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Australia’s biggest mortgage broking franchise Mortgage Choice has reported a 20% rise in interim profits with CEO Michael Russell saying the group is optimistic about the housing and home loan markets for the first time in a number of years.
“Housing prices looked to have bottomed and are gradually on their way up,” said Michael Russell at the group's results briefing today.
The group reported interim profits for the six months to December of $7.8 million compared with $6.5 million in the previous corresponding period, in line with previous guidance.
The core Mortgage Choice loan book grew 4.7% to $44.4 billion with approvals down slightly (0.4% to $5.09 billion) and settlements up 2.1% to $4.43 billion.
Mortgage Choice added six franchisees over the six month period to stand at 386 franchises, its highest number of franchisees since January 2009.
After a tough five or six years for the group, mortgage brokers and the market overall, Russell said Mortgage Choice was “optimistic for first time in number of years”.
“Early talks about green shoots were premature a few year back, but looking at the dynamics now, there are sustainable green shoots appearing.
“We are quite buoyed by this."
Russell pointed to RP Data-Rismark figures showing capital city dwelling prices, up for month of January up for the last quarter and up year-on-year.
He noted the resilience in the Melbourne market – the weakest market for Mortgage Choice settlements.
While dwelling prices were down year-on-year in Melbourne, he said it was good to see Melbourne dwelling prices up for the month of January.
“Housing prices looked to have bottomed and are gradually on their way up,” said Russell.
He also noted that consumer sentiment – a significant contributor to the housing and mortgage industry – was finally rising, having “suffered from an extremely long lag time” following 175 basis points being taken off cash rate in past 14 months.
Also supporting the housing market, Russell says, is continued population growth, a housing undersupply issue, “which will form a nice base for housing price growth” and low unemployment, which is “comfortably constrained”.
The interim results show that settlements growth was driven by WA franchisees with settlements up 19% to $469 million  and Queensland up 10% to $1.97 billion in settlements.
This helped correct a small 2% slide in settlements in Mortgage Choice’s biggest market, NSW, which makes up 35% of settlements. Settlements in NSW fell from $1.56 billion to $1.53 billion.
Victorian market hardest for Mortgage Choice, significantly down on year on year basis, with a 4% drop in settlements to $979 million.
Mortgage Choice suffered a small drop in its share of mortgage lending, which fell from 4.1% to 4%. Russell attributed to preparations for a new marketing campaign in March.
"We have held back on marketing spend to give the campaign the best opportunity to be successful,” Russell said.
The group will pay an interim dividend of 6 cents per share.
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Mortgage Choice interim profits up 20% and optimistic about housing market for first time in years

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The Perth CBD is expected to be the top performing capital city office market this year despite mining companies reducing their costs and office space requirements, says BIS Shrapnel chief economist Frank Gelber.
However, Sydney is the best bet over the next five years with very little new CBD office space coming onto the market over this time period.
“As demand recovers, vacancy rates will tighten, leasing incentives will reduce, rents and property values will rise,” he says.
Gelber expects Sydney to be the top performing office market from 2014 onwards, despite projects like Barangaroo South adding over 120,000 square metres in new office space and due for completion in 2015.
He says the impact of Barangaroo has been built into BIS Shrapnel’s forecasts and he rejects “crazy comments” about the project pushing the Sydney vacancy rate to as high as 9%.
However, he says the other capital city office markets including Melbourne are “way behind”.
BIS Shrapnel is forecasting the Melbourne vacancy rate to reach 10% over the next few years from a current vacancy rate of 6.9%.
New projects and a lack of demand for fringe office space will also keep the vacancy rate elevated in Brisbane.
“This year, we think Perth will again top the pops – despite a recent setback in demand.
“While strong in the first half, net absorption turned negative in the second half of the year,” Gelber writes in The Australian.
Negative net absorption means that more office space was vacated than leased over the second half of 2012  - as mining companies downsized their space requirements.
Gelber highlights though that while mining investment is no longer growing at the “extraordinary rate that drove growth in mining services and hence office demand over the past decade, “it is [still] growing”.
Furthermore supply will dry up once the current spate of office projects are completed.
According to the most recent Property Council of Australia office report for the second half of 2012, the Perth CBD vacancy rate eased from 4.2% to 5.7% in December, but still remains the tightest capital city CBD office market.
“The Perth office market was affected by cost-cutting in resources companies, particularly the iron ore sector, last year. This resulted in less demand for office space by firms providing professional services to the sector”, said Property Council executive director, Joe Lenzo.
Lenzo says demand for Perth office space was at its weakest since 2009, with premium office space experiencing the largest increase in vacancy rates from 1.3% to 4.5% with a negative net absorption of just over 10,000 square metres.
However, mirroring Gelber’s sentiments, he says the new office pipeline will “tighten significantly in 2013” with only 12,249 square metres of new office space coming online in the Perth CBD over the year – a fraction of 180,000 square metres in new office space added in 2012.
From 2014 onwards the new office pipeline will gradually increase again”, he says.
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Perth to be the top office performer in 2013 but Sydney to step up from 2014: Frank Gelber

