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The past ten years has seen the rise and acknowledgement of businesses driven by purpose as much as profit. It has also seen the establishment of enterprises driven to address social, economic or environmental causes, and growth in government seeking to procure through these businesses. This is the next logical step as business and governments are measuring their triple bottom line and delivering projects to operate sustainably and deliver social outcomes.

The development industry has the opportunity to adopt these principles and generate social benefits through its approach to delivering landscapes. The core premise of social procurement is using business to address issues of social, economic and environmental concern by providing employment for affected people and delivering funds to support programs that address them. 

Social enterprises derive most of their income from trading and deliver the majority of their profits to support their cause. The Victorian State government has an ambitious program for making social procurement a routine part of its operations. Through its <a href="https://www.buyingfor.vic.gov.au/social-procurement-victorian-government-approach">Social Procurement Framework</a>, it has set procurement targets for all projects to engage social enterprises, aboriginal business and social benefit suppliers such as disability enterprises. In the Victorian construction industry, we are seeing the rise of Aboriginal businesses and the use of social enterprises to provide a wide variety of services. Within the social enterprise sector there are several supplying landscaping products and services and it is a leader in the provision of services to the construction sector.  Within the construction space, landscaping is seen as a good fit with social enterprises as:

<ul>
<li>People have a natural affinity to work with plants </li>
	<li>Capacity from several social enterprise providers</li>
	<li>The work is relatively labour intensive </li>
	<li>A significant amount of the value is generated in nurseries, which are controlled sites away from the risk of construction sites</li>
	<li>Maintenance activities are conducted over several years, post-completion and require significant labour inputs.</li>
</ul>
Recognising the role of social procurement and a desire to give back to the community, Ecodynamics transitioned its <a href="https://www.ecodynamics.com.au/nursery/">Nursery</a> to a social enterprise model in 2018. The nursery supplies over 1 million indigenous, wetland and Ozbreed plants per year to the Victorian infrastructure market. 

Long committed to environmental causes, the business has partnered with Greening the West to support their urban greening program that is offsetting urban heat island impacts. <a href="https://greeningthewest.org.au/">Greening the West</a> has the vision to transform the west of Melbourne through tree planting and has successfully planted over 1 million trees since 2015.

The land development industry is a significant player in the landscaping industry, building new landscapes and public spaces across its portfolio of work. The development industry is also committed to building vibrant communities and regularly supports community development and environmental activities. The landscape works on land development projects provide an opportunity to extend community development through social procurement practices.

There are several ways the social procurement can be approached. The simplest is to include social procurement requirements in tender packages and let the market respond. It is likely this will result in plants being procured from social enterprise nurseries. Under this model the developer has limited control over the social outcomes supported and limited visibility of the impact. An alternative is to engage in long term arrangements with social enterprises to provide products and services over the long term. This has the advantage of allowing the developer to identify and engage with a social enterprise that aligns with their corporate goals and develop a relationship over the long term. Multi-stage developments have long term delivery programs and would be well suited to the following long-term arrangements:

<ul>
<li>Plant supply – developers know their plant supply requirements years in advance and could commit to long term plant supply contracts with social enterprise nurseries. This would give certainty to both parties and significantly reduce plant supply risks to projects.</li>
	<li>Maintenance – landscapes in developments are maintained for several years post construction. The work is low risk and labour intensive and well suited to disadvantaged workers that many social enterprises engage.</li>
</ul>
Social procurement is a growing service delivery sector and provides an opportunity for all businesses to extend the impact of their buying.  The landscaping industry is suited to social enterprises and has several mature players in Victoria.  I would encourage all developers to investigate how they can deliver works using social procurement.

Lead image credit: <a href="https://www.ecodynamics.com.au/nursery/">Ecodynamics.com.au</a>
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Melvie

The social benefits delivered through landscapes

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The adverse impact of the <a href="/expert-insights/buying/changes-the-real-estate-industry-will-experience-as-a-result-of-the-coronavirus">COVID-19 pandemic</a> on Australian industries has been a widely circulated narrative for the past two months with many speculating a ‘new normal’ is on the horizon. As we navigate through these uncertain times, the property industry, in particular, has demonstrated its ability to quickly adapt to changing circumstances and consumer behaviour.

It is a responsibility that falls on us, as property <a href="/developers/icd-property">developers</a>, to aid the industry in any way we can and despite an overall unfavourable impact, COVID-19 has perhaps been the catalyst to expedite changes that were forthcoming.

<h2>Adapting to new buyer behaviour</h2>

New regulations in regards to <a href="/guides/covid-19-is-it-possible-to-practise-social-distancing-at-home-absolutely">social distancing</a> have resulted in developers swiftly shifting their regular customer service and sales offering to private appointment only. As a result, this has led to fewer enquiries but the enquiries that have come in are much more qualified and serious.

This is due to the fact that by the time these individuals have stepped into our sales centres or display suites to meet with an agent, they have most likely already visited our website, read the brochure, and looked up the project in the news. By doing this, they have essentially pre-qualified themselves so by the time they reach their private appointment, they have a clear understanding of the project and a list of specific <a href="/guides">questions to ask</a>. 
  
With a large proportion of the population in self-isolation, the industry has also witnessed a spike in online visitation to resources such as <a href="/">Apartments.com.au</a>, with project websites and social media channels also growing in popularity.

