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The unexpected rise in the unemployment rate in March may spur the Reserve Bank to begin cutting rates again, but not immediately, says Macquarie senior economist Brian Redican.
The unemployment rate increased by 0.2 percentage points to a two-and-a-half year high of 5.6% in March.
Redican attributed to the rise in unemployment – 36,000 jobs were lost over the month – to a weakening in the jobs market possibly due to a slowdown in mining investment.
He told AAP the March figures would be added the “column suggesting further rate cuts may be needed”.
However, he said the <a href="tags/rba" target="_blank">RBA</a> was unlikely to cut the cash rate on one set of numbers alone.
Redican says the cash could fall as low as 2%.
The most recent Bloomberg survey of economists has Macquarie Bank tipping a cash rate of 2% by the end of the year, with a rate cut pencilled in for May.
HSBC chief economist Paul Bloxham says the labour force survey can be very volatile with the past couple of months “a clear example of this” and also points out that the ABS is 95% confidence the unemployment rate was between 5.4% and 5.8%.
Bloxham says the trend numbers “probably give a clearer read”.
“They showed that employment rose by 12,600 jobs in March, the unemployment rate was steady at 5.5% and the participation rate was steady at 65.1%,” he says.
“Overall, the labour market remains loose, with an unemployment rate above our full employment estimates of around 5.0%.
“This leaves the RBA with scope to cut rates if they need to. But the question is: will they need to?
“Other indicators suggest that the rate cuts they have already delivered are having many of the desired effects.
“Retail sales rose strongly in January and February. Consumer sentiment rose sharply in February/March and, although it retraced a little in April, is still above average. Housing prices have been rising solidly in recent months. The housing construction upturn has continued,” he says.
Bloxham says a loose labour market does provide the RBA with scope to ease further if it needs to, but does not believe the RBA will need to.
“We expect some tightening of the labour market in coming months as the interest-rate sensitive sectors gain pace.”
ANZ's economics team agreed with Bloxham.
“[The March unemployment figures] firmly suggest that the RBA will be in no rush to dispose of its easing bias,” says ANZ in an economic note.
“We and the Bank have been looking for the unemployment rate to rise slowly and the trend labour force data clearly show this.
“As a result, the figures are also unlikely to be enough to result in the RBA acting on its easing bias for the time being. The low level of capacity utilisation in <place><country-region>Australia</country-region></place> suggests that an improvement in the unemployment rate is not expected in the near term.”
“The RBA has communicated that they expect the labour market to weaken, with the unemployment rate rising modestly over 2013.  The March employment data is in line with this view.  We expect that the cash rate will remain on hold in May and over 2013,” said CBA economist Michael Workman.
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RBA likely to resume rate cuts sometime in 2013 after unemployment rise: Macquarie’s Brian Redican

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The battle for the wallets of Australia’s DIY enthusiasts continues to rise with Woolworths reporting a 37% rise in sales from its growing chain of Masters stores in its latest sales update.
Home improvement sales lifted from $211 million in the third quarter of 2012 (the 13-week period to March 31) to $290 million in the third quarter of 2013.
Launched in 2011 in direct competition to Wesfarmers-owned Bunnings (which also own Coles), there are now 29 Masters stores trading following the opening of four new stores over the March quarter.
Masters, a joint venture between Woolworths and US home improvement chain Lowe’s, plans to expand by between 15 and 20 new stores a year "for the foreseeable future".
“The February ‘Trade Month’ proved to be a great success, with many new trade members signing up to the Masters’ program,” said Melinda Smith, director of Masters.
The success of Masters was also noted by Woolworths CEO Grant O’Brien, who said that "while conditions in the trade segment remain challenging, we continue to be pleased by the progress of this business.”
<a href="https://www.propertyobserver.com.au/new-south-wales/diy-battle-heats-up-with-woolworths-to-build-masters-store-in-marsden-park/2013040360133">Last week Property Observer reported</a> that Woolworths had securing a site at the Sydney Business Park (pictured below) in Sydney's north-west for a new Masters Home Improvement store, where it will go head-to-head with arch-rival Wesfarmers, which has also secured a site in the business park for a Bunnings DIY store.
<img src="/images/stories/2013/04/mastersapril12one.jpg" width="470" height="311" alt="mastersapril12one">
Yesterday, the premises of <a href="/news">Bunnings in Sale</a> were bought by a Melbourne family for $6.36 million on a yield of 7.5%, after being passed in at auction earlier in the day.
Last year Woolworths and Wesfarmers traded blows over a research report written consultancy Madison Cross on Masters with the report referred to the ACCC as being potentially "misleading".
"A Madison Cross report being circulated to brokers and media by a consultant associated with Bunnings is further evidence of a dirty tricks campaign being waged against the Masters Home Improvement business," said Woolworths in a statement in September last year. "Since opening its first store in September last year, Masters is providing much-needed competition in the destination home improvement sector against Bunnings who hold a market-dominant position. "Masters has created healthy competition, is winning market share and enjoying strong customer support. It appears this report is designed to generate negative, ill-informed commentary about Masters.  "This report is incorrect in its assumptions and its projections, and can only be viewed as an attempt to damage the credibility of the Masters’ business strategy." 
Despite the jump in sales, Woolworths has some way to go to catch up with Wesfarmers.
The Bunnings network currently comprises 211 warehouses, 63 smaller format stores, 36 trade centres and four frame and truss plants operating across Australia and New Zealand.
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Battle between Masters and Bunnings heats up for home improvement market as Masters sales rocket 37%

