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<p><span>A Melbourne residential unit has been listed with a price guide which could trigger a loss of up to $96,000 on its 2014 purchase price.</span></p>
<p><span>Located at 4310/80 A'Beckett Street - within the MY80 building - the apartment features two bedrooms, two bathrooms, and a car space.</span></p>
<p><span>It comprises 57 square metres of internal floorspace.</span></p>
<p><span>The tower also features a swimming pool, gym, sauna, conference room, restaurant, coffee shop and garden.</span></p>
<p><span>It sold in 2014 for $786,000.</span></p>
<p><span>The current listing gives a price guide of $690,000 to $720,000.</span></p>
<p><span>Jenny Wu, from JT Oliver, has the listing.</span></p>
<p><span>Her price guidance was based on the following three comparable sales.</span></p>
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<p><span>2710/80 Abeckett Street </span></p>
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<p><span>$630,000</span></p>
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<p><span>03-Nov-19</span></p>
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<p><span>6104/462 Elizabeth Street  </span></p>
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<p><span>$630,000</span></p>
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<p><span>02-Sep-19</span></p>
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<p><span>2703/265-273 Exhibition Street </span></p>
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<p><span>$740,000</span></p>
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<p><span>17-Oct-19</span></p>
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<p>The sale reflects a growing concern about the stability of Melbourne's housing market in the current economic climate, with HSBC estimating prices could drop by as much as 17% if the current downturn is prolonged.</p>
<p>Another unit, on the same street, has also been <a href="https://www.propertyobserver.com.au/melbourne-apartment-listed-for-100-000-less-than-2008-sale-price" target="_blank">recently listed with a price guide reflecting a likely loss on the investment.</a></p>
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Listed MY80 Melbourne apartment facing potential loss of $96,000 on 2014 price 

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<p>Amid the coronavirus lockdown, some luxury apartment developers have an eye on the future.</p>
<p>There has been a conditional $85 million offer made for the purchase of every apartment in The Chimes, a 1960s Potts Point apartment block.</p>
<p>It has been made by the <span>boutique Melbourne-based developer, Time &amp; Place Property, founded by developer Tim Price in 2015, who would end up paying about $1 million per apartment.</span></p>
<p>The Macleay Street block is best known for its pricey car space prices rather than its 80 studio apartments.</p>
<p>In 2016 an undercover car space fetched $264,000 which was a Sydney record. </p>
<p>Set at the plane tree-lined Parisian end of the strip, 45 Macleay Street is a 10 storey building that sits on the McDonald Street corner.</p>
<p>Its value is the block sits on a 1268 sqm block of land.</p>
<p>The Chimes strata block was registered in 1964 after demolition of the historic row of Santa Fe 1905 Queen Anne style terraces.</p>
<p>The other end of the row remains with Justin Hemmes recently selling the premises to Tony Benjamin.</p>
<p>Given the COVID-19 slump in tourism, he's now seeking long term tenants, rather than his initial overnight stays offering.</p>
<p>The Chimes body corporate has signed a non-ainding heads of agreement with Time giving them eight weeks to advise if it wishes to proceed to the next stage.</p>
<p>The highest 38 sqm studio apartment sale was $825,000 in 2018 with Harbour Bridge and Opera House views from the eighth floor, plus a car space.</p>
<p>The cheapest recent sale was $520,000.</p>
<p>The original unit allocation is a tad simplistic as every unit no matter whether with a view of harbour view or car park is either seven (fn one floor) or eight in the remaining 10 floors.</p>
<p>The 27 car spaces each have one unit entitlement.</p>
<p>The building sits on less than a third of its 1280 sqm holding.</p>
<p>The strata was the 934th, with the first coming in 1961 at Lindsay Gardens was the world’s first ever strata-titled building at 189 Liverpool Road, Enfield.</p>
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<p>Estate agent Mark Wizel has departed CBRE Melbourne.</p>

<p>The departure was mooted ever since the commercial property estate agency poached Sydney agent Simon Rooney from competitor JLL in mid-2019.</p>

<p>Wizel’s Melbourne team was told to focus on smaller shopping centres and offices priced below $75 million, leaving the big listings to Rooney.</p>

<p>“It is with a heavy heart that I confirm my employment with CBRE is at an end,” he told The Age.</p>
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<div class="_1lC_G">“The company insisted on imposing unacceptable changes to my employment and despite my best efforts they refused to budge.”</div>

<div class="_1lC_G"> </div>

<div class="_1lC_G">[smartcode_project:default project_id=2929]</div>

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<div class="_1lC_G">His most recent reported sale was a $20 million Frankston office.</div>

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<div class="_1lC_G"><span>Wizel recently advised his office had completed 15 sales post-civid totalling just under $190 million. </span></div>

<div class="_1lC_G"><span> </span></div>

<div class="_1lC_G"><span>"At present it seems as if the pricing has held up but volume has dropped," the always opinionated Mark Wizel advised on linked after an AFR article appeared saying shopping centre and hotel prices were most at risk of price discounts. One reader unfairly suggested added the article<span> "read like a Sam Tamblyn sponsored post." Tamblyn's<span> firm Urban Property Australia carries out more than 3000 commercial and residential valuations a year.</span></span></span></div>

<div class="_1lC_G"> </div>

<div class="_1lC_G">Property Observer reported in September 2019 that CBRE's hiring of one of the country’s top-billing agents, Simon Rooney had caused turmoil in its Melbourne office.