We’ve also seen a greater demand for project brochures, floor plans and price lists to be made available online for purchasers to browse from the convenience and comfort of their homes. Similarly, many projects are looking to have showroom videos and 3D virtual tours of apartments created to upload online. This level of convenience has even stemmed to e-contracts, as individuals refrain from in-person interactions.

<h2>
Shaping the future of the property market  </h2>

This technology has been available for a number of years but the uptake wasn’t there. The way agents and businesses have operated has been largely dictated by the way consumers behave and now that this behaviour has pivoted, a new way of operating is being explored. Prior to social distancing and new regulations, we continued to do what we had always done because it seemed to work but now we’re exploring how to be more efficient. The changes we’re currently witnessing would have come eventually but COVID-19 has inadvertently caused us to adopt them sooner; it has made us reflect on whether the way we do business is the smartest way. This isn’t exclusive to the property industry, with many industries forced to reconsider their ways of working. 

Take for example telemedicine - Australia has been slow to adopt this practice but amidst a pandemic, everything went digital. Why would we ever go back to in-person consultants for a script refill when it can be done online?

Only time will tell whether these changes will be short-lived or if as a collective, we will put a greater emphasis on technology and efficiency. But for the time being, the most important thing we can do is to support Australians and local businesses. Within our own business, we are working hand in hand to navigate this tough market with our partners and consultants. 

By remaining involved in advocacy groups such as the <a href="https://www.propertycouncil.com.au/">Property Council of Australia</a> and the UDIA, we can safely keep construction sites open to stimulate the economy and keep Australians in jobs, while ensuring <a href="/developments">developments</a> are progressing healthily through planning and construction. It is times like these you need to remain agile when the going gets tough - it will only make us stronger on the other side.
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The future of the Australian property market post COVID-19 according to ICD Property's Sal Quah

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For many <a href="/guides/how-to-ensure-financial-return-on-your-property-investment-in-15-simple-steps">property investors</a>, including both private investors or self-managed superannuation funds, one option that many investors like to consider is whether to invest in a hotel, serviced apartment or resort.

Investment Options

There are several ways purchasers can participate in <a href="/expert-insights/buying/concerned-about-your-hotel-development-during-covid-19-a-lesson-from-hotel-broker-michelle-matthews">hotel ownership</a>, and these include:

1. Managed Investment Scheme (which <a href="https://www.asic.gov.au/regulatory-resources/funds-management/">ASIC</a> notes are also known as “managed funds”, pooled investments” or “collective investments”)  
2. Individual Lease to the tenant/operator 
3. Management letting rights agreement

1. Managed investment schemes 

According to ASIC (Australian Securities and Investments Commission), in a managed investment scheme:

<ul>
<li>People are brought together to contribute money to get an interest in the scheme ('interests' in a scheme are a type of 'financial product' and are regulated by the Corporations Act 2001 (Corporations Act))</li>
	<li>Money is pooled together with other investors (often many hundreds or thousands of investors) or used in a common enterprise</li>
	<li>a 'responsible entity' operates the scheme. Investors do not have day to day control over the operation of the scheme.  The Responsible Entity has the dual role of trustee and manager of an investment scheme and must be appointed if an investment scheme needs to be registered.</li>
</ul>
If the Scheme invests in a Hotel, it will generally enter into either a Lease Agreement with an operator (where the tenant/operator pays a monthly rent to the Scheme, thus providing consistent income), or it appoints a manager under a Hotel Management Agreement, whereby a professional management company is paid a fee to manage the hotel on behalf of the Scheme, which provides a more variable return. 

<ul>
<li>With a Lease Agreement:</li>
</ul>
<ol>
<li>The Tenant will pay an agreed monthly rent and a share of outgoings (building expenses) to the Scheme, but the Tenant wears all risk and upside of the business. </li>
	<li>Rent may be fixed, variable, or a combination of the two.</li>
	<li>The Scheme is still responsible for all major structural repairs.</li>
	<li>Leases can run from 15 to 25 years with further options.</li>
</ol>
<ul>
<li>With a Hotel Management Agreement:</li>
</ul>
<ol>
<li>the management company is paid a fee to oversee the day-to-day operations of the hotel (including sales and marketing, finance, staff supervision etc) however all expenses are paid by the Scheme and most of the risk rests with the Scheme. </li>
	<li>Any profits are shared amongst the investors in the Scheme according to their entitlements.</li>
</ol>
No matter which of the above applies, the Responsible entity manages all legal/compliance aspects of the Scheme on behalf of the investors.

