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Regional towns servicing the northern Queensland mining region are likely to benefit from the announcement that freight company Aurizon will invest in the development of rail and port infrastructure servicing the coal-rich Galilee Basin.
Aurizon, formerly state-owned QR National, has agreed to acquire a majority (51%) interest in Hancock Coal Infrastructure Pty Ltd (HCI), which owns GVK Hancock's rail and port projects.
The investment will facilitate the building of multi-billion-dollar port and rail infrastructure linking the remote Galilee Basin to the Abbot Point coal terminal, 495 kilometres to the north, allowing coal to exported offshore.
The Galilee Basin is 200 kilometres west of the existing coalfields in the Bowen Basin and has been labelled "Australia's next coal precinct".
The development of a number of Gina Rinehart’s Hancock Prospecting joint venture coal mining projects with India-based GVK require the building of the rail line and port in order to proceed.
The Galilee Basin covers around 250,000 square kilometres and contains vast quantities of thermal coal, which is used to generate electricity.
Writing in The Conversation last year, Sonya Duus from the Australian National University, said while the average-sized coal mine in Queensland currently produces around 5 million tonnes (Mt) of coal every year, one of the GVK Hancock proposed mines - The Alpha Coal project would produce 30 Mt per annum, and would still not be the largest in the new basin.
GVK Hancock is hoping to export up to 60 million tonnes of coal a year.
The development of the $6 billion rail link has the potential to create thousands of jobs in the construction phase of the railway and port as well as mining jobs when the mines are operational.
This could increase demand for accommodation in regional towns to house fly-in-fly-out workers.
Property values in remote towns situated close to the proposed Galilee Basin mines including Alpha, Jericho, Hughenden, Charleville, Winton and Middleton could all rise once the mines are operational.
In a recent webinar, <a href="https://www.hotspotting.com.au" target="_blank">hotspotting.com.au</a>'s Terry Ryder picked Mackay as a potential “next Gladstone”  due to its proximity to the Bowen Basin and export port facilities.
"This is one of the most significant deals in Queensland’s coal history. The development of the rail and port infrastructure will unlock the Galilee Basin and see the development of Alpha, Kevin’s Corner and Alpha West, creating one of the largest integrated coal development projects globally," said Dr G V Krishna Reddy, chairman of GVK.
"The proposed relationship with Aurizon would allow us to jointly develop the most cost and time efficient rail and port solution for the Galilee Basin.
"At full capacity, the proposed arrangement is intended to provide sufficient equity and debt funding for the projects to reach financial close. The parties jointly will leverage the work already completed by GVK, the significant potential for ECA financing and Aurizon’s experience and capacity to undertake major projects and capability in heavy haul rail and infrastructure."
GVK Hancock received the primary state and commonwealth environmental approvals for its greenfield rail project in May and August 2012 respectively. GVK Hancock’s port project received Commonwealth environmental approval in October 2012.
Collectively the proposed development of the rail and port infrastructure – which is expected to deliver export capacity of 60 mtpa – could represent an investment for Queensland in the order of $6 billion.
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North Queensland mining towns boosted by investment in Galilee Basin railway line

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<img src="/images/stories/2012/10/kflogo.jpg">
Knight Frank's Sydney investment sales specialist, John Bowie Wilson says investors are testing the water in the Sydney commercial market for the right opportunity.
<img style="margin: 5px; float: left;" alt="johnbowiewilson" height="225" width="228" src="/images/stories/2013/03/johnbowiewilson.png">Agent: John Bowie Wilson

Position: NSW Director - City Sales

Company: Knight Frank

Office location: Sydney

How long have you been in the industry?

14 years but the last five feel like ten.

What’s happening in the area you specialise in?

There are more buyers in the Sydney commercial market than there have been in a while. As the cost of debt has come down and yields have blown out, potential investors are feeling encouraged to seek out the right opportunities. However, the market is not cheap and while the outlook on the global economy remains uncertain there is still limited urgency to invest money.

Describe the most interesting property you have sold

Many years ago I was lucky enough to sell the smallest freehold building in Clarence Street in the Sydney CBD. The site area was 40 sqm and the total building area was around 80 sqm. From memory I sold it for $900,000. The real highlight of the building was the internal staircase, which, for space saving purposes, had to be pulled down from the ceiling to ascend to the upper level.

What are the ingredients to being successful in your job?

Being persistent, proactive, positive and personable plus the ability to work smart.

What aspects of your role do you enjoy the most?

