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A local developer has paid $6.3 million, exceeding expectations, for a development site with a permit for 44 units in Melbourne's Hampton.
The 427 Hampton Street property, comprising a 1,242 square metre site, zoned Commercial 1, was sold after an expressions of interest campaign.
The selling agents were Nick Peden, Jesse Radisich and Julian Heatherich of Savills Australia.
The permit includes 41 apartments and three retail spaces.
Peden said the property drew more than 150 enquiries and sold at the record rate of $143,295 per unit.
A 62-apartment project next door had sold out within a matter of weeks, he added.
"The demand for apartments along this increasingly popular strip of bayside suburbs, which includes Brighton and Sandringham, has been extraordinary but not surprising given its relatively close proximity to Melbourne CBD,’’ he said.  
Radisich said the initial price expectations were circa $5.5 million. 
 
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prateek24-ezbwHMbNAk

Developer pays $6.3 million for site with apartment permit in Melbourne's Hampton 

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The latest research from Docklands Cityscope shows that commercial property sales for the quarter have significantly declined.
In the three months to April 2016 there were 11 sales at a total value of just $4.2 million, compared to 16 sales at a total value of $120.2 million for the quarter to January 2016, and 11 sales at a total value of $164.2 million for the quarter to October 2015. The yearly figures are also markedly down, with 54 sales at a total value of $300.2 million for the twelve months to April 2016, compared to 64 sales at a total value of $1.494 billion over the previous year.
Notable sales, such as they are, in the April 2016 update of Docklands Cityscope include:
<ul>
<li>Lot 222 at 838 Collins Street, Docklands, a commercial unit on the level four mezzanine, which sold for $820,000;</li>
<li>Lot 15 at 838 Collins Street, Docklands, a retail unit on the ground floor, which sold for $650,000; and</li>
<li>Unit 216 at 757 Bourke Street, Docklands, a commercial unit on the second floor, which sold for $395,000.</li>
</ul>
<a href="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%2012.49.39%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%2012.49.39%20AM.png" alt=""> 
Properties listed as for sale in the April 2016 update of Docklands Cityscope include:
<ul>
<li>Unit 13 at 42 Newquay Promenade, Docklands, a retail lot of 323 sqm, at an asking price of $1,850,000;</li>
<li>Unit 101W at 425-441 Docklands Drive, Docklands, a 200-sqm shop, available through CVA Property Consultants and No Agent Property Moorabbin; and</li>
<li>Unit 4 at 54 Newquay Promenade, Docklands, a 236-sqm shop, available through MP Burke Commercial.</li>
</ul>
Leasing opportunities in the April 2016 update of Docklands Cityscope include:
<ul>
<li>Aurecon Centre, an eight-storey office building with retail space and parking on the ground floor at 850 Collins Street, which has up to 6,464 sqm of office space for lease through Colliers International and CBRE;</li>
<li>Ericsson Commercial Tower, a ten-storey office building with retail space on the ground floor and three levels of parking at 818 Bourke Street, Docklands, which has up to 3,600 sqm of office space for lease through JLL; and</li>
<li>The Gauge, an eight-storey office building with retail space and parking on the ground floor at 825 Bourke Street, Docklands, which has office space of up to 1,508 sqm for lease through CBRE.</li>
</ul>
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Docklands commercial property sales fall sharply in quarter to April: Cityscope

