<html><body>
Australian housing finance approvals firmed in December, with the monthly volume of new home loans to owner-occupiers hitting a six-year high, according to latest ABS data, indicating that the pipeline of new home building was likely to remain strong during early 2016.
The number of owner-occupier loans for new homes rose by 1.8 percent in December, with a growth of 12.4 percent in loans for newly-constructed homes. 
Compared with a year earlier, total owner-occupier loans for the construction and purchase of new dwellings are 5.3 percent higher.
The ABS data showed 58,552 home loans were approved in December, up 2.6% from November, with the value of new home loans taken by property buyers rising 0.8% to $33.5 billion. 
“December’s new home lending figures are the best we’ve seen since November 2009, when a major government stimulus was underway,” noted Housing Industry Association senior economist Shane Garrett.
Mortgage Choice chief executive officer John Flavell said the last time more than 58,500 home loans were approved in one month was back in January 2008, and was a testament to the strength of the property market.
“The data shows that all parts of the market improved over the month of December. The number of dwelling commitments approved for the construction of new dwellings was up 1.8%, while the number of loans written for the purchase of new dwellings and the purchase of established dwellings was up by 12.4% and 2.1% respectively,” he said.
The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 15.1% in December 2015, off an 11-year low of 14.9% in November 2015.
A rise in the proportion of first-time home buyers in the market in December as well as a jump in home loans being taken out by owner occupiers could indicate housing is becoming more affordable given softer conditions in property markets, said Amanda Watt, the head of banking business act.
“Reflecting greater home loan affordability, the average loan size for first home buyers dropped $6,400 to $348,100 between November and December while the average loan size for all owner occupied housing commitments fell $8,500 to $377,600. This drop in loan size has coincided with a slowing in property markets in most capital cities as indicated by falling auction clearance rates and, in some cases, falling median house prices," said Watt.  
The value of home loans taken by investors rose 0.6% to $11.6 billion, stabilising from a 19% drop between April and October but still down 13.6% on a yearly basis, noted Matthew Hassan in a post on Westpac’s website. 
Changes in lending criteria and borrowing rates for investor loans is indirectly boosting owner-occupier activity – although the bulk of the initial ‘switching’ effect seemed to come through between June and September, he added.
“So money continues to pour into property and much of it has recently come from owner occupiers following stricter prudential regulations on home loans given to investors. The data also reveals the staggering size of Australia's home loan industry. In December 2015, the value of outstanding home loans funded by banks and other authorised deposit-taking institutions totalled a record $1.46 trillion, made up of $931 billion in home loans to owner occupiers and another $528 billion to investors,” said Watt.
But while it was pleasing to see a spike in both the value and number of home loans written over the month of December, Mortgage Choice’s Flavell said the sudden surge in activity wasn’t altogether surprising.
“At Mortgage Choice, we know from our own data that December is a traditionally hot month in terms of home loan settlements, as Australians are keen to finalise their property plans before the New Year commences,” he said.
Moving forward, Flavell said he was confident that the property market would remain robust over the coming months.
During December 2015, the number of new home loans increased, in annual terms, most strongly in the Northern Territory (+29.3 percent), followed by New South Wales (+21.7 percent) and Victoria (+12.3 percent). New home lending volumes also rose in Queensland by4.0 percent, Lending volumes fell in Tasmania (-29.6 percent), Western Australia (-19.8 percent) and the Australian Capital Territory (-0.5 percent).
</body></html>