Finding a solution for a client in a difficult market that results in a successful outcome for both parties.

Where would you invest a spare $750,000?

In my home. Owning your own principal residence outright is the best and most tax effective investment you can ever make.

Which football team do you support?

I love all football but am not a diehard fan of any specific code, however, I do support the Sydney Swans and the NSW Waratahs.

What’s your favourite app or techno gadget?

Not sure it is a techno gadget but my Nespresso coffee machine. It is the only thing that’s keeping me awake during the day after a night up with my new born twins – liquid gold.
How do you use social media?

To stay in touch with my business network and overseas friends and family.

Connect with John Wilson Bowie: <a target="_blank" href="https://www.linkedin.com/in/johnbowiewilson">On LinkedIn</a>

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In profile: Knight Frank’s Sydney city commercial specialist John Bowie Wilson

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The belief that high times may be returning to the Melbourne property market may have been taken a little too literally by two Epping estate agents who have been charged with a number of drug-related offences after rental properties they manage were allegedly used to grow hydroponic marijuana.
Following raids last week, two directors and the joint owners of Barry Plant Epping have been charged by Victoria Police after the discovery of hydroponic setups at residential properties in Epping, Wollert, South Morang and Mill Park.
Twenty-five properties managed by Barry Plant Epping were allegedly used for the marijuana-growing operations. So far Whittlesea Crime Investigation Unit detectives have executed 16 warrants and located about 3,000 cannabis plants as part of an ongoing investigation.
According to the Herald Sun, the alleged elaborate drug labs were set up at a cost of more than $660,000.
Five western suburbs men allegedly rented the homes since November and cultivated the crops.
Barry Plant chief executive Mike McCarthy said he was ''shocked and dismayed'' at alleged activities of the two directors adding that the real estate group operated independently of the Epping franchise.
The two directors charged are not employed by Barry Plant, but could lose their franchising licence with the group if the alleged offences are proven.
McCarthy said Barry Plant had taken immediate steps to contact the property owners whose properties had been turned into drug labs.
He added that the two men have professed their innocence and are co-operating with Barry Plant head office.
“Nothing like this has occurred in our history. These are serious charges and everyone in our group, from head office right through our 82 franchises, is shocked and dismayed," McCarthy said in a statement on Saturday.
Victorian police said a 52-year-old Greenvale man and a 52-year-old Lalor man have been charged with aid/abett cultivate and traffic a large commercial quantity of drugs. A 52-year-old Epping man has been charged with a number of counts of cultivate a commercial quantity of drugs. Five western suburbs men have been charged with separate counts of cultivate and traffic commercial quantity of drugs. A 36-year-old Thomastown man has been released pending further enquiries.
Last December, Property Observer reported on trouble for an Adelaide tenant after <a target="_blank" href="https://www.propertyobserver.com.au/south-australia/pot-plants-in-real-estate-ads-bring-adelaide-police-to-the-open-for-inspection/2012121358447">photos allegedly showing cannabis growing in two pot plants</a> in the backyard of a Henley Beach South house were inadvertently included in a real estate ad.
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Barry Plant Epping estate agents charged over rental property marijuana crops

