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Mirvac has secured three $5 million plus penthouse sales in the past month at its Waterfront Newstead development, meaning all nine penthouses have now been snapped up in the Pier release.
Three Queensland buyers bought the remaining penthouses, with two located on level five and a penthouse-style river home located on level one.
"These are unique premium apartments, in terms of design, finish and location," says John Carfi Mirvac chief executive officer of residential.
"To make three sales in excess of $5 million each in a single month is positive in any market, so given the soft conditions we've experienced in Brisbane over the past few years, it is a clear sign that we are turning a corner.
"We had been steadily making these top end sales, however we've seen a definite spike in activity for our absolute premium properties in the last 12 months,” says Carfi.
The nine penthouses in the <a href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964" target="_blank">stage one Pier</a> ranged from $5.3 million to $14.25 million.
The grand penthouse sold in 2008 for over $14 million and set a record for the most expensive apartment sold off the plan in Brisbane, a title it still holds.
Mirvac has sold in excess of $217 million worth of apartments at Pier.
Located two kilometres from the Brisbane CBD in the Newstead Riverpark community, the 10.6-hectare Waterfront Newstead site will feature six residential precincts once complete, accommodating over 1,000 residents.
Construction on the first release, Pier, began in 2009 with construction starting on the second release, Park, in 2010.
Mirvac’s <a href="https://www.propertyobserver.com.au/news/mirvac-secures-%24234-million-in-sales-at-waterfront-newstead-including-%2414-million-penthouse-sale/2013091164964" target="_blank">Waterfront Newstead community</a> will take around 15 years to complete.
The residential community will be part of the larger scale Newstead Riverpark, which will feature FKP’s $1.1 billion Gasworks development.
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ntrotman-Et3xWpamVh

Mirvac secures three $5 million plus penthouse sales at Pier

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It’s two words that are continually circling around the property sphere: negative gearing. We’re yet to hear the Liberal government mouth them and so far there have been no announcement on what it plans on doing.
It’s a friend to property investors but a foe to first home buyers, with <a target="_blank" href="https://www.propertyobserver.com.au/news/home-ownership-rates-among-young-dips/2013102265889">Matt Cowgill tweeting</a> that the home ownership rate among 25 to 34 year olds has dipped below half.
According to a <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/government-policies-favour-wealthy-property-owners/2013102065823">report by the Grattan Institute</a>, negative gearing and the capital gains discount provide residential property investors with nearly $7 billion a year, or $4,500 on average for each property investor.
The report suggests that the current government welfare and tax policies benefit wealthy homeowners, leaving young renters and first home buyers disadvantaged.
Catherine Cashmore has <a target="_blank" href="/news">emphasised</a> that to be against negative gearing as a policy incentive is not a stance against investment into the housing market.
Property Observer has asked property institutions and experts active in the property space to weigh in on the debate.
They were asked: Should negative gearing be change? Why or why not?
 
 
 
 
Shane Oliver – Head of investment strategy and chief economist, <a href="https://www.ampcapital.com.au/?" target="_blank">AMP Capital</a> <img width="125" height="150" src="/images/stories/2013/10/25/shane-oliver-profile.jpg" alt="shane-oliver-profile" style="float: right;">
THE REAL PROBLEM IS LACK OF SUPPLY, NOT NEGATIVE GEARING
It seems every time the Australian residential property market takes off, calls appear for negative gearing on investment property to be restricted or abolished. But is it really the reason Australian housing is so expensive? Yes, it does seem investors have a bit of an advantage over first home buyers and yes, first home buyers seem to be missing in action right now.
But negative gearing is not the real problem. Australia is not alone in providing some form of tax assistance to home owners as most comparable countries do. American’s can even deduct interest on the family home from their taxable income, and yet our house price to income ratios are much higher.
Removing or curtailing negative gearing could even make the situation worse by reducing the supply of rental accommodation at a time when rental yields are hardly attractive for investors and could cause other distortions in the economy because negative gearing would still be available on other investments.
The real problem is a lack of supply. In a well-functioning market when demand goes up, prices rise and this eventually is met with increased supply. This has not been happening in the Australian housing market. We have had a world beating surge in house prices relative to incomes since the mid-1990s and yet building approvals are in the same range they have been in since 1990.
According to the National Housing Supply Council the cumulative supply shortfall since 2001 thanks to gross underbuilding relative to growth in underlying demographic demand for homes is 228,000 dwellings. What we really need to do is reform the supply of housing – release land for development faster, relax (within reason) development controls and develop a long term plan to decentralise away from our major cities.
This would be the best way to help first home buyers and cool speculative interest in housing. Negative gearing is a furphy.
 
