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Tourism in Australia is forecast to grow over next three years as cheaper oil and a weaker Australian dollar ensures a healthy stream of visitors to the country, according to Deloitte Access Economics' latest outlook for the sector.
The latest Tourism and Hotel Market Outlook has seen Deloitte Access Economics again raise its forecasts for international visitation, with trips to grow by 5.4% and visitor nights by 5.3% per annum over the next three years.
Macro conditions remain favourable for international travel generally, and for Australian tourism specifically -- oil prices fell 40% and the Australian dollar dropped 11% for the 2015 calendar year.
Last year saw China join the million visitors a year club.
"The fact this occurred a year earlier than expected reinforces the extraordinary pace at which the number of visitors from China is growing. Average visitation growth in 2015 was faster over the preceding five years. At this rate, Australia’s first ever two million visitors a year market may be closer than we thought," Lachlan Smirl, Deloitte Access Economics partner, said.
“The forecast for China alone is for another 285,000 visitors per year by 2018 – equivalent to an extra 10 return A380 services every week. When each of those people spends an average $7,300 in our domestic economy, it really adds up. At current prices, we would need to ship 160 tonnes of iron ore to China to get the same trade gain as an extra Chinese tourist choosing to holiday in Australia. It’s a simplistic comparison, but you can see where the opportunity lies.”
Australia’s appeal as a tourism destination is not limited to China. Three-quarters of Australian source markets grew above their five-year trend, and one-fourth of markets grew at twice that pace.
The US was the main rebounder with 50,000 more visitors, or 9% in 2015.
“The US is starting to look more like an economy with business–as–usual levels of economic growth, which is good for household incomes and outbound travel, as well as growth for US trading partners,” said Smirl.
Around 8% of Australia’s workforce, or about 1 million people, are directly or indirectly engaged in the tourism sector. So the positive effects of growth in tourism will be widespread.
Meanwhile, Australians are increasingly keen on travel in all forms: domestic trips, international trips, even day trips are all well above trend growth. With expenditure in each of these categories up 6-7%, Australians are spending a larger share of their incomes on travel. Almost half of this extra spending was associated with leisure travel, the report said.
The impact of a lower Australian dollar hasn’t been as clear-cut as some would expect, explained Smirl: “We haven’t seen a sharp substitution from international to domestic holiday travel. Australians are seeking out cheaper destinations, holidaying for shorter periods, or in part absorbing the higher prices. The picture is more nuanced, but a return to Australian’s love interest with local holiday favourites is evidently upon us.
However, travel to Western Australian mining centres is the exception, falling sharply. The local FIFO index is down 27% from its peak in January 2013 and at the current rate, will be back to pre-boom levels in two to three years.
"The challenge for Perth, and Western Australia in general, is to facilitate leisure tourism. Major projects underway, including Elizabeth Quay and Perth Stadium, will help to enhance the visitor experience over time,” said Smirl.
Other key highlights from H2 2015 included: 
- Though not a major contributor of volume, business travel from a number of South East Asian markets, including Hong Kong, Indonesia, Malaysia and Singapore, was down 25%
- Tasmania topped the growth league table, with international visitor numbers growing 19%, boosted by a 40% increase from China
- Victoria saw the second fastest growth in international visitor arrivals – 11% evenly split between corporate and leisure travel
- Visitation to the Northern Territory slid backwards for holiday travel, and was flat overall for 2015. Flight reductions were a contributory factor, although low seat utilisation was also at play 
- In South Australia, Cricket World Cup visitation in the first half of the year offset reductions in international services from Air Asia X, leaving international visitation up only 0.5% 
- Gold Coast Airport overtook Adelaide as Australia’s 5th fifth busiest international airport, and has the potential to become a mini-transit hub for international passengers travelling with Air Asia X 
- Tropical North Queensland also benefitted from peaks in the school holiday travel. Melbourne families are rediscovering the region with passenger volumes between Tullamarine and Cairns up 16% last year.
The outlook
Despite increasing levels of global economic uncertainty, tourism is poised to growth because of macro drivers, according to Smirl.
International visitor numbers are forecast to grow above five-year trend pace, increasing at an annual rate of 5.4% per year to December 2018. Asia will be responsible for 60% of this growth, with China alone responsible for 26%. The outlook suggests mixed fortunes for Australia’s legacy markets – New Zealand will contribute 10% of the additional nights, while mainland Europe will provide just 4%.
“With domestic travel conditions improving, our forecasts for domestic travel have been upwardly revised. Overnight visitor numbers are now forecast to grow 3.3% per year to December 2018. This is acknowledging Australians are keen to spend more of their budget on travel in all forms,” Smirl said.
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Tourism growth and outlook goes from strength-to-strength: Deloitte

