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Offshore developers will account for 39% of all new apartments built in and around the Melbourne CBD between 2013 and 2016, according to figures compiled by property consultants Charter Keck Cramer.
This will equate to around 4,700 apartments in total.
The red line in the chart below shows offshore developers' rising share of the Melbourne central city market, which will peak at 58% of apartments in 2015.
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Source: Charter Keck Cramer
Local developers will provide 61% of new apartments built in the CBD, Docklands, South Bank and City Road between 2013 and 2016 well down from the 92% of all new apartments they delivered between 2000 and 2012.
A similar trend – though not as pronounced – will take place across the entire Melbourne metro region with offshore developers share of the market rising from just 3% in the period from 2000 to 2012 to 15% between 2013 and 2016 – around 5,500 apartments.
Offshore developers will provide 4% of short-term future supply in the City Fringe Region ( around 2-5 km from CBD), 2% in the inner region (5-10 km) and 7% in the middle region (10 -20 km). 
The elevated participation of offshore developers in the middle region relates to primarily <a target="_blank" href="/news">Box Hill</a>, says CKC.
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lschlesinger-FZcF9M3vE6

Offshore apartment developers to take 58% of Melbourne market by 2015: Chart of the week

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<img alt="ljhookerbanner" height="80" width="470" src="/images/stories/2013/04/ljhookerbanner.jpg">
Marcel Elias says new industrial development activity has stalled in Sydney with the demand for A-Grade industrial space arguably as strong as it has ever been.
<img style="margin: 5px; float: left;" alt="marceleliasapril17" height="200" width="200" src="/images/stories/2013/04/marceleliasapril17.png">Name: Marcel Elias 
Position: Licensee 
Company: LJ Hooker Commercial 
Office location: Silverwater, Sydney
How long have you been in the industry? 
I have been involved in the real estate market for seven years, specialising in the industrial sector the entire time.
What’s happening in the area you specialise in? 
The industrial market in Sydney continues to remain steady, as is the case within most metropolitan locations along the eastern seaboard. Development activity however has stalled and the demand for A-grade industrial space is arguably as strong as it has ever been.
Describe the most interesting property you have sold 
I once sold premises where the occupier established a manufacturing facility specialising in micro-sized artificial hearts, designed for human use, although I understand this is currently within a trial stage.
What are the ingredients to being successful in your job? 
The black and white real estate 101 rules. Motivation, a genuine enjoyment for the job and coffee of course!
What aspects of your role do you enjoy the most? 
I enjoy the rush of executing each and every new transaction and achieving a desirable outcome on behalf of our many loyal clients. I also enjoy the social aspect of the job, particularly getting an understanding and appreciation of how some of our wealthiest clients got to where they are presently.
Where would you invest a spare $750,000?
I would invest in either or:
<ol>
<li>An industrial investment within a syndicate/consortium type scenario</li>
<li>Online real estate marketing/software development </li>
</ol>
Which football team do you support? 
The Brisbane Broncos!
What’s your favourite app or techno gadget? 
The LinkedIn app
How do you use social media? 
I connect to colleagues through LinkedIn, Twitter and Facebook. I have recently had installed a social connector which allows me to see an image of the people I am emailing via their LinkedIn or Facebook profile, irrespective of whether we have met previously. It has been rather interesting to say the least.
LinkedIn profile: <a href="https://www.linkedin.com/pub/marcel-elias/17/122/11a" target="_blank">Marcel Elias</a>
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In profile: LJ Hooker Commercial’s Sydney industrial specialist Marcel Elias

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Mortgage market activity picked up across the country in April led by NSW, the latest RP Data figures show.
There was also a strong pick-up in activity in Queensland, WA, Victoria and Tasmania.
The figures are a lead indicator of official housing finance data, coming out around six weeks ahead of ABS figures.
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RP Data systems monitor more than 100,000 mortgage activity events every month across four main finance industry platforms.
The index shows an 81% correlation with the ABS housing finance data series (88% using the seasonally adjusted series).
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Mortgage market picking up led by NSW: RP Data monitor