Steve Keen – Professor of economics and finance, <a href="https://www.uws.edu.au/?" target="_blank">University of Western Sydney</a> <img width="125" height="150" src="/images/stories/2013/10/25/Steve-keen-profile.jpg" alt="Steve-keen-profile" style="float: right;">
IT NEEDS TO BE GRANDFATHERED OUT OF EXISTENCE
Negative gearing should be grandfathered out of existence: those who've already bought an investment property would continue to be eligible, but it should not be available in future.
The simplest reason is that it has failed in its one supposed policy objective: to enhance the supply of rental properties. What it has instead done is encourage individuals to speculate on the prices of existing properties. It has thus driven up house prices above what they would be if the government wasn't meddling in the property market, while doing precious little to increase the availability of rental properties by stimulating new construction. Borrowing by investors for building construction has fallen from 60% of investor loans to below 10% over the last three decades - a clear sign of a failed policy.
So why is it maintained? Because the policy has created a class of speculators whom neither party has the courage to anger by abolishing a failed and socially damaging policy. The continued existence of negative gearing is a measure of the cowardice of Australia's political elite.
Next page: Terry Ryder and Peter Bushby have their say
 
<hr class="system-pagebreak">
Terry Ryder – Founder of <a href="https://www.hotspotting.com.au" target="_blank">hotspotting.com.au</a> <img width="125" height="150" src="/images/stories/2013/10/25/Terry-Ryder-for-profile.jpg" alt="Terry-Ryder-for-profile" style="float: right;">
THERE’S NO REASON FOR IT TO BE CHANGED
I would say categorically, no and I’m absolutely 100% certain that they won’t be. It’s an issue that just keeps getting brought up but no politician with his head screwed on is going to make that change to negative gearing.
There’s no reason for it to be changed, it’s a system in place for clear reasons, for valid reasons and it works. The one and only time that a government in Australia decided to scrap it precipitated a disaster in the rental market and they had to bring it back very quickly. That happened in the era that Bob Hawke was prime minister and Paul Keating was treasurer.
Particularly in our capital cities, negative gearing is necessary for the viability of people buying investment properties. Without it, there would be a sharp reduction in the number of people who a buying properties in the capital cities because it’s very, very hard in our major cities to buy an investment property that’s positive cash flow. The vast majority are cash flow negative and without the tax benefit, it’s not a viable investment, therefore the pool of rental properties that are needed for those who rent, would dry up very quickly.
I’m not arguing from the viewpoint of vested interest, I don’t buy negatively geared property, I always buy positively geared. From my personal viewpoint, I don’t care whether it exists or not because I’m not affected but I think it would be a disaster for the property market for people who need to rent if it were removed. As it happened previously when Paul Keating removed it briefly before bringing it back.
 