2. Individual Leases are a much simpler structure, and generally apply to a Hotel that operates within a strata-titled building such as a multi-storey apartment building. In these instances:

<ul>
<li>The tenant enters into individual leases with each owner. </li>
	<li>Typically, these leases may have been established by the original developer who has standardised all terms and sets the initial rental amount.</li>
	<li>Rental is a set amount with annual increases set by reference to CPI or a fixed percentage amount. The first owners may have a guarantee of a minimum gross return on their investment (for example, 5% or 6%).</li>
	<li>Some rental agreements may also be variable, where they are based on a percentage of revenue generated OR they could have a fixed base rent plus a percentage of revenue.</li>
	<li>Most strata-titled buildings have an <a href="/expert-insights/buying/an-owners-corporation-s-response-to-dealing-with-covid-19">Owners’ Corporation</a>, Body Corporate, Community Corporation (or similar) who will manage the common property on behalf of all owners and will arrange insurance or maintenance to structure within a building, however they have no control over the Hotel other than where agreements have been entered into for use or management of common property.</li>
	<li>These types of investments generally have low capital growth due to the fixed nature of the rent.</li>
</ul>
3. Management Letting Rights are another common management solution for strata-titled Hotels. In this instance, typically:

<ul>
<li>The Manager will enter into an exclusive arrangement to manage letting rights within the building </li>
	<li>They will operate the Hotel or letting business and undertake caretaking of the building as well as operating the Hotel. </li>
	<li>The Manager may enter into a lease (as noted above) or agree to share the revenue generated for each room/apartment with the individual owner.</li>
	<li>Occasionally, these agreements will see revenue pooled with other owners and the revenue split.</li>
	<li>If the Manager does not have exclusivity in the building then there may be competing rooms/apartments that may compete and/or detract from yours.</li>
</ul>
Questions to consider

No matter which of the above options you may be considering, there are a number of questions that will help understand both the risks and opportunities inherent in each. Some of these include:

1. Who is the operator?

<ul>
<li>Is it an internationally recognised operator in this space or a small mum-and-dad operation?</li>
	<li>Do they have a strong balance sheet able to support any lease or rental guarantees?</li>
	<li>What other properties do they manage, and can you seek testimonials from other owners?</li>
</ul>
2. How does the rental return compare to leasing out an apartment or room by yourself?

<ul>
<li>Remember to factor in all the other costs involved in self-management ie agent leasing fees, general maintenance, refurbishment costs, etc.</li>
</ul>
3. What are the refurbishment obligations?

<ul>
<li>Is the tenant/Manager responsible for undertaking this? If so, how often and to what extent (for example, who is responsible for repainting and replacing carpets? What about renovating bathrooms, kitchens, and common property?)</li>
</ul>
Seeking advice

No matter the purpose of your investment, it is vital that you seek expert advice. 

On that basis, it is vitally important to find a good lawyer, accountant, and financial adviser who are specialists in the hotel sector to advise you.

Conclusion

As you can see from the above, hotels are an interesting means of investment however there are numerous ways in which this can occur, each of them with their own challenges. No investment is fireproof, however taking the time to understand how each model works will hopefully contribute to much better decisions.

Disclaimer 
The information provided on this website is general in nature only and does not constitute personal financial advice. 

<h2>Recently added properties: </h2>

[smartcode_project:default project_id=3490]

[smartcode_project:default project_id=29358]

[smartcode_project:default project_id=3783]
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Investing in Hotels, Resort or Serviced Apartments?

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When <a href="/guides">purchasing apartments</a> or seeking to refinance lenders have restrictions and tighter lending criteria regarding size.

Any <a href="/guides/top-7-tips-on-how-to-value-a-house">valuation</a> undertaken for <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">mortgage</a> is required to include commentary and risk if the unit has a living area of less than 50 square metres. This is not a valuers opinion as to whether it is a risk, it is an instruction from lenders that the valuer must identify risk in this circumstance.

The method of measurement used is to be in accordance with The API Standard which is a Founding Member of the International Property Measurement Standards Coalition (IPMSC).

The difficulty is in executing this standard.

Developers and agents often advise purchasers of the living area being 50 sq m or more. If it is less than 50 this often results in <a href="/expert-insights/buying/why-we-shouldnt-have-a-minimum-size-for-melbourne-apartments">harder lending requirements</a>.

In arriving at the <a href="/news/is-australia-ready-for-smaller-footprint-apartment-living">size of an apartment</a> the valuer is required to measure in accordance with a standard however this requires measurements to midpoint of walls and exterior faces of walls – as the valuer cannot determine the width of walls it must be estimated.

The problem can be best demonstrated from the below surveyors plans which show both the internal living areas and the measurements in accordance with the standard. In accordance with the standard the area is 50 square metres; as noted on the plan; however the area of the internal measurement is only 44 square metres.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/how_to_properly.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="559" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/how_to_properly.png?itok=fqn7JCoT" width="580"></a></figure>In this case, the valuer measured the living area accurately at 44 sq m however added only 5% to allow for the depth of walls resulting in a living area of 46 square metres; and included the required risk and as a result, the purchaser's finance was declined.

Prospective purchasers/brokers/developers should be aware of the ramifications of living areas on value and commentary.
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How to properly measure apartment sizes according to a valuation expert

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<h2>OPINION:</h2>

What a rollercoaster this has been for us all. The last two months have rocked the world on many levels and we are still navigating our way out of both the health crisis and the subsequent financial crisis. There is a lot of uncertainty and many are fearful of what the future holds. Businesses are <a href="https://www.health.gov.au/resources/publications/coronavirus-covid-19-temporary-closure-poster-for-businesses">shutting down</a> and many of those will not reopen, unemployment rates have doubled almost overnight, and some are predicting unemployment to reach levels anywhere from 15-20%, depending on who you listen to. 

