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The US Masters Residential Property Fund, which invests directly in residential property in New Jersey and New York, has joined the S&amp;P/ASX All Ordinaries Index.
The index comprises the 500 largest companies listed on the Australian Stock Exchange.
Since December, the fund's share price has risen strongly from around $1.60 in December to currently trade close to $1.90.
It has a market value in excess of $315 million, placing it comfortably in the top 500.
The fund, which is managed by Dixon Advisory, has gone <a target="_blank" href="https://www.propertyobserver.com.au/overseas/us-masters-fund-moves-upmarket-with-historic-hells-kitchen-and-harlem-acquisitions/2013011758752">distinctly upmarket in recent months</a>, paying US$3 million for a historic four-storey apartment building in trendy Hell’s Kitchen in the heart of Manhattan and spending US$1.8 million on a “limestone mansion” in Harlem.
It has to date raised US$264 million from Australian investors and purchased 463 freestanding homes and apartment blocks in New Jersey, Manhattan and Brooklyn (some of which are pictured below).
<img src="/images/stories/2013/03/usmastersmarch14one.jpg" width="400" height="585" alt="usmastersmarch14one">
Fund managing director Alan Dixon said strong growth and investor support had helped put the fund among the 500 largest companies listed on Australian Stock Exchange. 
“Two years ago, when we launched the US Masters Residential Property Fund, we saw an historic opportunity to acquire high quality US residential property at attractive valuations using the strong Australian dollar,” Dixon said.
Since then, the Fund has secured over 400 freestanding houses and 15 apartment blocks for a total acquisition cost of approximately US$200 million across our target market, the New York metropolitan area.
<img src="/images/stories/2013/03/usmastersmarch14two.jpg" width="400" height="580" alt="usmastersmarch14two">
“Calendar 2012 was a year of many achievements for the Fund, including successfully raising US$165 million, expanding our purchasing activity into Manhattan and Brooklyn, New York, and recording a maiden upward revaluation on our existing investment portfolio of US$5.7 million. 
“It is particularly pleasing to be able to begin 2013 with another significant milestone, as a member of the All Ordinaries Index," says Dixon.
<img src="/images/stories/2013/03/usmastersmarch14three.jpg" width="400" height="533" alt="usmastersmarch14three">
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US Masters Residential Fund joins S&P All Ordinaries

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The Reserve Bank is not expected to cut the cash rate again in 2013, according to Australia’s biggest mortgage lender the Commonwealth Bank.
Following the release yesterday of weak <a target="_blank" href="/news">January housing finance data </a>– owner-occupier home loan commitments down 1.5% - Commonwealth Bank economist Diana Mousina noted there were some encouraging signs with construction lending to owner occupiers and investors rising 4.7% over the month.
“An improvement in the housing market underpins the RBA’s expectation that the non?mining economy will lift as mining investment slows down over the next two years. 
“While yesterday's data was weak overall, it was encouraging to see construction lending rise moderately,” says Mousina.
“History tells us that residential construction activity can make a significant contribution to GDP growth.
“The typical residential upturn adds around two to three percentage points to GDP growth over the average two- to three-year cycle.
“While we will need to see stronger growth in the non?mining economy over the near term, mining capex plans indicate that the slowdown in mining investment will occur gradually.
“So, the medium?term outlook for domestic growth remains quite positive. In this environment, the RBA is unlikely to cut the cash rate again. We expect the cash rate to be maintained at 3% throughout 2013,” she says.
 
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We expect the cash rate to be maintained at 3% throughout 2013: Commonwealth Bank

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The shopping centre rental outlook is improving with the number of shopping centre managers reporting an improvement in tenant enquiry outnumbering those reporting weak tenant enquiry for the first time in over 18 months. 
The last time this occured was in September 2011 quarter.
This was the headline result of the latest Jones Lang LaSalle Shopping Centre managers’ survey carried out in February, which also found that customer foot traffic increased and passing specialty rents showed improved growth.
Customer numbers grew by an average 2.8% over 2012, according to the survey, which is based on the views of 96 shopping centre managers in Jones Lang LaSalle’s managed portfolio.
 