prateek24-ezbwHMbNAk

Owner-occupier lending reaches six-year high as ABS December data robust

<html><body>
Studios and one-bedroom apartments in Sydney have the largest proportion of rental tenants, while it’s the least for three-bedroom apartments, a new paper from BIS Shrapnel suggests.
Contributing factors include NSW’s strong population growth, net overseas migration, and a record low net interstate migration outflow. The findings were taken from the BIS Shrapnel report titled 'Apartments in Sydney Suburbs Market Brief'. 
Studio and one bedroom apartments are dominated by rental tenants, who account for 70% of households moving into these apartments over the prior five years. 
For two-bedroom apartments, 57% of movers were tenants, while it was just around 40% for three-bedroom apartments.
<a href="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.20.13%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.20.13%20AM.png" alt="">
Vacancy rates in both Inner and Middle Sydney have consistently remained below 2%, with occupancy being underpinned by strong population growth over overseas migration, with many migrants’ first accommodation being rental dwellings, says the report. 
Rental growth, however, is a different story. While median unit price growth remained high at 14.9% in 2014/15, rental growth was just 1%. 
Long-term median two-bedroom unit rental growth has lagged the growth in prices, ranging from 4.0% per annum on the Lower North Shore, to 5.3% per annum in the Middle South West.
<a href="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.21.24%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.21.24%20AM.png" alt="">
The result has been that indicative unit yields in Sydney are now around their previous lows of 2003 to 2005, at 3.7% in June 2015.
<a href="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.18.20%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/13/Screen%20Shot%202016-02-12%20at%208.18.20%20AM.png" alt=""> 
This would point to little potential for further growth in unit prices (and eventually the possibility of price declines), as occurred during the mid-2000s.
 
</body></html>

 Sydney rental growth lags despite strong tenancy: BIS Shrapnel report 

<html><body>
India was the flavour at this year’s edition of the World Economic Forum, says JLL India’s head Anuj Puri in his JLL blog.
“In the play of global expectations unfolding on a stage staggering with actors who may just be guessing at their lines, India has a very complicated role to play,” he says.
The tone was set on Day 1 of the meet, with the Indian Finance Minister Arun Jaitley saying India’s GDP could potentially grow to 9%, provided the country gets a facilitating global economic environment to operate. 
 “A clear takeaway is that we are the fastest growing amongst the emerging markets – as a consequence, the ‘I’ in BRICS now signifies hope for the world,” he writes.
There was general affirmation that there is no risk of a repeat of ‘2008’; however, there is no ignoring the economic and financial challenges currently in the global ecosystem. There was a lot of rumbling about the inherent risk from China, and the repercussions of a hard landing.
The US market is still a mixed bag – given the general impression that it is back on a growth curve, he says. Then there are geopolitical risks arising from the Middle East which threaten to derail.
On the brighter side, lower oil and commodity prices has been a boon, so to say. “The current low oil prices are good for the seven billion people that our blue planet supports,” he writes.
The IMF estimates that the world economy’s GDP growth is 3.1% in 2015, 3.4% in 2016 and 3.6% in 2017. It’s growth nevertheless.
Among the others, India is the flavour of today and will likely see 7.5% growth, provided its politicians roll out ground-altering reforms at the expected pace, he adds. Russia and Brazil have lost out in the popularity sweepstakes because of their domestic issues.
Puri says there is a consensus that India’s exciting entrepreneurial ecosystem is expanding, leading to more entrepreneurs and tech start-ups, but that India will miss the bus again if it does not harness this entrepreneurial energy.
He dispels rumours of the Great Indian Start-up Boom beginning to lose some of its decibels, saying it is normal churn, even citing Professor Nouriel Roubini of New York University.
Roubini said that if there was any place in the world where he would prefer to gestate a start-up, India comes a close second after Silicon Valley.
Puri also addresses the larger question about the implications of a fourth industrial revolution on emerging markets? Will it bridge the gap between developed and developing countries? Will India’s demographics be able to adapt to increased automation, and how will its manufacturing evolve?
He cites Colin Dyer’s words that technology will make strong and established businesses even stronger, as we embrace the change. We are just at the cusp of the ‘E-evolution’, he says. 
“I hope it’s only for the better, but we hold a massive and unpredictable tiger by its digital tail,” Puri writes.
In the Indian context, all its industries, including the semi-opaque real estate, will mature into more transparent ones with cutting-edge technology.
In imagining India as the world’s next growth engine, Puri draws parallels with the Gauls, immortalized by Goscinny and Uderzo in the Asterix comics. 
“The village druid Getafix had a magic potion which could instantly infuse superhuman strength. The magic potion India needs today is the Goods and Services Tax (GST) Bill. Will this magic fix be served up in the upcoming Union Budget? I certainly hope so.”
Also, the change in the constitution of the Upper House will help the government to implement other important bills too, such as the Real Estate (Regulation and Development) Bill and the Land Acquisition, Rehabilitation and Resettlement Act.
Puri says the overall mood was upbeat, but it could have more to do with “humankind’s undying pursuit of optimism”. 
The first three weeks of 2016 have been a pretty miserable start: the US is slowing down, and the chase to the White House this year may slow them down even more; stock markets are currently overreacting to China, even though we may be headed for a softer landing than expected. But China will need to transition from industrial to services and exports to consumption if it is to reclaim its former glory.
The European Union remains a major area of concern, and JLL’s Christian Ulbrich leaves with a few more furrows to his brow, he writes. The EU definitely has its hands full with the challenges of Brexit and the refugee crisis. George Osborne’s remark that ‘UK wants to be in EU but not run by it’ may be a sign of things to come. 
India, however, remains a bright spot, according to the IMF. It has achieved escape velocity from the BRICs bloc and is off on its own growth trajectory, he concludes.
</body></html>