So that raises a valid point - who should you listen to? And even in ‘normal’ times, who is best placed to assist you on your property journey and how do we get through this without too many battle scars? Is all this just doom and gloom or is there a silver lining on the horizon that we just can’t see yet? 

The effects on individuals and businesses alike have been devastating. Companies, such as Virgin Australia, entering <a href="https://thenewdaily.com.au/finance/finance-news/2020/04/22/virgin-australia-voluntary-administration-coronavirus/">voluntary administration</a> in the space of just a handful of weeks would have been unthinkable back in January. But is this a ‘shake-up’ of society that we needed in one way or another? Has this had an effect on the way we look at our work lives and our personal lives?

Over the last few weeks, I have had dozens of meetings with new and existing people about exactly these points. It’s interesting to listen to investors’ fears and concerns at the moment; some are worried about their incomes, some about the market crashing and some are deeply concerned about their ability to retire in the next few years. 

The general consensus I've found is that overall there is an underlying level of optimism which is encouraging to see and hear.  However, for the next little while, the overwhelming uncertainty surrounding both the health risks and the financial risks are going to weigh on people’s minds just as much as on our healthcare resources and the economy. 

Australian residential property, in general, has performed well over the last decade or so following on from the global financial crisis, and we have achieved significant growth in most capital city markets. Changes to APRA requirements have allowed banks to take a slightly more relaxed approach to lending, and of course, interest rates have dropped to drastically <a href="https://www.rba.gov.au/statistics/cash-rate/">record lows</a>.

For me, I see a perfect storm of opportunity right now, enabling savvy investors to take advantage of low-interest rates and market uncertainty. With many buyers and sellers sitting on the sidelines this is a great time to be <a href="/guides">buying property</a> and building your asset base. 

We have experienced this before. In 2000 we had the tech bubble, in 2001 we had the September 11 attacks in the USA, and since then we have had to deal with SARS, MERS, the Global Financial Crisis, Ebola and now COVID-19. History has shown that Australian property prices have been temporarily and only mildly affected before making a solid comeback in the following years. Each time these end game scenarios occurred, commentators were out in force saying ‘this time it's different’. Maybe at the time, it was difficult to see how we would make it through to the other side, and just maybe, the same thing is playing out again in front of our eyes all over again. 

Long-term property investors understand that market conditions are always going to change and that external factors are simply a part of investing. Investing for the long term is almost guaranteed to involve periods of uncertainty and being outside of your comfort zone, but of course, this goes back to the old saying ‘if it were easy everyone would be doing it’. Now is as good a time as any to refocus on your long term goals and what you really want out of life. 

I saw a post on social media recently that summarises our current scenario succinctly:

<blockquote>
“Traffic has gone, fuel is affordable, bills extended, kids are at home with their families, parents are at home taking care of their children, fast food has been replaced with home cooked meals, hectic schedules replaced by naps, rest and relaxation. The air seems cleaner. The world, quieter. People are conscious about health and hygiene. Money doesn’t make the world go around anymore. Doctors and nurses are being praised instead of athletes and celebrities. And collectively, we now have time to finally stop and breathe”. 
</blockquote>

Our long-term goals do not change because of these external factors; nor should they. 

This short-term health crisis has most certainly had a massive impact on the economy and, while governments at both state and federal levels have responded swiftly, there is likely going to be a debt hangover for some time to come. 

Regardless of these external factors, I encourage you to look to the future and navigate your way through these difficult times. Find your own pathway forward. Team up with experts who have the experience to guide you and don’t be afraid to ask for help. Use this time to think about what is truly important in life and link that to the opportunities that will present themselves in the months and years ahead. Sitting on the sidelines and waiting for the perfect time to buy certainly won’t move you any closer to achieving your goals. 

Our financial markets and property markets will recover, and things will return to normal – even though we are likely facing a ‘new’ normal that neither you nor I have any direct control over. Stay positive and don’t let the noise get in the way – it could cost you your financial future.
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COVID-19 and the pathway forward for property

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<h2>OPINION:</h2>

There are inherent risks involved in buying any property, however, in recent years the <a href="/guides">off-the-plan market</a> has received a lot of the scrutiny, with variables such as construction quality, settlement value and affordability keeping purchasers up at night.

The reality of today’s market is that off the plan purchasers have never been more in control of their buying experience or ultimately their finished product at settlement. Today the power is with the purchaser to mitigate these risks by electing to work collaboratively with a developer and getting involved in the development process.

Never before have the expectations on developers been so extreme. Purchasers expect world-class design and a financially <a href="/guides">sound and transparent developer</a>. They expect a trusted builder to construct their home with care and diligence.

Below are five key risk-management strategies for potential purchasers or developers in the current marketplace.

<h2>1. Problem: Potential building defects</h2>

We only have to look at recent news reports on newly completed projects deteriorating rapidly, to understand the legal, emotional and financial hardship that an ill-constructed building results in.

Not knowing how to repair your <a href="/new-apartments">new home</a>, how long it will take and who pays for it are certainly not the kinds of decisions you should be navigating after settling your brand new apartment.

No other industry operates with the same nonchalance that some developers, unfortunately, get away with. It is unfathomable to think that a car dealership would suggest they have 12 months to fix faults and issues associated with your brand new car. This shouldn’t be the case for a brand new apartment either.

