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The retail outlet underneath the landmark Coca Cola sign in Sydney's Kings Cross has sold to a private trust for $37.3 million, netting the seller a 57% capital gain in two years.
The Kings Cross Centre, 82-94 Darlinghurst Road, currently has 98.5% tenancy, with Coles leasing until 2022.
LJ Hooker Commercial Sydney chief executive officer Warren Duncan said when the Kings Cross Centre was sold in 2013, it transacted on a passing yield of 8.3%, and this week it sold at 6.9%.
"We’ve seen yields compress dramatically over the last 24 months in Sydney," Mr Duncan said.
"The centre was well positioned for capital growth, and tenants were following the changing demographic of the Potts Point area. 
“Adding to the appeal of the Kings Cross Centre is the fact it’s located in one of the most densely populated areas of Sydney, with an estimated 30,000 people living within a square kilometre.”
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Landmark Kings Cross retail outlet sold

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The Reserve Bank of Australia (RBA) has kept the official cash rate at 2.0% for August.
CoreLogic RP Data head of research Tim Lawless said rather than lifting interest rates in an effort to slow down the pace of appreciation in Sydney and Melbourne home values, the RBA will be looking towards recent prudential supervisory activities by APRA to dampen investment demand.
"We are expecting investor demand will start to moderate as investment loans are both more difficult and costly to obtain," Mr Lawless said
"Additionally, the cumulative effect of low rental yields, worsening affordability, record levels of new dwelling construction and the maturity of the growth cycle are likely to act as a disincentive to any further acceleration in investment demand across Sydney and Melbourne, despite the steady interest rate environment.
"With dwelling values continuing their stellar run of growth through July, the housing market was likely to be a key topic of conversation for the Reserve Bank when they deliberated the cash rate today. Australian regulators, including the RBA and APRA, were probably hoping to see value growth in the housing market decelerating during the winter months, however the opposite has been true in Sydney and Melbourne."
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RBA keeps rates on hold at August meeting

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July had the largest monthly increase in residential listings nationally since 2010, with the number of properties for sale hitting 348,903 - up 4.2% when compared to July 2014 and an increase of 3.8% from June 2015.
According to SQM Research, the largest house price rises are in Sydney and Melbourne and are the greatest since 2008.
SQM Research managing director Louis Christopher believe the results do represent an indication that the measures undertaken by APRA in slowing investor demand are now having an impact on the market. 
"At this stage it is too early to call the magnitude of the impact, however it is likely that the measures (which SQM still regards as moderate) will slow the rate of dwelling price inflation recorded, rather than create a price correction," Mr Christopher said.
Listings fell in Melbourne by 10.3% year on year, with the number of properties falling to 37,179.
Sydney house prices went up 1.5% and 0.4% for units over July.
Median Perth house prices fell 4.2% over the year, and units 1.2%1.2% for units. Darwin unit asking prices are down 7.9%
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July monthly residential listings up nationally: SQM Research

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Brisbane suburbs Eight Mile Plains and Runcorn are heating up as investment locations within the suburban Brisbane housing ring greater then 10km from the CBD.
The Herron Todd White July 2015 Month In Review said the previously 'unsexy' addresses appeal to enters and are affordable given the rarity of investment options now available in suburbs such as Salisbury, Stafford and Keperra. An average 1980s brick 3 bedder in Eight Mile Plains is currently let for $430 per week - a gross yield of around 4.5%
Brighton, Sandgate, Deagon, Boondall, Taigum or Backen Ridge were also mentioned as spots where sub-$500,000 investments can still be found.
Attached 2 bedroom units can be found in Coorparoo, Greenslopes and Annerley from between $300,000 to $400,000. 
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The report red flagged purchasing new units developed to lure investors in areas of possible oversupply.
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Eight Mile Plains, Runcorn get Brisbane property investment nod: HTW

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Detached housing values in Melbourne have increased 12.3% higher over the year, eclipsing the 4.8% rise in unit values.
CoreLogic RP Data’s head of research Tim Lawless said the difference in value increases between houses and units could be related to supply.
"The underlying land component driving detached housing values higher at a time when new apartment supply has seen a substantial boost from new construction,” Mr Lawless said. 
According to the CoreLogic RP Data July Home Value Indices 2015 report, Melbourne's capital rate gain surpassed Sydney over the last three months posting 6.1% to the three months ending July 31. Capital gain in Sydney for the quarter ams in at 5.4%.
Mr Lawless said growth in Sydney wasn’t quite as strong over the rolling quarter, which is the highest rate of growth since the March quarter this year (5.8%). 
“To date, the capital cities have seen remarkable differences over the growth cycle which broadly commenced at the end of May 2012 and since that time dwelling values across our combined capitals index have increased by 30.4%," Mr Lawless said.
"Sydney values are 47.9% higher over the current cycle and Melbourne values are 32.1% higher while every other capital city has seen growth of less than 13% over the same period. This highlights the extent to which the Sydney and Melbourne markets have outperformed other markets over the past three years. 
“While Sydney and Melbourne values continue to boom, the next best performing city, Brisbane, has seen dwelling values rise by just 3.9% over the past twelve months. Based on the median dwelling price, Sydney prices are now 72% higher than Brisbane’s and Melbourne’s are 24% higher,” he said.
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Melbourne detached housing values climb 12.3%: CoreLogic RP Data