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In the wake of natural disasters, nearly one in four Queenslanders are now fixing their home loan rate, while nationally demand for cheaper fixed-rate home loans is also rising, according to Mortgage Choice.
During February, fixed-rate home loans were most popular in Queensland, where demand reached 23.05% of all new Mortgage Choice loan approvals.
“Following the spate of natural disasters the sunshine state has endured over the past few years, in comparison to other states it isn’t surprising to see more borrowers in Queensland choose the peace of mind offered by fixed-rate loans,” says Mortgage Choice spokesperson Belinda Williamson.
Nationally, the proportion of borrowers fixing their home loan rate increased from 16.3% in January to 18.4% in February as all the major banks cut their fixed-rate home loan offerings to include a two-year fixed rate home loan <a target="_blank" href="https://www.propertyobserver.com.au/news/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504">"with a four in front of it"</a> - at 4.99%.
At the other end of the spectrum, Victorians were the least likely to take out a fixed-rate loan in February, with only 11.08% of the state’s loan approvals for fixed rates.
“This may suggest that Victorians are the least conservative state and are tipping further variable rate cuts to come,” says Williamson.
Fixed-rate loans are also popular in NSW and the ACT, accounting for nearly one in five loans approved by Mortgage Choice mortgage brokers in February.
Not surprisingly, ongoing discounted rate loans – where the variable rate is discounted for the life of the loan, usually in exchange for an annual fee – were the most popular products over February, accounting for 42% of all loan approvals nationally followed by basic variable and standard variable loans, which both accounted for 17% of loan approvals.
According to mortgage comparison website RateCity.com.au’s database of more than 100 lenders, the average three-year fixed rate is now 5.47% – the lowest level on record. The average standard variable rate is currently 0.42 percentage points higher at 5.89 percent.
Mortgage comparison website Mozo.com.au says fixed rate home loans are at an all-time low with an average fixed rate of 4.99% - 60 basis points lower than the average 5.6% variable rate, according to its database of home loans.
A spokesperson for Mozo says there would need to be another three to four cash rate cuts from the RBA for variable rates to fall as low as fixed rate.
Mozo visitor interest in fixed rates has tripled since December.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites <a href="https://www.ratecity.com.au/" target="_blank">ratecity.com.au</a>, <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a>,  <a href="https://www.infochoice.com.au/" target="_blank">infochoice.com.au</a> and <a href="https://www.homeloanfinder.com.au/">homeloanfinder.com.au</a> as of March 11:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td width="134" valign="top">
Provider
</td>
<td width="124" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="116" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="134" valign="top">
State Custodians
</td>
<td width="124" valign="top">
State Custodians Peak Performance Offset (Refinance Only)
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="116" valign="top">
5.38%
</td>
</tr>
<tr>
<td width="134" valign="top">
Easy Street
</td>
<td width="124" valign="top">
Honeymoon Home Loan Special
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="116" valign="top">
5.70%
</td>
</tr>
<tr>
<td width="134" valign="top">
Loans.com.au
</td>
<td width="124" valign="top">
Blackboard Special
</td>
<td width="97" valign="top">
5.09%
</td>
<td width="116" valign="top">
5.11%
</td>
</tr>
</tbody></table>
 Lowest one-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td width="137" valign="top">
Provider
</td>
<td width="123" valign="top">
Loan name
</td>
<td width="95" valign="top">
Rate
</td>
<td width="114" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="137" valign="top">
Quick Direct
</td>
<td width="123" valign="top">
One year fixed
</td>
<td width="95" valign="top">
4.79%
</td>
<td width="114" valign="top">
5.46%
</td>
</tr>
<tr>
<td width="137" valign="top">
UBank
</td>
<td width="123" valign="top">
UHomeLoan for refinance
</td>
<td width="95" valign="top">
4.83%
</td>
<td width="114" valign="top">
5.03%
</td>
</tr>
<tr>
<td width="137" valign="top">
Loans.com.au
</td>
<td width="123" valign="top">
Dream Loan Express
</td>
<td width="95" valign="top">
4.89%
</td>
<td width="114" valign="top">
5.28%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td width="131" valign="top">
Provider
</td>
<td width="131" valign="top">
Loan name
</td>
<td width="96" valign="top">
Rate
</td>
<td width="111" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="131" valign="top">
ME Bank
</td>
<td width="131" valign="top">
Member Package SMHL Standard Home Loan
</td>
<td width="96" valign="top">
4.99%
</td>
<td width="111" valign="top">
5.49%
</td>
</tr>
<tr>
<td width="131" valign="top">
Teachers Mutual Bank
</td>
<td width="131" valign="top">
Teachers Fixed Option Loan
</td>
<td width="96" valign="top">
4.99%
</td>
<td width="111" valign="top">
5.90%
</td>
</tr>
<tr>
<td width="131" valign="top">
eMoney
</td>
<td width="131" valign="top">
Pro pack 75
</td>
<td width="96" valign="top">
5.00%
</td>
<td width="111" valign="top">
5.51%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a href="/news">The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles</a>
 
 
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Anxious Queenslanders fix their home loans, while Victorians don't: guide to cheapest variable and fixed rates

