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A proposed two level Potts Point penthouse sold for $20 million off the plan in boom times, but the developer collapsed before construction started.
Then a reshaped penthouse was relisted at $13 million earlier this year after being shrunk to just the top level.
Now its been halved with two $6 million buyers being recently found.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/10-wylde-street-potts-point-penthouse-sold-by-investec/2013070963128">The offering sits atop a seven story complex which will replace the former Oakford Apartments motel on its scheduled 2015 completion by Investec</a>.
Its appears many empty nesters can't get what they want for their redundant houses so there is a growing reluctance to spend excessive amounts of their downsizing into apartments.
There was, as readers have recalled below, the consolidation of a mega penthouse at Bondi which was<a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/caledonia-investments-fund-manager-will-vicars-confirmed-as-%2421-million-pacific-bondi-beach-penthouse-record-price-setter/2013060962114"> big news last month</a>.
{module Are the days of mega-penthouse prices over in Sydney?}
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po-LsXgBTHBmX

Are the days of mega-penthouse prices over in Sydney?

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Mining investment is set to peak as a share of the Australian economy this year, according to an HSBC report.
The report's authors, economists Paul Bloxham and Adam Richardson, say the last set of available RBA forecasts and the numbers from the last Australian capital expenditure survey suggest that mining investment will plateau over the coming year, rather than peak and fall sharply.
"Beyond this period, we expect mining investment will fall and be a drag on economic growth," the report says.
"However, this does not imply that mining is necessarily an overall drag on the economy. After all, this capacity has been built for a reason – to boost Australia’s resources exports."
<img src="/images/stories/2013/07/chartoftheweekjuly10one.jpg" width="470" height="416" alt="chartoftheweekjuly10one">
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Mining investment set to plateau but not plummet: HSBC

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This Friday the housing finance figures for May will be pored over by economists in Federal Treasury and especially the Reserve Bank for further evidence that new home industry is rebounding. Both institutions and their masters, along with some private-sector economists, know that a boom is taking shape in the new home market, thanks to record low interest rates -- the question is its sustainability and whether it will be enough to help pick up the slack emerging in the economy from the slowdown in mining investment.
On current indications it probably will last and help cushion the wider economy from a big hit from the effects of mining investment returning to more sedate levels. In fact, such has been the acceleration in new home approvals and construction since late last year that in more normal times the Reserve Bank's next move in interest rates would be an increase as it sought to control the pressures being built up in the volatile housing sector.
Consider the evidence. According to the Housing Industry Association, new home sales in April hit an 18-month high. In the April housing finance stats, finance for the construction of new homes hit the highest level in three years (since April 2010), while finance to purchase a newly built home hit the highest level since the middle of 2007, as there GFC started to erupt overseas (all seasonally adjusted) .
And last Thursday's building approvals for May seasonally adjusted new private house building approvals rose 2.5% in May, to be 11.6% higher over the year (10% in trend terms). That's the strongest rate for more than two years, and the number of approvals -- 8113 (seasonally adjusted) -- was the highest since March 2011.
Private house approvals have now risen in each of the past five months, and with some states continuing their grants for first-home building, (NSW's changed on July 1 from first-home buyers to first-home builders only), it's clear that the the long-awaited rebound in this industry is now underway, although it is happening slowly.
The extent of the boom can be seen by comparing the year to May rise of 11.6% rise (seasonally adjusted) with the 3.8% fall in the year to December (i.e. for all of 2012).
Many media reports concentrate on overall approvals, but they continue to be volatile, influenced by the bunching of local government approvals each month (or delays) for units, apartments and townhouses. For example, overall dwelling approvals (which include units and apartments, townhouses, etc) fell 1.1% in May after a 9.5% rise in April. That was because of a 9.8% fall in non-house private dwelling approvals in May, against the 18% rise in April.
Looking at the states, the ABS said that in NSW the trend estimate for the number of private sector houses rose 2.6% in May and has risen for 14 months, in Victoria it was up 2.3% and has been rising for four months, while in Queensland there was an 0.1% rise and it has been rising now for five months. In WA it rose 1.2% and has been rising for 11 months, while in South Australia it rose 2.2% in May and has also been rising for the past 11 months.
In his <a href="https://www.rba.gov.au/speeches/2013/sp-gov-030713" target="_blank">speech in Brisbane last Wednesday</a>, Reserve Bank governor Glenn Stevens pointed out the extent of the gathering surge in housing activity.
"Dwelling investment has been low for an unusually long period, with at least some households intent on reducing debt, thereby strengthening balance sheets. Households have accumulated a good deal of cash as well over recent years. Meanwhile, population growth is quite solid and it has been picking up a bit of late. If anything, we will need to build more dwellings than we have been over recent years. Meanwhile, interest rates are low, dwellings are more ‘affordable’, and finance approvals for housing purchases have risen by 16 per cent over the past year."
The purchase of existing homes hardly adds to economic growth. But the financing and construction of new homes (and units, townhouses, etc) adds real value and is a big growth driver. And it's exactly the transition the RBA wanted to see follow the peak of the mining boom.
This article originally appeared on <a target="_blank" href="https://www.crikey.com.au/">Crikey</a>.
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Rise in financing and construction of new homes is the transition the RBA wants

