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The Reserve Bank is likely to leave the cash rate on hold in April and possibly for many months after that unless the non-mining sectors of the economy fail to pick-up.
Yesterday the RBA left the cash rate unchanged at 3% with bank economists noting that the monetary policy statement which accompanied it was virtually identical to the one made in February, but for a slightly better outlook for non-mining sectors.
Signs of improvement include the 0.9% rise in retail turnover in January – the strongest January rise in six years – and capital city dwelling values rising by 0.3% in February, following a 1.2% rise in January, according to the RP-Data-Rismark index.
Building approvals figures were a bit weaker than expected for January (down 2.4% on a seasonally adjusted basis), but previous figures have been upwardly revised and it is likely that January figures will also be upwardly revised in line with an overall improvement trend.
Quarterly GDP figures released today show the Australian economy grew by 0.6% in the December quarter after a 0.7% increase in the September quarter with CommSec's chief economist Craig James noting Australia's record-breaking economic expansion continues.
"Australia has a Goldilocks economy – not too hot, not too cold, in fact it's just about right. Why our good economic circumstances aren’t trumpeted more, defies rational explanation," writes James.
HSBC chief economist Paul Bloxham says low inflation (currently well within the RBA’s target 2% to 3% band at 2.2%) means an easing bias still remained and the RBA could cut rates if necessary, but he highlighted the following comment by RBA governor Glenn Stevens in the monetary policy statement, which suggests a brighter outlook.
“During 2012, there was a significant easing in monetary policy. Though the full impact of this will still take more time to become apparent, there are signs that the easier conditions are having some of the expected effects.”
Bloxham says the RBA continues to push the message that an easing bias remains in place, which keeps monetary conditions loose and prevents further appreciation in the Australian dollar (helping non-mining sectors like tourism, manufacturing and retail).
“Tactically, it pays the RBA to be dovish, irrespective of whether it eases further, particularly given the global currency wars.
But he also highlights a brighter economic picture emerging despite national accounts figures coming out today that showed a 3.1% rise in GDP over the 2012 calendar – slightly below the RBA’s expectations in the February statement of annual GDP growth of 3.5%.
“Solid [January retail] trade data and a surprise jump in the public investment data suggest there is more upside than downside risk to our forecast," says Bloxham.
Commonwealth Bank chief economist Michael Blythe also notes that the March monetary policy statement is almost a “carbon copy” of the February statement, but for “some faint suggestions that the easing bias is a little less pronounced”.
“Global downside risks have lessened but the qualifier 'for the moment at least' made in February has been dropped. “Sentiment in financial markets is now 'much improved' rather than just being on an improving trend. "Views on non?mining capex have shifted from 'relatively subdued' to adding a positive qualifier that 'some prospect of a modest increase' is now in store." Blythe says this “shift in emphasis” should be judged against the “relatively upbeat commentary provided by RBA Governor Stevens in his parliamentary testimony on 22 February, a lessening of concerns about the size of the mining capex ‘pothole’ and indications that the transition to non?mining led growth is underway”. "We expect the cash rate to remain at 3% during 2013," he says.
However ANZ economists Ivan Colhoun and Katie Dean maintain that the RBA “retains a clear bias towards further easing if the non-mining economy does not pick up more strongly”. “We continue to pencil in a further rate cut in June and see very little risk of a rate rise over the next twelve months as some are predicting,” they say.
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lschlesinger-FZcF9M3vE6

No rate cut in April as HSBC pencils in rate hike towards the end of the year

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<img src="/images/stories/2013/02/collierslogo.jpg" width="470" height="94" alt="collierslogo">
Wayne Chorley leads the Colliers International team covering the Perth industrial market from Neerabup to Mandurah. 
<img style="margin: 5px; float: left;" alt="chorleymarch6one" height="225" width="228" src="/images/stories/2013/03/chorleymarch6one.png">Agent: Wayne Chorley
Position: Director, industrial agency, WA
Company: Colliers International
Office Location: Perth
 