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It is more expensive to rent office space in Mumbai’s financial district than in the Melbourne or Brisbane CBD, according to the latest global office report from Cushman &amp; Wakefield.
The report refers specifically to Mumbai’s Bandra Kurla Complex (BKC), a planned commercial complex in India’s financial capital.
It consists of a number of commercial buildings with tenants including Dow Chemicals, ICICI Bank and Citibank, as well as being home to the Mumbai Cricket Association's cricket ground and the United States Mumbai Consulate.
Annual rents in Mumbai are around US$80 per square foot per year, compared with around $70 per square foot per year in the Melbourne CBD.
Mumbai ranks as the eighth most expensive Asia Pacific location to rent office space with Brisbane ranking ninth and Melbourne 10th.
 <img alt="mumbai-melbourne_offices" height="470" width="642" src="/images/stories/2013/feb21/mumbai-melbourne_offices.gif">
Photo by Deepak Gupta, courtesy of Flickr
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Mumbai hits Melbourne for six on office rents: Cushman & Wakefield

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Melbourne shopaholics, get your credit cards out and brace yourselves.
Shoppping centre developer GPT will score a retailing first when it opens both a Zara and Topshop in the new wing of its $300 million redevelopment of the Highpoint Shopping Centre in Maribynong,  in less than a month.
It will be the first time in Australia that a shopping centre offers both global fashion brands under one roof.
The arrival of the two global retail brands to Melbourne's inner west comes as Colliers International forecast overseas brands to open around <a target="_blank" href="https://www.propertyobserver.com.au/retail/zara-topshop-and-uniqlo-lead-retail-property-push-into-australia/2013021859421">300 new stores in Australia's capital cities</a> over the next few years, with fashion heavyweights Uniqlo, Zara and Topshop leading the charge.
The new Zara Highpoint store wil act as a cornerstone to connect the new Highpoint wing with the existing centre.
“We’re very pleased to be welcoming Zara to Highpoint and delighted to be the first Australian shopping centre owner to offer customers convenient access to international fashion giants Zara and Topshop under the one roof,” says GPT’s head of asset management Matthew Faddy
Zara forms part of Spanish retail company INDITEX and has over 1,700 stores across 85 markets.
It currently operates a store on the Bourke Street mall in Melbourne.
The first Topshop store in Melbourne opened in the Jam Factory on Chapel Street in the space that was previously occupied by Borders books.
Topshop is UK-based and was started by retailing billionaire Sir Philip Green.
A third Topshop store is due to open in the Myer Emporium currently under construction in the Melbourne CBD.
The new wing will officially open on 14 March with Topshop opening on the same day and Zara opening either on the same day or shortly after
“The second stage of the development will deliver a 14,000 square metre, two-level David Jones store, the first to Melbourne’s West, and approximately 80 new speciality retailers including Australian and international designer fashion, homewares and lifestyle stores. Zara will make an exciting addition to this mix,”   says GPT’s head of development Anthony McNulty.
“Once completed Highpoint will be home to more than 520 retailers, feature new community spaces and accommodate 7,000 car spaces.”
The new Highpoint Fashion Mall, the final stage of the centre’s development, will complement the Fresh Food Market and Eco Mall which opened last year. The Fresh Food Market and Eco Mall opened in October last year and features a Woolworths supermarket plus a range of speciality fresh food, children’s wear, services and general merchandise retailers
Highpoint Shopping Centre is co-owned by Highpoint Property Group, GPT Wholesale Shopping Centre Fund and The GPT Group. 
It is valued at $845 million as of December 31.
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Highpoint scheduled March opening for Zara and Topshop double-act

