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The WA government’s department of Consumer Protection has lodged a Supreme Court writ against the promoter of a rent-to-buy property scheme, alleging the company and its director misled consumers.
In its legal action against Presto Property Solutions Pty Ltd and director Rowan Amanda Lines, it alleges that a couple from Quinns Rock, who signed up as vendors under Presto’s rent-to-buy scheme returned from overseas almost a year later to discover the tenant/prospective buyer had sold their above-ground swimming pool, valued at more than $16,000.
It is also alleged that Lines purported to be the owner of the home when dealing with the tenant/prospective buyer, but at no stage did she own the property - she had only signed an option to purchase it.
The couple from the outer north suburb of Perth had dealt with Lines after they responded to a sign posted by Presto on a light pole with the slogan "we sell houses fast" near their home in July 2010
It is the <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/wa-consumer-protection-targets-rent-to-buy-property-scheme-that-took-david-beckham-jersey-in-lieu-of-deposit/2012101557170">third rent-to-buy scheme</a> which has been the subject of recent legal action by Consumer Protection.
Rent-to-buy schemes are targeted at people who don’t qualify for home loans. Buyers agree to pay rent to the seller in return for being able to purchase the property at a later date.
The commissioner for Consumer Protection is seeking injunctions against Presto Property Solutions Pty Ltd and director Rowan Amanda Lines restraining them from making false representations to both buyers and sellers involved in their scheme, in breach of the Australian Consumer Law.
“Ms Lines had later purported to be the owner of the home when dealing with the tenant/prospective buyer. At no stage did Ms Lines own the property, she had only signed an option to purchase it.
“The commissioner further alleges that Ms Lines and her company made similar false statements such as “no banks, rent and own” and “I buy houses fast” in a series of advertisements in the Quokka newspaper and Gumtree website,” said Consumer Protection.
Acting commissioner for Consumer Protection Gary Newcombe has urged consumers considering a rent-to-buy scheme to be extremely cautious.
“In this case, the Quinns Rock couple returned from overseas almost a year later to discover the tenant/prospective buyer had sold their above-ground swimming pool which had a replacement value of more than $16,000,” Newcombe said.
“This highlights the confusing nature of these agreements where the line between tenant and owner is blurred and the legal rights of all parties are unclear. There are many other risks that we are concerned about.
“Under these schemes, buyers who default on their tenancy agreement or can’t get finance to buy the property at the end of the option period are at risk of losing the money that was intended to go towards the purchase.
“We are also concerned that money paid by the buyer does not appear to go into a trust account and there is very little accountability of where the funds go or any system in place to keep track of the ongoing option payments.”
In October 2012, the Commissioner for Consumer Protection lodged a Supreme Court Writ seeking an injunction against another rent to buy property scheme, alleging that promoters Patricia Mirawati Susilo and Bryan Artawijaya Susilo of Applecross, engaged in misleading and deceptive conduct in breach of the Australian Consumer Law.
In August 2011, the Commissioner warned consumers about rent to buy property promoters No Loan Home Pty Ltd (trading as Perth’s Easyhomes WA), its sole Director Filip (Fil) Butkovic and employee Nikola (Nik) Butkovic.
In May 2012, the Supreme Court ruled the scheme was illegal because the promoters were not licensed real estate agents. The Court also ruled that the promoters had misled clients regarding the future value of the property, the potential equity that they are able to build up over a four to five year period and their ability to obtain finance at the end of this period.
Consumers who have concerns about a rent-to-buy property scheme should contact Consumer Protection on 1300 30 40 54 or email: <a href="mailto:consumer@commerce.wa.gov.au">consumer@commerce.wa.gov.au</a> for further information and advice.
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lschlesinger-FZcF9M3vE6

WA’s consumer protection takes legal against rent-to-buy property scheme after tenant sells portable swimming pool

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Lenders continue to cut their fixed rates with CUA today cutting its three-year fixed rate home loan to 5.25% per annum.
It follows fellow mutual lender <a href="/news">ME bank cutting its three-year fixed standard home loan rate to 4.99% </a>on both packaged and non-packaged loans earlier this week and <a href="/news">all the major banks</a> cutting their two-year fixed rates to 4.99%.