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The worrying health of the global economy, workforce strategies and rising cost and speed of business are having a big impact on real estate decision-making for major corporations, finds a new survey by CBRE Group, Inc of global corporate real estate executives.
“The volatility of today’s global economy is challenging executives to align naturally long-term real estate initiatives with increasingly short-term corporate agendas,” said Karen Ellzey, executive managing director of consulting for CBRE Global Workplace Solutions.
“Today’s real estate strategies have to focus on delivering ‘growth without growth’ — expanding a corporation’s capabilities without spikes in capital investment or operational expense.”
More than 400 corporate real estate executives from around the world participated in the CBRE survey. Nearly half (49 percent) cited economic uncertainty as their greatest challenge, while 43 percent noted cost escalation as their greatest challenge.
Forty-eight percent projected a stable real estate footprint for this year. Seventy-nine percent stated that they are actively using space-efficiency initiatives—“saving in place”— to manage costs, combining ground-up workplace strategies with top-down cost management initiatives.
“Controlling costs and supporting employee needs are the leading goals of workplace strategies globally,” said Julie Whelan, head of Americas occupier research for CBRE.
“There has been a natural shift to create workplaces that are efficient, functional and modern, allowing corporate real estate executives to balance employee desires with cost management disciplines.”
Workplace strategies are also driven by talent-centric initiatives. Fifty-five percent of survey respondents cited better collaboration as the main driver in designing and implementing workplace strategies, while 49 percent cited employee attraction and retention as a key aim.
Work-life balance is also top of mind, with executives reporting workplace flexibility, high indoor environmental quality and easy access to public transportation as features important to employees.
Global corporate executives favoured emerging markets as destinations for growth, with Southeast Asia and India as top locations for expansion. Fifty-six percent of respondents indicate interest in expanding their corporate portfolios in the coming three years in Southeast Asian markets where economic opportunities are emerging.
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Global economy, workforce and rising costs of business driving corporate real estate decisions: CBRE study 

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A Greenwich guesthouse in Sydney’s lower North Shore has sold at a yield of about 5 percent, underpinning the demand for boarding houses.
The 12-room Shore Inn Guesthouse at <a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-greenwich-501824366" target="_blank">314a Pacific Highway</a> was purchased by a private Sydney-based investor for $1.82 million. 
Located on a 411 sqm landholding, the Shore Inn Guesthouse provides short, medium and long-term stay options over two levels, with four of the rooms including ensuites. 
There is also development potential, with a draft scheme in place to add an additional level with a further four rooms and balcony. If materialised, it is expected to boost the income by up to 50 percent. 
The property, which had been previously listed with four agents for four months, was sold by CBRE’s Toby Silk within four days.
“Investors are drawn to boarding houses due to the flexibility and control they offer on investment. By running the operation’s side, they have control over the property and can maximise the income generated," Silk said. 
The Shore Inn Guesthouse is close to the St Leonards train station, and offers signage exposure to six lanes of traffic on Pacific Highway. 
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Guesthouse in Sydney's North Shore sells for $1.82 million

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A majority of economists and experts say abolishing negative gearing would affect housing affordability in the future, according to a recent survey by leading comparison website finder.com.au.
The survey, released in the wake of Reserve Bank of Australia's recent decision to keep cash rates on hold at 2 percent, also revealed that the central bank's decision was expected. 
The cash rate has been on pause for almost a year with the last change – a cut – occurring in May 2015.
On the topic of negative gearing, 65 percent of respondents said there was a chance that eliminating negative gearing would result in a drop in property prices, with 23 percent predicting a "significant" drop of over 5 percent.
However, when looking at the effect of removing negative gearing on the market overall, a total of 30 percent thought that this had a some chance or a slight chance of increasing the likelihood of a significant market contraction, or triggering the collapse of a "housing bubble". The remaining 70% of economists said it would not trigger a market contraction. A third (33 percent) said there was no housing bubble in the Australian market.
On the brighter side, a softening of property prices combined with record low interest rates could encourage more first home buyers into the market, according to Bessie Hassan, money expert at finder.com.au.
In addition, the size of Australian mortgages continues to fall, hitting a low of $372,400 in January, dropping from an all-time high of $386,300 in November 2015, indicating uncertainty in the market – which could play out in first home buyers' favour. The average loan size for first time buyers has fallen from $355,500 in October 2015 to $338,800 in January.
"For those first home buyers who have been priced out of the property market to date, now may be their chance to get their foot on the ladder," Hassan said.
"A decline in average national mortgage size shows that borrowers are feeling less comfortable within the low rate environment than they were months ago, and are therefore borrowing less money to buy.
"All borrowers need to remember that these record low interest rate are not here to stay. If and when rates rise, this will lead to higher repayments – approximately $50 per month more for a $300,000 loan size, and thousands of dollars more over the life of your loan.
"Before jumping into the property market, do your research and factor in a buffer of 2-3 percent to accommodate for future rate rises, so you're not stung with a nasty shock months into becoming a homeowner."
The survey, the biggest of its kind, according to finder.com.au, revealed that 34 of 35 leading economists and experts (97 percent) had predicted that RBA would hold rates.
Hassan added that the majority of experts believed the economy was still tracking well and there would be no movement for the rest of the year.
"60 percent (21 experts) forecast the cash rate will hold at 2 percent for the rest of the year, while 20 experts are predicting a rate rise – but not until 2017 at earliest."
Just three experts (9 percent) expect a fall beyond 2016.
Of the economists (31) who weighed in on how low the cash rate would drop this cycle, 52% (16) said it would drop no lower than its current value. Twenty-nine percent (9 experts) predicted a low of 1.75 percent, and 19 percent (6) forecast the rate to drop to 1.50 percent or lower.
 