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The Melbourne housing market is expected to pick up this year, with strong auction  clearance rates and increased buyer activity, according to the latest market report from Australian Property Monitors (APM). 
This is despite there being a big backlog of properties listed for sale and properties taking more than a month longer than in the past to sell.
The latest report shows that average days on market in Melbourne increased from 102 days a year ago to 112 days as of February 2013 – well above the long-term average of 73 days. 
According to <a target="_blank" href="?option=com_googlesearch_cse&amp;q=APM">APM</a>, there are 42,000 properties listed for sale in Melbourne, nearly 4% less than a year ago, but still 27.5% higher than the long-term trend. 
However, the average discount required to sell a property has reduced from 7.3% to long-term average of 6.5%. 
Auction clearance rates are also significantly higher than over the same period 12 months ago, increasing from 61% to 68%, above the long-term trend of 63%. 
APM says properties in middle-ring, mid-price range suburbs are back in demand. 
“Listing numbers are also on the rise in Melbourne as sellers engage a market increasingly buoyed by a growing sense of optimism,” says APM.
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Growing sense of optimism buoys Melbourne property market: APM

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The unemployment rate increased 0.2 percentage points to 5.6% in March, the Australian Bureau of Statistics (ABS) said today. 
This is the highest unemployment rate since 2009, but follows 74,000 jobs being created in February.
Analysts had forecast the jobless rate to be unchanged in March.
CommSec economist Savanth Sebastian says the March figures would be confusing for anyone "wondering what was the true state of the labour market".
"A stellar 74,000 jobs were created in February (which incidentally marked the best job creation in 13 years) followed by over 36,000 jobs lost in March and the unemployment rate has reached a three-and-a-half-year high.
"Such volatile swings in employment across two months certainly make it difficult to pick a trend. Clearly the answer lies somewhere in the middle.
"The more smoothed trend measures on employment, suggest that modest consistent employment gains are the defining feature of the current employment landscape.
"In fact in trend terms employment has consistently grown by between 9,000-17,000 jobs over the past six month. The job market is healthy but becalmed, and consistent with the performance of the broader economy," he says.
In its March update, the ABS reported the number of people employed decreased by 36,100 to 11,592,700.
Both part-time and full-time employment decreased, part-time employment down 28,700 people to 3,481,500 and full-time employment, down 7,400 to 8,111,300 people.
The decrease in total employment was mainly driven by decreases in male part-time and female full-time employment. The number of people unemployed increased by 25,900 people to 686,900 in March, the ABS reported. The ABS reported a seasonally adjusted labour force participation rate decrease of 0.2 percentage points to 65.1% in March.
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Unemployment rate rises 0.2% in March to 5.6%, highest since 2009

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House prices are forecast to rise by 3.6% over the next two years to March 2015 led by WA and a rebounding Victoria, according to the latest NAB quarterly residential property survey.
Capital growth expectations in the next year are strongest in the sub-$500,000 price range, but improvements are forecast across all price levels, says Alan Oster, chief economist at NAB, who compiled the report alongside senior economist Robert De Iure and head analyst Dean Pearson.
Sentiment about the property market improved strongly over the March quarter with the index rising sharply to 35 points from in 8 points in the December 2012 quarter.
<img src="/images/stories/2013/04/nabapril11onethumb.gif" width="470" height="274" alt="nabapril11onethumb">
WA was the stand-out in terms of sentiment with its index rising from +41 points to +71 points, but there was also a strong turnaround in Victoria, with its index from -15 to +34.
Sentiment was also stronger in NSW (rising from +13 to +38 points) and South Australia/NT (-20 to +28 points).
Queensland was the only state not to register an improvement in sentiment, with its index falling slightly from +15 to +14, replacing SA/NT as weakest state.
The results of the index are based on a survey of around 300 property professionals, principally estate agents, property owners and investors.
 