<p>CBRE had reportedly drafted rules that ensured Rooney got the trophy listings priced at more than $75 million in any of its state offices.</p>

<p>Rooney started at CBRE on August 1, 2019 after offers from rival groups, including Cushman &amp; Wakefield, becoming executive managing director, retail investments at CBRE.</p>

<p>Wizel's title had been CBRE's National Director of Retail Investments.</p>

<p>Wizel (top) claims to be "a household name" in his as yet unchanged linked profile.</p>

<p>He <span>started with CBRE 13 years ago when he joined from Colliers.</span></p>

<p><span class="markmys119y4c" data-markjs="true" data-ogab="" data-ogac="" data-ogsb="" data-ogsc=""> </span></p>
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Mark Wizel gone from CBRE Melbourne

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<p><span>A submarine-inspired luxury residential development has surfaced in Teneriffe. </span></p>
<p>Developer Visie Properties announced the official launch of its newest project, the $20 million Obsidian residences.</p>
<p>Just completed and for sale now, the development is located just three kilometres down-river from the Brisbane city heart.</p>
<p><span>Visie CEO Warren Swanston said the project was receiving very strong off-the-plan sales enquiry levels from local buyers.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/1630_2.01_Interior_Kitchen_R003.jpg" alt=""></span></p>
<p><span>Designed by award winning architects Hayes Anderson Lynch, Obsidian reflects the riverside precinct’s rich maritime history. </span></p>
<p><span>The building profile evokes a submarine’s cross-section – homage to 1940s history when the local wharves played a vital role in the war effort as a maintenance hub for the US Navy.</span></p>
<p><span>“The aim has been to create an architectural piece of art, intertwining generations by honouring Teneriffe’s history while pushing the boundaries in contemporary city living,’’ Swanston said. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/1630_2.04_Penthouse_Living_R003.jpg" alt=""></span></p>
<p><span>Obsidian features 13 luxury apartments including a collection of three and four bedroom residences and penthouses ranging in size from 160 to 300sqm and in price from $1.3 million to $2.6 million.</span></p>
<p><span>Apartments are characterised by the highest quality fixtures and fittings, connected spaces, spacious floorplans harnessing natural light and large balconies with city views. </span></p>
<p><span>Penthouses offer expansive terraces, lofts, individual wine cellars, five-metre high ceilings, four car parks and 40 sqm storage space.</span></p>
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Teneriffe submarine-inspired apartments for sale

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<p><span>Jobs and job security are major drivers of our local property market with both of these currently heading in the right direction prior to COVID-19 directives, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span>"Over the twelve months since January 2019, we have seen a trend increase of 7.1 percent in the number of persons employed in the Townsville region. </span></p>
<p><span>"Our unemployment rate is on a downward trend and the higher levels of business confidence and strong rates of job advertising being observed bode well for continued strength in employment creation in the coming months," the valuation firm said. </span></p>
<p><span>"We have a strong pipeline of projects proposed to commence in 2020 or currently underway, with completion of the North Queensland Stadium and its hosting of events now a reality." </span></p>
<p><span>The report suggests this is providing a positive driver along with other proposed inner city projects such as the SeaLink ferry terminal, the Cowboys Centre of Excellence and the 166-room Double Tree by Hilton hotel.</span></p>
<p><span>Detached housing in inner suburbs such as Belgian Gardens, North Ward and South Townsville in close proximity to entertainment and lifestyle hubs are </span>seeing sales rates quickening and selling periods reducing. Sales however are still price sensitive and price movements thus far have been minimal.</p>
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<p><span>"We are however entering a period of unprecedented global economic disruption with COVID-19. Just how this will translate in our local market in terms of jobs and job security will be a major indicator to watch over the months ahead." </span></p>
<p><span>A beachside unit in North Ward has recently been sold for $290,000.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-qld-north+ward-133163758" target="_blank">11/177 Mitchell Street</a> home (pictured below) comprises two bedrooms, two bathrooms, multiple balconies and secure car space. </p>
<p><span>The complex features resort-style pool and entertaining area. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/north%20yard.jpg" alt=""></span></p>
<p>A current listing is a traditional Queensland cottage in South Townsville priced at $335,000.</p>
<p>The two bedroom, one bathroom is situated at <a href="https://www.realestate.com.au/property-house-qld-south+townsville-133146638" target="_blank">12 Sixth Avenue</a> (pictured below).</p>
<p>Positioned on a 721sqm block, it comes with modern kitchen, front veranda, internal laundry and huge yard. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/south%20townsville.jpg" alt=""></p>
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<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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How will COVID-19 pandemic transform Townsville property market: HTW residential 