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NSW Central Coast was at the top of the residential property clock for houses in valuation firm Herron Todd White's latest report - a simple broad brush means to suggest where property markets are as at February 2016 - and a slowdown might be expected.
Although the mechanics of the Central Coast region are distinct, the local happenings are influenced by markets in neighbouring regions.
Sydney is generally considered as the central hub with a direct effect on all other regional markets within its radius.
The Central Coast’s strong market in 2015 was undoubtedly underpinned by Sydney-based buyers finding themselves unable to compete in the Sydney market. This resulted in better than average rises in property values across the region as well publicised.
This link is, therefore, proven, say HTW.
The predictions for 2016 are well publicised, with some analysts expecting ongoing increases in property values, others saying the market will plateau while some predict falling market values.
Each scenario has the potential to emerge and what will eventuate will most likely be the result of government fiscal policy, general economic forces, lending practices and whatever the media tells us.
After such a strong year for the period leading to October, the year ended with a bit of a whimper for the region’s market. Sales volumes fell somewhat and there were no continuing increases in values.
Some points of note though:
• The sudden departure of Asian buyers having a noticeable effect on sale volumes;
• Purchase prices being nearer and sometimes below indicated asking prices as opposed to new
records being set every other day;
• Buyers being a little more selective and acting with less urgency;
• The much hyped talk of new residential unit developments in Gosford and other regionally
significant developments falling away on whispers that presales and interest were less than expected
and project finance was difficult to secure;
• Increased positivity in the retail sector that had been missing for the past several end of year
periods.
So, what to expect for the NSW Central Coast region for 2016?
If previous property cycles are to be repeated, then the region’s market is expected to slow as one property cycle ends and another starts.
The market has been at its peak for some time and a slowdown may be round the corner, but the peak lasted longer than expectations, according to HTW.
This is the main difference between this cycle which has been building slowly by comparison over several years and is more controlled as opposed to previous cycles which experienced faster rises over shorter periods, the report said.
According to HTW, while some of the region’s 160 suburbs will see a fall in values this year, most will continue to trade close to or near current values, but with reduced volumes.
Areas likely to see a drop in value will be those where values increased well beyond comfortable levels. This include Umina Beach and Woy Woy where values have risen extraordinarily (between 47% and 49% over the past three years) to the point where they are now in direct competition with some Sydney suburbs and a wane in demand seems inevitable as buyers switch their attention to other suburbs.
In Wyoming and Kariong values have risen more than 10% over a 12-month period and need time to settle down again.
Something for buyers to be wary of is the unit market in Gosford where close to 700 units have been approved recently. Many sites are still in the pre-construction phase and if too many start and finish in a short time frame, then there might be an oversupply situation.
The median house price in Gosford was $570,000 while for units it was $365,000, according to RP Data.
 A recent apartment Property Observer found on the market on realestate.com.au was Unit 5 at <a href="https://www.realestate.com.au/property-unit-nsw-gosford-121910506" target="_blank">75/77 Faunce Street</a> (above) for $435,000.
Another sign that confidence has returned to the market is the presence of buyers at the higher end of the region’s value range. Absent for some time, some say the return of these buyers provides a restorative factor in the market, add HTW.
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NSW Central Coast may see slowdown after reaching peak of property clock: HTW