<img src="/images/stories/2013/tenant_enquiry.gif" width="600" height="445" alt="tenant_enquiry">
“Leasing enquiry levels strengthened in the December quarter, with 27% of centre managers reporting stronger enquiry compared with just 18% in the September quarter,” says Richard Fennell, Australian head of property Management at Jones Lang LaSalle. 
The improved rental sentiment comes as department store retailer Myer – an anchor tenant in many shopping centres - reported better-than-expected interim net profits of $88 million in the first six months of its financial year to January 26 and total sales up 2% to $1.73 billion. 
Analysts had tipped interim net profits of around $85 million. 
The outlook for retail sales is also more bullish with 53% of centre managers expecting some growth in sales over the next 12 months. 
Only one in five expected a decline in sales, which is the lowest level in the six surveys conducted to date. 
Less than half of respondents (43%) expect to see rental growth in the next 12 months, but this is up slightly from 39% in the November survey. 
Face specialty store rental growth is also slowly accelerating. 
The average passing specialty rent for sub-regional centres rose to 3.8% over the year to December 2012 up from 3.0% in the year to September 2012, while neighbourhood centre rents rose marginally from 3.5% per annum to 3.6% per annum 
On a state-by-state basis, shopping centre managers in WA were the most positive  about the year ahead, "due to continued strong economic conditions and the relaxation of Sunday trading laws in August 2012". 
Supermarkets and food retailers are the most active retailers looking to expand their operations, although enquiry in all categories remains subdued.
“Retailers are still facing very competitive market conditions and we expect national tenants will continue to take a cautious approach to new store commitments, but encouragingly, the survey found leasing enquiry levels are improving,” says Fennell. 
“The outlook for sales growth and rental growth is still fairly subdued, and centre managers believe the two will be very closely linked over the next 12 months.” 
Jones Lang LaSalle director of research and consulting, David Snowsell said the latest results show that a “level of cautious optimism” coming through but with the view “still very different across individual centres.” 
“The results are consistent with our view that the recovery for retail will be gradual and patchy. 
“Nevertheless, there are some supportive factors which will be positive for the broader retail sector in the short term. Consumer sentiment has improved the last couple of months, and spending within some discretionary retail categories is growing, albeit at a relatively slow rate.” 
“We expect these trends to begin to stimulate shopping centre performance over the short to medium term as the recovery persists,” says Snoswell.
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Shopping centre leasing enquiries rising as overall outlook brightens: Jones Lang LaSalle survey

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The Sydney rental market swung even further in favour of landlords in February with the overall metropolitan vacancy rate tightening from 2.2% to 1.9%.
The rental market tightened noticeably in the outer suburbs (more than 25km from CBD) and the middle suburbs (10-25km from CBD), which both recorded a 0.4% reduction in their vacancy rates to 1.8% and 2% respectively, according to the 2013 Real Estate Institute of NSW (REINSW) Vacancy Rate Survey.
The vacancy rate in the inner suburbs (0-10km from CBD) was unchanged at 2%.
“The residential rental market has contracted during February, in line with our expectations,” said REINSW president Christian Payne.
“The market will continue to tighten due to the lack of supply caused by the Government’s failure to provide appropriate incentives to invest in the property market.
Since July 1, the NSW government has provided investors and other non-first home buyers with a $5,000 grant under its  <a href="https://www.osr.nsw.gov.au/benefits/grant_scheme/" target="_blank">NSW New Home Grant Scheme</a> available to homes bought off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
This replaced the far more generous <a href="https://www.propertyobserver.com.au/residential/nsw-treasurer-mike-baird-defends-timing-of-changes-to-home-buyer-handouts/2012061755150" target="_blank">NSW home builder bonus, </a>which offered potential savings of $22,490 under stamp duty exemptions for new homes not exceeding $600,000 and vacant land not exceeding $400,000. 
The scrapping of this scheme was announced on June 12 last year given investors and owner-occupiers just 18 days to finalise their off the plan purchases.
“This dire situation will not resolve itself. We need action today from the government to address the inadequate, expensive and complex planning system, and an inequitable property tax regime, " says Payne.
“If not remedied, the crisis will continue to have significant negative impacts on the future prospects of NSW both economically and socially,” Payne said.
 
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Sydney rental market tightens to 1.9% vacancy rate with warning of "dire" economic consequences