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<p>Of the many economic, social and political drivers that influence the South Australian property market, two major drivers continue to be the most prevalent - interest rate movements and political elections, according to a recent Herron Todd White (HTW) residential report. </p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span> The report suggests these two factors are the most visible to the market being heavily publicised in both print and digital media. </span></p>
<p><span>"Interest rate movements are front of mind for first home buyers whilst they directly correlate to a current mortgage holder’s hip pocket," the valuation firm said. </span></p>
<p><span> A rate reduction can allow a first home buyer to enter the market whilst an increase could be the forcing hand for an investor to start selling. </span></p>
<p><span>"Political elections can act as both a hand brake and accelerator," the valuation firm said </span></p>
<p><span> In a pre-election time, market activity can slow given the many unknowns surrounding opposing parties’ election promises. Post-election, the market can see where the goal posts lie </span>and move forward with certainty and stability.</p>
<p>Additionally 100,000 South Australians making up nearly six percent of the state’s population are employed in the public service. Pre-election public servants would be wary of becoming active in the property market with the uncertainty a changing government could have on their employment.</p>
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<p><span>"On a micro level, property markets by region are influenced by a number local drivers," the valuation firm said. </span></p>
<p><span>Broadly the inner and middle rings are influenced by barriers to borrowing and lifestyle choices; the outer ring is influenced by affordability and local employment whilst regional South Australia is influenced by local industry, particularly mining and agriculture, and population movements.</span></p>
<p><span>Of most significance in the current market is the record low cash rate of 0.5 percent.</span></p>
<p><span>"Broadly, we are seeing first home buyers, upgraders, empty nesters and investors all active in the market. The mouth-watering prospect of finding either a fixed or variable home loan rate of sub three percent could be too good to pass up. The activity of these buyers in the market is driving demand for a broad range of property types," the valuation firm said. </span></p>
<p><span>Throughout the metropolitan area, character dwellings remain the most popular with the broad market, the HTW report noted. </span></p>
<p><span>Depending on location, entry points for these dwellings range from $500,000 to $800,000. Characterised by turn of the century cottages and quaint laneways, the inner south-eastern suburb of Parkside is popular for those seeking properties with heritage features.</span></p>
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<p>Achieving a sale price of $683,000, <a href="https://www.realestate.com.au/sold/property-house-sa-parkside-132255646" target="_blank">22 Robsart Street, Parkside </a>(pictured below) typifies this property type. This is a character single fronted cottage providing two bedrooms, one bathroom, off street parking all situated on an allotment of 426 square metres.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/parkside.jpg" alt=""></p>
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<p><span>Metropolitan Adelaide has seen an increase in higher density townhouse style development. Driving this market within the inner ring are cashed up empty nesters looking to downsize whilst investors and first home buyers are behind the wheel in the middle and outer rings. </span></p>
<p><span>Within the inner ring, entry price points can be well into the </span>$1 million range whilst within the middle and outer rings, $400,000 is typically the starting point.</p>
<p>Both the sales of <a href="https://www.realestate.com.au/sold/property-house-sa-linden+park-128602902" target="_blank">7A Linden Crescent, Linden Park</a> (pictured below) and 16A Egmont Avenue, Warradale which achieved sale prices of $1.25 million and $545,000 respectively represent these similar property types in differing locations, the report noted. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/linden%20park.jpg" alt=""></p>
<p>Appealing to downsizers, 7A Linden Crescent, Linden Park maximises accommodation on a small allotment and includes high quality fixtures and fittings and is located within walking distance of Burnside Village. Appealing to investors and first home buyers, 16A Egmont Avenue, Warradale provides a standard fit-out and accommodation expected of similar stock within the middle and outer rings.</p>
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<p><span>"The CBD apartment market is unique with each new tower providing product appealing to all buyer types," the valuation n firm said. </span></p>
<p><span>Abiding by local planning guidelines and having knowledge of the broad market appeal, CBD apartment developers have to create a multitude of offerings at varying price points. </span></p>
<p><span>The recently constructed seven-level apartment complex Five O Six on Hurtle at 36 Hurtle Square, </span>Adelaide provides an example of this product mix.</p>
<p>Throughout 2019, this building had transactions of multiple apartments with varying floor plans with sale prices ranging from $465,000 for a two-bedroom, one-bathroom, one car space, sixth floor apartment to $2.65 million for a three-bedroom, three-bathroom, four car space, seventh floor apartment.</p>
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<p><span>"There are a multitude of factors driving the South Australian property market on both a macro and micro level. These drivers aid in the decision making of both purchasers and vendors. </span></p>
<p><span>"Awareness of these drivers and the understanding of their effects on the market are critical to making the right decision when the time comes." </span></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<p><span>Consumer sentiment is a big driver in Western Australia's property market and due to the recent COVID-19 outbreak, at the time of writing, consumer sentiment is fragile to say the least, according to a recent Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 pandemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span> The report suggests there are many other key local, national and global drivers that influence the property market and these economic drivers are in a constant game of tug-o-war, continuously shifting along a scale between supply and demand - the result of which creates price movement within the property market. </span></p>
<p><span>"In Western Australia, our economy is most heavily influenced by the mineral and gas resources industry. The resources boom has been mentioned in almost every Western Australia segment of the Month in Review in recent years as it has impacted the state so significantly and will continue to do so for the foreseeable future," the valuation firm said. </span></p>