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Gross unit rental yields across Sydney and Melbourne are teetering on heading to new record lows, according to new research.
The CoreLogic RP Data Hedonic Home Value Index named Hobart as the only capital city over the last 12 months where rental growth kept up with value growth.
CoreLogic RP Data’s head of research Tim Lawless said capital city rents increased by just 0.9% over the past twelve months, the slowest pace on record.
"A lack of any meaningful rental growth at a time when dwelling values are rising by more than 11% over the year has pushed gross rental yields to new record lows across the combined capital city measure," Mr Lawless said. 
“When you consider that Sydney rents have increased by just 2.5% over the past twelve months while values have climbed 18.4 per cent higher, it is easy to see how yields are getting squashed.
“With value growth once again accelerating across Sydney and Melbourne, the market evolution in mortgage lending policies will will provide a timely test for housing demand, particularly from investors. The combined effect of tighter lending parameters with more focus on serviceability and low LVR’s, potentially higher mortgage rates for investment loans as well as limitations on the pace of investment lending imposed by APRA on Australia’s banks should conspire to slow investor demand in the market."
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Sydney, Melbourne gross unit rental yields teetering on fall: CoreLogic RP Data

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Capital city home values increased 2.8% in July with national home values 11.1% higher now compared to the same period last year.
According to the CoreLogic RP Data July Home Value Indices 2015 the total aggregated value of Australian housing has increased by just over half a trillion dollars over the past twelve months. 
Over the three months to July, Melbourne home values increased 6.1%, although Melbourne houses suffered the lowest rental yields of 3% and units 4.1%
CoreLogic RP Data’s head of research Tim Lawless said the strongest growth conditions outside of Sydney and Melbourne have been in Brisbane where dwelling values were 3.9% higher over the year.  
“While Sydney and Melbourne values continue to boom, the next best performing city, Brisbane, has seen dwelling values rise by just 3.9% over the past twelve months. Based on the median dwelling price, Sydney prices are now 72% higher than Brisbane’s and Melbourne’s are 24% higher,” Mr Lawless said.  
“Across every capital city except Hobart and Darwin, we are seeing detached housing outperform units for capital gain, with house values up 11.6% compared with a 7.2% increase in unit values over the past year. The differential is most pronounced in Melbourne where house values have surged 12.3% higher over the year compared with a 4.8% rise in unit values. 
"With value growth once again accelerating across Sydney and Melbourne, the market evolution in mortgage lending policies will will provide a timely test for housing demand, particularly from investors. The combined effect of tighter lending parameters with more focus on serviceability and low LVR’s, potentially higher mortgage rates for investment loans as well as limitations on the pace of investment lending imposed by APRA on Australia’s banks should conspire to slow investor demand in the market." 
Sydney's 3.3% rise in dwelling value for the month, delivered an 18.4% rise for the year - the highest rate of growth in the city since 2002, according to Tim Lawless.
"The Sydney dwelling value is now 40% higher than its previous peak," he noted.
 
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National home values up 11.1% annually: CoreLogic RP Data July Home Value Indices 2015

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Young professionals and students are driving the North Melbourne rental market, with neighbourhood factories and warehouse apartment conversions close to the CBD, markets and universities highly sought after.
Two bedroom apartments can be found at the upper end of $400,000, according to the Herron Todd White July 2015 Month in Review, which also found house and land around Bundoora, the location of RMIT and La Trove University, of note.
Affordable house and land in outer Melbourne suburbs Point Cook, Truganina, Tarneit and Williams Landing continue to drive demand, with potential investors looking to buy three to four bedroom homes under $500,000. 
The Alamanda and Sanctuary Lakes Point Cook estates have seen sales of four bedders on roughly 450 square metres sell from $450,000 to $550,000.
 
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North Melbourne, Bundoora, Point Cook property of note: HTW

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Potential investors around Adelaide are warned not to look for short term capital gain and instead concentrate on paying the right price in the right area.
The Herron Todd White July 2015 Month in Review said those looking to buy in the $500,000 price range should concentrate on inner suburban areas close to amenities above anything else.
A townhouse, cottage or unit worth $500,000 within the eastern and southern suburbs would be a more desirable location, the report noted.
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Adelaide investors should look past the short term: HTW

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Property pundits are most aggressive on pricing in New South Wales, Victoria and Queensland, with those in Western Australia expecting property prices to decline.
According to the Westpac Red Book July 2015, Australians believe price increases over the next year, as noted in the Westpac-Melbourne Institute Consumer House Price Expectations Index, which rose 8.2% in Jul to 145.9.
A variation in June, where the index fell slightly to 134.9, is believed to be a seasonal decline.
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A weak buyer sentiment and strong price outlook was reported in NSW and Victoria and a strong sentiment and strong price outlook felt in Qld and SA. (Qld, SA)
 
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Bullish property market in NSW, Vic and QLD

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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