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A million dollars is a lot of money. But that is the budget needed by a typical family to own a reasonable home in a major city like Sydney that is fairly close to work (usually the CBD), notes property expert John McGrath in his recent Switzer blog.
While agreeing that it’s difficult for many young people to get into the market from a standing start, he argues that as our markets grow in value, so does the wealth of about seven out of 10 Australians because that’s how a major proportion own a home either outright or with a mortgage. 
But back to the million dollar budget. New research published by independent data analysts CoreLogic RPData shows the number of suburbs across Australia with a median property price above $1 million has risen by 31% in the past year alone. There were 406 suburbs nationwide with a median value above $1 million at the end of 2014. Now there’s 530.
He also notes that the number of million dollar suburbs rose by about the same amount nationally (31 percent) as it did in the capital cities combined (31 percent) and in our regional areas (33 percent). 
And no prizes for guessing which cities had the lion’s share of new million dollar suburbs — Sydney and Melbourne by a country mile. 
Breaking down the numbers into state figures, New South Wales experienced a 32.7% bump in the number of $1 million suburbs but it was Victoria leading the way with 46.7 percent. 
Among the rest: 15.4% in Queensland; -7.7 percent in South Australia; -9.5 percent in Western Australia; and no change in Tasmania, the Northern Territory and the Australian Capital Territory. 
Putting New South Wales and Victoria together, these two states now account for 85 percent of all $1 million suburbs nationwide. 
CoreLogic RPData also put together a list of the Top 10 most expensive suburbs nationally for houses and apartments as of the end of 2015. 
The median prices for the Top 10 house suburbs ranged from around $3.3 million in Whale Beach on Sydney’s Northern Beaches up to $6.3 million in Centennial Park in Sydney’s Eastern Suburbs. 
The median prices for the Top 10 apartment suburbs ranged from around $1.2 million in North Ryde in Sydney’s Northern Districts to $2.2 million in Point Piper in Sydney’s Eastern Suburbs.
Top 10 Most Expensive Suburbs – Houses 
1. Centennial Park, Sydney 
2. Point Piper, Sydney 
3. Darling Point, Sydney 
4. Vaucluse, Sydney 
5. Bellevue Hill, Sydney 
6. Tamarama, Sydney
7. Dover Heights, Sydney 
8. Peppermint Grove, Perth 
9. Double Bay, Sydney 
10. Whale Beach, Sydney 
Top 10 Most Expensive Suburbs – Apartments 
1. Point Piper, Sydney 
2. Darling Point, Sydney 
3. The Rocks, Sydney 
4. Cabarita, Sydney 
5. Millers Point, Sydney 
6. Cremorne Point, Sydney 
7. Huntleys Cove, Sydney 
8. Balmain East, Sydney
9. Tamarama, Sydney 
10. North Ryde, Sydney
Of course, a million dollar median means the middle price, so there’s an equal number of homes valued below $1 million as there are above $1 million. But obviously, a suburb with a $1 million median is going to have more expensive housing all round. 
McGrath says it is still better to buy above a suburb’s median because that means getting a superior product to what is ‘the typical home’ for the area. 
A property that is 10-20 percent above the median price is going to have better features, providing a better lifestyle and more than likely better capital growth over the long term, he notes.
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Million dollar suburbs? Still makes sense to buy above the median price: John McGrath

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The majority of home buyers expect housing prices to be flat or lower in 2016, though more than a third believe they will rise, according to the latest analysis of consumer trends by Westpac in its monthly Red Book.
The overall picture around housing, though, is still unclear with choppy reads on both house price expectations and ‘time to buy a dwelling’ indexes through Jan-Feb, although in both cases the sharp slides seen in 2015 appear to be levelling out.
The Westpac-Melbourne Institute Consumer House Price Expectations Index fell 12.5% in February after a 21.4% jump in January, with the index showing signs of settling around the 110 level.
It is still in net positive territory but well below the 10-year average of 125.
Just under 61% of consumers expect prices to be flat or lower in the year ahead, while 35% expect a 0-10% rise and four percent expecting double-digit gains, the report says.
There is a seasonal element to price expectations, though, the report notes and like other housing market measures, house price data is also less reliable over the January-February period in part due to the summer holidays. But available data does show tentative signs of stabilisation after an abrupt slowdown in Q4 2015. 
Price measures show a 0.8% gain for January and a 0.2% rise in the February month to date, RP Data-Corelogic shows.
"The state breakdown shows price expectations have been volatile across the board but are showing signs of stabilising in NSW, are somewhat firmer in Vic &amp; Qld, and falling away sharply in WA," the report notes.
The related ‘time to buy a dwelling’ index also showed volatility through Jan-Feb but with tentative signs that a base may be forming after the sharp pull-back in the first half of 2015. 
Sydney and Melbourne show signs of firming, but at 99.3, the overall level is still weak though, 23 ppts below its long-run average.
The index fell 12.1% in February after bouncing 13.8% in January, with some of the volatility again being seasonal.
But the report points to "some interesting snippets around broad measures of market turnover and auction activity".
"With conditions very uneven across states, auction markets heavily skewed to Syd-Melb and finance data affected by ‘switching’ between investor and owner-occupier segments, turnover is currently the most reliable gauge of total market activity. Latest figures, for Nov, confirm a substantive slowdown in line with ‘time to buy’ readings mid-last year," it says.
Auction clearance rates in early 2016 hint at some firming. Although activity is still 60% below normal, both Sydney and Melbourne have seen clearance rates around 75% vs 62% and 69% respectively for December.
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Housing prices expected to be flat or lower in 2016: Westpac Red Book