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Sydney entrepreneur Drew Muirhead has sold his Cottage Point waterfront, but to the one owner.
Muirhead was previously offering the property under a co-ownership agreement drawn up by PodProperty chief executive Jeremy Levitt, but the scheme failed to attract enough interest from the 12 proposed part-owners.
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/notting-lane-cottage-point-waterfront-with-disco-sold-for-%24335-million-by-drew-muirhead/2013070863019">It was intended the co-owners would have a deeded share of the title of the bricks and mortar</a> and could use their share for their own holiday stay, or rent out their time.
Fractional ownership is a model used in the US and Europe.
It was proposed the owners would each have a deeded share of the title of the bricks and mortar and could use their share for their own holiday stay, or rent out their time for a great return.
{module Would you buy part ownership of a holiday property?}
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Would you buy part ownership of a holiday property?

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The Wentworth Courier has reported that light rail could run through Bondi Junction's Oxford St Mall in seven years, if a Waverley Council proposal is approved.
<a target="_blank" href="https://newslocal.newspaperdirect.com/epaper/viewer.aspx">The paper</a> says public consultation about a light-rail route from Bondi Junction to Bondi Beach will begin this year.
<a target="_blank" href="https://twitter.com/TheWenty"><img alt="tweetofthedayjuly10one" height="70" width="470" src="/images/stories/2013/07/tweetofthedayjuly10one.jpg"></a>
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Wentworth Courier says trams could return to Bondi Beach

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Are you an experienced editor?  
Do you have a proven ability to manage an editorial team to generate and produce original news stories and digital content?  
Do you have infallible news judgement?  
Can you keep up with the lightning-fast pace of online news? Do you thrive under pressure?  
Do you have a good understanding of new media publishing platforms and tools?  
Private Media is looking for an experienced editor to work at PropertyObserver.com.au alongside Editor in Chief Jonathan Chancellor to continue the tremendous growth of this exciting and innovative media property brand.  
This is a hands-on role and will require you to write for the website and manage a team of journalists, producers and other editorial staff.  
This full-time role?—?working office hours Monday to Friday?—?involves setting editorial strategy, managing an editorial team, generating story ideas, writing stories and representing Property Observer in the media and within the property community.  
This role would suit an experienced editor.  
Property Observer is a division of Private Media, one of the country’s leading online publishers and fastest-growing media companies with a suite of market-leading websites including Crikey, LeadingCompany, StartupSmart, Smart Company and Women’s Agenda. Our modern offices are based in the Melbourne CBD.  
Please email your CV with a covering letter to Private Media’s publishing director, Marina Go <a href="mailto:MGo@privatemedia.com.au" target="_blank">MGo@privatemedia.com.au</a>.  
Applications close on 15 July 2013.
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Digital editor opportunity at PropertyObserver.com.au