 
How long have you been in the industry? 
I have been involved in the real estate market for 33 years. I have specialised in industrial for the last 17 years.
What’s happening in the area you specialise in? 
The industrial market in Perth continues to maintain its resilience in the face of worldwide economic uncertainty.
Describe the most interesting property you have sold 
I once sold a laboratory in Tech Park Bentley which grew human skin for burn victims.
What are the ingredients to being successful in your job? 
Persistence. Motivation. Follow up. 
What aspects of your role do you enjoy the most? 
I enjoy the thrill of the deal and developing a cutting-edge dream team. I also enjoy Friday night drinks. 
Where would you invest a spare $750,000?
I would purchase a 500-square-metre office/workshop with a five tonne overhead crane and a small yard
Which football team do you support? 
Long-suffering Dockers member 
What’s your favourite app or techno gadget? 
The AFL footy app 
How do you use social media? 
I connect to colleagues through LinkedIn. I also use Twitter to keep up to date with the latest news and developments.
LinkedIn profile: <a target="_blank" href="https://www.propertyobserver.com.au/au.linkedin.com/pub/wayne-chorley/28/418/611">Connect with Wayne Chorley </a>
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In profile: Colliers International Perth industrial specialist Wayne Chorley

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The Meat &amp; Wine Co will open a new restaurant in the InterContinental Hotel at 117 Macquarie Street in the Sydney CBD.
The international steakhouse group will take the 320-square-metre space previously occupied by Justin North's Etch restaurant.
North's restaurant group, which included the award-winning Becasse restaurant and Etch, <a href="https://www.propertyobserver.com.au/commercial/justin-north-s-restaurant-group-collapses/2012060855048" target="_blank">collapsed in June last year</a>.
The Meat &amp; Wine Co, which is owned by Food Fund Australia, has taken a five-year lease with a five-year renewal option in a deal negotiated by CBRE’s Leif Olson.
The rental terms have not been disclosed.
The Meat &amp; Wine Co already has a restaurant at Darling Harbour (pictured below) and on Melbourne's Southbank, with a restaurant in Hawthorn East set to open next month.
<img src="/images/stories/2013/03/meatandwinemarch5one.jpg" width="470" height="313" alt="meatandwinemarch5one">
Olson said location was a key factor in the Macquarie Street lease.
“The opportunity to secure a prominent space within a luxury hotel with close proximity to Circular Quay was central to The Meat &amp; Wine Co’s decision,” Olson said.
The Meat &amp; Wine Co was established in 2000 by two of South Africa's most successful restaurateurs, Costa Tomazos and Bradley Michael.
Michael said the venture represented a new approach for the group.
“The InterContinental site offered us the iconic location we were looking for, however with 140 seats the space will allow us to create a smaller, more intimate model than our 300-plus seat flagship Darling Harbour location,” Michael said.
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Meat & Wine Co takes Etch space in Sydney's InterContinental Hotel 

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Office vacancy rates in in the Sydney suburbs have tightening noticeably over the past 12 months to January, according to a new report from Knight Frank.
Knight Frank records the suburban office vacancy rate declining from 9.5% to 7.9% between January 2012 and January 2013.
The Sydney suburban office market excludes the CBD and North Sydney office markets.
“While the drop in vacancy was partly a function of net supply, it was also reflective of steady organic demand,” notes Knight Frank.
Positive net absorption for the year (office space leased minus office space withdrawn from the market) measured 47,396 square metres or 1.6% of total stock.
The graph below shows that the vacancy rate has tightened in all suburban markets, bar the outer western Sydney market. 
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/chartoftheweekmarch6.gif"><img src="/images/stories/2013/03/chartoftheweekmarch6thumb.gif"></a>
According to Knight Frank, the majority of leasing activity which drove the healthy absorption figure occurred in the first half of 2012 with some loss of momentum in the second half of the year.
“This pattern was commensurate with the labour market, which showed metropolitan Sydney outperformed the NSW state total between mid-2011 until the second half of 2012 when both markets experienced some softening.
“With business conditions and confidence still below trend levels it is likely that leasing conditions will remain inconsistent over the first half of 2013 before an anticipated improvement in employment growth towards the end of the year.
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Sydney suburban office vacancy rates tightening: Chart of the week