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The number of Sydney houses and units listed for sale online has fallen by 13.3% over the past year leading an overall 1.1% annual decline in capital city listings, according to new February figures from SQM Research.
There were 25,857 properties listed for sale in Sydney in February compared with 29,810 a year ago, while nationally listings have fallen from 345,543 to 341,662.
However, Melbourne listings have risen by 5.3% over the same period to 43,621 – the biggest annual rise of all capital cities - and there are now nearly 18,000 more properties listed for sale in Melbourne than in Sydney.
This suggests that talk of a recovery in the Melbourne housing market may be premature given the level of stock that still needs to be absorbed while the Sydney market appears to be strengthening.
Listings were up 1.9% over February but SQM says this was to be expected and “as the seasonal pause in the real estate world comes to a complete end and the property market begins to pick up again”.
“Most capital cities only experienced modest increases, with Canberra and Sydney being the only exceptions, climbing by 8.5% and 10.2% respectively during February,” says SQM Research managing director Louis Christopher.
“A year-on-year comparison however, reveals that stock listings have decreased since this time in 2012, falling by 1.1% on a national level and it is the opinion of SQM Research that this result is far more telling of the current direction of the property market than the month to month comparison due to seasonality.”
Year-on-year figures indicate that all capital cities apart from Melbourne and Canberra (+ 2.1%) recorded declines in the number of properties listed for sale.
Apart from Sydney, strong yearly declines in listings were also recorded in Darwin (-9.2%) with more modest declines recorded in Perth (-3.8%) and Adelaide (-3.2%) and Brisbane (-2%).
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Sydney property listings down 13.3% over past year indicating improving housing market: SQM Research

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ANZ has left its standard variable rate unchanged following its March interest rate review - despite new funding costs easing.
ANZ’s standard variable mortgage rate remains at 6.40% per annum (6.50%pa comparison rate).
This follows the RBA leaving the cash rate unchanged at 3% on Tuesday.
“Each month we assess a wide range of factors affecting the ANZ Group and our retail customers as part of the interest rate review. This month those factors included the funding environment and our competitive situation," said ANZ CEO Australia Philip Chronican.
We have seen some easing of new funding costs from both wholesale markets and domestic deposits over recent months which has taken some of the pressure off what had been a relentless rise in funding costs since late 2007.
“Combined with other factors however, the range of ongoing pressures saw the ANZ Group’s net interest margin fall slightly in the first quarter of our 2013 financial year.
“At the same time ANZ’s mortgage lending remains competitively priced for our customers and well below one of our larger competitors.”
Variable interest rates for small business lending also remain unchanged.
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ANZ leaves standard variable rate unchanged at 6.4% following independent review

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Four out of five consumers (80%) say now is a good time to buy a home, according to a new consumer sentiment survey carried out by RP Data and online survey firm Nine Rewards in the first week of March.
This is up slightly from the 76% who said it was a good time to buy property when surveyed in October last year.
Rising confidence about stepping onto the property ladder comes as more consumers expect property prices to rise over the next six and 12 months.
More than one third (38%) of those surveyed expect house prices to rise over the coming six months, with 51% predicting prices to rise over the next 12 months.
By comparison, when the survey was conducted in October 2012, 33% of respondents expected home prices to rise over six months, while 42% expected to see a rise over 12 months.
Only 8% of respondents expect prices to fall over the next six months and the next 12 months.
About 54% are expecting prices to remain stable over the next six months and 41% expect no change in house prices over the next 12 months.
RP Data national research director Tim Lawless says the latest survey data shows a substantial upward shift in consumer expectations for housing market conditions.
"The results revealed distinctive differences from region to region where, as an example, 60% of respondents in Perth expected prices to rise over the next six months, and a larger 68% expected higher prices over the coming twelve months," he said
"In contrast, survey participants in Tasmania delivered a much more sedate reaction with only 30% of local respondents expecting prices to rise over the next twelve months."
"As consumer confidence in housing market conditions rises, we are likely to see a larger number of dwelling sales as the year progresses. Transaction data from last year was already showing an improvement in home sales, with 7.6% more homes transacted over the second half of 2012 compared with the first half. If the survey responses are anything to go by, we should see a continuation of this trend through 2013."
The survey also examined what the most important factors were for consumers when choosing a property.
More than half the respondents indicated that their personal financial situation was the most important factor, followed by prospects for capital growth in the housing market (20%), then interest rates (12%).
Only 9.4% indicated job security was their most important factor, while less than 4% indicated government incentives were the most important factor in their decision.
The results of the survey were compiled based on the responses from 1,040 Australians last week.
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Housing market sentiment rising with 80% of consumers saying now is a good time to buy: RP Data