Jason Murray, CUA’s general manager, products &amp; marketing, points out that the three-year fixed rate is 19 basis points lower than the average of the big four banks’ equivalent products, and with fixed rates the most popular option for term home loans, he recommends customers should seize the opportunity to benefit from the lower rates.





“Fixing a mortgage not only provides payment certainty over an extended period, but can also help to stabilise your monthly outgoings. While the Official Cash Rate is at the same low levels it was at the peak of the GFC, economists are seeing signs of an upturn in global economic conditions which suggests that rates may not go much lower, so now could be an ideal time to lock in your mortgage rate,” he says.
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CUA cuts three-year fixed rate to 5.25%

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The Reserve Bank has left the door open to further cash rate cuts if non-mining sector demand does not pick up, but believes it is now "prudent to sit still" with mortgage rates near historic lows and house prices rising since May last year.

“Overall, there is a good deal of interest rate stimulus in the pipeline. At its meeting earlier this month the Board judged that it was sensible to allow it time to do its work,” said RBA governor Glenn Stevens in his opening statement to the House of Representatives Standing Committee on Economics.
“The board believed that the inflation outlook, at least as we assess it at present, would provide scope to ease further, should that be necessary to support demand. But for now, the Board decided it was prudent to sit still.”
CommSec economist Savanth Sebastian said Stevens had delivered “his clearest statement yet that interest rates are on hold at least until mid-year and possibly even longer.
“There wasn’t anything that was overly new in the Reserve Bank Governor’s commentary compared with what was released a fortnight ago in the Monetary Policy Statement.
“Rather his comments today provided more clarity and reinforced our view that interest rates are solidly on hold in the near term – especially given that the “substantial” stimulus measures are having an impact on the economy,” said Sebastian.
In his statement today Stevens continued along the <a href="/news">theme of the February minutes</a>, where he reported a number of signs of improvement in the housing market. Stevens noted that the cash rate has been reduced six times over the past sixteen months, for a total decline of 175 basis points, with house prices rising since May 2012.
“Allowing for some change in the gap between the cash rate and other rates, lending rates nonetheless have fallen to be not far from their historic lows.
As a result, he said the share of household income devoted to interest payments has likewise “declined considerably”.
“Indeed housing ‘affordability’ as conventionally measured, for purchasers, has improved a lot over the past two years.
“That represents quite a substantial change in policy settings. It is having an effect. Housing prices have been rising since last May, having declined for a period prior to that,” he said.
Stevens also expects a strengthening in housing investment due to several factors, “interest rates are low, housing prices are tending to rise, gross rental yields have increased, population growth remains strong and is even picking up a little”.
However, he did express some concerns about the Australian economy as the mining investment peak draws nearer.
“Looking ahead, it appears that the peak in the level of resource sector investment is now close. It is a very high peak, but we do not think that there will be a rapid decline in the near term after the peak. However, it seems pretty clear that this type of investment will not be adding to demand for much longer.
“Investment spending by businesses in other sectors has thus far remained somewhat subdued in comparison. There are good reasons to expect it will strengthen in due course, but the available indicators at present do not suggest that is going to happen in the very near term,” he said.
Answering questions after making his statement, Stevens indicated “a bias to ease” and “an easing was more likely than a tightening" and also commented that the economy "entered a soft patch early in 2013".
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RBA ready to cut cash rate again if needed but for now it is "prudent to sit still": Glenn Stevens

