased to Hollywood Nails – 105sqm - income of $86,851 plus GST
-          Lot 4 – Shop 4, leased to Pressto – 87sqm - income of $64,258 plus GST
-          Lot S2 – Shop 5, leased to The Freedom Machine – 175sqm - income of $127,339 plus GST
-          Lot S2 – Shop 6, leased to  Lulu Katon – 69sqm - income of $50,000 plus GST
They are being sold via an expressions of interest campaign that closes on May 9 led by Fitzroys associate James Gregson
“The properties also offer significant multi-level development potential and strong future growth potential,” he said.
They are Zoned Business 1, but Gregson says they could be suited to alternative uses subject to council development approval.
Current projects in Williamstown include the development of the woollen mills on Nelson Place, comprising a number of residential towers up to twelve levels will add an additional 5,000 residents to the immediate vicinity once completed.
Recent retail property sales in Williamstown include a 225 square metre shopped tenanted by BWS Liquor until 2015, which sold for $1.7 million in May last year, a yield of around 7%.
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Six Williamstown shops listed on ‘Burke’s Corner’ and may appeal to SMSF investors

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Australia’s 1.76 million landlords claimed a total of $38.6 billion in tax deduction in the 2010-11 tax year, the latest ATO statistics show.
This equates to an average tax deduction of $23,000 per landlord.
The aggregate figure was an 18% increase on the $32.8 billion in tax deductions claimed in the 2009-10 year, where 1.7 million landlords claimed an average deduction of $19,000.
Deductions for interest paid on home loans was the greatest tax deduction claim rising from $18.4 billion in 2009-10 to $22.7 billion in 2010-11.
According to accountants DBA, landlords can claim interest on borrowings if the property was acquired for the purpose of producing assessable income, including interest paid in advance.
Landlords are also entitled to claim deductions for repairs and maintenance of their investment property, though not for capital expenses like alterations or additions.
The ATO figures show a small rise in capital works deductions from $1.7 billion to $1.9 billion.
Other rental deductions rose from $12.8 billion to $14 billion.
Other allowable rental deductions include borrowing expenses including legal costs, bank account costs, accountants and property consultant fees, insurance, property management costs, local council rates, water rates and usage, land tax, advertising for tenants and depreciation.
Around two-thirds of property investors have <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">negatively-geared property investments</a>, the ATO figures also show.
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Landlords tax deductions rise to $38.6 billion or $23,000 per tax return: ATO figures

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[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.

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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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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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