<p><span>Mining projects throughout the state create thousands of jobs through construction work, maintenance, cleaning, machine operation, management etc. These jobs bring in hundreds and sometimes thousands of interstate and overseas workers in what can be relatively short periods of time, due to the enticing remuneration packages offered by large companies that compete for a limited workforce. </span></p>
<p><span>Conversely, when projects </span>come to completion, net migration can turn negative rapidly. The fluctuation of job vacancies and unemployment plays a large role in Perth’s property market as it influences our overall population in significant waves.</p>
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<p><span>"Net state and overseas migration statistics are directly linked to median house price and rental trends. We observe the nearly direct relationship of net migration and median house price growth, the effects of which have an approximate one-year delay," the valuation firm said. </span></p>
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<p><span>Not only does resource sector employment influence migration, it also plainly affects total unemployment. Net migration partially determines the number of people moving into Western </span>Australia to soak up housing stock and unemployment shapes how many residents are in a suitable financial position to make purchases within the property market.</p>
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<p><span>"As we touched on in our September 2019 edition, increased resource investment in 2006 influenced the mining sector across the whole state," the valuation firm said. </span></p>
<p><span>Mineral exports were ramping up as the amount of iron ore Western Australia was capable of exporting quadrupled in value from 2006 to the peak in 2012. This enabled businesses across Perth and regional Western Australia to find space for a number of new job vacancies and in 2006 we saw 31,000 migrants flock to the state, including both net interstate (3,100 persons) and overseas migration (28,070 persons). It didn’t stop there though. </span></p>
<p><span>Migration figures increased again, then had a lull and eventually peaked in 2012 when we saw a total of 58,600 people travel to Western Australia to get their share of the revenue from the resources boom.</span></p>
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<p><span>As mining investment declined, so did the availability of jobs. Some mining construction projects came to completion and this began the increase in unemployment rates. </span>The construction phase had ended, temporary contracts did not get extended and we started to see a significant level of redundancies.</p>
<p>Suddenly businesses were consolidating their workspaces as they employed less and less people. Many office buildings, apartments and land developments were under construction and now coming to completion, however there were no tenants or home buyers to lease or purchase these spaces, the report noted. </p>
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<p><span>The CBD office vacancy rate skyrocketed to over 20 percent and supply severely overshadowed demand, reversing the economic cycle. From here consumer sentiment began to slip and less access to finance stopped any interest from investors and owner-occupiers. Residential rents, office rents and house prices started their slow descent to their current position. </span></p>
<p><span>Net interstate migration has been in the negative since 2014. In 2017, 14,000 people left Western Australia for other Australian states, however since then, both interstate and overseas migration has improved slightly.</span></p>
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<p><span>The trends mentioned above are demonstrated in Figure 3. BHP recruited over 10,000 new employees and contractors between 2008 and past the peak in 2012 as the construction phase progressed to operational. </span></p>
<p><span>When many construction projects came to completion, there was a significant shedding of employment forces. Figure 3 does </span>show that BHP has been ramping up Australian recruitment again in recent years, which aligns with the commencement of its South Flank iron ore development in 2019, and other companies are doing the same.</p>
<p>"The data is not as transparent as it once was, due to the level of employment via third party contractors, hence the clarity of the current situation is difficult to demonstrate," the valuation firm said. </p>
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<p><span>Recent investment into Western Australia’s natural resources has come as positive news for our property market and economy as a whole. </span></p>
<p><span>There are several projects already underway or awaiting commencement in Western Australia and iron ore is dominating the mining sector with an estimated $17 billion worth of projects that will or are generating around 11,000 construction jobs over the next few years, some of which started back in 2018. </span></p>
<p><span>These projects will also employ an approximate 3,000 continuing operational jobs. Many experts have suggested that this will create a mini-boom such as the one seen in the early 2010s, however on much smaller scale.</span></p>
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<p><span>Net interstate and overseas migration has reverted to positive figures again and this has helped to stabilise property values in the Perth metropolitan region.</span></p>
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<p><span>"So how is Perth faring at the moment? Greater Perth’s median house price settled at $478,000 for the December 2019 quarter, falling by 1.2 percent," the valuation firm said. </span></p>
<p><span> Negative house price growth has been easing off for some time now, however the disparity between Perth’s inner and outer suburbs has caused some confusion for homeowners on where we currently sit. A very positive sign for Western Australia is the rebounding of vacant land prices. </span></p>
<p><span>Between the March and December 2019 quarters the median price of vacant land saw three consecutive increases, rising 3.4 per cent from $236,000 to $244,000. Perth hasn’t seen an increase in median vacant land prices since mid 2017 and that only lasted for one quarter.</span></p>
<p><span>Perth’s apartment sector over the past 20 years has been very cyclical, but is maturing rapidly. From 2012 to 2015, Western Australia saw a boom of apartment construction, fuelled by the resource sector</span>.</p>
<p>During this time, demand was high and developers of all kinds jumped in to fill the void with mainly investor grade products and several prestige developments that commanded high values as the market matured. Unfortunately the timing of completion of these was poor and on the downward part of the cycle.</p>
<p>Today Perth’s apartment market is still reeling from a large oversupply in some areas and it does not appear that this supply line will be going away any time soon, with an estimated 1600 new apartments completed in 2019, as well as 800 more anticipated by the end of 2020.</p>
<p>Beyond then, 3,100 apartments are expected to reach completion in 2021 and 2022 (JLL, 2020). This coupled with the 2,400 units currently on the market could mean further price corrections in this segment which is exacerbated by current state government policy directing demand to new supply.</p>