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The Perth CBD office market will continue to benefit from demand for space driven by companies tied to resources projects with the prospect that the vacancy rate could tighten to below 4% by the end of the year, according to Colliers International.
This compares with a national vacancy rate of 8.3%, expected to rise to 8.8% by January 2014.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/colliersmarch8.gif"><img src="/images/stories/2013/03/colliersmarch8thumb.gif"></a>
The Perth market remains highly attractive to investors with premium net rents currently at $835 per square metre and A-grade gross office rents currently at $736 per square metre with yields at a healthy 8.5%.
A-Grade rents have risen 16% since December 2009 and are expected to increase slightly over the next six months.
Perth A-Grade net face rents exceed that of the Sydney core CBD, and remain well in advance of other Australian capitals.
“In dollar terms, Perth CBD is looking increasingly unaffordable with rents getting back up to levels not seen since the GFC,” says Nerida Conisbee, national director of research at Colliers International and author of the latest CBD Office Research &amp; Forecast Report
“All things being equal, Colliers International expects CBD vacancy rates over the next six months to tighten to a mid-year estimate of slightly under 5% with the likelihood of further tightening to around 4.0% by the end of the year.
“However, if the mining sector rebounds as expected, this, together with the expected take-up by the oil and gas sector, could see the vacancy rate contract even further, though this depends on how quickly confidence and investment in the WA resource sector rebounds in 2013.
“The ongoing issue of tight supply, high rents and low vacancies adds further impetus to the need for near-city suburban office development,” she says.
The most recent Property Council of Australia’s (PCA) Office Market Report for the second half of 2012 found that the office vacancy rate for the Perth CBD increased from 4.2% to 5.7% due to decreased demand for commercial office accommodation but also due to a record increase in new office space being completed.
There was 180,000 square metres of new office space added to the Perth CBD over 2012, but only 12,249 square metres of space is forecast to be over 2013.
The tightest Perth market is the premium grade market, which had a vacancy rate of 4.5% as of January 2013, according to the PCA.
From 2014 onwards the new office pipeline will gradually increase again.
Demand for office space will also be impacted by a growing urban population - the population of the greater Perth urban area is expected to grow by more than 35% by 2026, with the residential population of Perth city expected to reach nearly 50,000 over the same period.
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Perth CBD office vacancy rate could tighten to below 4% by end of 2013: Colliers International

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The auction of a much-hyped vacant Lygon Street shopfront and upstairs residence failed to live up to expectation with the property passed in today.
There were just two bidders at the on-site auction and just one genuine bid of $1.65 million.
The 70 Lygon Street, Brunswick East, property was passed in on a vendor bid of $1.8 million.
Colliers International agents Tom Noonan and Jeremy Gruzewski had expected the property to sell for in excess of $2 million in the tightly held retail and cafe strip.
They are currently working through offers with Noonan expecting to announce a sale early next week.
<img src="/images/stories/2013/03/lygonmarch11one.jpg" width="470" height="314" alt="lygonmarch11one">
Expectations were high that the property would attract a premium with 100 enquiries received prior to auction and around 15 contracts issued.
In October last year, the historic Lygon Street premises of <a target="_blank" href="https://www.propertyobserver.com.au/retail/lygon-street-premises-of-donatis-fine-meats-slices-records-with-emotion-driven-%24289-million-auction-sale/2012103057521">Donati’s Fine Meats</a> sold for $2.89 million at auction, with a private investor paying nearly $1.4 million above pre-auction expectations – a yield of just 2.3% amid “emotionally-driven” bidding.
Gruzewski and Noonan also marketed the Lygon Street butchery last year.
The 70 Lygon Street property stands at on the corner of Lygon and St Phillip Streets. It comprises 226 square metres of space, of which 75 square metres is ground floor retail on a site measuring 230 square metres.
The second floor has a three-bedroom residence.
<img src="/images/stories/2013/03/lygonmarch11two.jpg" width="470" height="314" alt="lygonmarch11two">
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Lygon Street vacant corner shop passed in at auction 