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Landlords can expect rents to rise at the same pace as house prices over the next two years, but with wide variance across state markets with WA the strongest and Victoria the weakest rental market.
Overall the expectations are for slightly stronger rental growth over the next two years than forecast three months ago.
Rents are forecast to rise 3.6% over the next two years <a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-to-rise-36-over-next-two-years-as-sentiment-rebounds-broadly-nab-index/2013041160305?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">matching house price growth expectations,</a> according to the March quarter NAB residential property survey.
Rental expectations for the next 12 months have risen slightly since the December quarter survey.
Survey respondents – a pool of 300 mainly estate agents, property owners and investors – now anticipate rents to rise 2.6% to March 2014 compared with previous expectations of a 2% year-on-year rise.
As with house price expectations, rental growth is likely to be strongest in WA with a rise of 4.2% forecast.
In South Australia/Northern Territory, expectations were revised up sharply to 3.9% (compared with a small decline of 0.5% previously).
However, report author and NAB chief economist Alan Oster, notes that “this series is generally more volatile because of a smaller sample size.
“Upward revisions were also apparent in all other states, led by Queensland (2.4% from 0.6% previously) and NSW (2.4% from 1% previously).
“Rental expectations for the next year were weakest in Victoria at 1.6%, but marginally higher than 1.4% forecast in the December quarter,” Oster says.
Over the next two years, national rents are forecast to grow 3.6%, up slightly from an earlier forecast of a 3.3% rise, “reflecting more bullish results from SA/NT (5.2% from 1.1% previously) and NSW (3.4% from 3% previously).
Expectations were broadly unchanged in WA (5.3%) and Victoria (2.6%), but were downgraded slightly in Queensland (3.3% from 3.6% previously).
The survey found that rental markets are still “generally tight across the country” with national rents growing 1% in the first quarter of 2013.
The rental market was strongest in WA, where rents grew 2.4% in the March quarter compared with 1.9% in the December 2012 quarter “as the resource led surge in population growth supports strong tenant demand”.
Rental growth was slowest in Victoria at 0.3% where the residential vacancy rate was also the highest in the country in February according to SQM Research data, but this was also the first positive result since the December 2011 quarter.
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Rental growth to keep pace with house price growth over next two years led by WA: NAB survey

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The government’s proposed changes to superannuation are likely to impact on the most satisfied account holders, the latest Roy Morgan Research Superannuation Satisfaction report suggests.
The government proposes a <a target="_blank" href="/news">tax of 15% on super income above $100,000 per annum</a> from July 1 2014, which is expected to impact on around 16,000 super funds with income-earning assets (such as property) of around $ 2 million or more – assuming a return of 5%.
Many of these 16,000 super funds are likely to be self-managed super funds.
According to Roy Morgan, over the six months to January, self-managed super funds, which have a growing proportion of their assets in direct property, remain the clear leader with a 72.2% financial performance satisfaction rating.
And satisfaction with the performance of SMSFS has been rising since about September last year.
In comparison, satisfaction with other fund types, where members have less control, has been declining since the GFC and continues fall.
Industry funds are a distant second with a satisfaction rating of 48.7% with retail funds further back (41.9%).
The results of the survey suggest on overall high-level of dissatisfaction with super fund performance with the satisfaction rating for financial performance of superannuation across all types of funds in the six months to January 2013 of just 46.6%.
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The survey also found that satisfaction with financial performance of superannuation increases the bigger the super balance.
The highest satisfaction rating (65.7%) was for funds with balances higher than $500,000 with the satisfaction decline to 56.9% for funds with balances from $250,000 to $499,999; to 48.7% for fund with balances from $100,000 to $249,999 and to just 43.7% for funds with balances under $100,000.
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The findings are based on over 30,000 interviews with people with superannuation.
“Our research shows that although there is a strong correlation between satisfaction with superannuation financial performance and the amount in super, the issue regarding who manages the super also has a major impact,” says Norman Morris, industry communications director at Roy Morgan Research.
“It appears that satisfaction with superannuation has a lot to do with the level of engagement, which is higher among self-managed funds and higher balances. “The poor satisfaction levels of Retail Funds across all balance levels obviously are of concern, considering that financial planners are more likely to direct their clients to them,” he says.
Photo by Martin Howard, courtesy of Flickr.
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SMSF satisfaction rates soar above disgruntled retail and industry fund members: Roy Morgan 

