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A local Asian investor has purchased a 1,106 sqm strata space let to an operating childcare at 1 Network Place, North Ryde NSW from international developer Risland.
It was purchased for $4,650,000.
The property is currently occupied by Kids Planet Childcare under a new 10 + 10 + 10 year lease. The yield achieved was 6.50%.
The deal was negotiated by Nick Lower, Selin Ince &amp; Oliver Ridley of Savills Australia who said despite the perceived concern for the Childcare industry over the past six months, this transaction is a great indicator of the strong investor appetite currently seen in the market for well-located assets with secure income streams.
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j.ballantyne1990-6AQqhLzZaK

Savills sell North Ryde childcare centre to local Asian investor

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The difference between buying a house and buying a unit rental property has never been more pronounced.
RiskWise market research clearly showed that while houses show better prospects, some sectors of the property market remained high risk, particular inner-city apartment areas which were oversupplied and experiencing falling rents as Australians, many now able to work remotely, were seeking lifestyle properties and often avoiding higher density locations.
Mr Peleg said there were many opportunities for buyers looking for houses with high land value as a proportion of the property value, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer.
“In recent weeks there has been a material improvement in buyer sentiment and key data with a prime example being the relatively high auction clearance rates for houses in Sydney, with preliminary results that have been consistently well above the 70 per cent mark during the past four weeks. Melbourne’s market, however, remains dormant, for now,” he said.
Pete Wargent of BuyersBuyers.com.au, a national marketplace now offering affordable buyer’s agency services to all homebuyers, said that there has been a notable shift in enquiries over the past year.
“Low-maintenance units have often been popular with investors and non-resident buyers, but these buyer numbers are well down from their cyclical peaks. Most homebuyers are looking at houses at the present time, and in part this is a shift away from density at a time when many are seeking space” Mr Wargent said.
Mr Peleg of RiskWise said, “it’s important to distinguish between the two capital cities and there is a marked difference. Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago."
“The same cannot be said for Melbourne, especially due to the second wave of the COVID-19 which had a major and immediate impact. Prices in Melbourne have declined by about 6 per cent since their peak in early April 2020, according to CoreLogic, and this is the largest fall recorded amongst all capital cities."
“Despite this, Melbourne’s houses have better long-term prospects than Sydney’s. Indeed, we expect 2021 to be a strong year for houses in Melbourne, with significant capital growth forecast to play out.”
Mr Wargent of BuyersBuyers.com.au said ultra-low interest rates would drive price increases once the pandemic is over when the long-held link between the cost of borrowing and housing prices would reassert itself.
In addition, Mr Wargent said that Melbourne is more affordable than Sydney in terms of house-to-income and mortgage serviceability ratios while ABS data also projects that in 2026 Victoria’s capital will have a larger population than that of New South Wales.
Because of the strong population growth, Melbourne had enjoyed very strong capital growth until February 2020, Mr Wargent said.
Mr Peleg of RiskWise said, “while the second wave of COVID-19 created major volatility in Melbourne, RiskWise asserts that following the end of the pandemic, the Melbourne market will have similar projections to Sydney thanks to chronic undersupply increasing land and house values (while for units the oversupply increases both equity and serviceability risk)”.
In Conclusion:
Mr Peleg said the current ultra-low interest rates had created a unique environment where buying a house in many areas was cheaper than paying rent on one.
So while things look gloomy at this point of time, certainly in Melbourne, the market will likely bottom in the first half of 2021 and then the traditional connection between low interest rates, dwelling price growth, and the continuous chronic undersupply of family-suitable properties, with good access to employment hubs in popular areas, will drive them up relatively quickly
Land scarcity has been and will continue to be a major driver in land appreciation and, consequently, the appreciation of house values.
However, investors should consider family-suitable properties as opposed to rental apartments which will continue to carry a high level of risk in relation to both price movements (equity risk) and serviceability (cash flow risk). This risk of negative equity has significantly increased across the country.
Poor economic growth and a soft employment market will see the attractiveness of Australia as a destination fall in the short term. Therefore, without a significant improvement in employment conditions in the next few years, the risk to the rental apartment sector is likely to remain high.
DORON PELEG is the RiskWise CEO 
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Houses projected to bounce back mid-2021 with higher risks for units: RiskWise's Doron Peleg

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Private inspections for purchase or leasing of Melbourne properties can recommence from 11:59 pm Sunday 27 September 2020.
"This will be an enormous relief to buyers, sellers and renters alike, many of whom have been suffering severe financial and emotional stress over the past few weeks," the REIV president Leah Calnan said.