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The prospect of securing high-yielding investments in a mature, transparent and liquid real estate market is drawing foreign investors to the Australian commercial property market. 
According to CBRE head of research for Australia Stephen McNabb, foreign investor interest in Australian is now stronger than it was pre-GFC, underpinned by property yields which remain globally competitive.
At a commercial property market outlook breakfast today in Melbourne, McNabb presented the following slide in his presentation showing regional retail yields (6.1%), prime office yields (7.4%) as well as industrial grade property yields (8.3%) as well as capital growth prospects for these three asset classes - all of which are attractive to foreign investors.
Click to enlarge
<a href="/images/stories/2013/03/cbremarch13one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/cbremarch13onethumb.gif"></a>
McNabb says industrial property is a category in which yields had started to "re-rate for higher growth above long term averages amid increasing logistics demand". 
“This may reflect a structural shift in the growth in internet retailing and its transformation of parts of the delivery chain which is driving demand in the industrial sector. 
“While traditional retailers are gradually losing out to online sales, this is shifting activity between the retail and industrial sectors, with logistics the key driver.  That said, at a national level we are also seeing a modest recovery in ‘traditional’ retail volumes, albeit at a lower rate of growth than historically and this is also driving the flow of goods around markets,” he said.
McNabb was joined at the breakfast by Dr. Nick Axford, CBRE’s head of Asia Pacific research, who said that despite the relatively high cost of finance and the perceived currency risk, “Australia remains attractive to investors – largely because it is a mature, transparent, liquid real estate market where pricing looks attractive relative to the very low yields prevailing elsewhere in the world”. 
He noted that investors continue to target the real estate sector with investment activity across Asia Pacific continuing to rise and with Australia just one of the markets that has seen increased levels of demand. 
And while investors based outside Asia Pacific had generally been selling more property in the region than they had been buying, he says there is a clear distinction between Asia Pacific as a whole, and the Pacific region, where there has been "a steady rise in investment from outside the region – and a significant uptick over the past six to nine months". 
"Over the year to December 2012, Australia was the most active investment market in Asia Pacific, and was the most popular port of call for investors outside the region," he said.
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Foreign investor interest in Australian commercial property at pre-GFC highs: CBRE

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Consumer confidence continued to rise above two-year highs in March - despite no rate cut.
The Westpac-Melbourne Institute Index of consumer sentiment rose 2%  in March to 110.5, its highest level since December 2010.
This follows a 7<a href="/news">.7% increase in February</a> – the biggest monthly gain since September 2011 – when the index rose from 100.6 in January to 108.3.
It is the fifth month in a row that the index has been above 100 with sentiment now 15% higher than its year ago level.
A reading of 100 or more indicates that optimists outnumber pessimists.
Confidence about buying a house or unit remains high with ‘time to buy a dwelling’ index up 1.6% and is now up almost 20% over the past 12 months.
The latest survey was carried out just after the RBA left the cash rate on hold at 3% on March 5, indicating a more broader improvement in confidence beyond the cost of borrowing money.
Westpac chief economist Bill Evans called it a " strong result" 
“Consumers would have been buoyed by the positive run on markets," Evan said.
Commonwealth Bank economist Gareth Aird says consumer sentiment was "buoyed by increased optimism over family finances and the economic outlook".
"The increase in the attractiveness of dwelling investment stems from lower interest rates, rising rental yields and a stabilisation in house prices," says Aird.
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Consumer confidence continues to rise with home-buyer confidence also high: Westpac index

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The weighted average median house price for Australia’s eight capital cities increased by 3.8% over the December quarter to a median of $533,099, according to figures compiled by the Real Estate Institute of Australia.
Capital city unit prices rose 2.4% over the quarter to a weighted average median of $436,305, according to the REIA.
On the back of these results, REIA president Peter Bushby said first signs were emerging of a “long awaited recovery for the residential property market”.
“It is well known that for the last year and a half, the housing market in Australia has been performing below the trend.
“To those who have been predicting a housing market crash, I would strongly recommend to take a deep breath and have a look at the results recorded for the last quarter of 2012,” he says.
While Bushby's sentiments reflect those of many property analysts, the extend of price rises recorded in the December quarter by the REIA will raise eyebrows.
REIA figures contrast strongly though with those compiled by RP Data over the same period.
RP Data recorded a 1.2% decline in dwelling prices over the December quarter with houses down 1.1% and units down 1.6% over the quarter.
Australian Property Monitors (APM) had house prices up 1.9% over the December quarter and the ABS recorded a 1.6% rise in capital city house prices.
Eyebrows will also be raised at the REIA reporting the largest increases in house prices in Melbourne over the December quarter - up by 7.8% to a median $555,000.
RP Data records Melbourne house prices down 1.5% over the quarter, though with a similar median of $550,000.
The Real Estate Institute of Victoria (REIV) recorded a 2.4% rise in Melbourne house prices over the December quarter on a seasonally-adjusted basis.
Australian Property Monitors (APM) also recorded a 2.4% rise in Melbourne house prices over the December quarter  with a median value of $525,000.
The REIA records a modest 2% rise in Sydney house prices over the quarter to a median of $656,000 while RP Data records a 2% decline and a median of $665,000.
Figures compiled by the REIA int is quarterly report are not seasonally-adjusted.
Sydney, Melbourne, Adelaide and Perth medians are revised once in the next quarterly release. Hobart, Brisbane and Darwin prices are not revised.
The current quarter estimates are based on a high (75% -90%) sample of final sales, current quarter estimates are compared with the revised estimates in previous quarters. Sydney median prices are adjusted for compositional changes.
The REIA report also notes that rental markets in resource-rich states remained tight.
“Underpinned by low vacancy rates, rents in Western Australia and the Northern Territory increased dramatically.
“Compared to the December quarter of 2011, median rents in Darwin increased 22% for houses and 14.3% for other dwellings.
“In Perth, increases were 9.5% for houses and 10.5% for other dwellings. Such conditions, together with lower interest rates and rising yields attract more and more investors back to the housing market.
“As we have said before, property is a long-run strategy. Remaining optimistic about the future of the Australian housing market, I am pleased to see that at the end of 2012, it finally turned.
“This augurs well for 2013,” says Bushby.
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First signs of residential property market recovery: REIA president Peter Bushby