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The Westpac bank branch on Wodonga's High Street that was owned by tyre king Bob Jane’s former wife, Laree Jane has been sold to another investor on behalf of receivers at auction for $2.6 million.
The 460 square metre property at 141 High Street was sold as part of a Burgess Rawson portfolio auction this week.
The property was not advertised as a mortgagee sale until announced so by auctioneer David Scholes from Auctionworks at a packed River Room at Crown Casino.
The property was sold on behalf of receivers, Sellers Muldoon Benton having been marketed by Jamie Perlinger and Billy Holderhead from Burgess Rawson. 
Westpac has a seven year lease commencing in 2009 on the building which has the latest Westpac fit-out.
Land transfer documents obtained after the auction by Property Observer show that a company called Grabzoom Wodonga Pty Ltd based in South Yarra acquired the building for $2.763 million with a loan from the Commonwealth Bank.
The document is signed Laree Madonna Jane, listed as the sole director and sole company secretary of Grabzoom Wodonga Pty Ltd with ASIC documents noting a 504C notification of appointment of a  controller on February 20 this year.
On February 21 this year, a caveat was placed over the property with Pitcher Partners noting their lending against the property.
Bidding for the bank branch started at $1.7 million with four bidders competing for the property.
The winning bid of $2.6 million represented a yield of around 7% with Westpac paying annual rent of $195,000.
RP Data records show the bank was paying net rent of $184,000 per annum when it was acquired by Grabzoom.
Bob Jane and Laree Jane separated in 2008 after two decades of marriage following a bitter break-up and dispute over two Bob Jane T-mart franchises.
At the same auction three other bank branches sold including a <a href="/news">Commonwealth Bank in Swan Hill</a> which fetched $1.41 million.
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Bob Jane’s former wife Laree Jane sells Wodonga bank branch investment at a loss

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Around 62% of consumers expect house prices to rise by this time next year, according to the latest Westpac-Melbourne Institute consumer house price index.
The index rose sharply in April to its highest level since July 2010.
It is also the first time since April 2011 that a clear outright majority of consumers expect house price gains.
A further 30% expect house prices to remain stable with just 8% expecting prices to decline – the lowest proportion since April 2010.
The index measures the net percentage of those expecting houses to rise versus those expecting them to fall.
Westpac called the shift from +26.7 in January to +53.9 in April "a substantial improvement".
"After an extended period of uncertainty, Australian consumers now look to be much more convinced that house prices are on the way up," says Westpac.
"All states recorded a rise in house price expectations ranging from a massive turnaround in Vic (+54 pts from –1 in Jan to+53 in April) to solid but more muted rises in SA (+11pts) and Queensland (+9pts) where price expectations are more downbeat.
"Consumers in WA and NSW have the most positive outlook for house prices – price growth has already been running at 5%+rates in both of these states over the last six months.
"Notably, April saw more WA consumers expecting house prices to rise than there were during the 2009-10 upswing," says Westpac.
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Two-thirds of consumers see higher house prices in a year's time: Westpac

