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Momentum in the economy is stretching across the non-mining economy beyond the dwelling sector, according to National Australia Bank group chief economist Alan Oster.
In the latest Bigger Picture – A Global &amp; Australian Economic Perspective report he said household consumption growth is expected to remain below trend and is reliant on a decline in the household savings ratio which is vulnerable at present to weak consumer confidence.
"Against that, there is increasing evidence that growth momentum is broadening across the non-mining economy – not limited to the dwelling sector – in response to the lower AUD and interest rates, with improvement particularly evident in services sectors," he said.
"Residential markets remain strong, with dwelling prices continuing to grow more than 10% over the year to August. 
"Surprisingly, dwelling investment surprisingly fell by 1.9% in Q2 despite strength in building approvals and a very elevated stock of residential projects in the construction pipeline. While this did follow growth of over 6% in each of the two preceding quarters, this weakness is likely only temporary given record levels of work to be done. "
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Dwelling prices grow more than 10% for year to August: NAB

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Properties around the Gold Coast region of Southport have been earmarked for concern due to supply levels and sale volumes for new apartments, according to Herron Todd White.
Herron Todd White's September Month in Review noted a streamlined PDA approval process has led to a larger volume of approvals being given for large yield high-rise buildings over the last two to three years.
The review stated while development to date has focused on smaller projects, where demand appears to be adequately absorbing supply, there is a degree of concern to the overall volume of approved stock that potentially could be brought to the market if a number of the approvals were acted on.  
"There are a large number of 100 plus apartment highrise projects approved within the Southport PDA area and that a proportion of these have been obtained by ‘speculators’, with the intent to on sell the approved site, likely to overseas interests," it noted. 
"To date, we have seen only limited local developers or lending institutions show an appetite for these larger scale developments in Southport, and the reality is that while a larger potential supply of apartments is approved for Southport, a number of the proposals, may in fact, not be acted on in the current development cycle.
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"In the improved market, there has been a noticeable increase in the number of proposed fringe residential apartment projects in areas which are traditionally regarded as more suburban low density housing locations."
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Speculators aplenty in Southport's high-rise property developments: HTW

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The Perth property market remains in a trough with supply outweighing demand, continuing to place pressure on values, according the the September Month in Review from Herron Todd White.
The review stipulates newly-released residential apartment projects have struggle to achieve pre-sales due to concerns over the construction phase from potential buyers.
"A further complicating factor for investors is that the rental market has softened considerably with rental listings increasing substantially and average weekly rental values falling," it noted.
"Locations which are of the greatest concern are in areas where a small six to ten pack walk up multiple dwelling development is a new concept, where the locations are not well suited to this style of development due to limited infrastructure.
"In the northern suburbs, these are locations such as Balga, Westminster and Nollamara with the most recent evidence showing multiple dwelling (end unit) values in these locations falling by circa 10% to 15% from 12 months ago. Rivervale, Cloverdale and Belmont have also been saturated with small walk up type developments and local agents are reporting very low volumes.
"Our involvement and discussions with agents for new residential development within the inner ring of Perth (three kilometres from the GPO comprising Perth, Northbridge, East Perth, Highgate, North Perth and Leederville) reveal pre-sale interest still exists, albeit at much lower levels relative to 2013 and 2014."
 
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and amenity in the area. 
stock and should all of this product be developed, an oversupply may well result. Noting the slowing pre- sale market however, there is potential that many of these projects will not proceed in the current market due to an inability to meet pre-sale covenants, unless alternative funding sources are secured. 
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Perth property market confidence dwindles: Herron Todd White

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Two new properties have made the top ten most discounted properties nationwide list from SQM Research, one on 15 acres in West Australia's Swan Hill and the other known as The Gasworks in South Australia's Strahalbyn.
According to Louis Christopher from SQM Research, the acerage at <a href="https://www.realestate.com.au/property-acreage+semi+rural-wa-herne+hill-119361175" target="_blank">163 William Street, Herne Hill</a>, coming in at number four on the list, would be suited to someone wanting to knock down and build their very own country retreat.
<img src="/images/2015/09/09/3604740-08.jpg" alt="" width="456" height="342">
"This family home features a whopping 15 acres and is livable, consists of three bedrooms and one bathroom. The listing suggests that the home is not for everyone, and the property would be suited for someone wanting to knock down and build their very own country retreat," he said.
"The land is cleared and majority leveled, with the current owners using the property to breed Alpacas. 
"The property has been on the market since March 20th 2015. Since then the vendor has dropped the price from $1,590,000 to $990,000, a total savings of $600,000." 
Rounding up the top ten list is <a href="https://www.realestate.com.au/property-house-sa-strathalbyn-107599508" target="_blank">12-14 South Terrace, Strahalbyn</a>, also known as "The Gasworks". Louis Christopher said the large beauty has been on the market since the 13th of August 2011, and has since then dropped by $521,000. 
<img src="/images/2015/09/09/w800-h600-2010498085_1_pi_150904_065421.jpeg" alt="" width="635" height="476">
"The property consists of four residences, with a total of six bedrooms, six bathrooms and accommodation for up to three vehicles. The residences sit on approximately 1 acre of well-established gardens with an abundance of native plants and trees," he said.
"Each residence appears to take the form of a stone cottage, with kitchenettes, spa baths, and plenty of sitting and living space in each."
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Two new entrants on top ten most discounted list: SQM Research