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There was a 14% rise in new apartment sales on the Gold Coast over the December quarter led by 31 unconditional sales recorded at the Sirocco apartment project being developed by the Emandar Group.
Colliers Internatial records 160 sales across 37 projects over the December quarter of last year compared with 140 sales across 40 projects in the previous quarter.
Despite the improvement sales remain at historically low levels - the long-term average for apartment sales on the Gold Coast is around 300 unconditional sales per quarter.
The December quarter result continued a trend of rising sales and declining projects being marketed off-the-plan with Mistral at Harbour Quays, Kirra Wave at Bilinga and Surf 120 at Broadbeach all selling out over the quarter. 
Sirocco at Harbour Quays was the only new project launched over the quarter. 
Sirocco is being developed at Harbour Quays near Biggera Waters, about 15 minutes north of Surfers Paradise. 
The project features 40 apartments, half of which are two-bedroom apartments as well as one and three-bedroom apartments and four-bedroom villas. 
Project numbers on the Gold Coast have declined for eight consecutive quarters from just over 60 in December 2010 to just 37 in the December 2012 quarter. 
The current number of projects is the lowest number of projects being marketed at buyers in 12 years. 
There are around 1,000 apartments available for sale at the moment, which represents a 20 month supply pipeline at the current sales rate, and the lowest since figures were first recorded 30 years ago. 
However, given that sales numbers are trending up and only two new projects expected to be added over the first quarter of 2013, the supply pipeline should begin to shorten. 
The two new projects coming on board are – the third stage of Harbour Quays in Biggera Waters and Synergy at Broadbeach.
Gold Coast apartment market – sales over 2012
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="213">
QUARTER - 2012
</td>
<td valign="top" width="213">
NO. OF SALES
</td>
<td valign="top" width="213">
NO. OF PROJECTS
</td>
</tr>
<tr>
<td valign="top" width="213">
March
</td>
<td valign="top" width="213">
113
</td>
<td valign="top" width="213">
47
</td>
</tr>
<tr>
<td valign="top" width="213">
June
</td>
<td valign="top" width="213">
133
</td>
<td valign="top" width="213">
42
</td>
</tr>
<tr>
<td valign="top" width="213">
September
</td>
<td valign="top" width="213">
140
</td>
<td valign="top" width="213">
40
</td>
</tr>
<tr>
<td valign="top" width="213">
December
</td>
<td valign="top" width="213">
160
</td>
<td valign="top" width="213">
37
</td>
</tr>
</tbody></table>
 
Tony Holland, Colliers International Residential Director of Project Marketing says buyers of new apartments on the Gold Coast or Tweed Coast have much more limited options than they have in the past.” 
Holland says there is more confidence in the Gold Coast as a whole now and this year had started off exceptionally well.
“We can report anecdotally that both enquiry and more importantly sales have been strong this year, not only in the apartment market, but also in the land sales market,” he said.
“It’s still at low levels but we think that is ­probably being held back because of the lack of choice in the market," Holland told the Australian Financial Review.
According to Holland , buyers are perceiving that the new price levels represent good value.
A regional report released by RP Data this week reported that Gold Coast unit values are still down 19.5% from their peak with the only the fast north Queensland coast a worst performing market, with unit prices down 22% from its peak.
The only one major off-the-plan project launched over the December quarter was Amalgamated Property Group’s Synergy at Broadbeach with 130 apartments.
The Melbourne-based Pellicano Group also recently gained master planning approval for a 1650-dwelling proposal at the Zagame family’s Paradise Resort on the Gold Coast.
According to Lynda Campbell, Colliers International research manager, the best performing precinct across the Gold and Tweed Coasts in the new apartment market for the December quarter was the North Shore, which had 84 sales across nine projects. 
The Colliers International figures contrast starkly with November quarter figures reported by the <a href="https://www.propertyobserver.com.au/developments/heavily-discounted-hilton-surfers-paradise-the-only-notable-gold-coast-high-rise-seller-in-november-quarter-midwood/2012121958540" target="_blank">Midwood Report,</a> which recorded just 19 unconditional high-rise apartment sales over the November quarter, a 70% plunge from sales figure a year ago.
There are currently 247 apartments in the medium-rise sector available for sale and 758 in the high-rise sector, according to Colliers International.
Niecon's two-tower Oracle project on Broadbeach, currently in receivership, managed over 100 sales in 2012.
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Gold Coast new apartment sales rise 14% in December quarter as project numbers decline

