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The latest census data confirmed the shift to medium-density living in Sydney’s inner city. While the debate about under- or oversupply of residential dwellings remains, it is clear that demand for inner-city units is high, as evident by the number of transactions in the 12 months to April 2012, with the unit-to-house sales ratio closing the year at 2.5 to 1 (8,099 units vs. 3,163 houses).
Would you invest in off-the-plan apartments in this market? Yes, but with reservations.
As a first-home buyer I would certainly consider buying after October 1, when the NSW state government’s generous incentives kick in. The chance to move into a newly built property and being able to select the location, aspect and inclusions is a strong drawing card to buyers of a first home. However, given the hurdles often put by financiers for purchases of off-the-plan units, it is prudent to start the journey into the housing market with a healthy deposit that will shield against the risk of a lower valuation upon completion.
As a downsizer I would do the sums. As many downsizers are in the stage in life when retirement is contemplated, it is imperative to take into consideration not only the cost to finance the property, but also ongoing costs such as water and council rates and strata fees. A recent research we conducted found that strata fees in city buildings represented a larger percentage of the price of a unit than in buildings located further away from the city.
The reason was often the type of common facilities included in the building. It is imperative to consider the suitability of each facility to the purchaser’s lifestyle. While an elevator is commonplace in most developments, swimming pools, gyms and function rooms are used in marketing campaigns to attract buyers. They have a significant impact on strata fees and are often underutilised by residents. In recent times, developers have shied away from “resort”-style developments of the last decade, understanding that buyers today are conscious of the costs involved, and often outsource their recreational needs to one of the many sporting facilities located around town.
Units will continue to be the dwelling of choice into the future, as both younger and older generations see value in the lifestyle options offered by this type of dwelling. However, it will be the style of the building and the bottom line, not only the location, that will determine the attraction of each unit into the future.
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>.
For more on Sydney's current market and where it is headed, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the world of tomorrow. </a>
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Buying an off-the-plan apartment comes with reservations

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New residential apartments are currently selling better than detached houses, according to most estimates. However, other than for a few of the off-the-plan developments, data is not readily available, imposing a reliance on people in the field to ascertain the true performance of the market.
Nonetheless PRDnationwide continues to witness the shift in demand from detached houses to units.
New South Wales already has the largest number of strata-titled properties in the country, with approximately one quarter of Sydney’s population living in strata titled homes, according to the University of New South Wales.
The following trends contribute to the demand for units:
<ol>
<li>Gen Y’s preference for well-located property, close to amenities and if possible to city centres departs from their parents’ choice of detached homes in the suburbs.</li>
<li>Local and overseas investors are trying to predict the demand from Gen Ys and look for modern apartments with close proximity to entertainment precincts. They draw confidence from the strong increases in Sydney’s rents over the past 12 months and the advantages in not tying large amounts of capital until the development is complete.</li>
<li>Some owner-occupiers use the extended period until the settlement of their new apartments to prepare their current residence for sale, possibly receiving higher offers for their house or unit in a rising market over the next 12 to 24 months.</li>
<li>From an investment point of view units show higher liquidity, with lower time on the market and lower discounting than houses.</li>
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Over the past three years we have seen a fall in first-home buyer activity as government incentives decline. First-home buyers’ activity was likely to drop again when the stamp duty exemption for purchases of apartments below $600,000 was withdrawn at the end of June, however the exemptions will now continue.
At the same time second-home buyers or upgraders are active in the market, as well as downsizers. It is interesting to note that some downsizers who live in apartments in three-storey walk-up buildings and are nearing their 50s and 60s find modern building that include an elevator and easy access attractive as they start to plan their retirement.
Further, some areas such as south Sydney are experiencing strong sales activity due to changes in zoning, as suburbs such as Botany and Mascot turn from industrial to residential hubs. This leads to an increase in the values of existing houses and apartments, allowing their owners to borrow against the rising levels of equity to purchase new properties in the same area.
The sale of new residential apartments is Sydney is buoyed by an extensive buyer base and an increasingly attractive product. However, in order to ensure the performance of the dwelling, it is vital for investors and owner-occupiers to look for well-located properties that will appeal to a wide range of buyers.
Oded Reuveni Etzioni is a research analyst at <a target="_blank" href="https://www.prdnationwide.com.au/site/page.cfm">PRDnationwide</a>.
Photograph of scaffolding by Victoria Pickering, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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New apartment sales the shining beacon in Sydney's residential market: PRDnationwide's Oded Reuveni-Etzioni