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Property developer and funds manager Charter Hall Group announced operating earnings of 15 cents per security in the six months to December-end, a rise of 9.5 percent from the previous comparable period, and raised its outlook for FY 16.
The company made a statutory profit after tax of $143.5 million, up 259.6 percent from pcp, helped by $89 million in property valuation gains.
Operating earnings rose 26.3 percent to $61.2 million over the comparable period. The group made property deals worth $1.7 billion, and grew its funds under management to $15.9 billion, a 17 percent rise.
“Given volatility across global equity markets, we expect quality property with secure cash flow to remain highly attractive to both institutional and retail investors. We will continue to focus on portfolio security by investing in assets with strong tenant covenants and long lease durations delivering sustainable income and capital growth for securityholders,” Charter Hall’s managing director and group CEO David Harrison said.
The company increased its distribution of 13.3 cents per security, up 9.9 percent over pcp and raised its operating earnings outlook for FY16 to 8-10 percent growth over FY15.
Charter Hall focuses on two key earnings streams; property investment income generated from investing alongside its capital partners in property funds and partnerships and earnings generated from property funds management.
The group focuses on office, retail, industrial and hospitality.
Charter Hall $15.9 billion property portfolio had a total occupancy of 98.1 percent and a stable WALE (weighted average lease expiry) of 7.9 years. This followed 283 leasing deals, including new ones with Target and The Reject Shop in Melbourne, and Amazon Corporate Services and Twitter in Sydney.
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Charter Hall half-year profit boosted by property valuation gains

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The hotel industry was characterised by mixed fortunes in 2015, with the second half continuing the trend from the first, according to Deloitte Access Economics' Tourism and Hotel Market Outlook.
Sydney had the country's highest hotel occupancy at 88%, with a room rate growth of 8.8% annualised for the second half of the year, signalling that room rate growth expected to accompany such lofty occupancies is finally materialising.
Across Australia, room nights sold were up 3.3% from the 2.5% observed over the year to June. National room rates growth similarly accelerated over the second half of the year.
Fortunes were mixed across the major markets, with key outlook highlights:
- While rates in Melbourne grew 4.5% for the year, 93% occupancies in November were a record for the city
- Hobart, a market an eighth the size of Melbourne by turnover, recorded the same feat in the same month
- Queensland’s beaches posted the biggest gains in occupancy, with the Gold Coast and Tropical North Queensland recording increases of 3.0% and 4.8% respectively from a year earlier, although the latter was due to some properties being taken out of service for renovation
- Mining hubs lagged as supply increases combined with softening demand to drag both occupancy and room rates lower in Brisbane, Perth and, especially, Darwin
- Brisbane hoteliers, who had a good run during the G20 meeting at the end of 2014 with room rates at record highs, struggled to see growth for most of 2015
- Despite significant supply increases, the Darwin market effectively contracted 8.4% over 2015, as measured by total takings
- Canberra was the quiet achiever, where additions to supply masked 10% growth in room nights sold.
Hotel market outlook
Looking forward, 64 properties are due online before the end of 2018 across the nine major hotel markets analysed in the outlook. This represents a significant increase in the supply pipeline from Deloitte's August 2015 report, with the new room count up 12% in likelihood adjusted terms. Another 30 projects are mooted for regional hotel markets, although many are in the 50-room category.
Activity is not limited to additions in supply, with transaction volumes well up on previous years. Sixty-two existing hotel sales were recorded in 2015, with an aggregate value of AU$3.77bn, AU$1.2bn more than 2014.
Key Outlook forecast points, include:
- 8,650 rooms are expected to be added to the nation’s major hotel markets, and a further 3,900 in other regional markets, over the next two-and-a-half years, pushing supply higher at an average annual pace of 1.7%
- The supply growth outlook is led by Perth, with likelihood-adjusted expectations of an additional 1,900 rooms by the end of 2018
- Hobart has nine properties in the pipeline, and will undergo its own small boom in hotel construction, with room nights available increasing at 5.6% per year
- Over the next three years, supply growth is expected to be healthy, but more moderate, in Brisbane (4.1% per year) and Adelaide (4.0% per year)
- In Sydney and Melbourne, where 90% average occupancy is in sight, supply is still forecast to trail demand despite a number of high profile projects coming onto the market over the next three years
- Of any market, the relative growth prospects have improved most for Canberra given its hotel stock upgrades and refurbishments, and the expected arrival of direct international flights from Singapore and Wellington
- The projected national performance outlook remains one of demand growth (3% per year) outstripping supply growth (1.6%) and occupancies forecast to climb 2 percentage points to just above 71% by December 2018.
“The range of forecast performance across markets is widening as the sector’s growth drivers shift. With corporate travel following the nation’s economic transition back to the south east, so too is short stay accommodation demand, in turn putting further pressure on the already stretched Melbourne and, particularly, Sydney markets," Deloitte Access Economics partner Lachlan Smirl said.
“At the same time, a resurgent domestic leisure segment is buoying demand for holiday hot spots from Tasmania to Queensland’s beaches and emerging Asia continues to propel markets successful in luring these high growth segments."
The Gold Coast is projected to post the largest occupancy gains leading up to the 126,000 visitors expected for the Commonwealth Games in April 2018.
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Sydney leads hotel occupancy, rest share mixed fortunes in 2015 second-half: Deloitte study 