Minor defects or issues should always be covered under good warranty, repaired quickly, and the materials and finishes should remain perfect for many years to come.

<h2>Potential problem solution:</h2>

Ensure you have trust in the developer. Meeting directly with the developer can be a way to feel comfortable and gain trust in not only the company, but the team behind the brand who are responsible for creating your future home or investment property.

Ask whether the builder has been appointed, and understand what similar projects they have delivered in the past. A builder with a strong track record stands for a lot. Having a builder appointed means the developer knows exactly how much the construction is going to cost. This allows the developer to deliver what is being sold and significantly reduces any risk of value management (code for cutting corners) and reduction of the building specification.

Get professional advice. Speak with people in construction, real estate agents, developers, valuers – seek their professional thoughts on the marketing material, specification, builder, developer and status of the development project. If the advice is based on knowledge versus just personal opinion and it all lines up, it certainly assists in reducing the risks of the unknown.

<h2>2. Problem: Delay</h2>

Development of any product in any business can be delayed due to many reasons, and there can be consequences to those delays.

If you’re an owner-occupier expecting to be moving into your new apartment on a certain date and the project becomes heavily delayed, you may be caught out having to pay additional rent in your current premises, or be forced to find accommodation alternatives at short notice.

As an investor you do not have to face the issue of not having somewhere to live, however it might impact your tax situation, depreciation, financial approval, arranged tenants and even your personal plans should you need to be physically available for settlement.

<h2>Potential problem solutions:</h2>

Take the time to fully understand not just when construction is scheduled for commencement, but the details of the construction program. Construction on a typical residential project will likely take between 12 – 24 months, depending on the size of the development project you’re purchasing into. This is plenty of time to coordinate everything, even enough time to sell your home if you’re <a href="/news/is-australia-ready-for-smaller-footprint-apartment-living">downsizing</a> and moving into your new apartment.

If the developer doesn’t give you regular construction progress updates, then ensure you are proactive and seek program status information regularly. The developer should immediately highlight any delays incurred. You can also request the monthly builder’s report and/or the quantity surveyor’s monthly assessment of the construction status and program.

Ask your lawyer to review the sunset clause and advise you on your best course of action to protect yourself from the impacts of long-term delays. The sunset clause stipulates the amount of time the developer has to deliver the dwelling following the signing the contract of sale.

<h2>3. Problem: Changing market conditions</h2>

Being able to forecast fluctuations in the property market is extremely complex, and whilst it may appear that <a href="/guides">buying off the plan</a> is even more involved than buying an established property, it does not have to be.

There’s no denying that some experts are touting a property bubble, and others are suggesting that you need to buy in quickly before prices get further away from us. It can be challenging to navigate the varying recommendations but premium properties in blue-chip suburbs may be susceptible to different swings from the rest of the market.

Because of this, trying to pick the bottom and top of the market is futile. Demand for property in Australia’s most sought after areas will always be consistent, so seeing long term strong capital growth is a matter of patience. Buying off-the-plan in one market, and selling your existing property in another, can never be perfectly timed. We need only look to history to see that the property market is cyclical but has consistently demonstrated long term upside irrespective of seasonal fluctuations or economic swings. Hold on for long enough and the returns from property can be hugely rewarding.

<h2>Potential problem solutions:</h2>

The primary reason why you are buying the property makes a large difference to how you should assess the market and your individual purchase criteria.

As an owner-occupier, purchasing your next home is a much more emotional decision and generally, the return in the short term is not so important to some. The average Australian owns their home for 11.1 years According to Corelogic data, and Greater Melbourne’s annual capital growth over the last 10 year period is 4.9% of just shy of a 50% increase in total.

If you look more closely, inner-city suburbs outperform, enjoying higher than the average percentage increase. <a href="/new-apartments/south-yarra-vic-3141">South Yarra</a>, for example, was assessed as the most liveable Victorian suburb in 2019, while Melbourne was voted most liveable city in the world in 2018 and second in 2019. South Yarra’s nominal change (percentage) since 2010 has been an increase of 104%.

If this is a “stepping stone” home – one that is an interim step towards your dream property - then this decision requires more careful consideration through an investor lens in order to ensure it will further you toward the goal of that next property.

Property investors need to consider market conditions and statistics such as vacancies, supply levels, population growth, valuations and rental yields. The critical figures to keep an eye on is a vacancy level of above or below 3% - under 3% indicates it’s a vendor’s market, with rents going up and therefore yields increasing too. Over 3% vacancies indicates you might be offering a few weeks rent free or dropping the rent. Purchasers need to do their research.

There is a formula for assessing the <a href="/expert-insights/buying/4-reasons-to-have-faith-in-australia-s-property-market-for-the-long-run">Australian property market</a>. However, ensuring you are buying (or developing) a first class product, in an outstanding location, that will stand the test of time will certainly assist when it comes to ensuring capital growth and an attractive resale value in the future.

<h2>4. Problem: Product not as advertised</h2>

Legally there is a 5% or less variance provision for purchasing off the plan. This allows builders to have a very small amount of construction flexibility. For example, if a wall is 10mm thicker than on the plan it could have an impact of 1sqm on the total apartment area. A very minor change which can happen but not enough to detrimentally impact your apartment’s liveability.