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House prices recovered in the first quarter of the year to be up 0.4%, following a fall of 0.6% over the December 2012 quarter, according to NAB modelling.
<img src="/images/stories/2013/04/nabapril11twothumb.gif" width="470" height="277" alt="nabapril11twothumb">
NAB expects house price growth to accelerate and rise 2.2% in the next year and be up 3.6% by the end of the March quarter of 2015.
However, state outlooks differ strongly with optimism highest in WA, where a 3.8% gain in house prices is forecast over the next 12 months followed by Victoria (2.4%) and NSW (2.2%).
Expectations are weakest in Queensland (1.3%).
Over the next two years, WA will remain the strongest performer (5.4%) with Victoria (3.8%) the next best.
“House price falls in Melbourne were among the heaviest in this downturn, but Victorians are now the most optimistic (after WA) with regards house price growth in the next 2 years, which are tipped to grow 3.8% (1.9% forecast previously),” says Oster.
“In NSW, property professionals see prices rising 3.5% (1.8% previously).
“Expectations were also scaled up in SA/NT to 2.8% (1.5% in December 2012 quarter) and Queensland to 2.7% (2.2% in December 2012 quarter).”
NAB modelling indicates capital city house prices will grow 1.7% through the year to March 2014 and 2.4% in the year to March 2015.
As with the state outlook, the capital city outlook varies strongly.
Price growth is strongest in Perth - up 4.2% in the year to March 2014 and 3.7% to March 2015 - and weakest in Adelaide (0.0% and 1.2%) and Melbourne (1.1% and 1.6%) the weakest markets.
“Owner occupiers are the main players in new property market, but investors - Australian and foreign - are also growing,” says Oster.
Oster notes a marked improvement in demand apparent for all types of new property but that overall demand still “relatively weak”.
He says the inner city is the most preferred location for new buyers.
Participants in new property market are still citing tight credit and affordability as “significant” constraints on new development but less so than in the December 2012 quarter.
“Improved affordability drew more first-home buyers into the existing property market in the first quarter of 2013, especially in WA.
“Stronger demand for existing property was also noted in all locations and for all property types with demand strongest for inner city and middle/outer ring houses.
“Employment security remains the biggest impediment for buyers of existing property in all states except WA, where a lack of stock is the biggest concern,” he says.
 
 
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House prices to rise 3.6% over next two years as sentiment rebounds broadly: NAB index

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An investor has paid $1.41 million at auction yesterday for the 491 square metre premises of the Commonwealth Bank on a corner site in the Swan Hill CBD in the Murray River region.
Before bidding began at the Burgess Rawson auction, the auctioneer David Scholes highlighted that the Swan Hill premises were “bookended” by two ATMs in a region with a booming economy led by agriculture, viticulture and tourism.
The Commonwealth Bank has renewed its lease for a further three years until 2016 paying rent of a round $102,533 per annum, but with no further renewal terms.
However, Scholes said the bank was keen to remain in the building, which it has tenanted for many years and which was recently upgraded.
Scholes said there might also be opportunities to strata the two-storey building should the Commonwealth Bank not sign a new lease.
Bidding started at $1.2 million with a handful of bidders competing for the property in the River Room at Crown Casino.
The winning bid of $1.41 million reflected a yield in excess of 7%.
Vendors may have been motivated by Scholes’ earlier remark that “banks are making so much money, I think your rent is secure”.
The property was marketed by Raoul Holderhead and Jamie Perlinger from Burgess Rawson.
The bank premises formed part of a Burgess Rawson portfolio auction.
Earlier the premises of the <a target="_blank" href="/news">ANZ Bank in Korumburra</a> sold for $462,000 on a yield of 5.2%.
Another bank branch, the NAB outlet on Sydney Road in Kilmore, bringing in annual rent of around $39,000, sold for $800,000 to local investor after it was passed-in on a vendor bid of $820,000 – a yield of around 5%.
Bidding started at $500,000.
Ahead of bidding Scholes disclosed the bank had not yet renewed its lease, which expires in September this year.
A head of agreement is in place to renew the lease, but has not yet been finalised.
The buyer can rescind the contract if the lease is not renewed.
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Bank tenants prove popular as Commonwealth Bank in Swan Hill fetch $1.41 million at auction