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Bank of Melbourne has followed sister-bank St.George by cutting its two-year fixed rate to 4.99%.
It follows <a href="/news">ME Bank cutting its three-year fixed rate</a> to 4.99% and all the major banks cutting their two-year fixed rates to 4.99% in the last few weeks.
Bank of Melbourne replaced St.George as Westpac’s Victorian brand in March 2011.
The bank also cut its three, four and five year fixed-rate home loans today.
New customers as well as existing customers switching into a new fixed rate can access a 2-year fixed home loan rate of 4.99% p.a. under Bank of Melbourne’s advantage package, once the advantage discount of 0.15% per annum is applied.
The Bank of Melbourne also promise to beat any equivalent home loan rate advertised by the major banks on fixed or variable rates until March 31.
As an added incentive, customers looking to switch their home loan from another bank will also receive a $700 rebate under Bank of Melbourne’s advantage package.
Bank of Melbourne chief executive Scott Tanner said “countless Victorians” have already taken advantage of its promise to beat any advertised equivalent home loan rate being offered by the major banks.
The following fixed home loan rates under an Advantage Package are as follows, once the Advantage Package discount of 0.15% per annum is applied:
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="140">
Old Rate
</td>
<td valign="top" width="132">
New Rate
</td>
</tr>
<tr>
<td valign="top" width="140">
1-year 5.39% per annum
</td>
<td valign="top" width="132">
5.15% per annum
</td>
</tr>
<tr>
<td valign="top" width="140">
2-year 5.29% per annum
</td>
<td valign="top" width="132">
4.99% per annum
</td>
</tr>
<tr>
<td valign="top" width="140">
3-year 5.39% per annum
</td>
<td valign="top" width="132">
5.29% per annum
</td>
</tr>
<tr>
<td valign="top" width="140">
4-year 5.79% per annum
</td>
<td valign="top" width="132">
5.64% per annum
</td>
</tr>
<tr>
<td valign="top" width="140">
5-year 5.79% per annum
</td>
<td valign="top" width="132">
5.69% per annum
</td>
</tr>
</tbody></table>
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Bank of Melbourne cuts fixed rates with two-year offering reduced to 4.99%

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The Sydney CBD market has maintained its ninth-placed ranking among the list of the most expensive locations in the world to rent office space.
Sydney has an occupancy cost of €992 per square metre, according to Cushman &amp; Wakefield’s Office Space Across the World 2013 report


Occupancy costs include base rent, turnover rent and other outgoings and expenses.
The  top ten list is headed by London’s West End (€2,137 per square metre), which regained its crown from Hong Kong’s Central Business District (€1,505 per square metre),
The biggest upward move was made by Rio de Janeiro’s Zona Sul which went from eighth most expensive office market to third most expensive.
Managing director of Cushman &amp; Wakefield Australia David Woolford says Sydney’s ninth place ranking in terms of global office occupancy costs confirms its position as a world class financial centre.
“This ranking reflects the premium standard of office stock available in Sydney and we expect Barangaroo will raise the bar even higher.
“It is interesting to note there is only a 6-10% differential between the destinations ranked 6 to 10 in this research and Sydney is consistently ranked in the top ten in terms of occupancy costs in the world,” he says.
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="491" colspan="6" valign="top">
Top 10 most expensive office locations by country
</td>
<td width="109" valign="top">
 