The ‘I’ in BRICS implies hope for India's growth potential

<html><body>
Construction is set to start on the $60-million Ilixir apartment tower in Melbourne’s Cheltenham, its developers have announced.
Located at 2 – 6 Railway Road, Cheltenham, the 115-apartment project launched in 2015 is already 80 percent sold, according to its website <a href="https://www.ilixir.com.au" target="_blank">www.ilixir.com.au</a>.
The project is being developed by Oliver Hume Property Funds (formerly known as Synergy) and features one, two and three bedroom apartments starting from $360,000.
Ilixir will have a Lifestyle Manager, a concept borrowed from the latest trend in the US apartment sector that provide a concierge to help residents simplify and streamline daily tasks such as receiving deliveries and signing for parcels, allowing access for trades, coordinating with removalists and scheduling access to the building’s leisure facilities.
“Ilixir is the first Bayside apartment project to offer this unique service,” said Jamie Kay, director of Oliver Hume Apartments. “Beyond the project’s innovative design and fantastic location, the lifestyle manager feature has helped to boost enquiries since launch and appears to be one of the main reasons why the project is already 80% sold.”
Some of Ilixir’s other features include:
- Rooftop podium gardens designed by Chelsea Flower Show-winning architect Wes Fleming that offer wooden decking combined with lush plantings and a furnished lounge with an al fresco dining area for residents 
- A residents-only outdoor cinema 
 - All apartments offer modular open plan living by Doig Interiors including sliding screens that allow a bedroom to expand a living room or to open up the whole apartment for a gathering of friends and family. Each apartment also has a balcony.
The building will rise nine levels above Railway Parade offering views from over the bustling shopping strip below and past world class golf courses to the Bay and beyond.
The tower is close to cafes, restaurants, retail and the Cheltenham train station.
“Cheltenham offers homebuyers a rare mix of price growth potential, casual coastal location and a fully fledged restaurant and café culture on Charman Road,” added Kay.
The project aims for completion by Spring 2017.
</body></html>

Work starts on $60-million Ilixir apartment project in Melbourne’s Cheltenham

<html><body>
Renovation costs in New South Wales rose a sharp 8.11% year-on-year, compared to a national increase of only 1.48%, reveals a new report by services marketplace ServiceSeeking.com.au.
The Renovation Consumer Price Index (RCPI) is a quarterly report by serviceseeking.com.au, analysing 52,000 quotes submitted by tradesman on the website. The report compares the cost of renovating in Q2 FY16 versus the prior year.
For the report, the company used an interactive map that plots price changes across 10 popular renovation services in New South Wales year on year.
NSW was the only state to see a price increase in 10 out of 10 popular renovation services, in part because of trades shortage.
“We're now really starting to see the effects of a cooling property market" said CEO Jeremy Levitt. "As homeowners steer away from purchasing new property, they're investing in their existing properties through value-adding renovations which has pushed prices up.”
The average tradesman charges $64.09/hr, making NSW the second most expensive state to renovate a home (and now more expensive than Queensland).
Carpentry and building saw the largest price increases, up 26.26% and 18.48% respectively.
Although there were across-the-board increases, some services didn’t fluctuate much. For example, prices for electrical work increased 1.23% and concreting rose by 3.18%.
<a href="https://www.serviceseeking.com.au" target="_blank">Serviceseeking.com.au</a> has more than 1.96 million jobs listed on its website to date with over 6.8 million quotes compared.
</body></html>