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A Melbourne-based private family has bought the premises of Bunnings in the Gippsland town of Sale from hardware family Dahlsens, after it was passed in yesterday at auction. 
Dahlsens, a regional Victorian <a target="_blank" href="https://www.dahlsens.com.au/history/history">hardware chain dating back to 1877</a>, had operated a hardware store on the premises in Sale since 1974 before selling the business to Wesfarmers-owned Bunnings in November last year. 
J.C. Dahlsens Investments acquired the building premises in 2003. 
Former BRW rich lister 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.
He remained involved in gold mining for 40 years while establishing the hardware chain, which today comprises more than two dozen stores across regional Victoria. 
A sale price of $6.36 million was negotiated soon after the Burgess Rawson portfolio auction at a packed River Room at Crown Casino. 
Burgess Rawson director Billy Holderhead says the yield of 7.5%, based on annual rent of around $478,000, was the “sharpest for a Bunnings freehold since April 2011”.
The most recent Bunnings sale was the store in Bairnsdale, which sold for $8.2 million in January on a yield of 7.62%. 
The Bunnings in Echuca sold for $8.55 million in November last year on a yield of 7.89%.
Bidding for the 4,700 square metre building on Macarthur Street in Sale started at $6 million and was passed in on a vendor bid of $6.25 million. 
The building stands on an 8,200 square metre island site zoned business 1, integrated with the Mirvac Shopping Centre anchored by Coles, Woolworths and Target, with 44 on-title car space and an additional 61 car spaces bordering the building. 
The property comprises three buildings – a retail centre with in-store café, a separate drive through trade centre constructed in 2003 and a separate materials storage building, all that remains of the original structure operated by Dahlsens Hardware Stores before Bunnings purchased the business in November last year.  
Bunnings has just signed a new long-term terminated in 2022 with renewal options until 2042. 
The investor memorandum notes that the tenant can request that the landlord spend $1 million during the term of the lease in exchange for paying an upgrade rent equivalent to 7.5% of the cost of works. 
Sale, 200 kilometres east of Melbourne, is the commercial and administrative centre of Gippsland catchment trade population of around 31,000. 
Recently it has become established as the principle transfer space for offshore oil and gas operations in the Bass Strait. 
Sale is in Wellington Shire with a population of around 44,000 and 3,000 businesses. 
Six out of 12 properties that formed part of the Burgess Rawson portfolio auction in Melbourne yesterday sold at auction including the <a target="_blank" href="/news">KFC in Mentone</a>, a <a target="_blank" href="/news">Midas store</a> in Balwyn and an <a target="_blank" href="/news">ANZ Branch</a> in Korumburra. 
A travel agency shop on Waltham Street in Sandringham sold for $525,500 after the vendor withdrew a $530,000 vendor bid and accepted the lower  top bid.
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Melbourne family buys Sale Bunnings premises owned by Dahlsen family on 7.5% yield 

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The impact of lower interest rates on the established housing market have been noted by RBA assistant governor Christopher Kent in a speech made at the Bloomberg Australia Economic Summit this week.
Kent also highlighted the RBA’s expectation of a pick-up in non-mining investment, including dwelling investment, with mining investment likely to peak this year, but with a degree of uncertainty about how this recovery would take shape.
“As you all know, there has been a significant easing in monetary policy, starting in late 2011,” said Kent.
“There are signs that the low level of interest rates is having some of the expected effects and these are likely to have further to run.
“The effects are clearly evident in the established housing market and, as I have discussed at some length recently, this should help to underpin further moderate growth in dwelling construction,” he said.
He presented the following chart showing the recent improvement in housing affordability and the deleveraging of households in favour of higher savings since the GFC.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/kentapril11one.gif"><img src="/images/stories/2013/04/kentapril11onethumb.gif"></a>
Kent’s speech examined the outlook for business investment in Australia and considered the outlook for mining-related investment and non-mining related investment.
“Non-residential building activity remains relatively subdued, but prospects are that investment in building and structures outside of the resources sector will pick up gradually.
“The current growth of the population – at around 1.7% annually – will provide some support for demand.
“Not only does population growth add to the demand for new goods and services, it also gradually eats into any existing spare capacity that might be hanging over some industries and provides an impetus for investment in new capacity,” Kent said.
Kent warned that the peak in resources investment “is now close” and that once it has passed, the decline in mining investment would weigh on economic growth.
He said non-mining business investment was “currently at relatively low levels as a share of GDP” and “relatively low as a share of nominal GDP” but that it has been growing in real terms over the past two years.
“So far during the current episode, the growth of non-mining business investment has been less than it was during the early 2000s and mid 1990s, but more than it was during the financial crisis and the early 1990s recession.
“Our forecasts in the February statement on monetary policy (SMP) embodied moderate growth in non-mining business investment, which would, if it comes to pass, place the current episode in between these four earlier episodes.
Kent concluded by highlighting the RBA’s expectation of a “gradual recovery in non-mining business investment and further moderate growth of dwelling investment” but warned that the profile for non-mining business investment remains “uncertain, including because of the high level of the exchange rate”.
“The profile for mining investment also remains uncertain, though it appears that the peak in mining investment is likely to occur this year. Pulling all of this together suggests that growth for the economy as a whole will be a little below trend this year and then pick up gradually through next year,” he said.
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Effects of lower interest rates clearly evident in housing market: Christopher Kent