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The supply of apartments in Melbourne's CBD and the inner suburbs is plentiful over the next few years with a mounting concern for potential over supply, according to Herron Todd White.
HTW's Month in Review for September estimates 160,000 established apartments will be in the market by 2018 - a 43% increase compared to 112,000 apartments in 2015 and said the recent resale of new apartments, even being sold in brand new condition, are struggling to achieve their original off the plan purchase price.
"It was recorded that 1,518 new apartments settled in the CBD over the past 12 months to May 2015 (City Scope, 2015)," the report noted.
"Demand will need to remain strong in order to match the large influx of new apartments over the short to medium term. Inner city apartments that are established or are not being sold off the plan, can generally be purchased at a lower price than a new apartment. 
"Off the plan sales in the CBD are strongly underpinned by foreign purchasers. 95% of 941 apartments within the proposed 92-storey skyscraper known as Aurora located in the heart of the city were sold in a fortnight. Approximately 75% of the buyers are from South-East Asia and China. EQ Tower, another 63-storey skyscraper on A’Beckett Street, was sold out within eight months. The development will comprise 633 apartments on completion in June 2017."
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Growing concern of oversupply in Melbourne's inner unit market: HTW

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Evolve Development has sold its Annadale development in Mickleham for a rumoured $50 million to a joint venture between NTT Urban Development Corporation and Sumitomo Forestry.
Annadale, <a href="https://www.realestate.com.au/project-annadale-vic-mickleham-600007931" target="_blank">495 Donnybrook Road in Mickleham</a>, was developed by Ashley Williams and Ron Walker, who purchased the site in 2008 and began work to develop the 1200 lot residential estate. Since 2013 330 lots have been sold, with the construction and settlement of the first 110 lots scheduled for mid-September 2015.
The end value of the project, once housing is constructed will exceed $400million according to Ashley Williams, managing director of Evolve Development. He said the off market transaction presented a strategic opportunity.
“The time was right to accept the offer so that Evolve Development can reinvest in new projects and opportunities," he said.
"Our vision for the site takes in the beautiful views of the Mt Ridley Woodlands with lots ranging from 221m2 to 817m2. There are also many established amenities nearby such as shops, supermarkets, childcare services and on-site primary school and parkland."
The median house price for a home in <a href="/news">Mickleham</a> is $186,750, according to CoreLogic RP Date.
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Evolve Development sells Annadale for a rumoured $50 million

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The valuation firm Herron Todd White has issued its latest property clock for the commercial retail market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
The valuation firm has included capital and regional cities on the property clock for house price direction.
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For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
 
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Melbourne, Tamworth retail leads HTW property clock

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South Australia's Howcroft Estate Vineyard is on the market with price expectations of around $9 million or roughly $22,000 per ha of vines planted.
The vineyard, a total of approximately 536.79ha has two planted areas - one a total area of 222.58ha, and the other 189.41ha, with 412ha of mature vines. <a href="https://www.realestate.com.au/property-viticulture-sa-mundulla-7720931" target="_blank">Howcroft Vineyards 1 and 2</a> were developed from 1998-2000.
The vineyard has red grape varietals, a five year grape supply agreement and a mix of premium varieties suited to the Limestone Coast Zone.
The property is for sale through Colliers International’s Tim Altschwager. He said the vineyards are situated within the Bordertown wine region and are amongst the largest commercial vineyards in the district. 
"The Limestone Coast Zone, which stretches from Bordertown in South Australia’s north to Mount Gambier in the south, is one of South Australia’s most recognised wine hubs," he said.
"It includes the famous Coonawarra region, internationally acclaimed for its Cabernet Sauvignon and Shiraz wines which thrive in the cool and sunny climate and terra rossa soils." 
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South Australia's Howcroft Estate Vineyard listed

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Celebrity chef George Calombaris' Gazi and The Press Club restaurants in Melbourne's CBD have been sold to listed Singaporean real estate investment trust REIT Keppel for $8.61 million.
The restaurants, 2 Exhibition Street and 52 &amp; 72 Flinders Street Melbourne were sold through an expressions of interest campaign in conjunction with CBRE’s Josh Rutman, Mark Wizel and Paul Tzamalis in conjunction with Fitzroys Chris Kombi and Paul Burns on behalf of vendor Cerberos Pty Ltd. <a href="/expert-insights/investing/the-press-club-and-gazi-premises-for-sale">Listings opened late May</a>, with expectations of around $9 million.
Gazi and The Press Club attracts more than 170,000 visitors each year. 
Keppel REIT owns a 50% stake in the 2-8 Exhibition Street office development and two retail units and all five retail units at 2-8 Exhibition Street.
The property was sold with a long-term lease.
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George Calombaris' Gazi, The Press Club sold for $8.61 million

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The total number of properties for sale in Melbourne is down 5.5% over the last 12 months from a total of 27,898 listings. 
Brisbane is down 4.1% at 17,414 listings and Sydney down 0.9% with a total of 19,060 listings, according to CoreLogic RP Data.
 
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Total Melbourne listings down 5.5% for year: CoreLogic RP Data

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

Joel Robinson

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.

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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.

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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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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

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The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

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Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

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“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

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Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

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Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

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The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

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Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Michael Crawford

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