Home renovations jump 8% in New South Wales: serviceseeking.com report

<html><body>
The Tea Gardens Hotel Motel, on the banks of the Myall River, has a new owner.
Hospitality industry veterans Laundy Hotels bought the hotel, reports the Myall Coast Messenger. The deal value was not disclosed.
The <a href="https://mq.com.au/1636938/" target="_blank">172 Myall Street</a> hotel is the only one in Tea Gardens, says the ad by selling agents Gerry Quinlan and John Manenti of MQ and Associates. The hotel is a 2-1/2 hour drive from Sydney.
Built on 3,646 sqm site, the property comes with 15 poker machines and 21 motel units. 
Before the deal, the hotel had the same ownership for 68 years.
The Laundy family have been in the hotel industry for three generations and Arthur Laundy (Jnr) has appointed Steve and Trish Rogers as the new managers of the hotel. The two say they want to make it a showpiece for Tea Gardens, according to the Myall Coast Messenger.
</body></html>

Tea Gardens Hotel snapped up by Laundy Hotels

<html><body>
Gladstone Central in Queensland’s Gladstone region, comprising two individual centres, will be offered for sale either individually or in-one-line via an expressions of interest campaign, closing March 17.
JLL’s Jacob Swan and Sam Hatcher are marketing the property, under instructions from Chris MacDonnell of Restructuring Solutions as agent for the mortgagee in possession.
“Gladstone Central is considered to be the premier entertainment precinct in Gladstone with a high performing cinema and national food and beverage operators. The centre provides a diverse tenancy profile with major banking, medical and fitness occupiers complementing the entertainment uses,” said Swan.
Swan said 2015 was a record year for the Queensland retail investment market with transaction activity touching highs, new benchmarks for yields and consistent pricing. 
Spotlight Centre encompasses 8,613 sqm of retail space with two major anchors, Spotlight and Gladstone Cinemas, supported by two mini-majors and 24 specialty tenancies. The centre’s major tenants include the only cinema and Spotlight within the trade area, Suncorp Bank, Bank of QLD, Anytime Fitness and Medibank Private.
The NightOwl Centre is a convenience store with 3,965 sqm of retail floor area across one mini-major, 20 specialties and one ATM. The centre’s position as the main food and beverage centre within the region is underpinned by its representation of major brands including Dominos, The Cheesecake Shop, The Coffee Club, NightOwl, Subway and Gloria Jeans.
The centres serve a significant area, with the total trade area population estimated at around 55,500 in 2015, including 35,090 and 9,690 residents in the main trade area and primary trade area respectively. The total trade area population is projected to reach over 75,000 by 2026.
</body></html>

Queensland’s Gladstone Central on the market as demand for regional retail assets grows

<html><body>
Stockland Cairns – a nearly 50,000 square metre shopping centre in Cairns — is up for sale through an International Expressions of Interest (EOI) campaign closing March 31.
The sale is expected to fetch more than $230 million for the Stockland Group, which has appointed JLL’s Simon Rooney for the campaign.
Stockland Cairns, spread over 49,532 sqm, is a triple DDS anchored sub-regional shopping centre comprising a Big W, Target, Harris Scarfe, Coles, Woolworths, BCC six screen cinema complex, in addition to 10 mini majors, 110 specialty tenancies and kiosks.
“Investors continue to see long-term value in the Queensland retail market. Investment into retail assets in Queensland continues to strengthen from year to year. Total transaction activity has risen from $1.4 billion in 2013, to $1.7 billion in 2014 and to a record-high of $2.3 billion in 2015,” said Rooney.
“There have been very few opportunities historically to acquire a 100% interest in a major, high quality retail asset over $200 million in Queensland. We have recorded just three transactions above this threshold in the last 10-years. One of those transactions occurred directly off-market and one was part of a national portfolio.”
He said several institutional retail landlords bought assets in Queensland last year to increase exposure to the state. Blackstone acquired Westfield Strathpine as part of a wider portfolio transaction for $655.5 million, QIC bought Domain Central Homemaker Centre (nearly $130 million) and Hinkler Central ($110 million) and LaSalle Investment Management acquired three retail assets totalling $171 million.
“We expect Stockland Cairns will be highly sought after given the high level of demand for major retail assets in Queensland and the shortage of opportunities to acquire major assets,” said Rooney.
“The resurgence in inbound tourism, which follows the depreciation in the AUD, is supporting the local economies of major tourist regions such as Far North Queensland. Overseas visitor arrivals have increased by over 7% year-on-year, nationally, which supports a positive outlook for retail trading conditions.”
Stockland Cairns benefits from its location at the gateway to the southern growth corridor of the Cairns region, with 247,030 residents within the total trade area, including 168,810 residents in the main trade area.
Several major tenants including Target and Woolworths have renewed their leases to July 2022 and June 2036, respectively, as well as a brand new lease to Harris Scarfe to May 2026.
<a href="/expert-insights/investing/stockland-reports-8-1-percent-increase-in-first-half-underlying-profit">Stockland</a>, Australia's largest diversified real estate investment trust, reported on Wednesday an 8.1 percent rise in first-half underlying profit to $313 million.
</body></html>