“It is encouraging to see that the plight of many Victorians who were unable to make decisions about their own property has been reconsidered by the government.”
“This decision is recognition that the real estate profession can be trusted to conduct inspections in a safe and responsible manner.”
The Ray White group welcomed today’s Victoria State Government announcement that private home inspections can return.
Real estate auctions will continue to be remote auctions only.
But real estate inspections of property and display home inspections will be allowed with one agent and one prospective purchaser or tenant.
<div>The prospective purchaser or tenant may be accompanied by one other person from an existing household or an intimate partner, and the prospective purchaser or tenant’s children under 18 years old</div>
<div> </div>
<div>Contactless protocols will be required for inspections, including pre-arranged at a set time and limited to 15 minutes.</div>
<div>
 A person is not permitted to travel to regional Victoria for a private property inspection, and a person may not travel to metropolitan Melbourne for a private property inspection.</div>
<div> </div>
<div>It was initially not been made abundantly clear if buyers can travel more than five kms from their home.</div>
<div> </div>
<div>The overarching advisory remains '"stay within 5km of your home except for permitted reasons such as work or education if these cannot be done at home."</div>
<div> </div>
<div>But one government website merely advised: "You can’t leave metropolitan Melbourne to view a property."
</div>
<div> </div>
<div>The Domain asked the Department of Health and Human Services for clarification on this, but did not receive an answer by the time of publication on Sunday afternoon.</div>
<div> </div>
<div>It late became clearer that the 5km rule does not apply when inspecting a house for rent or purchase.</div>
<div> </div>
<div>But you can only leave your home for a maximum of two hours to attend the inspection and cannot travel into regional Victoria.</div>
<div>  Ray White Group Managing Director Dan White applauded the announcement and said it was a win for buyers, vendors, tenants, landlords, and real estate as an industry.   “There’s no doubt our members and customers have been in pain in recent times. We’ve heard a number of heart-wrenching stories and this announcement from the Andrews Government will provide hope to many families in distress,” Mr White said.   “We know from other states and New Zealand that private one-on-one inspections can be successfully conducted in a highly-controlled setting.   “Private inspections are all pre-scheduled, where only a single buyer or tenant interact with a single agent, while still being able to properly observe social distancing and enact effective transmission mitigation (i.e. sanitisation of surfaces and the use of masks).”  </div>
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Private inspections for purchase or leasing of Melbourne properties can recommence September 28

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The Commonwealth Bank has trimmed the rate on its ‘no frills’ home loan for homeowners and investors. 
The move sees the major bank’s Extra Home Loans cut by 0.10 percent for owner occupiers and up to 0.15 percent for investors, taking the lowest variable rate offer from the bank to 2.69 percent.
While the Extra Home Loan is one without an offset or extensive features, it does allow for additional repayments and redraw, which Canstar advised are two critical features of a loan that enable borrowers to pay their loan off sooner.
<a href="https://www.canstar.com.au/" target="_blank">Canstar</a> analysis shows CBA’s owner occupied Extra home loan rate of 2.69% (2.70% comparison rate) is 1.16% below the bank’s loan with an offset account being its Wealth Package at a variable rate of 3.85% (4.27% comparison rate).
The difference in monthly repayments between the two on a $400,000 loan over 30 years is $255. Borrowers need to decide whether they value the extra benefits of the package loan that highly.
Looking across the market, further analysis shows mortgage holders will pay an average of 0.37% more for a variable rate loan with an offset account, or $81 each month on a $400,000 home loan over 30 years.
Canstar’s Group Executive, Financial Services, Steve Mickenbecker says borrowers will typically pay more for a loan with an attached offset account so it might be worth considering one of the basic loans available and taking advantage of the extra repayment feature. 
 “Getting ahead of your home loan repayment schedule works to recession proof your finances and helps build long term wealth.”  
He said when no frills loans first hit the market, they came with the drawback that you could not make extra repayments to get ahead. 
“For Commonwealth Bank in particular, a no frills loan may work for borrowers who don’t see the value of the additional benefits of the packaged loan that could be costing them an extra could be costing them an extra $255 a month.”