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Experienced property adviser and advocate Sean Thomson of <a target="_blank" href="https://www.wbpproperty.com/">WBP Property Group</a> teaches buyers how to bid at auction, highlighting the tactics professional bidders use to get the jump on their competition.
{qtube vid:=IG45EARH8YM}
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Tips for bidding at auction

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The lofty ambitions for the southern hemisphere's tallest skyscraper in Southbank, Australia 108 have been grounded.
Fender Katsalidis Architects which has fronted the developer consortium for the 108 storey proposal (pictured below) for the 2642 square metre site at 70 Southbank Boulevard, <a href="https://www.propertyobserver.com.au/news/australia-108-skyscraper-plans-fail-to-fly-as-southern-hemisphere-s-tallest-residential-proposal-can-t-overcome-hurdles/2013070563026" target="_blank">confirmed it was now redesigning plans for the site</a>.
<img src="/images/stories/2013/07/australia108july9one.jpg" width="470" height="276" alt="australia108july9one">
It was only in March that the Victorian Planning Minister Matthew Guy approved the 108-level proposal.
But other authorities held concerns regarding its scale, traffic congestion and shadowing and even obstructing flight paths.
{module Should the 92 level Eureka Tower remain Melbourne's tallest skyscraper monument?}
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Should the 92 level Eureka Tower remain Melbourne's tallest skyscraper monument?

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“People considering purchasing an investment property need to consider the right tax structure for that purchase…” writes Thor McDowell, SuperShift Affiliate Vivid Advisory.
The right tax structure to be used comes down to a combination of considerations. Perhaps the most significant is the tax effectiveness of the purchase. One option is to use a self managed super fund in conjunction with a limited recourse borrowing arrangement (LRBA) to be able to achieve “more bang for your buck”.
Did you know that using your superannuation funds as a deposit for an investment property purchase will mean the effective “cost” of the property may be reduced?
 
“When clients first hear of this concept, many of them are intrigued and ask me, how it is possible?”
I explain: the same property can be purchased at lower cost using a super tax structure as opposed to having to save the money for a deposit and purchasing in their own name. This is due to a lower tax rate within a superannuation tax structure. This really should be basic common sense, but many people seem to be hung-up of the “price” of a property rather than it’s true and effective “cost” to them.
Furthermore, the servicing of the loan interest and repayment of the loan capital will cost less using an SMSF opposed to traditional negative gearing strategies i.e. the loan is paid off with pre-tax dollars as opposed to post-tax, this actually saves the client money in their SMSF.
Did you know that for each $100 investment dollars you create outside of your super, the “cost” is up to $187.50? Inside an SMSF, the “cost” is dramatically reduced. This is demonstrated in the tables below.
Price Versus Cost Comparison Summary
 
<table style="width: 470px;" frame="box" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="281" colspan="2">
Outside Super 
</td>
<td width="19">
 
</td>
<td width="290" colspan="2">
Inside Super 
</td>
</tr>
<tr>
<td width="215">
Price (net income)
</td>
<td width="66">
100
</td>
<td width="19">
 
</td>
<td width="227">
Price (net income)
</td>
<td width="63">
100
</td>
</tr>
<tr>
<td width="215">
Cost (gross income)
</td>
<td width="66">
187.50
</td>
<td width="19">
 
</td>
<td width="227">
Cost (gross income)
</td>
<td width="63">
118
</td>
</tr>
<tr>
<td width="215">
Tax (46.5%)
</td>
<td width="66">
87.50
</td>
<td width="19">
 
</td>
<td width="227">
Tax (15%)
</td>
<td width="63">
18
</td>
</tr>
</tbody></table>
 
Total saving per $100 in super: $69.50 
 
Feedback from property industry professionals is that an increased number of people considering buying a new property are considering using their super in this way.
Project Sales Manager at Sydney-based residential property developer Crown Group, Anthony Falas says:
“We're seeing clients become more and more interested in property investment within their super. It's a rapidly increasing purchaser demographic within our diverse range of projects. Given how important it is for our clients to get the right advice, we will refer them to a financial advisor such as Vivid Advisory."
 