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Nick Collishaw, the former boss of Mirvac until his sudden dismissal in August last year, has been appointed to head up a new listed property funds business at Centuria Property Funds.
Centuria Property Funds is the property funds management subsidiary of ASX-listed Centuria Capital.
Collishaw, as CEO of Centuria Listed Property Funds, will work alongside existing senior property executive Jason Huljich, CEO of Direct Property Funds, who continues to manage the division’s $1 billion direct property funds management business.
He will begin his new role on May 1.
Collishaw was CEO of Mirvac from August 2008, replacing Mirvac co-founder Greg Paramour, now the CEO of property fund manager and developer Folkestone.
<a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/ex-mirvac-boss-nick-collishaw-still-waiting-for-answers-on-sudden-departure/2012110757685">His last day at Mirvac was on October 31</a> with Susan Lloyd-Hurwitz replacing him as Mirvac CEO.
Collishaw will assume responsibility for Centuria’s listed property fund strategy with details of the Groups’ specific intentions in the listed property fund space to be made in the near future.
Centuria Property Funds currently manage 50 properties across 29 unlisted funds with a combined value of over $1.1 billion.
“The board and senior management warmly welcome Nicholas to the Group. On a personal level, we know Nicholas well and we have enormous respect for his experience and his property and capital markets expertise and integrity. It will be a great pleasure working alongside him,” said John McBain, Centuria Capital’s CEO.
Huljich will continue to grow the division’s direct property business.
“Centuria is now able to finalise implementation of its three level property strategy encompassing retail funds, wholesale funds and listed funds which will allow the Group to utilize its fully integrated business platform, offering investors access to a variety of investment options matched to their mandate and risk profile,” says McBain.
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Former Mirvac boss Nick Collishaw to establish listed property funds business at Centuria

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The construction industry is forecast to contract 4% over the three months to May 2013, according to short-term forecasts from the BCI Media Group.
BCI is forecasting $15.6 billion in total construction starts over the three-month period compared with $16.2 billion in the previous three-month period from December to February.
Total building construction is expected to fall 10% over this period with a 20% decline in the value of residential construction (including aged care accommodation).
The longer-term trend shows an 11% pick-up in residential construction for the May quarter of 2013 compared with the May quarter 0f 2012.
<img alt="constructionmarch13chart" height="306" width="470" src="/images/stories/2013/03/constructionmarch13chart.gif">
Commercial construction activity is expected to pick-up by 80% over the May 2013 quarter in line with longer-term growth, up 27% year-on-year.
The fall in total construction starts is being driven by a sharper fall in the infrastructure sector as the government cuts back on spending.
The long-term trend shows total construction starts in Australia at negative 3% when contrasting the value of 12 months’ construction starts against the corresponding 12- month period a year earlier.
BCI says there is unlikely to be any major improvement in the construction sector over the next twelve months as the high Australian Dollar, tight company budgets, and tough bank lending criteria continue to squeeze the market.
Whilst there are some signs of activity in the commercial and residential sectors, the overall building construction market continues to track sideways. On a state level, growth is showing through in New South Wales and Queensland; although in Queensland’s case any optimism needs to be tempered as the market remains nearly twenty per cent below where it was three years ago.
The fall in civil construction starts continued to gather speed.
"While there is anecdotal evidence of a drop in pricing on new jobs in the market, it remains to be seen if this will lead to a pick up in jobs going forward," says Damian Eastman, COO of BCI Media Group.
The Australian Industry Group/HIA Australian Performance of Construction Index for February recorded an expansion in house building and engineering construction with the overall index increasing by 9.4 points to 45.6  in the month, to still remain in contractionary mode, but at a slower rate of decline.
A reading of below 50 indicate a contraction in the industry with the distance from 50 indicative of the strength of the decline.
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Construction industry to contract 4% over next three months and no improvement long-term: BCI