The CBA changes:
 
<div dir="ltr" align="left">
<table>
<colgroup>
<col width="156">
<col width="99">
<col width="97">
<col width="95">
<col width="95">
<col width="82">
</colgroup>
<tbody>
<tr>
<td colspan="6">
CBA Home Loan Interest Rate Changes
25 September 2020
</td>
</tr>
<tr>
<td colspan="6">
Owner Occupied
</td>
</tr>
<tr>
<td>
Product &amp; LVR
</td>
<td>
Repayment type
</td>
<td>
Old rate
</td>
<td>
New rate
</td>
<td>
Comparison rate
</td>
<td>
Change
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
P&amp;I
</td>
<td>
2.79%
</td>
<td>
2.69%
</td>
<td>
2.70%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
P&amp;I
</td>
<td>
2.79%
</td>
<td>
2.69%
</td>
<td>
2.70%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
P&amp;I
</td>
<td>
3.13%
</td>
<td>
3.13%
</td>
<td>
3.14%
</td>
<td>
-
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
IO
</td>
<td>
3.35%
</td>
<td>
3.25%
</td>
<td>
2.91%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
IO
</td>
<td>
3.35%
</td>
<td>
3.25%
</td>
<td>
2.91%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td colspan="6">
Investment
</td>
</tr>
<tr>
<td>
Product &amp; LVR
</td>
<td>
Repayment type
</td>
<td>
Old rate
</td>
<td>
New rate
</td>
<td>
Comparison rate
</td>
<td>
Change
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
P&amp;I
</td>
<td>
3.27%
</td>
<td>
3.12%
</td>
<td>
3.13%
</td>
<td>
-0.15%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
P&amp;I
</td>
<td>
3.27%
</td>
<td>
3.15%
</td>
<td>
3.16%
</td>
<td>
-0.12%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
P&amp;I
</td>
<td>
3.54%
</td>
<td>
3.54%
</td>
<td>
3.55%
</td>
<td>
-
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
IO
</td>
<td>
3.83%
</td>
<td>
3.68%
</td>
<td>
3.34%
</td>
<td>
-0.15%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
IO
</td>
<td>
3.83%
</td>
<td>
3.71%
</td>
<td>
3.37%
</td>
<td>
-0.12%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
IO
</td>
<td>
4.10%
</td>
<td>
4.10%
</td>
<td>
3.77%
</td>
<td>
-
</td>
</tr>
</tbody>
</table>
</div>
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CBA trims home loan rates

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EXPERT OBSERVATION
It is fair to say that the 111k or 0.9% rise in employment was a big surprise. The market had been looking for –35k while Westpac was forecasting –50k.
We had based our forecast on the observation of a –1.0% fall in Weekly Payrolls in the first two weeks of August compared to the first two weeks in July (the Labour Force Survey is conducted in the first two weeks of each month).
Even when you take seasonality into account the 0.4% rise in employment in original terms was still much stronger than the –1.0% decline reported by Payrolls.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugPayrolls.JPG" alt="">
'Gig' workers driving recovery in employment.
In the August Labour Force Survey the ABS provided a reconciliation on the difference between the two series highlighting that Weekly Payrolls measure 'employee jobs' for which a payment was reported to the Australian Taxation Office through Single Touch Payroll. This includes jobs held by employees and owner managers of incorporated enterprises (the latter of whom can be paid through the payroll of their business). However, owner managers of unincorporated enterprises are not covered by Weekly Payrolls. There is also lower coverage of small businesses (&lt;20 employees) in the Payrolls data compared to large and medium businesses. As such, any change to the employment status of owner managers of incorporated enterprises without employees is less likely to be reflected in Weekly Payrolls than that with employees.
In the Labour Force Survey employed are categorised according to their 'Status of Employment' reflecting the nature of the employer-employee relationship. The categories are:
<ul>
<li>Employee – someone who works for an employer;</li>
<li>Owner manager of an incorporated enterprise – self-employed who owns and operates their own incorporated business;</li>
<li>Owner manager of an unincorporated enterprise – self-employed operating a business as a sole trader; or a,</li>
<li>Contributing family worker.</li>
</ul>
Owner managers (ie. self-employed) may or may not have employees.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStatus.JPG" alt="">
In original terms, the Labour Force Survey reported a 44.5k/0.4% increase in employment in August. In the release the ABS noted that the increase in original employment was due to a 50.2k increase in owner managers (self-employed mostly unincorporated sole traders) without employees. This is likely to be dominated by 'gig workers' which can be defined by anyone who is engaged as a contractor rather than an employee. This includes far more people than just those who work as the large aggregation platforms such as Uber, GoCatch, Deliveroo, Airtasker, Freelacer etc. In contrast, there was a small 2.6k lift in the number of employees which was more than offset by a –9.3k decrease in the number of contributing family workers.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugGIG.JPG" alt="">
Excluding 'gig workers' employment was still stronger than the Payrolls measure of jobs.
