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Nearly half (45%) all real estate investment into the Asia Pacific region is flowing into Australian commercial property markets.
This is double the next biggest markets of Japan (19% of investment) and China (18), according to Jones Lang LaSalle, with investors attracted to Australia by its transparent markets, efficient regulatory regimes supported by solid economic fundamentals and relatively high yields.
Offshore buyers of Australian commercial property are now around four times greater than those selling their investments, a trend that commenced in 2007 and which has grown more pronounced in the last three years.
“Australia punches well above its weight in terms of direct investment,” said Jones Lang LaSalle’s head of research and consulting David Rees at a retail outlook breakfast in Melbourne this week.
“Last year 29% of investment came from offshore – an all-time record.”
Rees says that while the big commercial markets of New York, London and Paris continue to attract offshore investors, a significant flow of investments into the Asia Pacific region is underway.
“They are investing in the region because of the long-term growth prospects with a big shift to Australia,” Rees says.
“Capital flows into Australia are expected to continue through 2013,” he says, highlighting that retail and office yields are broadly in line with long-term averages, and very appealing to offshore investors.
Regional shopping centre yields are around 6.32% compared with a 10-year average of 6.39% while sub-regional yields are above the 10-year average of 6.39% at 6.32%.
However, a scarcity of premium assets (sought by offshore investors) should see yields compress by around 25 basis points at the tight end of the market.
Rees says the shift to Australian commercial real estate is part of a global re-weighting to real estate as global investors shift their portfolio weightings from the large equity and bond markets to the much smaller real estate markets.
“A 1% downsizing in global equity portfolios towards non-residential real estate implies a 7.8% increase in global real estate portfolios. A 1% reduction in global bond markets in favour of real estate has a similar impact. A 0.1% re-weighting of global real estate portfolios towards Australia implies an increase of around $9 billion in offshore holdings of Australia real estate,” says Rees.
 
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lschlesinger-FZcF9M3vE6

Australia to continue as commercial property investment hotspot in 2013: Jones Lang LaSalle

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More evidence has emerged of the damaging impact that changes to first-home buyer grants in NSW and Queensland are having on home buyer sentiment.
First-home buyer (FHB) sentiment fell 12.8% according to the latest <a href="/news">Genworth</a> Homebuyer Confidence Index, driving a 5.1% fall in the overall index – its lowest level since 2008.
The bi-annual index, a measure of home buyer and would-be home buyer sentiment, fell from 98.4 to 93.4 over the six-month period while the first-home buyer sub-index fell from 98.5 to 85.9.
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“Changes to incentives in New South Wales and Queensland states may be affecting FHB con?dence more broadly, with New South Wales having the lowest proportion of prospective FHBs who thought now was a good time to buy a home,” the report says.
“New South Wales and Queensland both saw a large fall in the number of FHBs in the market, according to ABS data, of 56% and 66% respectively between September 2012 and January 2013.”
In addition, mortgage stress among FHBs is rising with the report finding that 41% of recent first-home buyers are expecting difficulty with mortgage repayments over the coming year – up from 18% in September 2012. 
The fall in the overall index was primarily driven by a 42% increase in the proportion of borrowers who expect to experience mortgage stress over the next 12 months rising from 18% in September 2012 to 27% in March 2013.
“The sharp rise in the proportion of surveyed FHBs experiencing and anticipating hardship follows the removal of FHB incentives on established dwellings in New SouthWales and Queensland, which went into effect in October 2012.
“Amongst FHBs in Queensland, over-commitment/borrowing was cited as the main reason for expecting mortgage stress," says the report.
Bridget Sakr, chief commercial officer of Genworth, says the changes to government grants led to a bigger drop in first-home buyer confidence compared with the overall decline in the index.
The changes to the FHB grants impacted on the ability of FHBs to purchase the properties they want, Sakr told Property Observer.
She highlighted the findings of the report that fewer than one in four FHBs wanted to buy a new home.
Despite this sharp fall in FHB confidence, time to buy a home sentiment is still higher than it was a year ago, though it too fell from 54% of FHBs to 49% as of March 2013.
“FHBs still aspire to own a home, this has increased from last year, but most want an established home in an area they want to live,” Sakr says.
“The grant removals have hindered them from being able to do that.”
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FHB grant changes drive home buyer confidence to lowest level since 2008: Genworth