For those of us who are new to buying property in super, how does one find out more?
It all starts by seeing a Vivid Adviser who will talk you through the steps involved.
Vivid Advisory are registered SuperShift Affiliates, by utilising the SuperShift process, which is both transparent and a “turn-key” solution for financial advisers (and their clients alike) this enables us to more efficiently assist our client in achieving their end goal.
In what could potentially be an otherwise daunting process (requiring the needs of other multiple professionals), Vivid Advisers are able to lead a client through a simple process and guarantee a successful and compliant outcome.
 
 
<img style="margin: 5px; float: left;" alt="crownlogo" height="236" width="150" src="/images/stories/2013/07/crownlogo.jpg">About Crown Group
Crown Group is a leading Australian property group, active in property development and property investment in Sydney.
The company was co-founded by architect Mr Iwan Sunito and engineer Mr Paul Sathio in 1996.
Crown Group was awarded the Master Builders Association Excellence in Housing award 2012 for its innovative, waterfront development Sanctum by Crown and in 2007 was awarded the HIA (Housing Industry Association) CSR Housing Awards 2007 Apartment Project of the Year for the hugely-successful ICON at Homebush.
Today, Crown Group has grown to become one of Australia’s leading property development companies with successfully completed major developments in some of Sydney’s best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes.
Crown Group is currently developing four major projects, Top Ryde City Living, a seven tower development in Top Ryde, Viking by Crown, a 10-storey residential complex in Waterloo, V by Crown, a 27-storey residential tower in Parramatta and Skye by Crown a 20-storey development in North Sydney launched in June 2013.
Crown group will launch Viva by Crown, the final stage of Top Ryde City Living, in September 2013.
www.crowngroup.com.au
 
<img alt="vividlogo" height="53" width="400" src="/images/stories/2013/07/vividlogo.jpg">
About Vivid Advisory:
 
Vivid Advisory is a fresh new face in the SMSF advice space. Vivid Advisory has been specifically set up to attract advisors who specialise in the SMSF area. The Vivid Advisory team are qualified and authorised SMSF advisors who educate and advise clients on the significant opportunities that SMSFs present.
Vivid Advisory focus on strategies that provide asset protection and tax advantage - this allows for greater control and helps Vivid clients make the right decisions. Ideal investments are complemented with the most effective structures and personalised strategies - enabling our Vivid client investments to work to their very best capabilities.
 
 
Disclaimer: The information provided in this document is general in nature only and does not constitute personal financial advice. The information has been prepared for information purposes only, and without taking into account your financial situation, needs or objectives. Before acting on any information contained in this document we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
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Getting the tax structure right for an investment property purchase: Thor McDowell