If we exclude the 50.2k rise in self-employed, total employment would have fallen –5.7k which is closer to, but still stronger than, the –1.0% fall in Payrolls. Unfortunately, the data underpinning this analysis won’t be released until Thursday so we can only note the ABS comments at this stage and add that to the data we do have.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFpayemp.JPG" alt="">
Seasonality matters in August with employees contracting an average of -66.5k in last five years.
From the Labour Force Survey we know that August is a soft month for employment with the ABS seasonal factor falling -0.5% in the month. What we did not realise is that that seasonality is different for employees and owners/self-employed. On average through the last five years the number of employees fell -66.5k in August while the number of self-employed lifted 24.1k. That is to say it was not the strength of owners/self-employed that was surprising in the August survey but rather the lack of weakness in employees (+2.6k in the month compared to the average of -66.5k).
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugseason.JPG" alt="">
We can't exactly replicate the ABS season adjustment process but using eX12 we estimate that seasonally adjusted employees gained 78.8k in the month while the self-employed lifted 18.7k. The real story in August was not the surprising strength in the self-employed, at least half of which was a seasonal norm, but rather the lack of weakness in employees which would have significantly boosted the overall seasonally adjusted total.
Shutdown in Vic hit that state but the NSW recovery continued on regardless.
The shutdown in Victoria did hit the labour market in that state with employment falling –42.4k and unemployment lifting 0.3pt to 7.1%. Victorian employment is now just 9.5k/0.3% higher than the May low post the first round of shutdowns. The recovery in Victoria peaked at +51.9k/+1.6% from May to July.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStateEmp.JPG" alt="">
The recent Weekly Payrolls data suggested the NSW recovery was running out of steam through July and into August but this did not show up in the Labour Force Survey. In August, NSW employment lifted 51.5k following on from a 56.2k gain in July and +80.3k in June. In the month, the unemployment rate fell 0.5ppt to 6.7%. The NSW labour market continued to power on in August even if the Victorian lockdown was clouding the economic environment.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStateUnemp.JPG" alt="">
The smaller states continue a robust recovery.
Elsewhere, employment rose 18k in Qld, 32.2k in WA and 18k in SA. It was a similar story for unemployment where it fell 1.3ppt in Qld and WA to 7.1% and 7.0% respectively while it was flat in SA at 7.9%. 
Hours worked lagging in NSW and Victoria but rebounding elsewhere.
Even with the August surge in employment (+111.0k/0.9%) hours worked lifted just 0.1% due to a –4.8% decrease in hours worked in Victoria (employment fell –1.3%) while the rest of the country recorded a 1.8% increase in hours worked. In the month, hours worked per person fell –0.8% driven mostly by a –2.3% fall in hours worked per part-time employee. Hours worked per full-time employee fell –0.2%. Nevertheless, in August the overall weakness was less concentrated in hours worked than it was back in April as hours worked per person is still 2.9% higher than it was in April (we note that hours worked per person recovered a touch in May even though employment fell further). Hours worked per full-time employee is up 1.9% since April while hours worked per part-time employee is up 15.7% again highlighting that the hit from Covid, and recovery to date, has been concentrated more in part-time employment than full-time. 
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugEmpHrs.JPG" alt="">
As it did in April the July/August shutdown in Victoria had a larger impact on hours worked than it had on employment. Nevertheless, given the recovery in hours worked through June and July Victorian hours worked are still 0.5% higher than the May low, a touch better than the +0.3% gain for employment. In NSW hours worked lifted 0.7% which is softer than the 1.3% rise in employment. Victorian shutdown did create some uncertainty in NSW but it was expressed more as a reduction in hours worked than a reduction in employment.
For the smaller states hours worked per person continued to recover in August. Hours worked lifted 2.4% in Qld compared to a 0.7% gain in employment, hours lifted 1.8% in SA while employment lifted 1.6% and over in WA, a 2.4% lift in employment generated a 3.8% surge in hours worked. WA stands out with the strongest recovery so far with a 5.8% increase in employment and a 8.5% increase in hours worked from the shutdown lows.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugRecover.JPG" alt="">
The Victorian shutdown again hit participation while a recovery continued elsewhere.
The weakness in Victoria also led to a fall in participation in that state, from 64.5% to 63.9%, which muted the rise seen elsewhere. Nationally participation rose just 0.1ppt to 64.8% (despite the outsized gain in employment) with the labour force lifting 24.5k. This muted rise in the labour force resulted in a significant correction in the unemployment rate with it falling to 6.8% from 7.5%. Back in May the unemployment rate was 7.1%; it was 6.4% in April.