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Austere Melbourne apartment blocks separated from the street and surrounding suburb by imposing podium bases and parking lots are being replaced by developments that engage with their surroundings and create “village hall” community spaces.
Such an approach has been adopted in the design of the <a href="/news">Abbotsford</a> riverfront project on the banks of the Yarra River, a three stage mixed-use residential project by Melbourne-based developer Hamton and designed by architects RotheLowman.
The project, with the first two stages Eden and Haven currently under construction, has deliberately created a public thoroughfare to the <a target="_blank" href="https://www.propertyobserver.com.au/developments/hamton-s-riverfront-homes-the-latest-in-abbotsford-living-as-melbourne-suburb-sheds-industrial-past/2012121858496">Yarra River</a>, incorporating the shops, restaurants and cafes as well as pedestrianised pathways around the site.
As explained by RotheLowman, the design seeks to magnify the experience of transitioning from “grey urban environment to the green river’s edge” and “develops the idea that the architecture and landscape can function as an emulsifier between the fast, frenetic nature of Victoria Street and the calm, tranquil environment of the Yarra River”.
One of the key features of the development is a publicly accessible “pedestrian line between Victoria Street and the Yarra River trail” with the aim of “bringing the tranquillity of the river corridor up to Victoria Street”.
The pedestrian street acts as a place for both the public and residents to meet as well as being the main point of access to each residential lobby.
“Cyclists will also be able to access the Yarra River trail via this street, using bicycle gutters to navigate stairs.”
The project dates back to 2008 and according to Chris Hayton, principle at RotheLowman, included an extensive design process lasting 16 months prior to lodgement of the plans and which sought to collaborate with the local council.
“The council said they would consider allowing the development rise to a greater height in exchange for public amenity,” Hayton tells Property Observer.
He says the idea was to create a new link between Victoria Street and the Yarra River, which included the design of a public space even though it is on private title.
The space has been naturally designed to make visitors or residents want to head down to the river or stay and make use of it during their lunch time.
 
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Hayton says the idea was to create a “spine” with different uses coming off it including restaurants, small cafes, waterfront and offices for lease and purchase with the architectural expression changing to public-use.
No residential is included above this space.
Hayton says design is based around the concept of the “village hall” – a community hub provided by the developer that can be used by the community as they wish.
“We want people from the outside to come in and for the development to interact with the street.
“We don’t want walls of car parking as you get in developments in Southbank.
“The evolution of Melbourne is demanding it. The population is more sophisticated. If they buy or invest they are looking for a place where people will want to go and live, where they are able to walk downstairs to get their milk and where they don’t have to get into their car to kick the footy around.”
He calls it the “milk bar resurgence” and adds that the lessons can be learnt from some of the well-known failings of mixed-use developments at <a target="_blank" href="/news">Docklands</a>.
“If you buy an apartment, it’s not a bad idea to live above shops and offices. It creates a sense of place.”
Hayton says it’s something that’s happening in other cities that are more mature in their development than Melbourne.
“It’s an interesting development time for cities like Melbourne.
“We can’t just expand, growth must occur in different way, without sacrificing quality of life.
“Too often, it may be good pieces of architecture but it is not integrated within the greater context of its immediate site and surroundings,” he says.
The first stage, Eden featuring 214 apartments all of which are sold, is due for completion in 2013.
The second stage, Haven featuring 194 is currently being marketed with apartments currently under construction.
The third stage, due to feature 180 apartments is at the town planning phase ahead of marketing.
The project is being developed by Melbourne developer Hamton with the first two stages being built by LU Simon.
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Abbotsford riverfront project seeks community connection

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Median house values lifted almost 1% over February with Perth and its accompanying WA country market the strongest performers, according to the latest housing data from Residex.
The February figures suggest the housing market is gathering steady momentum with Residex recording a 0.96% gain in February following a 0.61% quarterly gain.
“Things in the financial world and the Australian housing market are looking fine and I am pleased to be delivering a positive newsletter,” writes Residex chief executive John Edwards.
Edwards pointed to the recent gains in the <a target="_blank" href="/companies/westpac">Westpac</a> Melbourne Institute Index in the March reading, following a 7.7% jump in February, the fifth consecutive month that it has registered above 100.
“Much of the population is feeling positive about the current situation.
“The housing market is presenting growth on an Australia-wide basis and the trend is moving in an upward direction,” he says.
Over the past 12 months Perth house values are up 3% to a median of $493,000.
The Perth unit market has been particularly strong, up by 11.3% over the past 12 months to a median value of $425,500.
WA country house values also lifted, up 2.24% over February and 3% over the past year to a median of $344,500.
The Perth housing market also delivered a boost to property investors with an 8% rise in weekly house rents to $470 per week and a 11.4% gain in unit rents to $440 per week.
Rents are rising on the back of declining listings and a very tight vacancy rate.
The Real Estate Institute of Western Australia (REIWA) recorded a Perth metropolitan vacancy rate of 1.9% for the January 2013 quarter with an even tighter 1.3% vacancy rate for the unit market.
The REIWA noted the diminishing level of listings in metropolitan Perth in the wake of strong population growth and improving consumer confidence, which is putting “upward price pressure and increased demand for homes”.
 