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Property group Chiwayland Australia has acquired a 2,980 sqm corner site in Sydney’s northern suburb of Ryde for $18.6 million.
The site at 771-775 Victoria Road is zoned for a mixed-use project which has a compliant concept scheme for 90 residential apartments. It was formerly a car dealership.
The development is close to Top Ryde Shopping Centre and public transport.
Chiwayland International is the property division of conglomerate Chiway Group and is involved in residential and commercial development in China, including affordable housing, office buildings and education.
The company entered the Australian market in 2014 and the acquisition brings the company’s development pipeline to more than $872 million in Australia including joint ventures.
Chiwayland Australia’s director Brian Chen said the acquisition is part of its strategy to acquire prime sites in Sydney’s growth suburbs close to transport links upon which to develop mixed-use projects.
“Through the planning process, we are exploring ways to maximise urban outcome and community benefit,” Chen said.
The acquisition follows the company’s purchase of a site in Parramatta for $27 million in January last year with plans to develop a residential tower with about 350 apartments.
Chiwayland is currently developing several residential projects in Sydney and Brisbane. It has recently launched its new $78.9 million residential development in Sdyney’s Epping, known as Marine’s Hill, comprising 90 apartments.
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Developer Chiwayland buys mixed-use site in Sydney’s Ryde for $18.6 million

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Australia’s $6.4 trillion property market may have slowed down, but conveyancing professionals are optimistic that 2016 will be a strong year for the residential sector, according to a recent study.
A high proportion — 82 percent — of legal and conveyancing professionals believe Australia’s home values will stay constant or increase over the next year, offering a sign of better things to come for those looking to invest, says new research by GlobalX Legal Solutions.
GlobalX Legal Solutions chief executive Peter Maloney said while the property market had experienced a temporary stunt in growth over the past few months, the survey results show the industry has an optimistic outlook.
“Despite the last quarter reporting slower than average growth, our research found one in three conveyancers believe market valuations will increase by more than 5 per cent in the next 12 months,” he said.
“The nature of the industry is that prices fluctuate up and down, moving in peaks and troughs. While the annual rate of capital gain has been trending lower since July 2015, residential house prices are up 7.5 per cent from 12 months ago.”
“On the volume side of the property equation, settlement has taken place for nearly all of last year’s spring property season. We are through the lull of Christmas and the New Year. Volume of transactions in February is off to a flying start; with many sellers going to market before the earlier than usual Easter break.”
The view is supported by CoreLogic RP Data’s February Home Value Index results, which showed Australia’s property market is looking up, despite investors facing slower property growth, higher home loan rates, and tighter lending rules than previous years.
“Investors face different buying conditions this year due in part to recent industry changes, but with the market forecast to gradually increase, home valuations are still set to rise, only at a slower pace than we’ve recently witnessed,” Maloney said.
“With Sydney’s home values increasing at their slowest annual pace since September 2013, other capital cities like Melbourne and Brisbane are experiencing moderate growth,” he said.
Maloney said the start of the year tends to be a relatively quiet month across the housing market, but as the sector moves out of its seasonally slow period, they were likely to see new trends emerge.
“Australia’s housing market is habitually very resilient, so we will be watching closely over the coming months to see what regions and developments evolve within the market,” he said.
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Conveyancing community upbeat on growth in home prices in 2016: Study