If items are drastically different and you do not support the changes, or were unaware they were happening, then you may have grounds for concern. This is, however, very unlikely.

<h2>Potential problem solutions:</h2>

Make sure that the building specifications are listed within the contract of sale. We ensure they are specific and that materials are listed clearly and precisely. This will ensure items cannot be substituted into your apartment that are of a lesser quality than what was specified.

Investigate the consultant teams including structural, services, geotechnical, acoustic, lighting, traffic and waste engineers. The team of consultants determine the quality of the project alongside a good builder.

This team of consultants can impact the notion of quality which can take on different meanings depending on the team in place to deliver that quality benchmark. For example, quality materials can be purchased and included within a project, however a quality design team ensures the materials are installed, utilised and will continually perform at their best.

It’s important to be clear about what is base build and what constitutes upgrades. Understand what you need to pay extra for. This is the buyer’s responsibility and it is very important to manage this so that expectations are clear and there are no surprises when you settle and move in.

<h2>5. Problem: Valuation risk upon settlement</h2>

The price the developer sells you an apartment for isn’t necessarily its market value. The price you pay for your apartment could be well above (or potentially below) the value that the market determines. When it comes time to settle, the valuation of your apartment could be less (or more) than the purchase price. This is potentially an issue because in this case, your financier is likely only going to lend you a percentage of the valuation (versus the purchase price) and if the valuation is lower than your contracted price, you (the purchaser) will need to contribute more of your own cash or savings (equity) to settle the purchase of your property.

<h2>Potential problem solutions:</h2>

Research the surrounding area before you buy and do not just compare the apartment you are considering to other off the plan sales. It is important to review your purchase against a mix of established products. This is because valuations are assessed against resold stock only, and valuers do not take into account any other off the plan sales. Basically, the property has to have re-transacted once completed to be included in any valuation assessment.

Also, assess the value of any car parking included with the apartment you are considering buying. Car Parking spaces are often sold over and above the apartment price for significantly more than the valuer will give them.

<h2>Conclusion</h2>

Taking into account these considerations, it’s understandable that some purchasers can be wary about purchasing off the plan, as too are developers about the potential risks to their reputation. However, there are avenues to ensure the risks are mitigated and you have greater confidence in the final outcome.

An additional obvious measure is stamp duty concessions available to buyers of off the plan property development projects, making off the plan property an attractive investment strategy when used prudently.

In Australia our immigration and population growth will always mean that demand for housing is strong – people are always going to need somewhere to live. As such, apartments will need to continue to be built to ensure that housing supply meets demand. The proximity of inner suburban development to CBD-based work opportunities will deliver steady growth in demand for quality, medium-density apartment living. Financial restrictions on the capital available to property developers mean that apartments must be sold off the plan to buyers willing to embark on a property development journey with the partnership of a quality property developer who can professionally manage the project on their behalf.

Buying a high-end property might be the biggest financial decision you will make. It’s natural to want to be able to see it, feel it, imagine your family at the dining table, and dream about coming home after a day’s work. This visualisation can be easier with established stock. But it’s harder to get exactly what you envisage without having some input into the development. You can regain some of this control, and mitigate many of the aforementioned risks.
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Is buying off the plan keeping you up at night?

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<a href="/guides/covid-19-how-to-adapt-to-working-from-home">Working from home</a> and spending extended periods of time indoors is putting the energy efficiency of our housing into sharp focus.

The more time we spend indoors the more we are becoming aware of the thermal and acoustic performance of our housing. Are you needing to run heating and cooling throughout the day in order to be comfortable? Do you have enough access to natural light and cross ventilation? Are you able to access local amenities and green spaces on foot? Do you have an outlook to the sky and greenery or are you staring at a concrete wall?

Spending more time at home in self-isolation provides the opportunity to completely rethink the role that housing plays in our cities. The dramatic shift we have all seen in our day to day lives provides pause to re-evaluate our connections to our neighbours, access to local amenities and green spaces. 

Our homes are currently supporting more activities than they were necessarily designed for. They are now offices, classrooms and gyms, as well as lodgings and entertainment spaces. Depending on the energy efficiency of your home, this 24/7 occupation will have an alarming effect on our energy bills.  <a href="/news/5-new-sustainable-apartment-developments-in-australia-2019">Carbon-neutral housing</a> is climate resilient in its self-sufficiency. These homes rely less on the grid to keep the lights on, keeping energy bills for residents low and they don’t rely on fossil fuels to create a comfortable living environment all year around.

Getting to carbon-neutral requires a number of considerations when building and designing a home:

Embodied Carbon

<ul>
<li>Use locally sourced, natural materials. Generally, locally sourced and processed materials have lower embodied carbon, requiring less offsets to be carbon neutral. </li>
</ul>
Operational Carbon

<ul>
<li>Remove gas from a home to be 100% electric;</li>
	<li>Apply passive design principles including orientation, solar penetration and natural ventilation;</li>
	<li>Ensure the home is thoroughly insulated; and </li>
	<li>Integrate systems including on-site solar energy capture and battery storage.</li>
</ul>
Strong passive design principles reduce the energy required to cool homes in summer and heat in winter. The reduced energy required to operate a home can then be sourced on site with rooftop solar generation and battery storage. The minimised shortfall of required energy between what is generated by the on-site solar panels and a homes’ needs can be met by purchasing renewable energy from the grid. 