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Industrial landlord the Goodman Group has confirmed that it has contracted to sell its 31,500 square metre industrial site at Mascot in Sydney to Harry Triguboff's Meriton group for $100 million.
Triguboff plans to build 1,000 apartments on the <a target="_blank" href="https://www.propertyobserver.com.au/developments/harry-triguboff-celebrates-80th-birthday-with-proposed-%24100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts/2013030459705?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">19-33 Kent Road site</a> near Sydney airport with the sale earlier mooted by The Australian.
Goodman says the disposal of the site forms part of its active portfolio management strategy.
"Goodman will look to enhance the quality of its portfolio through the increasing trend of urbanisation and property renewal in its key markets," it said in a statement.
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Goodman confirms sale of Mascot site to Harry Triguboff's Meriton group

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Investors who placed funds in investment property schemes associated with former South Yarra property developer Mark Ronald Letton may soon receive their first payments since the appointment of receivers more than three years ago.
KPMG joint receivers and managers Damian Templeton and Philip Hennessy, appointed by a Federal Court to properties associated with Letten schemes in February 2010, have notified investors and other claimants that they intend to declare an interim distribution. “It is not yet clear what amount, if any will be available for distribution,” said Templeton in a notice placed in today's The Age and Herald Sun.
ASIC believes that more than 1,000 investors placed more than $100 million in the projects managed by Letten and promoted through a number of companies associated with Letten, particurlarly LGH Administration Pty Ltd and LGH Holdings Pty Ltd.
The investments were made between 1998 and 2010.
<a href="https://www.propertyobserver.com.au/industry-news/melbourne-property-developer-mark-ronald-letten-facing-criminal-charges-over-alleged-unregistered-investment-scheme/2011121452844">Schemes managed by Letten</a> include the Healesville Walk Shopping Centre Joint Venture in Victoria, Reef House Resort in Palm Cove, Queensland and the Yarra Valley Golf Joint Venture in Chirnside Park.
The possibility of investors receiving a payment follows the receivers selling a number of properties in joint venture schemes operated by Letten.
Properties sold by administrators include 167-173 Flinders Lane, a five level office and retail building on the corner of Hosier Lane, which sold for $13.31 million in July 2010, the Glen Centre, retail and offices on Glenferrie Road in Hawthorn, which sold in August 2010.
Investors and claimants must submit a formal proof of claim or investment confirmation form to the receivers by March 25 (or have done so in the past) to participate in the possible interim distribution.
Letten, an accountant and director of LGH Holdings Ltd, is alleged to have promoted and sold investments in commercial property joint venture projects that were required to be registered as managed investment schemes under the Corporations Act.
He is facing 21 counts of operating unregistered managed investment schemes, one count of carrying on a financial services business without an Australian Financial Services (AFS) licence, and 15 counts of obtaining financial advantage by deception involving approximately $1.4 million.
He has been granted conditional bail to appear at the Victoria Country Court on March 20, 2013 for a directions hearing.
Action against Letten dates back to February 2010, when the Federal Court appointed Damian Templeton and Phillip Hennessy of KPMG as receivers and managers to the property of the 18 unregistered managed investment schemes and their related companies and ordered that the schemes be wound up.
The court orders follow an application made by ASIC to the Federal Court on February 2010 for the schemes to be declared unregistered and for receivers to be appointed to the properties in the schemes.
Detailed information for investors can be found on a <a target="_blank" href="https://www.kpmg.com/AU/en/services/Advisory/Transactions-Restructuring/Restructuring/Letten/Pages/Default.aspx">dedicated KPMG - Letten website.</a>
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Interim payment likely for Mark Letten property scheme investors: KPMG receivers