Stockland Cairns comes to market with a price tag of $230 million plus

<html><body>
The Australian Securities &amp; Investments Commission has banned Angie Skouras for four years from engaging in credit activities and cancelled the Australian credit licence of Global Edge Finance Group Pty Ltd (Global Edge) after an investigation found it had failed to comply with rules. 
In his role as the sole director, manager and key person on the licence of mortgage and finance company Global Edge, Skouras did not ensure the company’s compliance under the credit legislation.
ASIC found that Global Edge failed to:
• Lodge Annual Compliance Certificates for the 2014 and 2015 years;
• Hold current membership with an ASIC approved external dispute resolution scheme; and
• Comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively. 
As a result, Skouras was not fit to engage in credit activities, it ruled.
ASIC Commissioner Greg Tanzer said, 'While ASIC expects directors of companies to manage the affairs in strict abeyance with the law, there is a heightened expectation if they provide financial and credit services to consumers. As this case shows, directors who fail to meet those standards will be held to account and face significant consequences.”
</body></html>

ASIC bans mortgage broker and cancels Global Edge licence

<html><body>
Nearly $870 million worth of reported industrial property transactions (&gt;$2m) were recorded by Savills in the 12 months to December 2015, down from $913 million in the previous year, and up on the five-year average $651 million.
The hunt continues by investors for prime assets encouraged by the returns that property offers in the current climate, however, well located land is also eagerly sought as developers return to the market.
The highlight of the year was a $1.073 billion purchase of the GIC portfolio by Singapore-based Ascendas. The portfolio included assets from Victoria, New South Wales and Brisbane. There were seven Brisbane properties included in the deal amounting to $317.2 million.
In another unconfirmed deal, Logos Property Group secured 246,000 square metre of land at Heathwood on the Logan Motorway with intention to develop a premium logistics estate.
Overall, industrial sales topped $1 billion in the 12 months to December 2015, however Savills only includes sales over $2 million in their charts and reporting. 
Nevertheless, it is interesting to note strength of the under $2 million purchases at around $161 million for the year which would be mainly small owner occupiers and land sales which says a lot for the confidence of small businesses and underpins future industrial growth.
<a href="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%202.31.55%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/10/Screen%20Shot%202016-02-10%20at%202.31.55%20PM.png" alt="">
</body></html>

Savills reap $870 million in industrial property sales to December 2015

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" />

Rather than concentrating landscaping in a single resident area, the plans integrate planting across the building. Mature trees at the Cordeaux Street corner will be retained, with communal landscaped open space proposed at ground and upper levels alongside deep-soil planting and increased tree canopy coverage.

The building will have two residential entries, one from each street frontage, feeding into a central core with three lifts. Vehicle access is consolidated separately, with the basement entry positioned at the lower part of the site.

Doroch's design report shows 101 of the 139 apartments, or 72.6 per cent, receiving more than two hours of solar access, while 84 apartments achieve natural cross-ventilation. Twenty-eight apartments will incorporate Liveable Housing Australia Silver-level provisions, and every habitable room is designed with a window in an external wall.

The 2016 approval it will replace has never been built, leaving the corner of Cordeaux and Moore-Oxley streets as one of the more prominent unrealised sites in a city centre now being pushed toward higher-density renewal.

Joel Robinson

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

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

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

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

<main data-perf-region="main">
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;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

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]

Prateek Chatterjee

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News