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<p><span>First home buyer locations such as Baldivis, Byford, Ellenbrook and Alkimos have all experienced continued value decreases over the past few years, the report noted. </span></p>
<p><span> Vast land development alongside Perth’s suppressed population growth has spelt disaster for this market segment. Advice from our valuers suggest that there has been little improvement </span>in these areas recently and we don’t hold much hope for the short term either. We do expect to see diminishing rates of negative growth over the medium term as long as economic conditions improve, however recent events have now cast doubt on this.</p>
<p><span>Moving closer to Perth, upgrader locations are faring slightly better than their outer rim counterparts. There has been a mix of value increases and decreases amongst various suburbs, however some recent positive signs include improving selling periods and declining vendor discounting. This can mostly be attributed to home owners heeding advice from their agents and pricing homes correctly from the get-go. </span></p>
<p>Kingsley is a suburb located 16 kilometres north- west of the CBD and is considered an upgrader location. The median house price in Kingsley decreased 0.3 percent during the December 2019 quarter, settling at $543,250. Negative house price growth has diminished over the past four years and hopefully we will see values increasein the medium term.</p>
<p>A four bedroom house in Kingsley is currently on the market with a price guide of over $579,000.</p>
<p>The <a href="https://www.realestate.com.au/property-house-wa-kingsley-133547830" target="_blank">7 Chauncey Court </a>home (pictured below) comes with large family living, two bathrooms, home office, updated kitchen and double carport. </p>
<p>It is situated close to shops and schools. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/kingsley.jpg" alt=""></p>
<p>Previous news of positive economic conditions has been a big driver for sales in established suburbs as owners take up the opportunity to upgrade before prices increase.</p>
<p><span>In the south-west part of the state, the recent uptick in activity in the resources sector has seen </span>the number of fly-in-fly-out workers begin to increase for the first time since the winding up of the mining construction boom. While the numbers are a far cry from the previous peak they are definitely improving.</p>
<p>There has been significant investment in the growth of the Talison lithium mine in Greenbushes (north of Bridgetown) as well as the associated infrastructure in the past few years.</p>
<p>On top of this there is a $1 billion lithium processing plant under construction in Kemerton (north of Bunbury). This was expected to bring a large number of workers to these regions however the reduction in the price of lithium has slowed these projects down.</p>
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<p><span>The south-west region relies a lot on local and international tourism. There is much anticipation for the start of the interstate direct flight from Melbourne to Busselton which started in March. </span>The timing, however could have been better as the slow down caused by the reaction to the spread of COVID-19 is likely to limit the number of travellers and tourists visiting the region at a time when it was hopeful there would be a significant increase in this sector.</p>
<p><span>There are a number of large residential subdivisions on the outskirts of Bunbury, Busselton and Margaret River which hold a large number of affordable properties.</span></p>
<p><span>A three bedroom unit in Bunbary was sold for $215,000 in April.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-wa-bunbury-133296874" target="_blank">10/180 Forrest Avenue</a> (pictured below) unit comes with open plan kitchen, meals and family room, outdoor patio area and double garage plus storeroom.</p>
<p>It is situates closed to shopping centres, schools and parks. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/bunbury.jpg" alt=""></p>
<p><span>The report notes first home buyer activity has been on the increase in these areas however this is also likely to stall due to the uncertainty over the outcome of the effects of COVID-19. It is anticipated that new building construction is also likely to stall as a result of this.</span></p>
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<p><span>The residential market in Cowaramup has outperformed most other towns in the region. As the number and quality of houses in the suburb increases and the town becomes more established, demand has also increased. Land sales were at their lowest level in ten years in 2019 which is an indication of the low levels of residential land now available in Cowaramup. With good demand and low supply of land, values are expected to increase in the short to medium term.</span></p>
<p><span>Kalgoorlie is the major city within the eastern goldfields region – located some 600 kilometres east of Perth. Known for its gold mines, there have been many excavation projects of all sizes here. KCGM Super Pit produces up to 800,000 ounces of gold annually. The Kalgoorlie-Boulder area has a median house price of $290,000, falling three percent over the December 2019 quarter, however the region has seen some positive signs of late as Piccadilly, South Kalgoorlie, Kalgoorlie and West Lamington experienced quartlerly increases between 0.2 percent and 14.8 percent.</span></p>
<p><span>Hannans, Kalgoorlie and West Lamington also showed annual improvements between 0.8 and 4.2 percent. The price of gold has a direct impact on this town’s prospects as many of the workers live in the region.</span></p>
<p>The report notes gold has been a relatively stable long-term investment over the past 20 years. The recent COVID-19 outbreak could potentially see gold prices increasing further due to investors selling stocks and moving to a safer venture in gold. Conversely, prices could also drop in the short term due to a lack of demand from Chinese manufacturers and jewellers.</p>
<p>In 2019, China held the largest portion of demand in the world for gold at 33 percent, so it will be interesting to see which direction the market shifts towards.</p>
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<p><span>"COVID-19 will no doubt have significant negative economic outcomes. Historically in times of uncertainty investors look to consolidate their capital instead of growing it through new ventures, and this will certainly slow the market down further. </span></p>
<p><span>"Government subsidies and cash rate cuts may come in hopes of stimulating the economy, although it will be hard to curb consumer sentiment when we are faced with a global pandemic.</span></p>
<p><span>"It’s not all bad news though - investors and residents with secure jobs may be able to find great value in the property market over the coming year," the valuation firm said. </span></p>
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<div><span style="text-decoration: underline;"><em>Note regards COVID-19 </em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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How will COVID-19 pandemic impact Western Australia property market: HTW residential