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Dalgon Pty Ltd, formerly trading as Acton West and now trading as Acton Cottesloe has pleaded guilty to 27 charges of failing to lodge security bond money with the Bond Administrator ‘as soon as practicable’ as required under the Real Estate and Business Agents Act.
Western Australia's consumer protection department has said the company was ordered to pay court costs of $275.
Consumer Protection has warned real estate agents, property managers and landlords about late bond lodgements following the fine issued by the Perth Magistrates Court.
Consumer Protection told the court that the bond money totalling almost $60,000 was collected between February and November 2011 from 27 tenants who had rented properties in various suburbs including <a target="_blank" href="/news">Mosman Park</a>, <a target="_blank" href="/news">Nedlands</a>, <a target="_blank" href="/news">Cottesloe</a>, <a target="_blank" href="/news">Claremont</a>, <a target="_blank" href="/news">Wembley Downs</a> and <a target="_blank" href="/news">Maylands</a>.
At the time of the offences, the agency was required to either lodge the bonds with the Bond Administrator (administered by Consumer Protection) or in a separate tenancy bond trust account with an authorised financial institution, as soon as practicable.
From 1 July this year, all bonds must be lodged only with the Bond Administrator.
Commissioner for Consumer Protection Anne Driscoll said, in the Acton case, bonds were being lodged with the Bond Administrator one to three months after collection and the agency had been previously warned.
“For real estate agents, there should be no reason why bonds cannot be lodged the following business day,” Driscoll says.
“Consumer Protection will take action against agents or landlords who retain these funds for an unreasonable amount of time and fail to comply with the law.”
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Perth estate agency Acton Cottesloe fined $10,000 for late bond lodgement

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Two Asian investors have battled heartily for the premises of the KFC restaurant in Mentone in Melbourne’s southeast, but not before a sub-lease issue relating to the neighbouring Hungry Jacks eatery created some confusion among a packed room of bidders at Crown Casino.
The <a href="https://melbourne.burgessrawson.com.au/pol/property/search.asp?f_propertyID=1974963&amp;xsl=3546&amp;f_st=2&amp;f_ct=2&amp;f_ps=2&amp;tmpl=auction_detail" target="_blank">restaurant premises</a> eventually sold for $3.505 million equating to a gross yield of around 6.5% based on rent of around $227,167 per annum.
Bidding started at $2.8 million with a handful of bidders competing but eventually became a contest between two Asian buyers with $5,000 increases in the final stages of bidding.
Earlier the auction of the restaurant, listed third as part of a Burgess Rawson portfolio auction of 12 properties, was pushed back to later in proceedings due to clarification sought over the contractual arrangement with Hungry Jacks.
Bidding resumed later in the morning after auctioneer David Scholes read out a statement from the vendor’s lawyers that Hungry Jacks has agreed free use of about half a dozen car parks and the driveway that form part of the KFC premises until 2018, when Hungry Jacks' lease expires.
The KFC Mentone stands along the Nepean Highway and is the flagship store of Southern Restaurants which owns 50 KFC restaurants and 14 Pizza Huts in Australia.
Southern Restaurants has a brand new 10 year lease to 2023 with four further five year renewal options and has operated a KFC on the site for around 20 years.
The 258-square-metre restaurant stands on a 2,360 square metre site and was recently upgraded at a cost of $350,000.
Nearby is the Thrift Park Shopping Centre anchored by Woolworths Supermarket, which sold for $29.5 million in 2011.
The KFC premises were marketed by Jamie Perlinger and Billy Holderhead of Burgess Rawson.
Another KFC premises at Karingal near Frankston, also tenanted by Southern Restaurants, was passed-in at $2.95 million.
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Flagship KFC Mentone premises bought by Asian investor for $3.505 million 

<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.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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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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