Peter Bushby – President of the <a href="https://www.reia.com.au/?" target="_blank">Real Estate Insitute of Australia</a> (REIA).<img width="125" height="167" src="/images/stories/2013/10/25/bushby-profile.png" alt="bushby-profile" style="float: right;">
NEGATIVE GEARING NEEDS TO BE RETAINED, STAMP DUTY NEEDS TO BE ELIMINATED
We [REIA] strongly agree with the report’s [Grattan Institute Renovating Housing Policy] recommendations to eliminate stamp duties, however it’s essential negative gearing be retained in its current form for the purpose of property investment.
REIA has always supported negative gearing because it helps in the provision of rental accommodation. Negative gearing for property investment is complementary to the goals of the Government’s Housing Affordability Fund (HAF) in addressing the supply of rental accommodation.
To remove it would show that we haven’t learnt anything from history. When negative gearing was abolished in 1985 it had disastrous consequences for the property market and for people trying to rent. Rents rose 37% across Australia and by 57% in Sydney. Thankfully, negative gearing was reinstated in 1987.
It is far too short sighted to link investor interest in housing to negative gearing alone. Negative gearing is only one of a range of factors that contribute to the level of investment in property. Other factors include interest rates, availability and accessibility of finance, share market performance, the unemployment rate, housing supply and consumer confidence.
The myth that negative gearing is a plaything of the wealthy also needs to dispelled. The majority of taxpayers with a negatively geared property earn less than $80,000 a year. With the new government, expectations that industry will be involved in finding workable solutions to these old issues are high.
 
The debate is quite prominent in the twittersphere, with Catherine Cashmore and Oliver raising their concerns.
<blockquote class="twitter-tweet">
<a target="_blank" href="https://twitter.com/CCASHMORE_BUYER">@CCASHMORE_BUYER</a> ..I seem to recall in late 80s NG was curtailed only to be returned after its removal reduced the supply of rental accom
— Shane Oliver (@ShaneOliverAMP) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/ShaneOliverAMP/statuses/392622101128966144">October 22, 2013</a>
</blockquote>
If you would like someone’s opinion added to the list, please email ntrotman@propertyobserver.com.au and we’ll consider getting their viewpoint.
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Should negative gearing be changed? The experts have their say

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Property Observer was recently informed of a first home buyer who had received preapproval with Bankwest on a loan and after the valuer inspected the property, they chose to decline the loan as it was within 100 metres of high-tension power lines. This came as a surprise to the new buyer who was unaware that this was even something that could affect their ability to buy a property.
The property was said to be outside QBE insurance guidelines.
This led Property Observer to ask a range of mortgage brokers and property advisors to provide a list of obstacles that may come in the way of you and your bank loan, so that you don't find yourself in the middle of any nasty surprises.
“The important thing is if there is a risk with either the security or you, then your highest criteria for your loan search does not come down to the lowest interest rate, rather which lenders policies will mean that you satisfy their risk tolerance and that of the Lenders Mortgage Insurance (LMI) they use,” said director of Investors Choice Mortgages Jane Slack-Smith.
Obstacles include:
<ul>
<li>Bushfire prone areas and flood areas</li>
</ul>
<ul>
<li> Results in credit score</li>
</ul>
“A minor default on a telephone bill or a late gas payment could stop a borrower from obtaining finance,” Mortgage Choice spokesperson Jessica Darnbrough explained.
<ul>
<li>Buying in a mining town</li>
<li>Properties under 50 square metres and studio apartments</li>
</ul>
“Some lenders will not lend on a unit located in a high density apartment block. High density apartment blocks are usually three to four stories high and have more than 30 units,” Darnbrough continued.
<ul>
<li>Heritage listed properties</li>
<li>Uninhabitable to live in “as is” – It could be a renovators dream but financing is difficult to obtain if the property is lacking a kitchen or a bathroom</li>
<li>High tension power lines</li>
</ul>
Each mortgage insurer differs and some have a 100 metre restriction, whereas others will only have a 50 metre restriction.
<ul>
<li> Valuation shortfall</li>
</ul>
“One of the most common problems people face when applying for a home loan is a shortfall between the purchase price of the property and the amount the bank values that property for,” Darnbrough said.
<ul>
<li>Buying a property in a specific holding structure, for example Hybrid Discretionary Trust with corporate Trustee or SMSF</li>
<li>A property with a granny flat</li>
<li>A property with a specific use, such as a boarding house, commercial property, holiday house, student accommodation, display homes and NRAS</li>
<li>Serviced apartments</li>
</ul>
As Slack-Smith says, some lenders will not lend at all if these obstacles come in the way, whereas others will reduce the loan to value ratio (LVR) to below 80%.
If you know of a loan that has been declined for something not included on the list, please email <a href="mailto:ntrotman@propertyobserer.com.au">ntrotman@propertyobserer.com.au</a>
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Hurdles to watch out for when acquiring a bank loan