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Non-bank lender, State Custodians Mortgage Company, has cut the variable interest rate on its peak performance home loan by 25 basis points to 4.99%.
It follows the RBA leaving the cash rate <a href="/news">on hold at 3% today</a>.
The 4.99% rate is only available for those borrowers who are refinancing and also requires a hefty minimum 25% deposit.
State Custodians CEO Heidi Armstrong said new borrowers could take advantage of the discounted rate in lieu of the RBA keeping rates on hold today.
“The adjusted rate is expected to top the financial comparison rate charts,” Armstrong said.
“The <a target="_blank" href="https://www.statecustodians.com.au/Home-Loans/Cheap/Peak-Performance-Offset">peak performance loan</a> is one of our most popular products and by cutting the interest rate to 4.99%, we’re making it an even more attractive option.
“The peak performance loan is 100% offset – this helps our customers to further reduce the interest they pay."
State Custodians receives its funding from Resimac.
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Non-bank lender State Custodians cuts variable rates by 25 basis points to 4.99%

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AFG mortgage brokers processed $ 2.9 billion worth of mortgages in February, a record figure for the month. 
This was 5.3% higher than for February 2012 ($2.8 billion) and 10.5% up on the next highest February in 2009 ($2.6 billion). 
It follows AFG recording a record January month as well with <a target="_blank" href="/news">$2.2 billion worth of mortgages written.</a>
Also in February, fixed rate loans rose in popularity, with 24.1%of new borrowers choosing to lock in rates, compared to 16.3% in January.
The 24.1% figure is the highest recorded by AFG for fixed rates since March 2012, when they accounted for 25.4% of all new home loans. 
However, first-home buyer demand remained subdued over the month with demand for mortgages from this key segment near an all-time low in NSW at just 4.5% of the market, up slightly from 4.1% in January. 
First-home buyer activity in Queensland, which slumped after the removal of state grants to buy established homes last year, recovered slightly, rising from 4.5% in December to 6.4% in February. 
Nationally, first-home buyers made up just 12.9% of borrowers who arranged their home loan through an AFG broker, down from 13.2% in January and well down from a recent high of 17.3% in July last year. 
These figures will add impetus to calls for the NSW and Queensland state governments to reinstate the $7,000 first-home owner grant for those buying established homes.
In the diminished first-home buyer market, major lenders made significant inroads and are now responsible for nearly four out of every five new home loans arranged by AFG brokers. 
The AFG Mortgage Index shows the proportion of loans processed for non-major lenders in the first home buyer market fell to 21.8% in February, from 24.8% the month before. 
Non-major lenders have traditionally been stronger in the first home buyer sector than among other types of borrowers such as investors, upgraders and people seeking refinance. 
Non-major market share among first home buyers achieved a high of 33% in May last year.
Mark Hewitt, general manager of sales and operations at AFG, says Australia’s mortgage market has been less competitive than other developed economies for a very long time.
"So it’s of real concern to see the growing dominance of the majors in the only part of the market where there used to be stronger competition. We hope this is something the ACCC take into account in their current deliberations," he says.
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AFG records strongest February mortgage sales on record but FHBs stay away