</td>
</tr>
<tr>
<td width="75" valign="top">
2012 rank
</td>
<td width="76" valign="top">
2013 rank
</td>
<td width="83" valign="top">
country
</td>
<td width="75" valign="top">
city
</td>
<td width="85" valign="top">
location
</td>
<td width="97" valign="top">
occupancy cost (€/sq.m/year)
</td>
<td width="109" valign="top">
Occupancy Cost (US$/sq.ft/year)
</td>
</tr>
<tr>
<td width="75" valign="top">
2
</td>
<td width="76" valign="top">
1
</td>
<td width="83" valign="top">
UK
</td>
<td width="75" valign="top">
London
</td>
<td width="85" valign="top">
West End
</td>
<td width="97" valign="top">
2,137
</td>
<td width="109" valign="top">
262
</td>
</tr>
<tr>
<td width="75" valign="top">
1
</td>
<td width="76" valign="top">
2
</td>
<td width="83" valign="top">
Hong Kong
</td>
<td width="75" valign="top">
Hong Kong
</td>
<td width="85" valign="top">
CBD
</td>
<td width="97" valign="top">
1,505
</td>
<td width="109" valign="top">
184
</td>
</tr>
<tr>
<td width="75" valign="top">
8
</td>
<td width="76" valign="top">
3
</td>
<td width="83" valign="top">
Brazil
</td>
<td width="75" valign="top">
Rio de Janeiro
</td>
<td width="85" valign="top">
Zona Sul
</td>
<td width="97" valign="top">
1,343
</td>
<td width="109" valign="top">
165
</td>
</tr>
<tr>
<td width="75" valign="top">
5
</td>
<td width="76" valign="top">
4
</td>
<td width="83" valign="top">
India
</td>
<td width="75" valign="top">
New Delhi
</td>
<td width="85" valign="top">
Connaught Place
</td>
<td width="97" valign="top">
1,324
</td>
<td width="109" valign="top">
162
</td>
</tr>
<tr>
<td width="75" valign="top">
3
</td>
<td width="76" valign="top">
5
</td>
<td width="83" valign="top">
Japan
</td>
<td width="75" valign="top">
Tokyo
</td>
<td width="85" valign="top">
CBD (5 Central Wards)
</td>
<td width="97" valign="top">
1,274
</td>
<td width="109" valign="top">
156
</td>
</tr>
<tr>
<td width="75" valign="top">
4
</td>
<td width="76" valign="top">
6
</td>
<td width="83" valign="top">
Russia
</td>
<td width="75" valign="top">
Moscow
</td>
<td width="85" valign="top">
CBD
</td>
<td width="97" valign="top">
1,141
</td>
<td width="109" valign="top">
140
</td>
</tr>
<tr>
<td width="75" valign="top">
6
</td>
<td width="76" valign="top">
7
</td>
<td width="83" valign="top">
China
</td>
<td width="75" valign="top">
Beijing
</td>
<td width="85" valign="top">
CBD
</td>
<td width="97" valign="top">
1,074
</td>
<td width="109" valign="top">
132
</td>
</tr>
<tr>
<td width="75" valign="top">
7
</td>
<td width="76" valign="top">
8
</td>
<td width="83" valign="top">
USA
</td>
<td width="75" valign="top">
New York
</td>
<td width="85" valign="top">
Midtown (Madison/5th Avenue)
</td>
<td width="97" valign="top">
1,052
</td>
<td width="109" valign="top">
129
</td>
</tr>
<tr>
<td width="75" valign="top">
9
</td>
<td width="76" valign="top">
9
</td>
<td width="83" valign="top">
Australia
</td>
<td width="75" valign="top">
Sydney
</td>
<td width="85" valign="top">
CBD
</td>
<td width="97" valign="top">
992
</td>
<td width="109" valign="top">
122
</td>
</tr>
<tr>
<td width="75" valign="top">
10
</td>
<td width="76" valign="top">
10
</td>
<td width="83" valign="top">
France
</td>
<td width="75" valign="top">
Paris
</td>
<td width="85" valign="top">
CBD
</td>
<td width="97" valign="top">
915
</td>
<td width="109" valign="top">
112
</td>
</tr>
</tbody></table>
 Source: Cushman &amp; Wakefield
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Sydney remains ninth most expensive office rental market in the world: Cushman & Wakefield

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ME Bank has cut its three-year fixed standard home loan rate to 4.99% p.a. on both packaged and non-packaged loans.
It is the first lender to cut its three-year fixed home loan rate below 5% - other lenders have all cut their less popular two-year fixed-rate offerings.
The new rate is 40 basis points below the lowest major bank three-year fixed rate of 5.39% offered by NAB.
The new three-year fixed rate, available to eligible super fund and union members, is currently the lowest in the market and the lowest ME Bank has offered since becoming a bank in 2001. 
The offer is available for a limited time.
“Now is an excellent time to fix rates,” said Jamie McPhee, ME Bank chief executive. 
“With rates at 30-year lows and signs global economies are improving there is limited scope for the Reserve Bank of Australia (RBA) to make further rate reductions.” 
“Therefore fixed rates – usually a good indicator of the future RBA cash rate – may not get much cheaper.”
 “It won’t get much better than this.”
 “When considering their decision to fix, borrowers should also think in terms of personal circumstances.”
“Fixing is like insurance: if your current circumstances mean higher rates put you under stress then fixing can be an important strategy - the trade off is reduced flexibility and there may be costs if you decide to exit early.” 
 
