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A major property industry legal stouch will begin in the Victorian Federal Court next Wednesday when commercial property giant GPT faces off against a $100 million class action claim from disgruntled investors.
It is one of a <a href="https://www.propertyobserver.com.au/legal/rod-lambert-s-%24175-million-gold-coast-claim-and-other-courtroom-conflicts-to-consider-in-2013/2013012458976" target="_blank">number of court room conflicts</a> that property industry participants will follow closely this year.
The class action against GPT was filed on behalf of investors by law firm and class action specialists Slater &amp; Gordon in December 2011.
It relates to a July 7 2008 statement from GPT to the ASX in which GPT downgraded its forecast earnings for the 2008 calendar year by 27%, and its distributions per security (DPS) by 30%.
Six months prior GPT had released its results for the 2007 calendar year and stated that its earnings would be “flat” (about $600m) for 2008.
“The class action against GPT alleges that it engaged in misleading or deceptive conduct and breaches of continuous disclosure obligations in relation to and following the release of its 2007 Full Year Statutory Accounts,” according to a statement on the Slater &amp; Gordon website.
Former GPT boss Nic Lyons and current head of corporate development Michael O’Brien will be called to give evidence next week.
In its 2012 report to shareholders released this week GPT says it rejects the allegations and intends to defend the claim.
“GPT does not expect that any payment it could be required to make would have a material adverse effect on the group’s operation or strategic objectives, or its financial strength,” adds the group in the report.
Current CEO Michael Cameron, who became CEO in May 2009, will not be cross-examined.
GPT was one of the listed property trusts heavily impacted by the GFC, losing more than $1 billion in value as its share price plunged.
However, it has since recovered and is now regarded as one of the strongest companies in the A-REITS sector.
 
 
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Former GPT boss to give evidence in $100 million investor class action

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Sydney median house prices rose strongly in the final three months of 2012 to end the year 6.1% higher,  but with little price gain in the Western Sydney mortgage belt, according to the latest report from the Real Estate Institute of NSW (REINSW).
House prices rose 4.2% over the final three months of the year to finish the year at $594,000.
The report indicates that the Sydney market remains highly fragmented with no price growth recorded in the inner city, where the median was unchanged at $1.05 million.
House prices in the outer suburbs (more than 25 kilometres from the Sydney CBD), which accounted for 65% of the 40,000 sales recorded for the year, rose 4.4% to a median of $470,000.
Sydney house prices over 2012 by suburban zone
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/reinswmarch8.jpg"><img src="/images/stories/2013/03/reinswmarch8thumb.jpg"></a>
Suburbs in Sydney’s outer west growth corridor delivered mixed results for home-owners and investors, but did register the strongest sales activity over the year.
Castle Hill, 31 kilometres northwest of the Sydney CBD, recorded 504 sales over the year - the highest number of sales for any Sydney suburb - but house prices rose just 1.9% over the year to a median price of $765,000.
Blacktown in Sydney’s outer west recorded 468 sales over the year, the second highest number of sales, but house prices rose only 2.6% to a median of $390,000.
Baulkham Hills recorded 276 sales for the year, but prices rose only 1.6% to a median of $630,000.
Liverpool house prices were unchanged over the year with a median of $405,000 with 100 sales recorded.
Bucking the trend of modest price rises, house prices in Auburn rose 6.8% over the year to a median of $512,500 from 188 sales.
The prestige end of the market continued to struggle with prices down 1.5% for houses priced in the 95th percentile at $1.629 million.
REINSW CEO Tim McKibbin said the overall results indicated a marked improvement in sentiment. “With confidence returning and stimulus in the form of interest rate reductions of 125 basis points in 2012, I believe that the green shoots of improvement are evident and a platform for a far brighter future in 2013 has been constructed. “In recent years Australia has been unduly influenced by overseas markets, which have not been performing very well. The reality is that many of those markets have little impact on the Australian economy at all. “Over the last six months, Australians have realised that our economy and our trading partners are reasonably robust. The confidence that has come from that realisation has begun to surface and is evident through an improvement in the share market. “We have also seen an improvement in property prices and the NSW government announced that employment rates are also improving. “Property prices are now returning to more traditional levels and we will start to see vendors coming into the market more strongly over the next 12 months. We should also see transaction levels increase, particularly in the more affordable areas of the market,” he says.
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Sydney house prices up 6.1% over 2012 but little growth in the western suburbs: REINSW