<a href="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%202.33.27%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%202.33.27%20PM.png" alt="">
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Eliminating negative gearing could shake, but not shatter property market: finder.com.au survey

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Crowd funding firm DomaCom has welcomed the announcement by Treasurer Scott Morrison that the proposed sale of the Kidman Station to a Chinese consortium is “not in the national interest”.
The Kidman Station comprises 16 pastoral properties including outstations and supporting properties in breeding, feedlot and cropping. It is spread across Queensland, the Northern Territory, South Australia and Western Australia and is home to 185,000 cattle.
The Kidman land portfolio is the largest private land holding in Australia, with 1.3 per cent of Australia's total land area.
“Given the size and significance of the Kidman portfolio I am concerned that the acquisition of an 80 per cent interest in S. Kidman &amp; Co Limited by Dakang Australia Holdings Pty Ltd (Dakang) may be contrary to the national interest,” Morrison said last week in a media release.
DomaCom CEO Arthur Naoumidis said it was “pleasing” that the government had heeded public sentiment on the $370 million sale and had reached a “preliminary finding” to reject the bid by Dakang Australia Holdings. The company has until 3 May to respond.
Morrison had earlier rejected a bid by a related Chinese company, the Penxing Group.
Late last year, DomaCom launched a book-build to keep Kidman Station in Australian hands and has attracted pledges of more than $70 million from 5,000 retail investors.
“What the DomaCom campaign clearly demonstrated is that there is genuine public interest in keeping the iconic Kidman pastoral station in Australian hands, and that ‘mum and dad’ investors want to have a stake in this country’s agricultural heritage,” he said.
“Opinion polls have shown that ordinary Australians are deeply concerned about retaining our agricultural land, as well as the businesses that flow from them.”
Naoumidis says Morrison’s announcement could breathe fresh life into the DomaCom offer.
“Hopefully it will encourage more retail investors to come forward to invest in Kidman. Aside from the issue of keeping it in Australian hands, the investment reality is that under our proposal the land will be separated from the operating business, with the land expected to return about 8-9% to our investors.”
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DomaCom lauds Morrison’s Kidman decision

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Wyndham Harbour Marina, on the western shores of Port Phillip Bay near Werribee in Melbourne, was declared officially open recently.
Welcoming the event, the Boating Industry Association of Victoria (BIAV) said it was a major indication of the importance of residential marina developments to the Victorian economy.
"The marine sector in this state as an industry is worth $4.5 billion to the Victorian economy and provides over 17,700 FTE jobs," said Steven Potts, chief executive of the BIAV.
The projected increase of the population in the central coast area of Victoria, including Port Phillip and Western Port, to nearly 8 million by 2050 from 4.6 million, will see a doubling of boating activities and boost Victoria's 'Blue Economy'.
<img src="/images/2016/04/22/Screen%20Shot%202016-04-22%20at%208.42.35%20PM.png" alt="">
Potts said developments such as Wyndham Harbour Marina provide a pathway for the private sector to assist in development of Blue Infrastructure, for which the Victorian government or local councils do not have sufficient funds.
The event was attended by Hon. Tim Pallas, State Treasurer.
There are over 172,000 registered boats in Victoria, and with a rapidly growing population, the number of boats in the State is set to double due to increases in population and pressure on green space, seeing the community turning to the blue space of Port Phillip and Western Port Bays.
 