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Sydney has ranked as the sixth most expensive place in the world to rent prime logistics warehouse space with Brisbane ranking eighth and Perth in 10th place. 
The rankings are based on equivalent US dollar per square foot comparisons with Tokyo ranking first (US$21.33 per square foot) just ahead of London (US$20.32 per square foot). 
The average cost per square metre for prime logistics space in Sydney is US$12.59 per square foot, $11.74 per square foot in Brisbane and $11.02 per square foot in Perth. 
Logistics space is generally purpose-built modern warehouse space that has been specifically developed for storage and distribution purposes and often built to meet the specifications of a certain company or industry. 
While they may be unglamorous, featureless buildings on the outskirts of the city, high yields and low vacancy rates among prime assets have made them a popular investment choice. 
This week ASX-listed commercial property group Dexus acquiring a large industrial property in Brisbane’s southwest for $21 million after a sales campaign that generated a higher than expected level of interest. 
The sale of 13,315 square metre industrial facility at 131 Mica Street in Carole Park, negotiated by Simon Beirne and Troy Whalan of Colliers International, following an expressions of interest campaign that eventuated in 11 offers. 
The vendor was Wesfarmers subsidiary J Blackwood &amp; Son Pty Ltd and the property was sold via a sale and leaseback, with Blackwoods taking on a 15-year lease for the facility plus options for a further ten years, assuring Blackwoods of continued access to this excellent location. 
Whalan said that last year was the best year on record for Colliers International in the industrial property market and 2013 is expected to be even better.
<img height="506" width="419" src="/images/stories/2013/feb_22/cbre_industrial.gif" alt="cbre_industrial">
[Correction to this table: The data for Perth should say "$114 psm pa"]
While occupier demand in Sydney remains cautious, the report highlights that a strong preference still exists for good quality, well-placed logistics space. With vacancy levels low for such stock, pre-commitment activity has been prevalent, helping to boost prime rents during the final quarter of 2012.
CBRE regional director of industrial &amp; logistics services, Joshua Charles, says the vacancy rate for existing A-grade faculties in the major Australian markets was the lowest it had been in a decade which was helping to support rental increases.
“Incentives on prime logistics facilities are now back to pre-GFC levels,” Charles says. 
“Many large retailers are re-organising their distribution networks to incorporate 40,000 square metre to 80,000 square metre ‘mother ship’ distributions hubs in each state which is helping drive new construction. In this environment, developable land has become highly sought after by industrial A-REITs, who are looking at opportunities to speculatively building warehouses to get their jump on competitors.” 
Charles forecasts additional – albeit slight – growth in rentals in 2013 and a further increase in speculative construction. 
“The high Australian dollar has increased the need for local warehousing as importers ramp up their buying and, by extension, their need for storage,” he says. 
However, he noted that e-tailing was not having the massive direct effect that many believed. 
“Instead, third party logistics groups are picking these up as additional contracts that require more storage space,” he says.
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Sydney, Brisbane and Perth among top 10 most expensive prime warehouse rental markets: CBRE