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REIWA president David Airey noted that properties listed for sale slipped to just 8,429 in March, down from 14,092 at the same time last year.
“Agents are reporting an increasing shortage of properties in popular price ranges especially around the median of $500,000," said Airey.
“REIWA data suggests that listing stock is trending downwards on the back of strong sales turnover and these properties are not being replaced with enough new listings to meet demand.
“Now that the market appears to have turned in favour of sellers, many may be holding back with the expectation of a better price in the months ahead. Until more sellers list their properties and until we get more new homes onto the market from builders, then competition from buyers will put pressure on prices,” Airey said.
The Residex figures show that Adelaide was the next strongest capital city performer after Perth in February with a 0.98% gain in its median value of its houses to $392.000.
Sydney recorded a modest 0.66% rise in its median house value to $682,500 with values up 3.88% over the past month
Melbourne recorded a modest 0.28% gain with a median house value of $556,500 with house values almost unchanged on a year ago.
Brisbane house values retreated 1.42% over February to a median of $433,000 but are up 1.41% for the quarter and 2.57% over the past 12 months.
Year-on-year Darwin stands head and shoulders as the top performing market with a 9.43% rise in its median house values to $525,000 – though there was a small 0.84% correction in February.
Darwin house rents are up 11.5% to a median of $580 per week and offers capital city investors the highest rental yield of 5.78%.
Darwin units offer a yield of 6.09% also the highest across capital cities.
Spurred on by the wealth of mining and LNG projects, the wider Northern Territory housing market continues to rise with house values up 7.9% over the past 12 months and a median value of $489,000.
Overall, the unit market tread water over February as it has over the past quarter with unit values up just 1.1% over the past 12 months with a national median unit value of $398,000.
Brisbane, Melbourne and Sydney all recorded small gains in unit prices in February with Perth the standout market over the past 12 months.
Hobart unit price are down nearly 10% over the past 12 months.
<a target="_blank" href="https://blog.residex.com.au/wp-content/uploads/2013/03/Capital-City-Property-Market-Statistics-February-2013.jpg">Click here for the full Residex breakdown for capital city and country markets over February.</a>
Photo courtesy of Flickr.
 
 
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Perth leads modest house value gains in February: Residex

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Estate agents in Victoria and NSW have been warned about unsolicited emails being sent out by a company called Connection Blue Pty Ltd run by Mark William Whittingham advertising rent rolls for sale.
The public warning about the conduct of Whittingham and Connection Blue has been issued by the director of Consumer Affairs Victoria, which says that several estate agents in Victoria and New South Wales have complained that they paid Whittingham for rent rolls but did not receive the product or a refund.
Whittingham is well known in mortgage broking circles with the <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=mfaa+whittingham&amp;source=web&amp;cd=2&amp;cad=rja&amp;ved=0CDgQFjAB&amp;url=http%3A%2F%2Fwww.brokernews.com.au%2Fnews%2Fbreaking-news%2Fmfaa-warns-brokers-against-whittingham-145117.aspx&amp;ei=MRdSUYfsJOyXiAfB6YHICw&amp;usg=AFQjCNFlBC5zxLxAUFoyOS6M4qY-VWXIWA&amp;bvm=bv.44342787,d.aGc" target="_blank">MFAA issuing a warning to its members</a> about his business practices in November last year.
Whittingham had previously offered to sell loan trail books to mortgage brokers through another company that has since been placed in liquidation, with brokers not being refunded their deposits as promised in information booklets.
Consumer Affairs says that in one instance, it is claimed a Victorian estate agent paid $135,000 for rent rolls but did not receive access or a refund.
Another Victorian estate agent alleges to have paid $24,200 and a New South Wales agent claims to have paid $1,000.
“Melbourne Magistrates' Court has issued an interim injunction against Mr Whittingham and anyone connected with Connection Blue Pty Ltd, from 19 March 2013 until a further hearing on 26 March 2013,” said Consumer Affairs.
In relation to any rent roll, mortgage trail book, or planning book, the court Whittingham and Connection Blue is restrained from:
<ul>
<li>requesting money or other consideration from any person as a deposit for the sale, supply or delivery of such assets</li>
<li>disbursing, transferring, dealing with, drawing on or disposing of any money held or received as a deposit (up to $161,000)</li>
<li>requesting money from any person in return for granting that person access to any such asset</li>
<li>requesting and/or disbursing or transferring, or drawing on or disposing of any payment or other consideration, received after the order was made, before actual delivery of the asset to the purchaser.</li>
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The cirector of Consumer Affairs Victoria issued a public warning in September 2012 about the conduct of Whittingham and his former company, Buy A Trail Pty Ltd, which purported to offer loan trail books for sale to brokers.
Buy A Trail was placed in liquidation in August last year.
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Victoria and NSW estate agents warned about unsolicited rent roll emails