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Chinese and Malaysian investor appetite for Australian residential development sites and off-the-plan apartments is set to rise over 2013 as both countries undergo political change and a degree of uncertainty.
China has already transitioned to new leadership, with  Xi Jinping replacing Hu Jintao as general secretary of the Communist Party in November, along with six new appointments to the Politburo Standing Committee, the inner sanctum of the Chinese Communist Party, the world’s most powerful political organisation.
While the transition has been smooth, high net worth Chinese investors will be concerned, perhaps even alarmed, at recent reports that Xi Jinping is arguing for a return to "Leninist" principles.
"Why did the Soviet Union disintegrate? Why did the Soviet Communist Party collapse? An important reason was that their ideals and convictions wavered," Jinping reportedly told his party behind closed doors and reported widely outside of China, including by the <a target="_blank" href="https://www.nytimes.com/2013/02/15/world/asia/vowing-reform-chinas-leader-xi-jinping-airs-other-message-in-private?pagewanted=all&amp;_r=0">New York Times</a>.
Such comments - not reported in the state-controlled Chinese press - may encourage Chinese investors to increase their already substantial investment in Australian residential real estate.
Jittery Malaysian investors may also be considering upping their investments in Australia ahead of a national election which must take place before the end of June, with political tensions rising following the recent deportation of Australian independent senator Nick Xenophon, over his apparent support for opposition leader Anwar Ibrahim, which has raised questions about Malaysia's so-called democractic freedoms.
They will also be concerned at the loss of financial market confidence following the benchmark FTSE Bursa Malaysia KLCI Index falling more than 4% since January over concerns that the ruling Barisan Nasional may win fewer seats in parliament.
Melbourne in particular stands out, with Chinese developers investing almost $500 million there in the past two years.
Wallace Wang, a property developer and vice-president of the SRE Group headquartered in Hong Kong and Shanghai, told the ABC in September last year that investing in property in Australia was attractive for its lifestyle, a good return on investment and – importantly – because its regulatory system was transparent.
In a further sign of growing Chinese interest in Australian real estate, the Australia China Real Estate Association set up in Sydney last year to help Chinese investors get a better understanding of the Australian culture and regulatory differences.
 
 
<hr class="system-pagebreak">
Malaysian investors are also active in Melbourne.
“Malaysian investors want to put their money in a strong offshore market like Australia while they still can,” a commercial agent told Property Observer.
In recent months two prominent sites in the Melbourne CBD have sold to Malaysian investors.
In late 2012 <a href="/news">Malaysian developer Mammoth Empire</a> secured a prime development opportunity in the northern fringe of CBD after acquiring the low-rise 398-406 Elizabeth Street site for $15.1 million.
Mammoth Empire is currently building a 55-storey residential tower – MY80 – on the adjoining corner of A’Beckett and Elizabeth streets at a cost of $250 million.
In January a Malaysian investor paid $11 million for the former flagship Fletcher Jones showroom at 1 Queen Street at the north-west corner of Flinders Street, above expectations of around $10 million.
The investor is expected to lease the existing asset and resell it at a future time if commercial prices rise and possibly after it has secured a redevelopment permit, according to a report in The Age.
The former Fletcher Jones premises was marketed by Clinton Baxter of Savills and Matthew Stagg of Colliers International.
The property offers development potential by virtue of its prime corner position and spectacular views along the Yarra River and across to Southbank.
Baxter told Property Observer prior to the sale that the views were “extraordinary – up the Yarra to the MCG, and across the river to Southbank and Crown”.
“The views can never be built out.  So most likely, you will see a brand-new apartment, office or hotel building on the site in a few years’ time,” he said.
Other noteworthy commercial sales to Malaysian investors include the listed Starhill Real Estate Investment Trust, managed by Malaysian conglomerate YTL Corp, which in June paid $415 million for a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott.
At the same time as Malaysian investors look to snap up property in Australia, Chinese developers are also looking to escape local property rules and invest offshore in places like Sydney and New York.
Shanghai Greenland Group is spending 8 billion yuan ($1.2 billion) on projects in Australia, according to the Australian Financial Review.
The Chinese government has introduced tougher home purchase rules in around 40 cities to keep house prices under control and also introduced a property tax in Shanghai and Chongqin.
There are also plans for a nationwide real estate tax.
According to a report in Malaysian newspaper The Star, quoting fund managers and analysts, a change in government could cause the Malaysian market to go into limbo for up to six months as the new government determines its investment policies.
The main concern among fund managers and analysts is whether the policies of the opposition – should it win the next general election – will be market friendly.
Government is held by the Barisan Nasional (BN), which won 140 seats in the 2008 election, its worst result since the 1969 elections and down from the 198 it won in 2004.
The opposition Pakatan Rakyat coalition won 82 seats, denying the BN a two-thirds majority required to pass amendments to the Federal Constitution.
There have been three prime ministers and leaders of the BN since the 2008 election victory.
The current prime minister (since 2009) is Datuk Seri Najib Tun Razak.
The ruling BN coalition’s tenure expires on April 28, 2013, and the prime minister must call for the general election within 60 days of this date.
For more on the allure of Australian property to Asian buyers, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook. </a>The eBook is also available for<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> free download in Chinese.</a>
 
 
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Asian governments in transition impact property investment appetite

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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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