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
 
</td>
<td width="69" valign="top">
MEB
</td>
<td width="69" valign="top">
WBC
</td>
<td width="69" valign="top">
CBA
</td>
<td width="69" valign="top">
NAB
</td>
<td width="69" valign="top">
ANZ
</td>
</tr>
<tr>
<td valign="top">
 
</td>
<td width="69" valign="top">
 
</td>
<td width="69" valign="top">
 
</td>
<td width="69" valign="top">
 
</td>
<td width="69" valign="top">
 
</td>
<td width="69" valign="top">
 
</td>
</tr>
<tr>
<td valign="top">
Three year fixed
</td>
<td width="69" valign="top">
4.99
</td>
<td width="69" valign="top">
5.49
</td>
<td width="69" valign="top">
5.44
</td>
<td width="69" valign="top">
5.39
</td>
<td width="69" valign="top">
5.44
</td>
</tr>
</tbody></table>
 
Table  – Non-packaged three year fixed home loan rates. Source: Infochoice 20/02/2013. 
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ME Bank cuts three-year fixed to 4.99%

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St George has cut its two-year fixed home loan by 30 basis points to 4.99% per annum - effective from today.
The rate is available for borrowers who sign up to St.George’s Advantage Package home loan offer and is for a limited time.
It joins the <a target="_blank" href="/news">major banks and fellow Westpac-brand RAMS</a> by offering a fixed-rate home loan under 5% as well as a number of non-bank and mutual lenders offering this rate or lower.
St George says it now offers the lowest fixed rates in the market compared with the major banks for two, three, four and five years under its Advantage Package with a three-year fixed rate of 5.29%, four-year fixed at 5.64% and five-year fixed a t 5.69%.
These new fixed home loan rates are available for a limited time for new customers, as well as for existing customers who would like to fix part, or all, of their current home loan.
Customers with fixed rate applications underway that have not yet settled are also eligible for these new lower interest rates.
St George is running a number of promotions to sign up new borrowers.
Until March 31, St George is offering to beat any advertised home loan rate offered by the four major banks, for new customers.
In addition, anyone who applies for a St George home loan receives a free Australian Property Monitors (APM) property profile report for the property they are interested in buying and its location.
St.George also offers conditional loan pre-approval that is valid for 6 months, as well as a low 5% deposit requirement to help customers get into their home sooner.
“We know that many customers like the security of having a set loan repayment each month, so fixed interest home loans are a very popular choice and can really help customers manage their personal finances more effectively. Customers also have the option to split their home loan between fixed and variable rates,” says Andy Fell, general manager for St George Retail Banking.
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St George the latest to offer a two-year fixed rate of 4.99%

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Expressions of interest close today for a development site in the east Melbourne suburb of Blackburn that was once a fruit orchard and forms part of the estate of  the late Alan Herbert ‘Bert’ Cock, who played VFL in the early 1900s.
He died in April last year.
Cock played just two games for Collingwood in 1909 scoring one goal.
His brother, Eric was a more successful VFL player and a member of the Collingwood team which contested the 1922 VFL Grand Final playing 36 games and scoring 40 goals.
Another brother, Arthur, played two games for St Kilda in 1924.
The 10,360 square metre property stands at 59-67 Surrey Road, Blackburn North with three street frontages, 12 title allotments and is a 20-minute drive to the Melbourne CBD.
The portion up for sale is the remnant of the original 8.9 hectare estate, which was originally a large orchard operated by Bob Slater through the first half of the 1900s, and which is now the children’s playground known as Slater Reserve.
Since 1919 it has been owned by Herbert and Eva Cock or their immediate descendants.
The property harks back to the days when Blackburn was a country suburb, with the investment report noting that “all five family members loved the property and spent much of their lives on it watching its evolution from quiet countryside to busy suburbia”.
Eva Phillips, one of 14 siblings in a large orcharding family in Tunstall (now Nunawading) married Bert, a VFL footballer from Clifton Hill in 1914.
When they purchased the land in 1919, Bert and Eva, built a two room cottage close to Koonung Creek (now lot 11 Kent Close) and some 20 acres of orchard was painstakingly established.
Produce was initially taken by horse and wagon to Victoria Market however, with the development of reliable trucks and refrigerated transport, produce was trucked to the Blue Moon Co-operative (rail siding to the east of Blackburn Station) then shipped from Station Pier to Europe.
By the mid-1950s and to support their retirement, around 7.7 hectares of the property was sub-divided for urban housing. All five family members loved the property and spent much of their lives on it watching its evolution from quiet countryside to busy suburbia.
<a target="_blank" href="https://www.woodards.com.au/index.cfm?pagecall=property&amp;propertyid=2234678">It is being sold by Julian Badenach and Cameron Way of Woodwards with expectations of a price in excess of $4 million</a>.
“We are expecting interest from a number of investment bodies. Aged care services,  property developers interested in land subdivision for the creation of small house blocks as well as medium and high density units, townhouses and apartments are all showing interest,” Badenach tells Property Observer.
The land is zoned Residential 1 Zone and is close to Westfield Doncaster, Centro Box Hill and Blackburn North Village retail strip.
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Blackburn orchard owned by former VFL player Bert Cock seeks $4 million from developers