Now is our opportunity to support carbon-neutral dwellings, particularly multi-residential housing that is connected to established local amenities, green spaces and public transport infrastructure. Carbon-neutral multi-residential housing reduces the impact of the built form on the environment, whilst meeting the broader policy objectives of responsibly densifying our inner and middle ring suburbs. 

Multi-residential developments that are site responsive and champion durable and sustainable design principles can be environmentally sustainable and also responsibly increase density in our inner and middle ring suburbs. Responsible density is critical to easing the demands of our growing population and preventing further urban sprawl, which encroaches on our precious natural environment and is less resilient to events such as bush fire. 

Carbon-neutral housing needs to be the minimum standard for new housing supply in order to best prepare Australia for an economically prosperous and environmentally sustainable future and to assist in meeting Australia’s commitments to limit global warming to 1.5 degrees.

Mandating that all new housing, particularly multi-residential housing, to be carbon-neutral (both embodied and operational carbon) will result in highly efficient, fossil fuel-free homes that accommodate a diverse range of residents within pedestrian friendly, highly connected locations that are constructed with durable materials, which have a minimal impact on the natural environment. State governments have flagged that <a href="https://www.rsm.global/australia/insights/industry-insights/economic-impact-covid-19-property-and-construction-sector">housing and construction</a> will be a leading feature of COVID-19 economic survival and recovery. 

Now is the time to ensure minimum energy efficiency standards are raised in anticipation of a surge in building activity. There has never been a more crucial time to aspire to heightened standards for designing and delivering climate resilient housing.
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Working from Home Highlights the Benefits of Carbon-Neutral Housing

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OPINION: 

Being a leading Australian brand and creative agency we have seen many quotes in our time – and we have created many too.

But in the current environment, with the global economy being brought to a stand-still by the Covid-19 pandemic, there is one in particular quote that really resonates with me.

“The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.”

Who came up with the quote is open to conjecture. Some say it was written by an American author called John Maxwell. Others say it was another American William Arthur Ward. Who really cares?

If we embrace the underlying truth in this statement today, then we are already on the road to success.

At Toto, we are about not only keeping the brand alive, but seeking opportunities to take advantage of the current market psyche.

If the brand is alive, the business will survive. It’s that simple.

Just look at Virgin. Not a plane in the sky, a company in administration, but…..it will survive because of the strength of a trusted and proven brand, created over many years, by one of the world’s greatest entrepreneurs, Richard Branson.

If you look up the word intelligence in the Oxford dictionary, you will find a reference to intelligence as being the ability to adapt. 
  
Adapt or die has never been more poignant as we face the greatest economic challenge since the Great Depression.

We must not be sitting on our hands waiting for our clients to try and survive the surrounding storm.

We need to be proactively advising clients to seek advantage where it can be gained.

Whether you’re sitting at <a href="/guides/covid-19-is-it-possible-to-practise-social-distancing-at-home-absolutely">home self-isolating</a>, or in your office, or in an unemployment queue on your iPhone, brands can be seen like never before.

Look at Myer, which is reporting a 700 per cent increase in online purchases in recent weeks. People at home self-isolating have time to peruse, inquire, investigate and purchase.

If you’re a travel agency, you’d have every right to be worried right now. To tackle this, targeting strategies for tourism clients around January and February next year (when the floodgates open for these) to claw back and take advantage of the inevitable uptick in tourism both domestically and internationally, could be a wise move. 

If you’re a <a href="/">property company</a> with firm business acumen, there is a ‘live’ <a href="/guides/how-to-navigate-buying-property-during-the-covid-19-crisis">marketplace</a> of buyers who are liquid, and ready to seize opportunities themselves despite market challenges.

It’s these companies which not only maintain brand presence, but actively and creatively pursue their audiences.

That’s where we come in.

It is truly a worrying time for the nation and the world, yet we are in this together and we will come out of it together.

Let us take you to that New World.
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Navigating through the New World

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Urban.com.au has recently reported that buyers are now demanding that more homes be built to a higher standard, using quality, safe and <a href="/news/urban-s-8-building-design-predictions-for-2020">eco-conscious building materials</a>. This shows that buyers are playing a more active role in identifying safe and reliable housing.

Regrettably though, once buyers move into a building, many of them no longer show the same vigilance regarding the ongoing maintenance of the building they now occupy or in which they invested.

So the question is, What to do if your apartment building isn't being maintained to an ideal standard?

The answer: Get involved. Become an active member of your <a href="/expert-insights/buying/an-owners-corporation-s-response-to-dealing-with-covid-19">owners corporation</a>.

This means attending the annual general meetings and making yourself available to join your Owners Corporation Committee, so as to be involved in the many discussions and decisions regarding the needs of your property. 

A committee consists of a group of owners elected at each Annual General Meeting who represent all the lot owners of your owners corporation. The committee is delegated the authority to make decisions on all matters in relation to the owners corporation. These include the control, maintenance and repair of the common property. The committee also has the responsibility of enforcing the owners corporation rules.

The owners also have the opportunity of setting up a maintenance plan which covers corrective and predictable maintenance of the building. This plan can be based on a ten- or fifteen-year forecast.