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One of Australia’s biggest comparison websites finder.com.au is warning borrowers to compare home loans or face paying too much, as more Aussies opt for a fixed term.
Finder.com.au says many fixed rate home loans have attractively low rates but after the fixed period ends, they are reverting up to 1.01 percentage points.
According to the website, the average three-year fixed rate is currently 5.07% and reverting to 5.51% after the fixed period ends, but there are some banks, including all four major banks, that revert up to 6.19%.
In July 2011, the difference between average three-year fixed rates and the revert rates was only 0.03%.
As of October 2013, the difference between three-year fixed rates and revert rates has climbed to 0.44%.
The amount of borrowers choosing to fix has climbed in the last 12 months by 29,122 more.
“Fixed loans are great for certainty that your repayments will remain the same during the fixed term, particularly when there’s talk of rising interest rates on the horizon following the latest inflation figures,” says spokesperson of finder.com.au Michelle Hutchison.
“And there are some very good value deals currently being offered, with three-year fixed rates starting from 4.69 % on <a href="https://www.finder.com.au/home-loans">finder.com.au/home-loans</a>. But low fixed rate loans are not necessarily the best value over a 30-year loan term if the revert rate is much higher.
“For instance, let’s take a typical $300,000 mortgage over 30 years with the average three-year fixed home loan of 5.07% reverting to 5.51%.
“The extra cost after the fixed period would be about $81 per month. Over the remaining loan term of 27 years following the fixed period, this extra cost is potentially over $26,000,” says Hutchison.
Hutchison says the best way to avoid being ripped off with a fixed home loan is by comparing home loans before your fixed term ends and renegotiating with your lender or to switch to a better deal.
“If you fixed at the average three-year fixed rate of 5.07% and switched after three years to one of the lowest variable rates available – currently 4.59% – that’s $168 less in monthly repayments compared to the average revert rate of 5.51%.
“Over the remaining loan term that’s a saving of over $54,000,” says Hutchison.
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Home loan comparison website warns about the importance of researching a fixed loan

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The last release of Defence Housing Australia’s Heartwood residential development was snapped up in just four hours over the weekend.
Located at Voyager Point in South West Sydney, the 25 blocks ranged in price from $371,000 to $468,000 and ranged in size from 450 square metres to 708 square metres.
“Pent up buyer demand for the land lots was realised over the weekend,” says DHA managing director Peter Howman.
“Land lots like these are rare in the hustle and bustle of Sydney, and this just shows that buyers want the lifestyle and amenities that Heartwood and DHA have to offer.
“This community was designed to promote connectivity throughout the existing area with new cycleways and walkways linking to the bushland and river,” says Howman.
The development is named after the heartwood of the Mahogany trees that surround Voyager Point.
Defence Housing Australia will retain 42 land lots for defence members and their families, with construction of the DHA properties to commence at the end of October.
The median house price in <a target="_blank" href="/news">Voyager Point</a> is $755,000, a 19.8% change in the past five years, according to RP Data.
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Last release of Defence Housing Australia's Voyager Point development snapped up