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The demand for accommodation in the resource-rich Pilbara region of Western Australia has helped drive earnings at Perth-based developer Finbar.
Finbar reported net profits of $14.07 million for the half-year to December 31 off revenue of $62.2 million with its multi-stage Pelago project (pictured below) in Karratha the largest generator of earnings over this period.
<img alt="pelagomarch13one" height="353" width="470" src="/images/stories/2013/03/pelagomarch13one.jpg">
This compares with revenue of just $2 million in the previous corresponding period and a loss of $650,000.
The developer completed 85 settlements at Pelago West in August last year with nine additional lots already sold and anticipated to settle in the second half of  the financial year.
Pelago West, rising eight stories, is the first stage of the $225 million project, which will eventually comprise 292 residential apartments and 22 commercial lots with mining projects in close proximity and offering some residents sweeping views of red desert, the nearby Karratha Hills and Nickol Bay.
<img src="/images/stories/2013/03/pelagomarch13two.jpg" width="470" height="353" alt="pelagomarch13two">
One bedroom apartments were priced from above $600,000 when marketing began in 2011.
There are 20 lots still available to purchase, 14 of which are leased to government and large corporate tenants “generating strong rental returns”.
These apartments are now being sold off to individual apartment investors in the open market with prices starting from around $583,000 for a one-bedroom apartment and two-bedroom units priced at $854,000.
<img src="/images/stories/2013/03/pelagomarch13three.jpg" width="470" height="353" alt="pelagomarch13three">
Agents promoting these investments quote a "fair and reasonable rent return" of $1,000 per week for a one-bedroom unit, $1,400 per week for a two-bedroom unit and $1,700 per week for a three-bedder – rental yields of around 9%.
<a href="https://www.propertyobserver.com.au/developments/developer-finbar-making-an-impact-in-wa/2011102051937" target="_blank">Corporate tenants include CHC</a>, one of the world’s largest helicopter transport companies, which agreed a five-year lease on nine one-bedroom apartments at average rent of $1,100 with 4% or CPI increases annually.
Finbar has since begun marketing apartments in Pelago East priced at $604,300 for a one bedroom, one bathroom unit.
Finbar says rental yields are close to 11%.
Pelago East features eight floors of residential and a mixed-use ground floor.
Finbar has also leased 698 square metres of 1,067 square metres of commercial space in Pelago West designated for offices, shops and eateries.
Karratha is within the Shire of Roebourne, which has a gross regional product of $7 billion and representing around 25% of Australia’s exports – iron ore and LNG projects.
Among its Perth apartment projects currently under construction, Finbar reported strong sales in the latter half of the 2012 at ‘Au’ at 208 Adelaide Terrace in East Perth with 176 sales achieved in the 194 lot project.
Ecco at 262 Lord Street has secured 79 sales in the 98 lot project.
Among the other projects the contributed to interim earnings was Lime, featuring residential and office suites in East Victoria Park, Perth, reached practical completion in November with revenues for 20 lots being recognised and contributed to earnings in the six months to December 2012.
A further 68 settlements have occurred in Lime since December 31. All residential lots have now sold out and only 10 commercial lots remain to be sold in the 111 lot project.
Finbar says it is on track to exceed last year’s record profit of $28.3 million after tax.
In July last year, Finbar was selected by the WA state government as the preferred developer of the former Port Hedland Hospital Site, also in Pilbara.
The 3.5 hectare site on Sutherland Street is earmarked to become a major apartment development, overlooking the Spoilbank Marina and directly opposite the Port Hedland Yacht Club. 
The proposed Finbar development will comprise 367 short stay serviced apartments along with a considerable element of ground floor commercial office and retail units, which will reflect the requirements for the State Government funded $152 million marina and tourism precinct.
Managing director Darren Pateman said Finbar was “excited” about its interim results and prospects for the company “in what appears to be an improving market”.
“This company is very well positioned to benefit immediately from increased demand as we have continued our development activity unabated so that we will not be captured by the void that can exist in this industry between increased market demand and the long lag time for bringing on new supply."
Finbar will pay investors an interim dividend of 3.5 cents fully franked on April 19.
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Pilbara apartment project helps drive earnings and profits for WA developer Finbar 

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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