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Hong Kong-headquartered private equity firm Barings Private Equity Asia is being mooted as a possible bidder for all or part of the Australand business.
The firm has $5 billion under management with offices in Shanghai, Singapore, Beijing and Mumbai and was once part of Dutch banking giant ING.
It is understood to be considering acquiring just the residential business of Australand or putting in a bid for the entire company, including its industrial, retail and office businesses and assets.
Barings Private Equity Asia describes its activities as running “a pan-Asian investment program, specialising in mid-market companies requiring capital for expansion, recapitalisation or acquisitions”.
The firm is said to be more interested in Australand’s residential unit, which could generate returns in excess of 15% with premium Australand commercial and industrial assets expected to generate a smaller return, according to a report in the Australian Financial Review quoting “senior sources”.
Australand’s main shareholder, Singapore-based CapitaLand, which controls 59% of Australand, <a target="_blank" href="https://www.propertyobserver.com.au/news/majority-shareholder-capitaland-to-review-its-investment-in-takeover-target-australand/2013011058723">said in January</a> it was reviewing its investment in the Australian developer as it focuses its efforts on its China and Singapore businesses.
However, it is believed to strongly favour selling the entire business rather than selling it piecemeal.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/several-parties-seek-australand-property-group-stake/2013030559720">In March</a> Australand said in an ASX statement that “several parties have expressed an interest in either the whole or parts of the Australand business.”
A $7 billion approach <a target="_blank" href="/news">by Mirvac</a> for Australand’s residential business has also been mooted, but no formal bid has yet been acknowledged by Australand.
A $3 billion bid by the GPT Group for Australand’s commercial and industrial businesses at a $140 million premium to their book value was rejected in December.
If a suitable bidder for Australand cannot be found, CapitaLand may also consider selling its shareholding via a block trade, an off-market trade allowed for share holdings of significant size in specified contracts.
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Asian private equity firm emerges as possible Australand buyer: reports

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The Australian 108 skyscraper approved for development on Melbourne’s Southbank just over a week ago has run into trouble because its proposed height infringes on the flight path into Essendon Airport, according to a report in The Age.
Victorian planning minister Matthew Guy <a href="https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915" target="_blank">approved the 108-storey apartment and hotel tower</a>, which is due to rise 388 metres above the city and would be the tallest residential tower in the southern hemisphere.
The $600 million apartment tower (pictured below), designed by architects Fender Katsalidis, would breach the airspace of Essendon Airport, which is 13 kilometres north of the city. The airport has a 373-metre height envelope for aircraft approaching from the south.
<img alt="australia108march26one" height="831" width="400" src="/images/stories/2013/03/australia108march26one.jpg">
These limits are set according to a federal protection system known as PANS-OPS (procedures for air navigation services - aircraft operations), which is designed to allow aircraft to fly safely in and out of airports and is set by international agreement.
There are no provisions for penetrating this airspace, a Department of Infrastructure and Transport spokeswoman told The Age.
It is not the first concern to be raised about the proposed tower, with Melbourne Lord Mayor Robert Doyle suggesting in February that it could <a href="https://www.propertyobserver.com.au/victoria/shrine-of-remembrance-overshadowing-concerns-arise-from-australia-108-tower-proposal/2013022759619" target="_blank">overshadow the Shrine of Remembrance</a>.
Australia 108 is backed by private investors believed to include Nonda Katsalidis, Benni Aroni, Adrian Valmorbida, Ian Fayman, Gary Caulfield and Mark Hopkinson.
Benni Aroni, chairman and founder of construction and property development firm Stralliance, said one of the conditions for approving the tower were that arrangements were made with the Civil Aviation Safety Authority.
“I believe it is a resolvable issue," he told The Age.
The Age quotes  industry sources saying an alternative could be for Essendon Airport flight paths to be altered, which would require the support of the federal Department of Infrastructure and Transport, the Civil Aviation Safety Authority and Air Services Australia.
Planning minister Matthew Guy remains adamant the building has received all the necessary approvals.
Apartments in the building start at $425,000 for a one-bedroom unit, $575,00 for a two-bedroom unit and $775,00 for a three-bedroom unit. There will be 664 apartments.
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Airspace height problems for Australia 108 skyscraper can be resolved: Benni Aroni