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New Wyndham marina in Melbourne expected to boost Victorian economy

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Fringe areas of Perth are showing definite signs of an easing trend as demand has fallen dramatically over the previous 12 months, according to valuation firm Herron Todd White's April property clock, a simple broad brush indicating where property values are and where they are headed to. 
Perth was a declining market, both for houses and units, in the HTW property clock. 
<a href="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%201.34.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%201.34.54%20PM.png" alt="">
 Properties are commonly transacting below their previous sale or valuation amount and negative equity situations remain a serious concern, says the HTW report. 
These areas have typically been driven by high demand from both investors and first home buyers, however, supply appears to be far stronger than current demand due to multiple factors. Part of the issue has been the dramatic increase in land values in these areas which usually begin life targeting first home buyers but experienced a very strong uplift in values during the resource boom on the back of strong net migration figures. This created significant affordability issues and first home buyers were pushed further away from the CBD.
<a href="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%2012.53.43%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%2012.53.43%20PM.png" alt="">
The neighbouring suburbs of Ellenbrook, Aveley, Brabham and Dayton on the north eastern fringe of Perth are very good examples. Ellenbrook and Aveley are very successful, somewhat established master planned communities of some 30,000 residents, while the newly establishing suburbs of Brabham and Dayton are situated slightly to the south. The driver for demand in the area has been the ability to live in a modern community with a reasonable choice of housing. On the negative side, transport throughout the area is limited to bus services and private vehicles as there is no current train service to the area.
The affordability of the area was attractive for investors during the rental squeeze experienced during the resources boom, with strong rental returns on offer. This led to a surge in demand and a subsequent increase in values, which has since subsided. Further, the area is likely to experience significant supply for the foreseeable future and as such we would expect land values to ease in line with current established housing statistics and is therefore unattractive in the short term. The long-term outlook of the area remains strong as much needed infrastructure comes to fruition, however, yields are unlikely to improve dramatically in the short term.
The northern suburb of Butler is another interesting proposition. The suburb is situated adjacent to the coastal suburbs of Jindalee and Alkimos, some 40 kilometres north of the Perth CBD. Growth has been subdued in the area over the previous five years with just a 0.6 percent change in the median house price and more recent reports of a reduction in the median house price by 3 percent in the past 12 months and 0.7 percent over the previous quarter. 
The proposed extension of the Mitchell Freeway will not extend all the way to Butler but it will get it several suburbs closer which is bound to have a positive flow on effect in the future. The area remains attractive due to its affordability and promise of a near to the coast lifestyle. Yields are expected to improve as coastal suburbs are developed and the appeal of the area increases.
The southern suburb of Baldivis is also experiencing subdued performance due to its fringe location, extensive supply of land and a reluctance by local developers to re-price their land estates. Baldivis has long been seen as a haven for first home buyers, with ample parkland, new public facilities including several schools and modern shopping facilities. Similar to many fringe areas, new construction has slowed as demand has waned. 
There is a multitude of newly constructed dwellings on the market for less than replacement cost, hence the short-term outlook is less than positive. It is common for properties not immaculately presented or of a less than desirable quality to battle to attract any interest and it’s a true buyer’s market. Land values require adjusting to re- invigorate the appeal of the area before the effects of oversupply really hit and the suburb begins to stagnate.
Unfortunately the fringe areas of Perth are unlikely to experience any significant increase in demand in the short term unless land pricing is reviewed or construction costs ease. We would expect established properties in these areas to perform better than house and land packages in the short term and yields to stagnate. 
Property Observer looked for recent sales in the fringes of Ellenbrook and Butler. The median house price of houses in Ellenbrook was $427,500, according to CoreLogic RP Data. The data for units wasn't available.
<img src="/images/2016/04/29/700_htw1.jpg" alt="" width="545" height="331">
Recently, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-wa-ellenbrook-122145450">8 Boorara Road Ellenbrook WA 6069</a> sold for $420,000, according to www.realestate.com.au.
In Butler, postcode 6036, the median house price was $433,000, while for units it was $347,500, according to CoreLogic RP Data. 
<img src="/images/2016/04/29/700_htw2.jpg" alt="" width="560" height="340">
Among recent sales around the median price, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-wa-butler-121857558" target="_blank">105 Hollington Boulevard Butler WA 6036</a> sold for $410,000.
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Perth's fringes show easing trend in home prices: HTW