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The Reserve Bank has left the cash rate on hold at 3% for the second month in a row following its monetary policy meeting today.
The decision was in line with the <a href="/news">expectations of most economists</a> and follows the release of ABS figures earlier today showing retail turnover rose 0.9% in January, the strongest rise in seven months and the best January figures in six years.
It leaves the cash rate at its lowest setting since the GFC.
ANZ will make its independent interest rate announcement on Friday.
“The recently released index results from RP Data provided a further reason for the RBA to leave interest rates on hold,” commented RP Data’s research director Tim Lawless.
“The housing market is clearly on a recovery path, with capital city dwelling values having risen by 3.3%  since reaching what appears to be the bottom of the market in May last year.
"Capital city dwelling values rose a further 0.3% over the month of February, after posting a solid 1.2% rise in January.  Auction clearance rates have remained consistently high and the number of home sales was 7.6% higher over the second half of 2012 compared with the first half, which suggests consumers are more willing to make high commitment purchase decisions.
“It has taken the housing market longer than normal to respond to such low mortgage rates, however it would be reasonable to assume that the RBA would be fairly comfortable with the housing market outcome to date,” Lawless says.
Michelle Hutchison, spokesperson for mortgage comparison website Ratecity.com.au says borrowers don’t have to wait for the RBA to cut the cash rate to save on their home loan repayments.
“We are seeing more financial institutions than ever before moving their interest rates while the Reserve Bank leaves the cash rate on hold.
“It shows that the Reserve Bank appears to have less influence over institutions’ decisions, where previously they would wait for a “green light” from the Reserve Bank before moving their variable rates.
RateCity found four lenders which lowered some of their variable home loan rates by as much as 0.20 percentage points last month.
“However, we haven’t seen any variable rate moves from the major banks, which hold 92% of the home loan market,” she says.
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RBA leaves cash rate on hold at 3%  

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Home building activity is heading in opposite directions in NSW and Victoria. 
Building approval data released by the ABS for January indicate that home building activity is trending down in Victoria with NSW finally closing the gap on its state rival. 
“Trend growth in Victorian building approvals remained negative in January (and has been negative since August 2012), indicating that Victorian building activity will continue to slow from the recent peak in the coming months,” says Ivan Colhoun, head of Australian economics and property research at ANZ. 
“In contrast, steady growth in NSW building plans has driven trend approvals to the highest level since mid-2005, narrowing the gap between Victoria and NSW trend building approvals to the smallest margin in almost six years. 
In its analysis of the January ABS figures, the Urban Taskforce also notes a shift towards NSW with a major boost in apartment approvals in the state over the month.
“In January 2009, only 600 apartments were approved while the January 2013 figures indicate over 2,000 approvals,” says Urban Taskforce chief, Chris Johnson. 
“NSW is clearly leading the country in the approval of apartments as these become a preferred housing type for many people.”
However, Johnson says that national approvals for all housing were flat as were approvals for the detached housing in NSW. 
“NSW Government needs to ensure that planning rules help the apartment market particularly in inner city areas of Sydney. 
“We are hopeful the White Paper and the Metropolitan Strategy, due out soon, will help with planning approvals for apartment buildings particularly in Urban Activation Precincts,” he says. 
Commonwealth Bank economist Michael Workman notes building approvals fell in Victoria by 2.6% in January, but highlights that the state still accounts for over 30% of national building approvals “suggesting housing supply in the state will be plentiful in 2013”. 
Building approvals were down in NSW (?1.3%), Queensland (?5.8%) and SA (?3.2%).
Tasmania bounced by 13.9% over the month. 
On a through?the?year basis, approvals were up in NSW (14.3%), Vic (3.8%) and Qld (12.0%).  Approvals were down in SA (?2.6%) and Tasmania (?23.9%). 
The Housing Industry Assocation (HIA) described the January figures as "disappointing".
“Building approvals in January 2013 fell for a second consecutive month, dropping back below the 13,000 mark,” said HIA chief economist, Harley Dale.
“The headline January decline of 2.4% would have been weaker if there hadn’t been a 3.3% rise in detached house approvals, a component that continues to miss the mark overall.
"Even with that monthly rise, approvals for detached houses were still down by 1% over the three monthsto January,” said Dale.
Peter Jones, Master Builders Australia’s chief economist said the January building approval figures do little to suggest a strong recovery is on the horizon for the industry. 
“New homebuyers still seem reluctant to commit and new dwelling approvals remain weak, despite being up a fraction on the previous trough. 
“The industry just can’t seem to pick itself up off the mat at the moment. The rise in private sector houses is certainly welcomed, but comes after three consecutive falls. There is a long way to go to overcome the negative trend that has developed again," said Jones.
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New home building activity starting to shift from Melbourne to Sydney: ABS figures

<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.

&nbsp;

[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.

<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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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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