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Chinese real estate listings portal Juwai.com has extended its reach into Europe following the signing of a new agreement, which will potentially add thousands of new European property listings to the site.
Under the agreement, more than 200,000 real estate agents in 24 countries will be able to market their properties on Juwai.com, which promotes itself as the largest international property search and information platform for Mandarin-speaking Chinese consumers.
Chinese buyers make up the fastest-growing real estate buyer group in countries in Europe, Asia, the Americas, Africa, the Middle East and the Pacific. They spent US$28.7 billion on residential property around the world in 2011, a figure that is projected to climb to US$114 billion by 2015.
In addition to an affinity for Australian wineries, hotels, residential sites and houses and apartments, Chinese buyers also account for 54% of the total value of purchases in the prime central London area, with average prices of £5 million ($7.4 million).
They also bought more than 30 prestigious Bordeaux vineyards in just two years, and are the biggest foreign buyers in the central Paris, Ile-de-France area, with 16% of the market.
Juwai.com search figures show that European properties were viewed over 882,000 times by Chinese investors in January 2013.
Last year, <a target="_blank" href="/news">Australian real estate group LJ Hooker</a> started advertising its residential and commercial listings on Chinese real estate listings portal Juwai.com following the signing of a partnership agreement between the two organisations.
Around 84% of Juwai.com’s traffic is comprised of high-net-worth Chinese from within China and living in Hong Kong, Taiwan, Macau, Singapore, Malaysia and other countries.
Eric Calosci, chief executive of Previsite, says the partnership with Juwai.com will significantly increase an agent’s chance of selling their property more quickly and at a higher price.
“They will be able to tap a huge market with no learning curve,” he says.
Juwai.com co-founder Simon Henry says the pool of high-net-worth individuals in China will expand at a 20% compound annual growth rate over the next three years.
“One-third of Chinese millionaires have assets overseas.  They have a voracious appetite for overseas property investments.
“Moreover, Chinese consumers continue to flock to Juwai.com from all corners of the world, with more than 32% of all website visitors living outside of China.”
The site has also been adopted by global Chinese communities living in Hong Kong, Taiwan, Macau, Singapore and Malaysia, providing Juwai.com customers with comprehensive exposure within China and across south-east Asia.
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Chinese real estate listings portal Juwai.com expands European property coverage

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Investors who purchase Perth apartments or Perth properties priced under $500,000 have the best prospects for capital growth over 2013, says WBP Property Group CEO Greville Pabst.
Pabst expects these types of Perth properties to generate capital growth of between 5% and 10% over 2013.
However, the outlook is far from uniform across Perth with Pabst forecasting that Perth holiday homes could lose up to 5% of their value over 2013 with declines of up to 3% for residential development sites.
The outlook for Perth houses within 20 kilometres of the city is for capital growth of around 7% at best, but there could be no price appreciation for Perth houses over 2013.
Little if any gains are tipped for the Perth prestige market ($2 million plus).
The outlook in Sydney is strongest for established housing within 10 kilometres of the CBD (up to 5% growth) with small gains for established units (up to 2% growth), but the rest of the market is expected to struggle with Sydney holiday homes set to fall by as much as 10% in value.
The forecasts cover the key capital city markets of Sydney, Melbourne, Perth and Brisbane and recognise that "different markets [within a larger market] perform differently”.
The outlook is fairly consistent for Brisbane, with modest growth tipped across both houses, units, the holiday market, mortgage belt and even for the long-struggling residential development site sector.
House prices within 20 kilometres of the Brisbane CBD are forecast to grow by 5% or more.
In Melbourne the prospects are strongest for established house and units but weakest for holiday homes and development sites where values could fall by double digits.
Pabst says it’s important for buyers to recognise that “no two properties perform the same because no two properties are exactly the same.
“Size, suburb, street and lot location, orientation, condition and broader economic conditions underpin property performance on an individual level, and exercise significant influence on capital growth,” he says.
<img alt="wbpfeb22one" height="317" width="470" src="/images/stories/2013/02/wbpfeb22one.gif">
<img alt="wbpfeb22two" height="152" width="470" src="/images/stories/2013/02/wbpfeb22two.gif">
<img alt="wbpfeb22three" height="173" width="470" src="/images/stories/2013/02/wbpfeb22three.gif">
Note: The forecasts do not include analysis of off-the-plan properties and only include legitimate resales
Photo courtesy of Flickr.
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Perth apartments likely to be the standout performers for 2013: WBP 