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Private investors were the most active buyers of retail property in 2012, acquiring more than a third (36%) of the $3.7 billion of retail property that changed hands in Australia over the calendar year.
Institutions represented by funds, trusts and syndicates accounted for a combined 32% of purchasing activity while foreign investors were also active acquiring 24% of retail property.
<img alt="chartoftheweekmarch27one" height="838" width="400" src="/images/stories/2013/03/chartoftheweekmarch27one.gif">
“Private investors had been sidelined from purchasing retail property for a number of years due to strong demand from institutional investors. Also of particular note is the emergence of foreign investors purchasing 23% of retail property sold,” says Savills national head of research Tony Crabb.
“Evidently, the global credit crisis created a window of opportunity for private and foreign investors to re-enter the market.
“As conditions for Australian institutions continue to improve, private and foreign investors may well find themselves unable to compete again.
“Purchasers have become more confident the commercial property market has passed the bottom of the cycle,” he says.
Property trusts (26%), syndicates (21%) and private investors (21%) were the biggest sellers of property over 2012 with private trusts and syndicates also active.
Of note, 12% of retail property sales last year were mortgagee in possession sales.
<img alt="chartoftheweekmarch27two" height="816" width="400" src="/images/stories/2013/03/chartoftheweekmarch27two.gif">
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Private investors return to retail property market as trusts sell out: Chart of the week

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<img src="/images/stories/2013/02/collierslogo.jpg" width="470" height="94" alt="collierslogo">
Greg O'Meara says he would invest in a property syndicate, providing a strong income stream.
<img src="/images/stories/2013/02/omearamarch27one.png" width="200" height="200" alt="omearamarch27one" style="margin: 5px; float: left;">Agent: Greg O’Meara
Position: Executive, industrial agency
Company: Colliers International (WA)
Office location: Perth
How long have you been in the industry?
I’m into the seventh year of my second commercial property career.
What’s happening in the area you specialise in?
Plenty of activity – lots of enquiry and an encouraging amount of optimism.
Describe the most interesting property you have sold
In my first career, I sold of a lot of property in Fremantle’s West End – which, although it was a secret for a while, turned out to be the University of Notre Dame.
What are the ingredients to being successful in your job?
Being organised and focused.
What aspects of your role do you enjoy the most?
Flexibility – in many ways you are running your own business. You have the ability to seek opportunities, and I enjoy trying to solve a problem creatively, putting buyers and sellers together.
Where would invest a spare $750,000?
I like the property syndicates – I’m probably now of an age where the strong income stream is important, rather than taking on too much risk. Do you have a spare $750,000?
Which football team do you support?
The Dockers – the only bigger fans I know are my boss, and my son.
What’s your favourite app or techno gadget?
Carbon paper
How do you use social media?
By accessing my wife’s Facebook account.
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In profile: Colliers International’s industrial specialist Greg O’Meara

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The Australian housing market has entered a period of subdued stability with little prospect of "large price swings" a new report by the Housing Industry Association (HIA) argues.
The HIA bases this assertion on the ratio of mortgage repayments to earnings, which it views as having strong correlations with house price growth.
"The ratio bottomed out during the late 1990s, with brisk growth in house prices following," says the <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/new-home-sales-on-the-rise-hia/2013013159051">HIA</a> in the report.
Now, it says the ratio is slightly above its long term average.
"This suggests that the relationship between earnings, interest rates and house prices is balanced and consistent with stability in the market. Accordingly, any large price swings are probably unlikely in the near future.
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The HIA says its analysis indicates that the Australian housing market is "relatively weak by historical standards in terms of transaction volumes and anaemic price growth over recent months".
"This state of affairs underlines one of the key features of housing markets generally, whereby low levels of transaction and turnover tend to accompany periods of subdued prices.
"Consequently, the return of sustainable price growth to the market would add welcome fuel to activity in the residential construction sector," it says.
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Significant house price swings unlikely: HIA

<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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“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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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;

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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.

&nbsp;

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

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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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