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More Chinese investor money is expected to flow into the prestige Sydney real estate market on the back of tighter controls being implemented in Beijing, according to Angus Raine, CEO of Raine &amp; Horne.
Recent measures announced by the Chinese government aimed at curbing real estate ownership include stricter enforcement of capital gains tax on home sale profits and the imposition of higher deposits for the purchase of second homes.
“Turning the screws on property speculation appears to be aimed at limiting a potential asset bubble in China,” says Raine.
“The upshot is that cashed up Chinese nationals could look to foreign property markets, which will surely mean more money flowing into Australian real estate in capital cities such as Sydney.”
Raine notes that the latest actions by the Chinese government comes soon after the introduction of the ‘Significant Investor Visa’, which accelerates migrant visas for foreigners who invest more than $5 million in approved investments in Australia.
“We’ve had a few wins in recent times with the Significant Investor Visa, and combined with the Chinese government’s restrictions, this will surely mean more money finding its way into the Eastern Suburbs housing market,” says Barry Goldman, co-principal of Raine &amp; Horne Double Bay and Bondi Beach.
Goldman says his office has already read received “significant interest from Chinese buyers” including “plenty of interest” in a five bedroom home at <a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Bellevue-Hill/?adid=2010287773" target="_blank">141A Victoria Road in Bellevue Hill</a>, the Sydney suburb, with the highest median prices.
“It ticks all the boxes with Chinese buyers and investors including harbour views, excellent build quality and close proximity to schools,” says Goldman.
Another Raine &amp; Horne estate agent, Hugh Macfarlan of Chatswood/Willoughby, said he expected the  legislative changes in China would flow through to the Sydney North Shore real estate market.
“Around 30% of our Chinese buyers are overseas investors, so we expect that any restrictions on real estate in China will flow through to our markets,” he says.
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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Chinese govt real estate clampdown good for Sydney prestige markets: Angus Raine

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More than one in four borrowers are now considering splitting their home loan between fixed and variable, according to Loan Market.
The mortgage broking group says that over the past four weeks  27% of enquiries have been from borrowers wanting to split a portion of their loan between fixed and variable.
This is a 70% increase on the number of borrowers looking to split their home loan a year ago.
Borrowers are looking to take advantage of historically low fixed rates with all the major banks offering a fixed rate product below 5% while RateCity.com.au said the average standard variable rate across the lenders on its website in February was 5.97%.
Last month, the <a 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">Commonwealth Bank’s general manager for home loans, Clive van Horen</a>, told Property Observer there was a growing proportion of borrowers who are “hedging their bets" by splitting their loan and keeping part of it on a variable rate.
“That way they get the best of both worlds,” van Horen said.
Loan Market spokesperson Paul Smith says split loans are particularly popular with young buyers getting into the property market.
“The fixed potion of these loans gives borrowers certainty around their repayments and the variable portion allows flexibility to pay off their home loan quicker whenever they're comfortable doing so”, he said.
“With fixed rates at near historic lows and likely not to drop too much further, many customers who would have traditionally gone with variable rates are opting for the fixed route to avoid the fear of missing out when rates eventually go back up."
One Loan Market borrower, who took out a home loan for $450,000 split their loan in the following way:  $400,000 fixed for two years at 4.99% and $50,000 Variable at 5.50% for three years.
“The split gives them peace of mind that the bulk of their repayments will be the same for the term of the loan, during which they will only pay the minimum level.
“The smaller variable portion means they won’t be severely affected by rate movements but do have the ability to pay off their home loan quicker,” explains Loan Market.
“Most fixed loans minimise the ability to make additional repayments but with a variable loan split, the borrower can use features like an offset account and has the ability to make extra repayments as they see fit.”
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One in four looking to split their home loan between fixed and variable: Loan Market