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Some people were uncertain as to the differences between the ‘First Home Plus’ Scheme and the new ‘First Home – New Home’ Scheme that is due to start in the new year. Let me explain:
The ‘First Home Plus’ Scheme currently in place provides a tax duty exemption for first-home buyers in NSW, with full exemption on homes valued up to $500,000 and partial exemption for homes valued between $500,000 and $600,000. Purchasers of vacant residential land currently enjoy a full exemption for lots valued $300,000 or less, with a concession on duty for lots valued between $300,000 and $450,000.
The new scheme will be implemented for property exchanged as of January 1, 2012 and will apply to newly built homes, homes bought off the plan and vacant lots, with existing dwellings receiving no exemption under this scheme. In implementing the new scheme, the government is attempting to stimulate the construction of new dwellings by making them more attractive to first-home buyers. Exemption will also be given to vacant residential lots transacting for $300,000 or less, with a partial exemption given to lots valued between $300,000 and $450,000. Dwellings and land selling above the specified amounts will receive no exemption.
Savings of $ $17,990 for a newly built home worth $500,000 or $8,990 for a vacant block of land worth $300,000 equates to 3.5% of the total value (including the stamp duty) for the former and 2.9% for the latter. This may appear like a substantial amount of money but in reality represents only a negligible amount of the total cost involved in the purchase a house or unit, which can be erased almost instantly should the market turn south.
Although there is a clear advantage for first-home buyers aiming to purchase an existing dwelling before the end of the year, the figures above demonstrate that understanding the market and where it is heading is much more important.
We see the purchase of real estate as a long-term investment and therefore suggest that first home buyers conduct a thorough research of the market and make sure they buy at the right price. This will help to ensure that the longer term movement of the market will not erase the short term impact of stamp duty savings.
According to the NSW Office of State Revenue the Normal Place of Residence rule will continue to apply, requiring first-home buyers to “occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months from completion of the agreement.” It is also worth noting that eligibility for the Federal Government’s First Home Owner’s Grant is independent of the ‘First Home – New Home’ Scheme and can be applied for regardless of the property’s value or its age (a cap of $835,000 applies).
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>. 
 
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How NSW laws will change for first-home buyers in January

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
The recently published Foreign Ownership of Primary Production Land in NSW by PRDnationwide is a unique study that identifies major foreign companies and individuals who own large tracts of land in NSW. Overall, 464,957 hectares of land were identified as having some form of foreign ownership, which raised questions about the true extent of foreign owned primary production land in NSW and indeed Australia. The report provides an overview of countries that invest in NSW, and identifies Korea as one of the dominant investors in both agriculture and mining.
It also highlights the Chinese ownership of prime agricultural land in the Gunnedah Region that has received media attention in recent months. Much of the criticism from the public, the media and several politicians is that national interests, i.e. control over food and mining resources, are being eroded, and foreigners without loyalty to Australia could use this control to expatriate our natural resources.  This highlights the fear that we as humans have of the unknown. The absence of a foreign ownership registry allows commentators to take advantage of this void to portray the situation as a total takeover of the country by foreigners.
According to the latest data by the ABS, as at December 31, 2010, total agricultural land in Australia totalled 398 million hectares. Of this total, 353 million hectares, or 89% of agricultural land were entirely Australian owned, while 45 million hectares had some level of foreign ownership. In NSW, the total estimated foreign ownership of land equalled 1,535,366 hectares, representing 2.73% of the total agricultural land in the state.
Under current legislation much of the control over the produce from the land is at the discretion of the producer, who is able to ship it out of the country. Furthermore, ABS figures show that the size of land used for farming in Australia has been diminishing over the years, further strengthening the assertion that agricultural land is a scarce resource that must be guarded.   Additionally, recent actions by mining companies prove that there are few barriers to prevent primary production land being turned into a mining operation.
The positive side of foreign ownership is its contribution to the Australian agricultural sector. In addition to agents’ commissions and the creation of jobs, the investment also allows for the injection of capital into unviable or borderline farming operations. Moreover, there are a number of transactional contributions to the state coffers. Our investigation into the dynamics of foreign ownership revealed that in many cases, the foreign company is not interested in the long term ownership of the land, and will subsequently offload their agricultural portfolio if favour of other assets in Australia or overseas. One example is John Swire and Sons, who have been selling off their Australian mixed farming portfolio over the past 12 months, with the purchasers often being Australian farmers. Another illustration is the purchase of AWB by the Canadian company Agrium Inc., which later on sold it (albeit to the American company Cargill Inc.).
In our view, control over the foreign ownership of land can only be attained by a clear identification of the extent of ownership and use of the land. One way to do this is through the establishment of a foreign owners’ registry. Once this has been done, legislators will be able to identify trends in the use of land, and establish a set of criteria to limit any actions that could be adversarial to the long term interests of Australia.
The ownership of land is likely to remain in the news for the near term, with mining and agricultural companies intensifying their operations around the country. However, the ability of government to track these transactions and have better understanding of the extent of foreign-owned land will depend on the effectiveness of systems set up to track the ownership, and the subsequent legislation to control the expatriation of minerals and food products.
Oded Reuveni Etzioni is a research analyst at <a href="https://www.prdnationwide.com.au/site/page.cfm" target="_blank">PRDnationwide</a>. 
Photograph by Mick Stanic
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A land registry is the way forward in the foreign ownership debate

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.

Joel Robinson

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.

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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.

[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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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.

[smartcode_project:default project_id=150999 project_image_fid=374010]

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.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“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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Oded Reuveni Etzioni

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