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Queensland’s Toowoomba sits on the list of most-searched suburbs list for 2015 by rent.com.au.
The median rent for all rental properties advertised in Toowoomba earlier this year was $267 per week, a fall of 5.31 percent from the last previous quarter. 
Toowoomba’s median price was also well below the median of $290 per week for surrounding suburbs which include East Toowoomba, Harristown, Newtown, North Toowoomba and South Toowoomba. 
The average days on market for all rental properties advertised in Toowoomba within the last 90 days improved by 15 days to 27 from the last quarter. Toowoomba also did better than the 40 days on market for surrounding suburbs.
Out of a total of 10 rental properties advertised in Toowoomba within the 30 days, six were houses and four were apartments. 
The price range of advertised properties was from $180 for a two-bedroom dwelling to $380 for four bedrooms.
As an illustration, Property Observer came across a couple of dwellings up for rent around the median price on <a href="https://rent.com.au/" target="_blank">rent.com.au</a>:
<img src="/images/2016/04/29/rent_1apartment.jpg" alt="" width="475" height="356"> A two-bedroom apartment at <a href="https://www.rent.com.au/property-apartment-toowoomba-4350-1711428" target="_blank">1/115 South Street, </a><a href="https://www.rent.com.au/property-apartment-toowoomba-4350-1711428" target="_blank">Toowoomba</a>, is up for rent at $270 per week. 
<img src="/images/2016/04/29/700_woomba2.jpg" alt="" width="532" height="326">
A three-bedroom house at <a href="https://www.rent.com.au/property-house-toowoomba-4350-1759878" target="_blank">8 Hamwood Street</a>, is up for rent at $300 per week.
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QLD's Toowoomba has median rent lower than neighbours: rent.com.au

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Small business, often the poor cousin when it comes to securing finance, should look beyond the major bank to kickstart trade or fund their growth, according to the CEO of a specialist lender.
Even though small business accounts for 97 percent of all businesses in Australia, employs 70 percent of the workforce and contributes more than half a trillion dollars to the economy, yet a majority of them fail within the first three years in part due to the difficulties in accessing capital.
It’s a problem that needs fixing, according to Campbell Smyth, CEO Asia Pacific for specialist lender Bluestone Mortgages.
“According to a report by the World Bank and International Finance Corporation, Australia is ranked as the second easiest country to start a business, after New Zealand, and yet more than 60% of small businesses fail within the first three years of operation,” said Smyth.
“Most small and medium sized enterprises say that availability and conditions of credit are key barriers to their business growth.”
According to figures released by APRA, the big four banks are continuing to tighten their mortgage underwriting standards across the board. Figures for small business indicated that the so-called ‘low doc’ loans have declined from 6.4% of new residential loans in 2010 to just over 0.7%, following the introduction of the National Consumer Credit Protection Act in 2009, he added.
“We would be the first to agree that in some cases, and for some lenders, ‘low doc’ loans were based on poor lending practices and the fact that these have been stamped out is a very good thing,” said Smyth. 
“But it may be that the pendulum has swung back too far.”
Smyth said that two thirds (65 percent) of small business owners put themselves in a potentially precarious position by using their personal finance to fund their growth, including credit cards, where interest rates can be over 20 percent.
“And another common approach, using home equity to support a small business, is completely cut off when business operators can’t access a mortgage in the first instance,” he added. 
The problems are compounded for those who have had a previously failed business or a bad credit rating, as in most cases, it results in automatic rejection by a major lender.
In such a situation, it makes sense to look at options outside of the mainstream banks, added Smyth. In fact, non-banks make up a growing segment of the loan market. He said that small business owners should not hesitate to seek help from a specialist lender and/or broker with experience in this area. 
“Ask your broker whether they work regularly with specialist lenders, and make sure you choose a specialist lender with experience. Ask what proportion of self-employed people they lend to, for example,” he said.
“Make sure you question how a loan will be structured, as well as the premium you will be paying above standard interest rates if you have specific circumstances. What it all comes down to is that there are opportunities for the right borrowers even if they don’t meet ideal lending criteria. Being declined by a bank is no reason to give up.”
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Small business should look beyond major banks for finance: Bluestone Mortgages CEO

Joel Robinson

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.

&nbsp;

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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.

[smartcode_project:default project_id=150999 project_image_fid=374005]

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.

[smartcode_project_cta:default project_id=150999]

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.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

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.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

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.

Prateek Chatterjee

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