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Consumers continue to be hawkish about interest rates hikes, though the percentage expecting mortgage rates to rise has fallen in the last six months, reveals a recent survey.
The February results from the Westpac–Melbourne Institute Consumer Sentiment Index shows a majority (52 percent) expecting rates to rise, down from 57% in August, while 41 percent expect no change and 7 percent said rates could fall.
Though the majority figure has fallen, it is still a hawkish mix given the RBA’s mild easing bias, says the Westpac report. While official rates look to be ﬁrmly on hold, the RBA Governor’s decision statements have noted the “potential scope for easier policy, should that be appropriate”.
Even allowing for an apparent ‘upward bias’ to consumers’ rate expectations, this is a signiﬁcantly more hawkish view than economist forecasts and market expectations. "In other words, even though rates have declined more often than they have risen, consumers have rarely expected them to fall. Indeed, there is only one period – June 2012 – when the ‘net balance’ was for rates to fall," says the report.
There has been a modest rise in mortgage rates since August, with banks increasing their standard variable rates by an average of 20bps in November, citing increased capital requirements due to regulatory changes.
Prior to this, banks had already increased rates on investor loans by an average of 27bps.
The change in standard variable rates is broadly consistent with surveyed consumer expectations back in August with the median expectation at the time was for a 19bp increase. The median expectation from this month’s survey implies a further 7bp rise and a year ahead point estimate for mortgage rates of 5.72 percent.
The apparent ‘upward bias’ to consumers’ mortgage rate expectations makes it a little difficult to compare them with other benchmark measures of interest rate expectations, says the report.
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Consumers still hawkish on rates, at odds with market expectations: Westpac Red Book

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Brisbane is undergoing a warehouse refurbishment boom, as larger and older logistics centres struggle for relevance in a market that is driven by new construction in emerging precincts offered at competitive rentals, according to a commentary in Colliers.
Institutional owners are investing heavily in their existing portfolios, according to Anthony White, director of Industrial at Colliers International. 
“These owners are looking to attract new tenants to their buildings following existing tenants vacating, sometimes after leases which are on a term of 20 years or more,” he said.
 “Brisbane Airport Corporation is in the final stages of completing a substantial refurbishment of a 26,912 sqm distribution centre at 51 – 57 Qantas Drive, which has yielded immediate results.
“Following a 21,912 sqm commitment by GPC Australia, Brisbane Airport Corporation undertook a substantial refurbishment which included a full fire sprinkling upgrade, an office extension and refurbishment and an external cosmetic refurbishment.
“This strategy yielded immediate results, with national fitout company Mills Display agreeing to lease the balance 5,000 sqm tenancy just prior to Christmas.
“We believe this is only the beginning of a refurbishment cycle and that many owners will need to consider how their buildings function to suit modern tenants’ requirements.
“Efficient truck access, undercover loading areas and quality fire and building management systems will be demanded by tenants as the design and construct market offers brand new buildings at competitive rentals.”
John Tormey, general manager-Commercial Businesses at Brisbane Airport Corporation, acknowledged the need to tailor the airport’s property portfolio to meet the specific needs of customers.
“We have a terrific $1billion portfolio of assets and extensive development opportunities for both our existing and new tenants,” he said. 
“While we have the lowest office vacancy in Australia – virtually no vacancy in industrial buildings – and many brand new developments, we are long-term owners and see the benefits of making sure our offering suits our customer base in the future.”
Brisbane-based De Luca Construction &amp; Development worked with Brisbane Airport Corporation in delivering the project and commented that they are seeing increasing demand for this type of construction work.  
“Taking an existing building that could be 20 or 30 years old and installing modern systems and features is not without its own challenges,” said De Luca’s MD Nic De Luca.  
“This project required substantial attention to make sure the new fire system and office refurbishment was suitable for the needs of the main tenant GPC."
Brisbane Airport Corporation is not the only company investing in its portfolio, with Charter Hall recently completing a substantial refurbishment on its 18,000 sqm distribution centre at Pinkenba which was previously occupied by NQX. 
Goodman has also invested heavily in its existing assets at Hendra and Acacia Ridge and Stockland has completed a substantial refurbishment of its highly exposed distribution centre on the corner of Nudgee Road and the East-West Arterial.
Anthony White forecasts this trend to continue.
“We have seen repositioning strategies rewarded with some exceptional leasing outcomes over the past 18 months,” he said. 
“As tenants demand more efficient buildings we will see increased activity in distribution centre refurbishments.”
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Brisbane warehouses go for makeover: Colliers 

<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.

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“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.

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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.

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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.

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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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Prateek Chatterjee

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