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Harcourts is set to lay down the red carpet in the Mornington Peninsula, as the real estate company launches Harcourts Luxury Property Selection today.
“The introduction of Harcourts Luxury Property Selection to the Mornington Peninsula will strengthen opportunities for new and existing clientele wanting to get their hands on coveted peninsula real estate, and will further position Harcourts as an enviable leader in the market place,” says business owner of Harcourts Luxury Property Selection Mornington Gerard Cosgrave.
Clients of the luxury sector will receive services such as the real estate concierge and properties listed with Harcourts Mornington will now be able to be advertised in eight different countries.
“The Harcourts Mornington team are delighted to now have the ability to expand our local offering whilst utilising Harcourts’ international prowess,” says Harcourts Mornington general manager Lauren Wild.
“The Mornington community will be the ultimate beneficiaries of this service as the Harcourts Luxury Property Selection focuses on showcasing properties to generate maximum exposure on a global scale, meaning the best possible prices are achieved,” says Wild.
The company's door officially opens today.
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Harcourts to bring luxury to the Mornington Peninsula

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The Reserve Bank of Australia’s consumer price measures of inflation are stable and well within its target zone of 2% to 3%, according to the September 2013 quarter Consumer Price Index (CPI).
The consumer price index rose by 1.2% and annual inflation rate is now 2.2%.
The analytical series of trimmed mean and weighted median increased by 0.7% and 0.6% respectively for the September quarter 2013, compared to increases of 0.6% for both in the June 2013 quarter.
“The annual changes for the trimmed mean and for the weighted median were 2.3% for both and compare to the changes for the twelve months to the June quarter 2013 of 2.3% and 2.5% respectively,” says REIA president Peter Bushby.
The housing group increased by 2% in the September quarter, compared to 0.6% in the June 2013 quarter.
The annual rate increase of 4% is down from 5.3% to the year to June.
The main increases in the September quarter were water and sewerage, an increase of 9.9%, and property rates, an increase of 7.9%.
Of the year to September 2013, the largest increase in the housing group was for electricity at 6.1%.
Rents increased by 3.2% for the year.
“With inflation well under control and a subdued economy, it’s appropriate that the RBA Board maintains interest rates at their present level when it meets on Melbourne Cup Day,” says Bushby.
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RBA needs to maintain interest rates: REIA

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The third release of the $230 million residential development Erko will comprise of 16 torrens title terrace houses priced from $1.575 million.
The joint venture between Leighton Properties and LaSalle Investment Management will be known as Ashmore Terraces.
Built on the northern boundary of the 1.6-hectare development in Erskineville, the three-storey terrace houses of 185 square metres will feature three bedrooms and interiors by SJB.
<img alt="erkoi-oct-23-two" height="258" width="470" src="/images/stories/2013/10/24/erkoi-oct-23-two.jpg">
“We engaged SJB, Prineas and TRIBE Studio to take the finest features of a Victorian terrace, modernised them, and then integrate principles of thoughtful, sustainable design,” says managing director of Leighton Properties Mark Gray.
Apartments feature marble ensuites with freestanding baths and large stone benchtops in the kitchens with miele appliances.
“Most of the time we are working within the confines of an existing building, however this was an opportunity to design a classic architectural style with modern living in mind,” says Hannah Tribe of TRIBE Studio.
Gray says Erskineville is synonymous with terrace living and expects the third release to be well received by owner-occupiers.<img style="float: right;" alt="erko-oct-23-one" height="296" width="200" src="/images/stories/2013/10/24/erko-oct-23-one.jpg">
Tim Rees of CBRE says the beauty of the Erko terraces are that they’re brand new.
“You are not buying a property in need of repair nor suffering from maintenance issues which is practically unheard of in a suburb so close to the city, especially one like Erskineville which is in such high demand,” says Rees.
The first stage of Erko was released in November 2012 and the second stage was released in 2013, totally 263 apartments priced from $400,000 to $1.3 million - only three apartments remain.
Construction on Erko began in June this year and is on track for a late 2014, early 2015 completion.
The fourth and final stage will have approximately 40 apartments.
The median house price in <a target="_blank" href="/news">Erskineville</a> is $825,000, a 25% change in the past five years, according to RP Data.
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Third release planned for $230m Erko development