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<div>The greater Darwin residential market, like other cities, faces many influences and drivers of market sentiment and ultimately price movement, according to a recent Herron Todd White (HTW) residential report. </div>
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<div>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. </div>
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<p><span>To begin, and more prominent for all regions and sectors of Australia, is the impending economic fallout from COVID-19 or Coronavirus.</span></p>
<p><span>"Without taking away from the seriousness and current health implications of this, we see the wider economic fallout from this virus having a much wider reaching and larger impact on our property market and all markets in general.</span></p>
<p><span>"Without sounding too negative, sentiment will take a battering in the short term, with the long term implications still unknown at this stage. Uncertain times ahead!" the valuation firm said. </span></p>
<p><span>Secondly, and most applicable to Territory markets, is population growth, the report noted. The growth or more correctly, lack thereof, has a very big say in how our local market will go. </span></p>
<p><span>As noted in previous Month in Review issues, Darwin and the wider Territory’s population has been either steady or in decline over the past two to three years, where all other states experienced growth. </span></p>
<p><span>Unfortunately not only does this create a smaller pool of buyers, but local community sentiment takes a hit. While the reduced population number is small, it’s<br>not an increase. </span>People and businesses see this as a negative.</p>
<p>"While we see the long term (two years plus) outlook as relatively positive due to large scale projects currently in the pipeline, this does not relieve current sentiment in the short term.</p>
<p>"Ultimately this leads to a reduction in prices across all sectors of the Darwin property market. We currently have the lowest median house price at $460,065 as at December 2019 (source: REINT) of any capital city and a big reason is due to lack of growth in our population," the valuation firm said. </p>
<p>A four bedroom house in Darwin's northern suburb Leanyer is currently on the market with $469,000 hopes. </p>
<p>The <a href="https://www.realestate.com.au/property-house-nt-leanyer-133068594" target="_blank">2 Ridgehaven Circuit</a> home (pictured below) comes with two bathrooms, family room, kitchen with electric cooking and double carport. </p>
<p>It also features covered patio area, in ground pool and garden shed. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/leanyer.jpg" alt=""></p>
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<p><span>The cash rate sits at 0.25 percent (as of 19 March 2020), the lowest in history for our country and with the impending effects of Coronavirus, is widely tipped to reduce further.</span></p>
<p><span>"We saw an uplift in sales volumes for the December quarter with 33.3 percent for dwellings sales across Darwin overall (source: REINT) yet no change, or zero percent in total dollar sales volumes for the quarter. </span></p>
<p><span>"What this is telling us is that the Territory market looks to be turning with regard to volume and we see this trend as likely to continue with lower median home values showing why we can have an uplift of one-third in sales volumes yet no increase in overall value.</span></p>
<p><span>"</span>We see this as a shining light and hopefully a shift in market sentiment that will continue," the valuation firm commented.</p>
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<p><span>A driver of the increased volumes is also the investor market. Corelogic’s March 2020 report shows Darwin as having the strongest gross residential yields of all capital cities at 5.9 percent.</span></p>
<p><span> Whilst most owners are experiencing low or no capital growth, they are underpinned by positively geared assets, a great incentive for those looking to get into the market or avoid the low yields of other capital cities. </span></p>
<p><span>With the financial market and stock exchange facing volatility, bricks and mortar is likely to offer more security to investors.</span></p>
<p><span>It is hard to look past the current situation of COVID-19. This is causing a raft of issues that will have wider reaching implications for the Territory, the report noted. </span></p>
<p><span>Tourism is something that coming into the peak dry season (southern winter months) allows local businesses to really thrive on the back of warm weather. With the recent travel bans, lack of domestic travel and social distancing concerns, it is hard to imagine the local sentiment garnering any positivity.</span></p>
<p><span>The Northern Territory government is delivering a $65 million Jobs Rescue and Recovery Package (source: https://business.nt.gov.au/recovery) stimulus for Territorians that will ease some pain in the short term however with business looking into a lean few weeks and months ahead, the outlook is not great. </span></p>
<p><span>"We see this as having a direct impact on local property markets, particularly commercial, as tenants and businesses feel this pinch. The positive </span>upside is for the residential market where home renovations can be carried out and largely funded by the government," the valuation firm said. </p>
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<p><span>Speaking locally with agents and reflecting on sale data, we are seeing the uptake in sales volumes being driven by first home buyers, reflecting the Commonwealth Government’s guarantor loan scheme where first home buyers can buy properties up to $375,000. </span></p>
<p><span>"We are seeing properties of value with the most activity, with 54% of sales occurring at a price below $350,000 in the inner Darwin unit market," the valuation firm said. </span></p>
<p><span>The inner Darwin unit market has shown a 4.4 percent increase on the December quarter and 13.1 percent on </span>the year in recorded sales volumes (source: REINT).</p>
<p><span>A waterfront apartment in Darwin City has recently been sold for $402,000.</span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-nt-darwin+city-133424434" target="_blank">5005/5 Anchorage Court </a>home (pictured below) comprises two bedrooms, two bathrooms, open plan living and dining room and private patio. </p>
<p><span>It also features internal laundry, two basement car parks and complex swimming pool.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/darwin%20city%201.jpg" alt=""></span></p>
<p><span>Local commentary around is showing an increase in the younger professional market and first home buyers keen to take advantage of the great schemes on offer. </span></p>
<p><span>"As we continue to ride out the economic impact of the current global economic situation, we believe that this sentiment will continue for our first home buyers throughout 2020,: the valuation firm stated. </span></p>
<p><span>All external issues aside, one factor of the market that we continue to rely on is the strength of the coastal northern suburbs market which continues to buck the trend and ride out outside factors. This is evident with a 61 percent increase in sales volumes for dwellings on the quarter and an increase in median value of 0.4 percent. </span></p>
<p><span>This is </span>not directly attributed to falling prices or cheaper properties, with 33 percent of these properties having a value of more than $600,000. While these are well off the peak of the market, to echo the earlier point, if there is volume first, higher values will come second when an economy begins to turn.</p>
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<p><span>"Generally speaking, wide sweeping societal changes are coming and some are now in force with the key element being the current Coronavirus pandemic. This is tipped to have a huge impact on the wider economy with the brunt of this yet to be felt. However, we are yet to see any direct impact locally here in the property market, although it is early days. </span></p>
<p><span>"Historically, when a stock market crashes we see an asset such as a home being far more illiquid than shares, not to mention that people will always need a place to live. So while we may see fewer transactions in the market, locally the property values may remain insulated from such losses, but this remains to be seen." </span></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
<div>
<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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Darwin property market yet to see direct impact of COVID-19 pandemic: HTW residential 