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Sydney property developer Rory O’Brien has won the right to sue Bankwest over its 2009 decision not refinance a loan for his $282 million Whisper Bay luxury development at Airlie Beach.
The clawback of the loan forced the luxury Whisper Bay development (pictured below), which counted former prime minister Bob Hawke as a buyer and promoter, into receivership in May 2009, months before it was due for on-time completion.
<img src="/images/stories/2013/04/whisperbayapril12one.jpg" width="470" height="307" alt="whisperbayapril12one">
The claim against Bankwest is also likely to shed light on the Commonwealth Bank's conduct following its acquisition of Bankwest in October 2008 and claims it unfairly foreclosed on hundreds of loan arrangements.
Yesterday, the NSW Court of Appeal overturned a decision made in May last year in favour of Bankwest's claim against O’Brien and other guarantors for payment of the balance of an outstanding loan (a sum of around $158 million) following the sale of the Airlie Beach development to David Marriner for $56 million in 2010.
The project had once been valued at more than $250 million.
The Court of Appeal also struck out the May ruling preventing O’Brien from making a counter-claim against Bankwest for breach of contract.
The counter-claim by O’Brien struck at the heart of subsequent allegations made against the Commonwealth Bank, -that it was able to negotiate a cheaper purchase price of Bankwest if there were more bad loans on the Bankwest book.
The Court of Appeal judgement notes that O’Brien had claimed that Bankwest took the steps it did “at the direction of a third party (in order that there might be a reduction in the price to be paid for the acquisition of the Bank)”.
Apartments in Whisper Bay carried price tags of between $1.5m and $6.75m.
It had achieved around $106 million in pre-sales and was due for completion in December 2009 when Bankwest issued a notice of demand for the repayment of a $180 million loan facility in May 2009.
The loan was due to mature in January.
The development was subsequently placed into receivership with around one-third of the 104 apartments in the project sold.
At the time he lost the development O’Brien said that all that still needed to be done was “put the front of the office in, the bar and the furniture".
The demand that O’Brien repay the loan came just eight months after the Commonwealth Bank acquired Bankwest for $2.1 billion in October 2008.  
This, and other demands of repayment by Bankwest, sparked a Senate inquiry led by Nationals Senator John Williams into changes in bank lending practices since the GFC.
The inquiry heard from 150 Bankwest customers, who claimed the bank unfairly and unconscionably foreclosed on their loans after the Commonwealth Bank takeover.
In August last year Property Observer reported around 120 businesses had signed up to law firm Slater &amp; potential class action for aggrieved borrowers/mortgagors against BankWest and the Commonwealth Bank.
O’Brien’s successful appeal against the May 2012 judgement, which included costs, is expected to throw further light on the conduct of Bankwest as well as details of the sale of the bank to the Commonwealth Bank.
Had the NSW Court of Appeal not ruled in his favour the earlier decision would have bankrupted O’Brien.
“We can now sue the bank for a breach of contract that their termination of our agreement was for an improper purpose and we can pursue whether or not the claw back arrangement was relevant to Rory’s case,” said his lawyer Andrew Sutherland of Russells.
The case dates back to 2006 when Bankwest entered into an agreement to provide a $175 million loan to refinance the development.
On April 6 2009, O’Brien and his Middle East business partner, Essque Hotels and Resorts received a letter of demand from Bankwest for “moneys then outstanding under the facility agreement”.
Bankwest then terminated its lending facility provided for the development and "subsequently appointed receivers and managers…and in due course the property the subject of the refinancing arrangements was sold.”
On 28 January 2011, Bankwest demanded payment from the guarantors of the balance then outstanding (after the sale of the property to Marriner) under the previous lending agreement.
In the now oveturned 2012 judgement, Justice Robert McDougall ruled that O’Brien was liable for the funds his company had borrowed.
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Developer Rory O’Brien wins right to battle Bankwest-Commonwealth Bank over Whisper Bay receivership

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The positive flow-on effect of rising house prices on the overall economy has been highlighted in a RBA research paper exploring the relationship between home prices and household spending.
The paper finds that spending by younger, more credit constrained households is more responsive to changes in home prices than that of older households.
Mortgage lending conditions also play a key factor in household spending.
The paper arguing that if rising house prices are accompanied by more freely available credit, then the propensity for young homebuyers to spend is even greater.
“Younger homeowners are more likely to be credit as well as buffer-stock savers.
“Accordingly, loosening of credit constraints suggests a stronger link between home prices and spending for younger homeowners,” say Callan Windsor, Jarkko Jääskelä and Richard Finlay, authors of the report.
The findings reinforce the importance of the first-home buyer segment to the overall health of the economy – at a time when first-home buyer numbers are at eight year lows, according to <a href="/news">Real Estate Institute of Australia</a> (REIA).
Many blame the first-home buyer grants in NSW and Queensland that incentivise the purchase of new homes over more-desired existing homes for the drop in numbers.
The RBA report also found that young and middle-aged homeowners respond more in terms of spending, than young renters to rising home prices.
It also  highlights the importance of owning a house as a buffer against future financial troubles with households perceiving housing wealth as a “precautionary saving vehicle against unanticipated future events such as redundancy”.
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Rising house prices encourage younger households to spend: RBA paper

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Sydney's five-star hotel sector strengthened in final quarter of 2012 as prospective buyers line up to purchase one of its prized assets, the Four Seasons in Circular Quay.

Both the occupancy rate and average takings per room per night increased in the December quarter compared with the previous quarter, according to the latest ABS tourist accommodation figures.

Among five-star hotels in Sydney, the occupancy rate was 88.6% with average takings per room per night at $289 compared with an occupancy rate of 84% in the September quarter and average takings per room per night of $259.

Overall, Sydney hotel occupancy rates remained well above 80% in the December quarter with the ABS recorded an occupancy rate of 82.8% over the final three months of 2012 up from 81.3% in the September quarter.

The outlook for the Sydney CBD hotel market also remains strong, according to the latest quarterly Dransfield Hotel Futures report.
The report anticipates occupancy rates in Sydney CBD hotels to remain comfortably above 80% over the remainder of the decade.


The inner Sydney hotel occupancy rate is expected to hover around 85% over the next two years and will average out at 84% over the second half of the decade – the strongest across all the major capital city hotel markets.