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Don’t have much cash to splash but want to own your own property? Property Observer has found the five cheapest properties around the nation currently on the market, and although they need some work, we want to know if you’d grab a bargain to get your hands dirty.
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-woomelang-107525560">two-bedroom weather board period cottage</a> (pictured below) in Woomelang is on the market for $39,000.
It has recently had some re-cladding in hardi plank and even has air conditioning but it is in need of a new kitchen.
{yoogallery src=[images/stories/2013/10/23/woo]}
 
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-nhill-114621215">t</a><a target="_blank" href="https://www.realestate.com.au/property-house-vic-nhill-114621215">hree-bedroom home</a> in Nhill (pictured below) is probably the most appealing of the five and is marketed as an ideal investment or development opportunity.
It features electric cooking, a comfortable sized living area and one bathroom.
{yoogallery src=[images/stories/2013/10/23/nhill]}
 
The cheapest of the bunch is <a target="_blank" href="https://www.realestate.com.au/property-house-wa-norseman-107683506">this two-bedroom cottage</a> (pictured below) in Norseman.
Situated on 647 square metres, the property features Jarrah floors, a single car garage and a patio, and has an asking price of only $25,000.
{yoogallery src=[images/stories/2013/10/23/norse]}
 
This <a target="_blank" href="https://www.realestate.com.au/property-house-vic-pyramid+hill-112438671">Pyramid Hill property</a> is the most expensive out of the five, but is literally a shell with walls and a roof.
Comprising of two bedrooms, the property (pictured below) sits on a double block with some plumbing done and a new roof.
It is listed for $43,500.
{yoogallery src=[images/stories/2013/10/23/pyr]}
 
Last but not least, this <a target="_blank" href="https://www.firstnational.com.au/?pagecall=property&amp;propertyID=2327872">two-bedroom home</a> in the small gold mining town of Mount Magnet is on the market for $40,000.
Situated on 1,012 square metres, the property (pictured below) even comes with all the furniture in place – including the washing machine and the fridge.
{yoogallery src=[images/stories/2013/10/23/mag]}
 
<img alt="poll-results-oct-24" height="132" width="419" src="/images/stories/2013/10/24/poll-results-oct-24.gif">
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Would you buy a property under $50,000 to renovate?

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Following the recent demand for land at Shell Cove, Australand and Shellharbour City Council are releasing 12 lots this weekend in the Ocean Links Precinct.
The masterplanned Shell Cove community has received strong interest with the <a target="_blank" href="https://www.propertyobserver.com.au/news/demand-remains-strong-for-australand-s-shell-cove-masterplanned-community/2013100865580">previous land release</a> snapped up on its release day.
Located in Bonville Parkway, the 12 lots range in price from $310,000 to $360,000 and range in size from 616 square metres to 776 square metres.
Australand is expecting the latest release to attract those with school aged children, with an one-site Shell Cove primary school and pre-school close by.
“Buyers can utilize the extra space by installing a pool in the backyard, growing a beautiful garden or even including an extra bedroom in their home design,” says Australand NSW residential division general manager Nigel Edgar.
“Golfing enthusiasts will have the opportunity to purchase a prime piece of land front The Links Shell Cove 18 hole golf course, with many of these lots offering uninterrupted views across the beautiful fairways and greens.
“Sales have been extremely strong this year at Shell Cove and we are committed to meeting market demand by releasing affordable land in a variety of precincts within the community,” says Edgar.
The Bonville Parkway release will be launched on October 26.
The median house price in <a target="_blank" href="/news">Shell Cove</a> is $530,000, a 9.8% change in the past five years, according to RP Data.
news@propertyobserver.com.au
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
                   
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Shell Cove to release 12 more lots this weekend following strong buyer demand 

<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.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[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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Nicola Trotman

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