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The National Rental Affordability Scheme (NRAS) is set to expand with the federal, state and territory government planning to issue another 10,000 incentives worth around $40 billion to developers under the scheme.
Each incentive equates to one home under the scheme with around 11,300 homes built since its launch in 2008.
The scheme aims to provide affordable rental accommodation at a 20% discount to market rents, while property investors get an annual tax free incentive of just under $10,000, which is indexed each year to the rental component of the CPI.
The NRAS scheme was launched by Kevin Rudd in 2008 but failed to gain initial traction due to a perception that it was a social housing scheme with just 329 homes delivered in the first year.
Momentum has picked up since around April 2011 (as the graph below shows) with 11,277 homes delivered as of December 2012. However, momentum will have to pick up signficantly if the government wishes to achieve its target of 50,000 homes by 2015.
Property investors can participate by buying an NRAS-qualifying house or apartment and receiving the tax-free incentive in exchange for offering the 20% rental discount. 
Actual Delivery of Incentives by end of NRAS Year (30 April) – Cumulative: 
<img alt="nrasmarch7" height="167" width="470" src="/images/stories/2013/03/nrasmarch7.jpg">
The Australian Financial Review quotes Mark Butler, federal minister for housing and homelessness as saying he is working with state and territory ministers to open the fifth round of NRAS incentives with the aim of completing 50,000 houses by June 2015.
It follows the release of The National Housing Supply Council's 'Housing Supply and Affordability Issues 2012-13' report, which warned of a low volume of new housing supply coming onto the market with the shortage “likely to continue to be felt by the more vulnerable in our population, such as would?be buyers with low and insecure incomes, those at the lower end of the rental market and those dependent on government income support payments”.
In December last year, <a href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155" target="_blank">Brisbane apartment builder David Devine</a>, whose Metro Property Development Company is currently the most successful seller of new off-the-plan apartments in inner Brisbane, told Property Observer that self-managed super funds and NRAS investors were among the biggest buyers of his off-the-plan apartments in his projects.
Metro has marketed more than 50% of the 308 apartments in its Madison Heights development as NRAS-approved investments, compared with 20% in its first development, the Chelsea.
Financial advisory firm Onyx Wealth, which promotes NRAS property investments, says SMSF investors should consider acquiring an NRAS property because of the positive cashflow benefits,
“NRAS properties have greater negative gearing than equivalent non-NRAS properties,” says Paul Thewlis and Margaret Hardy from Onyx.
“By giving up 20% of the taxable rental income the SMSF increases its tax loss. Normally a loss is undesirable, but in this case it is usually offset by the value of the NRAS incentive,” they say.
Ernst &amp; Young partner Ross Hamilton told The Australian Financial Review he expected a “massive response” from developers to secure the incentives.
The tax incentive comprises an Australian Government contribution of $7,486 per dwelling per year (paid as a refundable tax offset or payment); and state or territory Government contribution of $2,495 per dwelling per year (in direct or in-kind financial support).
Financial institutions, investors, private developers, not-for-profit organisations and community housing providers are all eligible to apply for NRAS incentives.
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Government to expand NRAS scheme with aim of 50,000 homes by 2015