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<p class="first-para">Bolinda at Ascot Vale, which has a long history in the arts, had been listed with expectations between $3.7 million and $3.95 million.</p>
<p class="first-para">It is now seeking just $3.3 million - $3.5 million as their original price hopes were reduced.</p>
<p class="first-para">The historic Ascot Vale manor has had just three owners since it was built 136 years ago.</p>
<p class="first-para">The four-bedroom home at <a href="https://www.realestate.com.au/property-house-vic-ascot+vale-133328186" target="_blank">43 Kent Street</a> last traded 57 years ago.</p>
<p class="first-para">The Italian Renaissance style house is in need of some renovation.</p>
<p class="first-para">It was owned for nearly six decades after being built for the McClelland family in 1884.</p>
<p class="first-para">The family set up an artists’ group and later built the McClelland Sculpture Park and Gallery in Langwarrin.</p>
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Bolinda, Ascot Vale listing reduced from $3.95 million hopes

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<p><span>In the second month of 2020, the Hunter region continued to see buzzing activity in the local property market, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></p>
<p><span>The report notes even with the uncertainty of an interest rates move, there was still plenty of activity around the region for both established houses and also people wanting to purchase a block of land to build their dream home.</span></p>
<p><span>"Newcastle is hoping to see market conditions improve further due to the rising population of the city, surrounding areas and also Maitland and Hunter Valley regions fuelling housing demand and relatively healthy housing affordability. </span></p>
<p><span>"The Newcastle and Hunter region is highly likely to see continued growth due to close proximity to major capital cities such as Sydney. </span>As housing affordability becomes a resurgent issue in 2020, capital city residents may once again seek relatively affordable housing in nearby regions or regional areas with high levels of amenity," the valuation firm said. </p>
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<p><span>In terms of residential property, Newcastle has become its own market and no longer relies on Sydney as it once did. </span></p>
<p><span>"In the past 12 months, Newcastle saw a shift in confidence independently of Sydney; we no longer follow suit like we once did. Locally, since the federal election, we have seen </span>an increase in activity from all classes of potential property purchasers," the valuation firm said. </p>
<p><span>There is still a healthy supply of inner city units for sale and with further developments around Hunter and King Streets in Newcastle and also Honeysuckle continuing into the future, perpetuates the old saying of “as long as people buy, they will continue to build them”, the report noted. </span></p>
<p><span>"Savvy property investors are still seeing Newcastle and supporting areas as a great place to invest due to affordability and also strong growth potential," the valuation firm said. </span></p>
<p><span>These investors will be ready to pounce on the best performing pockets which include properties in </span>the Kotara, Islington, Hamilton, Charlestown and Mayfield areas, all located within a 15 minute drive of the Newcastle CBD.</p>
<p><span>"First home buyers in the region are also continuing to purchase established dwellings around the fringes of the city suburbs and also showing keen interest in house and land packages around the Maitland areas of Chisholm, Thornton and Bolwarra, which are all less than a 40 minutes drive into Newcastle city," the valuation firm said. </span></p>
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<p>The trendy inner city suburb of Tighes Hill also saw a record sale price for the year at the end of February of $1.5 million for a waterfront <a href="https://www.realestate.com.au/sold/property-house-nsw-tighes+hill-133013166" target="_blank">Throsby Creek, Sparke Street</a> property (pictured below).</p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/tighes%20hill.jpg" alt=""></span></p>
<p><span>T</span>he largest sale in the affluent suburb of Merewether for the month of February was <a href="https://www.realestate.com.au/sold/property-house-nsw-merewether-132847678" target="_blank">68 Curry Street</a> (pictured below) which sold for just under the $2 million mark at $1.98 million, the report noted. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/merewether.jpg" alt=""></p>
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<div><span style="text-decoration: underline;"><em>Notes regarding COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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Newcastle property market likely to see continued growth: HTW residential 