Revenue per available room (revPAR) in Sydney is expected to increase relatively strongly over the next two years - by 7.3% in 2013 and by 7.3% in 2014 - but will then taper off in subsequent years averaging 2.6% between 2015 and 2020.

Over this time, the average room rate in a Sydney CBD hotel is expected to increase from $195 per night to $269 per night.

Eureka Funds Management has listed its recently refurbished five-star Sydney Four Season Hotel in Circular Quay up for sale with initial price expectations of around $400 million and expressions of interest closing on April 5.
Standing at 199 George Street, it is one of Sydney’s premier hotels featuring 531 guest rooms and suites, many of which enjoy picturesque views of the Sydney Harbour Bridge and Opera House.
The hotel opened in 1983 and operates under a long term management agreement with Four Seasons Hotels and Resorts with the he 5, 314 square metre site leased from the Sydney Harbour Foreshore Authority until 2078.
It ranks as 14th best out of 185 hotels in Sydney, according to TripAdvisor, with room rates starting from around $1,100 per night for a double or twin room with city view.
The distinctive zig-zag shaped hotel was designed by architects Michael Dysart &amp; Partners and is built on the site of a former colonial jail, directly below the spot where Captain Arthur Philip landed in Sydney Cover in 1788.
It was purchase by Eureka in 2006 for $225 million from Chicago-based Walton Street Capital and Four Seasons Hotels.
Walton Street Capital and Four Seasons Hotels bought the hotel - then called the Regent Hotel - for about $155 million in 1998 and spent around $60 million refurbishing the property.
 
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Eureka also owns the Rialto InterContinental Melbourne on Collins Street.
It has recently undergone an extensive $40 million dollar refurbishment program.
Interest is expected from overseas investors following a record number of hotels purchased by overseas investors in 2012. 
This week its been reported that the Malaysian group Mulpha has emerged as a leading contender for the Four Seasons Hotel Sydney, which has also attracted bids from at least two wealthy Chinese investors.
The five-star Sydney hotel is now expected to change hands for between $330 million and $340 million, with about eight short-listed parties. 
The hotel has reputedly attracted interest from the Chinese conglomerate Fosun International, which is headed by Guo Guangchang, labelled China’s Warren Buffett.
Fosun International has a 7.1% stake in Club Mediterranee and is opening five Club Med Resorts in China.
Mulpha already owns on the other side of Circular Quay having acquired the Inter­Continental Hotel in 2004 when it bought the Principal portfolio.
Mulpha and sales agents Jones Lang LaSalle Hotels and McVay Real Estate have declined to comment on the sale to the Australian Financial Review.
Last June, Hong Kong-listed Shangri-La Asia paid $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks.
This deal followed soon after the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118">Malaysia-listed Starhill Real Estate Investment Trust, paying $415 million</a> in January for a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott.
Last year Eureka spent $15 million refurbishing including the addition of a new restaurant and upgrades to conferencing spaces, the Executive Club Lounge, swimming pool area and lifts.
It follows an $18 million refurbishment to the Grand Ballroom.
The property is marketed with residential development potential.
“An incoming owner has the potential to develop substantial residential components at the hotel through two different scenarios, both of which are subject to obtaining necessary regulatory approvals.
“The first opportunity is to convert up to 231 existing hotel guest rooms to residential apartment units. The second concept is to build an additional residential tower on the northern end of the site,” notes the investor memorandum.
The selling agents are Jones Lang LaSalle Hotels managing director of Craig Collins and Dan McVay, chairman of McVay Real Estate,
“This is a truly unique offering. Sitting on one of Australia’s best sites, in the key corporate and tourism market, operated by one of the world’s best brands,” says Dan McVay.
“The lack of supply means that there are very few opportunities to gain a foothold in the Sydney CBD market. This, coupled with the recent refurbishment and future development potential of the site, means that there will be very strong demand from buyers for this asset,” he adds.
According to Dransfield, the Sydney inner city hotel market underperformed in the first nine months of 2012, with revPAR increasing by 1.2% over this period compared with expectations of 7.9% growth.

The latest report– for the September 2012 quarter – notes that experienced revPAR growth of 1.2% vs. expectations of 7.9% for the Sydney City region, with Dransfield attributing this to hoteliers not wanting to push up rates on stalling demand.

However, average room rates (ARR) and revPAR are expected to strengthen somewhat over 2013.
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Strong outlook for Sydney hotels as buyers line up for Sydney Four Seasons Hotel 

<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.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[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

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

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