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The big four banks after tax profits were slightly down on previous years in 2012, but still tower over the profits earned by regional banks and foreign-owned banks.
The following graphs prepared by the RBA as part of its latest chart pack series shows the difference in profits earned by the three banking groups.
The major banks (Commonwealth Bank, ANZ, Westpac and NAB plus their subsidiaries), which have 92% of the home loan market, delivered interim after tax profits close to $12 billion in both halves of 2012, with analysts forecasting interim profits in excess of $12 billion in 2013.
In comparison, the regional banks (Suncorp, Bendigo &amp; Adelaide Bank, Bank of Queensland) made a loss in the first half of 2012 on the back of the Bank of Queensland becoming the first Australian bank in 20 years to report a full-year loss when it reported a $17.1 million loss for the year to August 31 2012.
The outlook for profitability for the regional banks is better for 2013 with analysts forecasting cumulative profits of around $400 million in both halves of the year.
While data on the profitability on foreign-owned banks is less up-to-date, their profitability also dwarfs that of the big four banks.
This week former <a target="_blank" href="/news">RBA governor Bernie Fraser</a> said the major banks could and should cut their variable mortgage rates amid 'very, very healthy'' profits.
<img alt="bankprofitsmarch7" height="656" width="470" src="/images/stories/2013/03/bankprofitsmarch7.jpg">
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Big banks profits in a class of their own: RBA

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Any borrower stuck on a home loan rate in excess of 6% per annum is paying too much and should negotiate a better deal with their bank or considering refinancing, the latest RBA chart pack reveals.
The RBA provides the following graph comparing indicative bank lending rates, the actual rates borrowers pay on their home loans and the cash rate.
Apart from showing that banks have increased their margins on home loans post-GFC, it highlights that while indicative rates (usually the standard variable rate) offered by banks remains well above 6%, the actual rate most borrowers are paying on their outstanding home loan has fallen below 6% for the first time since mid-2009 – also the last time the cash rate was at 3%.
In other words, significant discounts to the standard variable rate are being offered by banks - to most borrowers.
<img src="/images/stories/2013/03/ratesmarch7two.gif" width="470" height="399" alt="ratesmarch7two">
ANZ and the Commonwealth Bank have a standard variable rate of 6.40%, NAB is at 6.38% and Westpac the highest at 6.51%.
Last month <a target="_blank" href="/news">Commonwealth Bank CEO Ian Narev</a> explained that the standard variable rate was just the reference rate from which the bank prices its mortgages for different customers and that no one paid the bank's 6.4% standard variable rate.
Two non-bank lenders – <a target="_blank" href="/news">State Custodians and Easy Street </a>– are currently offering variable rates below 4.99%.
The RBA chart pack also reveals how steeply three-year fixed rates have fallen over the last few years in line with the three-year maturity swap rate – though not as steeply for small business borrowers, where they remain above 6%.
Currently borrowers can secure two-year fixed rates at 4.99% from all the major banks while a number of smaller lenders are offering three-year fixed rates at 4.99%.
Despite the steep drop, margins for lenders remain very healthy.
<img src="/images/stories/2013/03/ratesmarch7one.gif" width="470" height="395" alt="ratesmarch7one">
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Borrowers should not be paying more than 6% on their home loan, RBA charts suggest

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A large crowd of eager bidders and onlookers is expected to gather at the corner of Lygon Street and St Phillip Street this Friday when a rare Lygon Street corner property goes to auction in  Melbourne's Italian food heartland.
Property investors and restaurateurs seeking a trophy retail property asset are likely to be among those bidding for the vacant shop and upstairs residence to be auctioned at noon on March 8.
<img alt="lygonmarch6one" height="351" width="470" src="/images/stories/2013/03/lygonmarch6one.jpg">
"We have received over 100 enquiries and sent out around 15 contracts," says Colliers International agent Tom Noonan who is marketing the property alongside colleague Jeremy Gruzewski.
Noonan expects a price in excess of $2 million.
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. 
It has stood vacant since being acquired by the owners of DOC Pizza in late 2010. 
The owners had planned to turn it into a restaurant or café but never went ahead with these plans. 
It previously operated as a florist, which is the signage that remains on the building. 
According to RP Data the property was last listed for rent in October 2010 at $75,000 per annum. 
A sale price of $2 million would equate to a yield of around 3.75% if tenanted. 
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 sale of the Donati’s premises last year represented only the third commercial property to change hands on Lygon Street in the past two and a half years,” says Noonan. 
“The opportunity to be part of the vibrant, popular precinct that is Lygon Street doesn’t come along often, so when it does, interest is high. 
“We are expecting this new listing to attract strong interest from food and beverage retailers keen to be part of the gentrification of this pocket of Melbourne’s northern suburbs. 
“Serious foodies are now venturing into the north, following the lead of quality restaurants and cafes such as Hellenic Republic, Albert Street Food and Wine and Pope Joan.” 
“This is a versatile property suited to an investor, owner-occupier or developer.
“Vacant possession is also beneficial to investors who are looking to lease out the tenancy as it allows for immediate occupation. The location and current configuration would suit a number of tenancy profiles,” says Noonan.
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Vacant Lygon Street shop goes to auction with $2 million plus hopes