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The stars have well and truly aligned for Asian buyers wanting to invest in Australian residential projects.
The most recent development has been the introduction of “golden ticket” visas aimed at fast-tracking wealthy Asian investors’ entrance into Australia with a provisional four-year visa followed by the opportunity to apply for permanent residency.
The new Significant Investor Stream Visa (as it is officially known) requires an investment of at least $5 million in state or territory bonds; an ASIC-regulated managed investment fund; or a direct investment in an Australian company, which would include investments in commercial property backing a business such as a hotel or lodge.
The visa allows immigrants to skip skilled migration requirements such as being proficient in English and requires immigrants spend a minimum of just 40 days a year in Australia over the four-year visa period.
There is also no upper age limit, and the main applicant does not have to meet the business points test.
The Foreign Investment Review Board (FIRB) requirements must still be met under the visa 188 and 888. However, most commercial enterprises have a substantial financial threshold (currently $244 million) before requiring FIRB approval.
Tony Hogarth, who is a registered migration agent, says it is significant that English language is not a requirement for these visas
“This is likely to open up the Australian market to Chinese investors in particular, where language skills may have been a prohibitive factor in the past.”
The visa complements a number of factors that make investing in Australian residential projects particularly appealing to Asian investors.
According to Savills Australia’s Victorian investment directors, Clinton Baxter and Nick Peden, Asian investors already benefit from easy access to capital, and they also have tremendous competitive advantages over local developers of residential projects, including:
• Lower costs of funds from offshore sources;
• Established project marketing avenues in south-east Asia, leading to strong and rapid pre-sales of apartments; and
• A capacity to bypass onerous pre-sale requirements of the local banks.
These factors allow Asia-based developers to respond more rapidly to market conditions and deliver projects more quickly than most local developers.
“We regularly have several offshore buyers vying for the same property, such is the depth of interest and flow of capital from Asia into the Melbourne market,” say Baxter and Peden.
CBRE associate director Mark Wizel says there can be no doubt many of the new entrants have a far greater ability to contribute their own equity to both development projects and investment assets.
Furthermore, Wizel says that a lot of mainland Chinese developers are not adverse to risk and aggressively gear their projects, especially in the development space.
“We have seen many examples of Malaysian, Singaporean and Chinese developers using local Australian banks for senior debt funding and believe this will continue.
 “One area of particular note, however, is the emergence of offshore banks (mainly Asian) wanting to undertake funding of Australian development projects and investment assets,” he says.
“2012 saw the opening in Collins Street of retail branches for ICBC (the world’s biggest bank) and China Construction Bank, both of Chinese origin and both who have already shown a strong interest in supporting Chinese developers and investors in Melbourne.
“These banks join the Bank of China in Melbourne, who have been here for some time and whose appetite towards large scale lending is no doubt increasing,” he says.
In addition, Wizel says it is understood that OCBC from Malaysia has also been very active as an offshore lender to Malaysian developers working on projects in Melbourne.
Wizel says simple things like the language barrier and the ability to understand that mentality of Asian developers given Chinese bank an advantage over local banks.
In addition to financial factors, Wizel says both Malaysian and Chinese ties with Melbourne go back many decades.
He says Malaysians have an affinity with the city dating back more than 30 years, where many prominent Malaysian property players were educated and where the investment relationship into direct property commenced in the late 1980s.
“In relation to mainland Chinese investment, it needs to be noted that Melbourne has a strong history with Chinese people, this is no better understood than the fact that our Chinatown precinct is known to be the oldest Chinatown precinct anywhere in the world with San Fransisco’s Chinatown precinct coming second,” he says.
For more on Australia’s allure for Asian residential property investment, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook</a>. It is also<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> available in Chinese.</a>
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New 'Golden Ticket' visa offers further advantages for cashed-up Asian investors keen on Australian real estate

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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