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Location, style and condition. These are often the first things prospective buyers consider when purchasing a house.
In a competitive market it is the less obvious features that may be even more important to take notice of. This report takes an in depth look into how median strips, front gardens and vegetation affect property prices based on 2100 housing sales in 2012. It would be thought that these features would automatically add value to the property, however, this was not the case in all suburbs.
Median Strips
They make the road visually appealing. Most of us, as pedestrians, have used them to safely cross to the other side of the road.
We don’t really have control over whether they are there or not but potential property buyers should consider how a median strip affects house prices in the suburb of interest because it can make a huge difference.
Based on their visual and safety benefits you would think that houses built on streets with median strips would be more valuable than those that are not. This was generally the case for the 28 inner city suburbs surveyed.
For example, if you wanted to purchase a house in Clifton Hill, on average you would pay $695,000 more if the house was exposed to a median strip. In the most extreme case, a house in Parkville on a street with a median strip could cost you over 1 million dollars more than a house on a street with no median strip.
However, in some suburbs, the absence of median strips was more valuable than the presence. Again, at the extreme end of the spectrum, a house in East Melbourne without a median strip was approximately $750,000 more valuable than one with a median strip. Similarly, Hawthorn houses without a median strip were $370,000 more expensive.
Overall, based on 2100 housing sales in 2012, a house with exposure to a median strip was on average $90,000 more valuable. The difference between having a median strip or not was less than $50,000 for Brunswick East, Carlton North, Flemington, Kensington, North Melbourne and Port Melbourne.
The extreme differences observed are most likely a result of a lack of sales in the low turnover suburbs such as East Melbourne. In other words data was not sufficient enough to produce generalizable results. Also, properties included in the data may have been those that face a median strip and a park.
Thus these properties would have had value added primarily from the park view rather than being on a street with a median strip. In other words, it is necessary to consider the other contextual factors that may play a part in the sale in addition to the presence or absence of median strip.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/07/secretagentjuly8one.gif" title="Click to enlarge"><img src="/images/stories/2013/07/secretagentjuly8onethumb.gif"></a>
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<a rel="shadowbox" href="/images/stories/2013/07/secretagentjuly8two.gif" title="Click to enlarge"><img src="/images/stories/2013/07/secretagentjuly8twothumb.gif"></a>
Front Gardens
When present, front gardens can be an attractive first impression of a house. However, if not maintained, they may become untidy and cause the house to lose visual appeal and value. The setback of buildings from the street is a predetermined characteristic of the neighborhood and must be strictly adhered to.
This means that after purchasing a property, changing whether or not you have a front garden may not always be possible. According to the analysis of 2100 housing sales in 2012, Cremorne and West Melbourne were the only suburbs in which having a front garden did not add value to the property. In fact, having a front garden in these suburbs caused a loss of $23,000 and $91,000 in value for Cremorne and West Melbourne respectively.
Houses in the other 26 suburbs surveyed all sold for an average of $230,000 more with a front garden than those without. The biggest difference was in East Melbourne where you can expect to pay up to $980,000 more if you want a house with a front garden. To gain meaning from this result it is necessary to think about the style of houses that were sold. In the highly industrialized suburbs of Cremorne and West Melbourne, converted warehouses contribute to the sales.
Hence an old run down house with a front garden probably will not sell for as much as a newly renovated, modern warehouse which is built on the boundary and for that reason is without a front garden. In the other inner city suburbs such as East Melbourne, having a house with a large setback from the street was considered a valuable aspect when these properties were built and this value has carried through to this day.
Vegetation
Whether walking or driving, there is something special about turning into a tree lined street.
Other than being aesthetically pleasing, vegetation increases surrounding air quality, decreases criminal behaviour such as vandalism and provides shade to a building thereby reducing the demand for air conditioning. Hence it is not surprising that there is a positive correlation between density of trees in the area and property value.
This study analysed 2100 property sales and categorised these based on vegetation levels. Vegetation was labelled as either non-existent, sparse, or dense. It was found that those houses in the midst of dense vegetation sold for approximately $340,000 more than those with no vegetation.
Even houses with sparse vegetation yielded an extra $135,000 on average. In other words, the more trees in the street, the higher the sale price of the adjacent property.
Looking at the data from a pricing angle showed this even more dramatically. When categorised into pricing brackets it was found that houses above $900,000 are more likely to have dense street vegetation, whereas houses in between $400,000 and $700,000 have sparse or no vegetation.
Approximately 75% of the market with sparse or no vegetation were those houses selling for between $400,000 and $500,000 and 75% of the market with characteristically dense vegetation were those houses in the $2,000,000+ bracket.
There could be a few reasons for the above findings.
If we take a step back in time to when these inner city properties were first been built, it is easy to imagine that the wealthy families of the time chose to build there majestic homes in the greener areas of the city. Or on the other hand, it could be that builders in the past spent just as much time creating a lush environment around a property and thus the wealthier owners not only built better houses but also more vegetation around their home.
From a current perspective, this may come down simply to human nature. Evolution has shaped our desire for green and lush areas and thus we are willing to pay more for property surrounded by dense nature.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/07/secretagentjuly8three.gif" title="Click to enlarge"><img src="/images/stories/2013/07/secretagentjuly8threeone.gif"></a>
This article is an extract of a report by Melbourne-based buyers' advocate <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>. You can view the full report <a href="https://secretagent.com.au/wp-content/uploads/2013/07/The-Secret-Agent-Report-July-2013.pdf" target="_blank">here</a>.
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The value of vegetation in inner city Melbourne: Secret Agent report

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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