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Improving housing affordability is failing to encourage first-home buyers to step onto the property ladder – in fact the exact opposite is happening.
Despite the proportion of income required to meet loan repayments decreasing 1.4 percentage points to 30.4% over the December quarter, the number of new finance commitments to first-home buyers decreased 9.1% over the quarter and 17.4% over the year to be at their lowest level since the March quarter of 2005, according to the latest Adelaide Bank/REIA Housing Affordability Report.
The report found that first-home buyers made up just 16.5% of the market over the December quarter compared to 19% in the September quarter.
This trend looks set to continue with <a target="_blank" href="/news">mortgage broker AFG </a>recording first-home buyers as accounting for just 12.9% of home loans arranged by the group over February, down from 13.2% in January.
First-home buyer numbers fell dramatically in NSW from 11,117 in the December quarter of 2011 to just 4,459 in the December quarter of 2012, according to the REIA.
In comparison first-home buyer numbers increased in Victoria over the same time frame from 6,528 to 7,169 and also increased in WA from 3,699 to 5,014.
REIA president Peter Bushby says that largely due to a higher average income, the ACT remains the most affordable state or territory in which to buy a home, with the proportion of income required to meet loan repayments at 18.7%.
“Though the proportion of income required to meet loan repayments decreased to 36.0%, New South Wales remained the least affordable state or territory in which to buy a home,” he adds.
“Compared to the 2011 December quarter, all states and territories recorded improvements in housing affordability, the largest in Queensland and South Australia.”
<img src="/images/stories/2013/03/reiamarch6.jpg" width="470" height="304" alt="reiamarch6">
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First-home buyer numbers fall to near eight year low despite improving housing affordability: REIA

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The former Surfers Rowers Hotel at Bundall has been listed for sale under instructions from receivers and managers. 
The restaurant and function centre on the Nerang River stopped trading last month after receivers were appointed to property owner, Brisbane-based Alfanian Pty Ltd. 
According to RP Data records, the hotel was acquired by Alfanian for $2.88 million in July 2006. 
The Gold Coast Bulletin reported that business owner Mario Sherri had looked into buying the property in August last year until a valuation found that it was worth half of the agreed price.
The sales campaign is being steered by Glenn Price and Joel Fisher, of CBRE Hotels. 
The 150 Bundall Road property stands of 3,145 square metres of riverfront land across two titles and is two kilometres from the Surfers Paradise CBD. 
“The campaign is expected to generate significant interest from both owner operators and investors,” says Price. 
“The large site area means it could also be a land bank play for a developer who could potentially look to lease the site while pursuing planning approvals.” 
Situated on the corner of Bundall Road and Holden Place, the site currently comprises a two level building overlooking the Nerang River. The property has approval for 40 gaming machines, although no operating approvals are included in the sale. 
There is a split level public bar, a covered alfresco deck area, a formal restaurant,  a first floor function room and two large commercial kitchens. 
Adjoining the property are two additional parcels of land which are currently used for car parking. 
The properties are available to be purchased in one line or separately. 
Expressions of interest close at 4pm on April 4.
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Receivers put Surfers Rowers Hotel on Gold Coast up for sale

<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.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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