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Mortgage Choice CEO Michael Russell says he is certain state governments are re-assessing their first-home buyer grant schemes following dramatic falls in their share of the mortgage market.
Russell quoted ABS figures showing that from July to December, the proportion of first-home buyers taking out home loans fell from 18.6% to 14.2%.
A year ago (December 2011) their share of the market 20.2%.
Russell told Property Observer this was a "significant deterioration" and an area of "genuine concern.
He says changes to first-home owner grant schemes are not having a "particularly favourable effect".
Last year the Queensland and NSW governments withdrew the $7,000 first-home owner grant and replaced it with a $15,000 grant but only for those who buy or build a new home.
Russell says Mortgage Choice believes that all first-home buyers should be entitled to the first-home buyer grant.
"The notion of not indexing it it does not make sense.
"It needs to be indexed.
"I am sure it is being assessed at the moment, there will need to be action," says Russell.
He added that he does not subscribe to the notion that the grant has an inflationary effect - the theory that the grant pushes up house prices so first-home buyer don't actually get any benefit.
In his presentation to media <a href="/news">following strong interim results</a>, Russell noted that there had also been a declining in those refinancing, despite "incredibly attractive competitive interest rate and removal of exit fees" with the percentage of mortgage holders refinancing falling from 19.3% to 17.7%.
The good news for the market, he said was a rise in the number of homeowners looking to upgrade, with loans from this sector rising from 35 to 38.5% and the return of investors coming with their share of the market rising in both percentage of loans  and value, up from 31.4% to 33%.
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State governments need to look at first-home buyer handouts: Mortgage Choice

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A former self-managed superannuation advisor has received concurrent suspended sentences of 18 months after advising his clients to buy shares he held in a commercial lending business.
Craig Gerard Dangar was yesterday sentenced in the NSW District Court, Downing Centre after pleading guilty to two charges brought by ASIC of obtaining financial advantage by deception.
Dangar pleaded guilty to obtaining a total financial advantage of $250,000 by recommending that two clients purchase a portion of his shares in Morris Finance Ltd, a Geelong-based commercial lender, and misrepresenting the true owner of the shares.  He also indicated to one of the clients that the shares were likely to increase in value. Charges were brought by ASIC following an investigation into Dangar’s conduct between January 2004 and September 2007 while he was employed to provide superannuation advice to trustees of self-managed superannuation funds, and compliance advice to accounting firms. ASIC commissioner Peter Kell said ASIC is focused on promoting the integrity of the self-managed super industry so that ultimately, consumers feel confident when dealing in this area. "This case is a reminder to industry participants in the self-managed super space that dishonest conduct will not be tolerated and can lead to criminal conviction," Mr Kell said. Mr Dangar will be sentenced separately on a related charge before the Downing Centre Local Court on 11 April 2013. The Commonwealth Director of Public Prosecutions is prosecuting this matter.
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SMSF adviser guilty of deceptive investment advice to clients

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Three small lenders led by Holiday Coast Credit Union have cut their variable rates outside of any cash rate cut by the Reserve Bank, according to mortgage comparison website RateCity.com.au. 
<a target="_blank" href="https://www.hccu.com.au/">Holiday Coast Credit Union</a>, which has 15 branches on the NSW Holiday Coast and in the Hunter region, cut several variable loans by 0.20 percentage points. 
It’s lowest variable rate offering is 5.62% offered on its capped home loan product. 
The two other lenders to cut their variable rates were BMC Mortgage, which cut several loans by 0.10 percentage points and IMB Building Society, which cut one home loan by 0.05 percentage points. 
According to RateCity.com.au, a 0.20 percentage point discount can make a big difference on home loan repayments. 
For instance, for a $300,000 home loan dropping from 5.9% to 5.7% could mean a saving of $456 per year or $13,680 over 30 years. 
RateCity.com.au expects more lenders to cut their variable rates. 
Michelle Hutchison, spokesperson for RateCity, sus it's the first time RateCity recorded three lenders cut variable home loan rates out-of-cycle. 
"While there have been several rate increases out-of-cycle, we've never seen lenders drop variable home loan rates while the cash rate remains stable. 
"Lenders have room to move after keeping on average 0.42 percentage points of the Reserve Bank’s 1.75 percentage point cut to the cash rate since November 2011 from variable home loan borrowers. 
“If these three lenders can afford to cut variable rates out-of-cycle, other lenders – including the major banks – have no excuse to sit on their hands,” she says.
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Three small lenders cut variable rates without RBA prompt: RateCity

<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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