<p><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.</p>

<p>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.</p>

<p>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.</p>

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<p>[smartcode_project:default project_id=149670 project_image_fid=360965]</p>

<p>“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.</p>

<p>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.</p>

<p>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.</p>

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<p>[smartcode_project:default project_id=149670 project_image_fid=360981]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

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<p>[smartcode_project:default project_id=149670 project_image_fid=360966]</p>

<p>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.</p>

<p>“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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360969]</p>

<p>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.</p>

<p data-end="8307" data-start="8063">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.</p>

<p data-end="8543" data-start="8312">“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.”</p>

<p data-end="8915" data-start="8548">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.</p>

<p>The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.</p>

<p>[smartcode_project_cta:default project_id=149670]</p>


Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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_" /></p>

<p>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.</p>

<p>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.</p>

<p>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."</p>

<p>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.</p>

<p><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" /></p>

<p>Campbelltown has been starved of new residential developments in the last decade.</p>

<p>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.</p>


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

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<p>A 60-apartment building nine storeys tall would be a rarity almost anywhere along this stretch of Moreton Bay, but that's exactly what's been lodged for a modest Deception Bay street better known for its single-storey weatherboard homes.</p>

<p><a href="https://www.apartments.com.au/developers/sherlock-construction-homes">Sherlock Construction Homes</a> is seeking to push Deception Bay’s emerging medium-density housing profile higher, lodging plans for a nine-storey apartment building near the suburb’s shopping centre and foreshore.</p>

<p>Dubbed Grosvenor Apartments, the proposal at 14-20 Grosvenor Terrace would replace two detached homes with a new building designed by&nbsp;<a href="https://www.apartments.com.au/architects/mode">Mode Design</a>&nbsp;which would&nbsp;reach nearly 30 metres, well above the site’s mapped 21-metre building height.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="86c21a25-5a97-4ca7-a361-80757137ea5b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%20front.png?VersionId=aXIujfvEhH33sLHOEjHFv9Ii6qxSvAF4" /></p>

<p>The apartment mix is weighted toward larger homes, with 14 three-bedroom apartments, 31 two-bedroom apartments and 15 one-bedroom apartments. Six apartment types are spread across the floors, ranging from 66 sqm one-bedroom units through to three-bedroom apartments of 116 sqm, most with private balconies or terraces.</p>

<p>Levels one through seven follow a consistent layout of six to eight apartments per floor arranged around a central lift and stair core, with the top floor, level eight, trading one apartment for a landscaped community breakout space rather than repeating the standard layout below.</p>

<p>Ground floor is dedicated to arrival and services, with a lobby, mailroom and manager's office, alongside 91 car spaces.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="b098bde0-5fe1-4e6c-9601-e5446612e5fc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20podium.png?VersionId=A0hfENMNxSxkfh9Jl6D4WJ9XIraeOukA" /></p>

<p>Mode Design's brief describes a "serene coastal-inspired design blending soft curves, natural textures and light-filled spaces to reflect the relaxed Deception Bay lifestyle."&nbsp;</p>

<p>The material palette leans on white and grey render, timber-look aluminium screening and stacked-brick-look finishes, with hanging greenery and vine planting proposed across balcony edges and ground-level walls.&nbsp;</p>

<p>Balconies feature asymmetrical geometries intended to vary the building's rhythm rather than repeat a single module up the tower, while lush planting is concentrated over the entry and level one balconies to soften the building's base.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="c05c5693-3e00-42d0-b075-55c36094f4db" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%201.png?VersionId=cMKJgBsBaaVCd2dA5O22SOT38OT_.BPA" /></p>

<p>The design evolved following an April 2025 prelodgement meeting with council. At that stage, the project was conceived as a seven-storey building containing 45 apartments. The subsequently lodged scheme increases the development to nine storeys and 60 apartments while introducing one-bedroom residences to the mix.</p>

<p>Zone Planning argues the additional scale reflects the site's position within an area earmarked for increased residential intensity. The planning report points to the North Lakes-Redcliffe-Moreton Bay Rail corridor strategy, which identifies Deception Bay as a district-level activity centre and supports greater housing choice within urban neighbourhoods.</p>

<p>Market Square Deception Bay, Deception Bay Sports Centre, Deception Bay State School, public transport, community facilities and the Moreton Bay foreshore are all identified within approximately one kilometre of the site, while the property falls within a 400-metre walking catchment of Market Square.</p>

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

<p data-end="587" data-start="368">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.</p>

<p data-end="778" data-start="589">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.</p>

<p data-end="907" data-start="780"><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.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">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.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">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.</p>

<p data-end="1908" data-start="1678">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.</p>

<p data-end="2142" data-start="1910">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.</p>

<p data-end="2142" data-start="1910"><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" /></p>

<p data-end="2308" data-start="2144">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.</p>

<p data-end="2648" data-start="2310">"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.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">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.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"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."</p>

<p data-end="3818" data-start="3664">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.</p>

<p data-end="4076" data-start="3820">"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.</p>

<p data-end="4375" data-start="4078">"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."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"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."</p>

<p data-end="4910" data-start="4743">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.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


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

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<p data-end="600" data-start="394">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.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">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.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">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.</p>

<p data-end="1357" data-start="1161">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.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">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.</p>

<p data-end="2269" data-start="2047">"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.</p>

<p data-end="2430" data-start="2271">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.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">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.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"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.</p>

<p data-end="3400" data-start="3216">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.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

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