What could happen when one fails to get involved? To illustrate:

<ul>
<li>At one property in Melbourne’s CBD, only three out of the 395 lots were represented at the Annual General Meeting and none of these members wanted to serve on the committee. The reluctance of the members to be involved made it very difficult for this apartment building to be kept maintained to an ideal standard. This is why it is important that you be involved.</li>
	<li>At another property in the northern suburbs of Melbourne, consisting of 80 commercial/professional lots, a general meeting was called to resolve whether the Owners Corporation would fund balcony repairs that were actually private to the value of $280,000.00. Against all legal advice presented by the manager, an interim decision was reached by a vocal minority that disadvantaged those who failed to attend. </li>
</ul>
These and many other examples show the result when members fail to get involved.

<h2>The Role of Committees</h2>

Committees under the direction of an owners corporation manager, would act in the following manner:

<ul>
<li>Act honestly and in good faith; </li>
	<li>Exercise due care and diligence; </li>
	<li>Not make improper use of their position as a member to gain, directly or indirectly, an advantage for themselves or any other person;</li>
	<li>Report to the Owners Corporation at each annual general meeting; </li>
	<li>Act in accordance with the relevant Act and Regulations in your state or territory;</li>
	<li>Ensure that decisions and activities are always recorded in minutes of meetings; </li>
	<li>Submit minutes of all committee meetings to the owners corporation as part of the committee’s report at every annual general meeting;</li>
	<li>Ensure new committee members are given copies of the legislation; </li>
	<li>Consider and approve the Annual Budget </li>
	<li>Consider and approve all maintenance works</li>
	<li>Consider and decide on grievances</li>
	<li>Consider and decide on any legal matters to be followed </li>
</ul>
In my 12 years in the <a href="/news/taking-an-active-approach-to-strata-services">Owners Corporation industry</a>, I have found that the buildings that are best maintained are those with an active and vibrant committee, where differences of opinion are set aside for the greater good of all occupants and owners.

I have seen committees make brave decisions, assisted by their OC Manager, to ensure compliance with the Act and to balance the needs of all stakeholders. Some of the best committee members are those who are busiest in their professional and personal life but who take an active interest in their investment by getting involved to ensure that the building in which they reside or invest is maintained to an ideal standard.
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What to do if your apartment building isn't being maintained to an ideal standard 

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<h2>Compassion:</h2>

My office has been inundated with requests for rental discounts from tenants who may (and some who may not) be in financial strife. “I’ve lost my job”. “I can’t pay my rent”, is the general theme here.

Yes, it is an issue that we are all facing and dealing with in the best way we all can as property managers, but the one of the things that has surprised me out of the whirlwind 2nd half of the financial year is the compassion our Landlord clients are showing those in need, and even sometimes extending it to those, that are not in need.

During the <a href="/expert-insights/buying/changes-the-real-estate-industry-will-experience-as-a-result-of-the-coronavirus">post Covid hangover</a>, compassion will continue to play a vital part, in what history has shown can be a very greedy game. A welcome refreshing change in a tenant / landlord relationship.

<h2>Innovation:</h2>

At the time of writing this, <a href="/industry-news/how-are-real-estate-agents-assisting-during-the-covid-19-crisis">agents</a> literally have no way of conducting public property auctions other than utilising online digital solutions. Digital property auctions are now a mishmash of utilising the oldest selling technique known to property, paired to the new age of digital communication.

Yes we have had the tools there to do it for years. We’ve even had various start-ups hounding our sales guys &amp; Corporate offices to come to the next office meeting to do a spiel on their ‘game changer’ auction delivery system. But no one has properly adapted it as there was no real need to, if it ain't broke, don’t fix it right?

Well now it's broke. And all of those start ups are enjoying their moment in the sun, albeit potentially short lived but still they are prospering, lets just hope that digital live streamed auctions are here to stay as it is a terrific way of doing business. Traders have been transacting everything from art to automobiles, and everything in between utilising this method.

Mal James, a popular Buyer advocate from the leafy suburbs of Melbourne (my market place) quite rightly mentioned in his blog yesterday, that a more uniform industry wide platform should be implemented. Not sure if that will ever happen, but all industry eyes on this space right now- that’s for sure.

<h2>Market Rebound:</h2>

Everyone knows it is coming, there were a few days back in late March and early April this year where the uncertainty and anxiety was almost out of control. Far higher than it is now.

Some of the streets were like a scene out of The Walking Dead.

The question now is: When will it happen?

If the GFC rebound curve is anything to go by; it will be short, sharp and quick. As one of my colleagues always says, “They don’t ring a bell at the bottom of the market”.

Some questions that are running through my head:

• Will Australia’s (quite admirable) handling and control of the pandemic lead to greater international interest in our property market?  
• Is the sudden drastic change to our economy here to stay, or will it be back to normal in a few month’s time?  
• First the fires, then the pandemic – does that mean there is a huge backlog of transactions waiting to occur from both buyers and sellers that are waiting for more stability? 

As we enter the early stages of recovery, one thing is for sure: I have a new appreciation for the government and our healthcare workers.
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My top 3 predictions of change for a Post-COVID 19 residential market

<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

<main data-perf-region="main">
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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