Despite the employment gains in Qld participation in this state fell -0.5% to 63.9% but this was more than offset by a 0.5% gain in NSW to 65.2%, a 1.0% gain in SA to 62.8% and a 0.6% gain in WA to 67.9%. We are looking for a bounce in participation in Victoria and Qld in September but it is more unclear what to expect from the other states.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStatePart.JPG" alt="">
It is very interesting to note that participation in NSW and WA is almost back to the pre-Covid levels in March, down -0.10ppt om NSW and -0.06ppt in WA. In Victoria the participation rate is still -2.5ppt below its March level while in Qld it is still down -2.0ppt. The recovery in participation in NSW and WA suggest that the recovery has drawn workers back into the workforce and should we see any weakness in the labour markets in those state, there is the potential for correcting weakness in participation. Contrast that with Victoria and Qld where the economic weakness has held participation well below pre-Covid levels. As such, as these economies recover then participation is likely to pick-up preventing a more rapid fall in unemployment.
This suggests that there may be still sufficient flexibility in participation to buffer the unemployment rate from any significant change, both up and down, from moderate changes in level of employment. It will, however, depend on which states the weakness or strength appears. If the strength appears in NSW or WA, then there is less scope for participation to lift thus driving unemployment lower. On the other hand, if further weakness appears in Victoria or Qld then there is less scope for participation to correct lower and thus it is likely to drive unemployment higher.
Underemployment was flat in August.
The underemployment rate was flat a 11.2%, at two decimal places it was a 0.7ppt fall from 11.23% to 11.16%, so close to rounding down to 11.1%. From a record peak of 13.4% in April underemployment has eased back as the number of people working less hours than they normally do improved. In August almost 1,000k employees worked less than their usual hours for economic reasons with around 215k (or 22%) doing no work at all; over 760k worked some hours but fewer than usual. Following a 700k increase between March and April the number working zero hours for economic reasons fell by over 600k between April and July. However, in August the number working zero hours increased by almost 50k (+30%).
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugUnder.JPG" alt="">
By state underemployment fell 0.9ppt in NSW to 9.8%, lifted 0.8% in Victoria to 13.8%, fell 1.3ppt in Qld to 9.3%, gained 0.4% in SA to 11.4% and fell 1.0% in WA to 9.6%. It is hardly surprising that underemployment rose in Victoria and that it is the state with the highest rate but it is interesting to note the strength in WA and that underemployment there is now lower than it is in NSW while Qld has the lowest rate for a mainland state.  
The flat print on underemployment is a further sign that while August may have been a robust month for employment and unemployment, it was not such a good month for economic activity with hours worked almost flat in the month with a solid rise in the number working zero hours for economic reasons and flat underemployment. If you are looking for signs of weakness it is not the rise of self-employed but rather the lift in those working zero hours for economic reasons.
The August survey confirms a more robust recovery in the labour market than many had expected.
This update has made it much more difficult for the RBA to hit its forecast peak in unemployment of 10% by end 2020. We estimate that to achieve that forecast rise in unemployment, employment would have to collapse between -400k to -500k by December; of course it will be dependent on the size of the fall in participation as employment contracts) This would be a very extreme situation and suggests an aggressive unwinding of support packages, such as JobKeeper, a massive rise in business closures and significant job shedding. The rise in the number working zero hours is a sign that things might not be a robust as a 6.8% unemployment rate suggest and we do note that that conditions and payments for JobKeeper have been modified from end September. However, the programme has been extended to March 2021 and we do expect to see further support should conditions deteriorate further, just as we have seen Victoria as conditions deteriorated there. We are not expecting the Government to go 'cold turkey' on JobKeeper and suddenly cut the programme.
Westpac is retaining our current forecast peak in unemployment this year of 7.8% in December which implies a loss of total employment of around 130k to 170k. Without a doubt, the recovery in the rest of the country has been more robust (so far) than we thought while the hit to the Victorian labour market was not as bad as expected. However, with the rolling off or adjustment of many of support packages (in particular JobKeeper) between now and the end of the year there is clear meaningful risk of a further decline in employment and a rise in unemployment.
JUSTIN SMIRK is ‎a senior economist for Westpac 
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Gig workers boosted employment in August: Justin Smirk

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In anticipation of the establishment of the HomeCo Daily Needs REIT, HomeCo has entered into a binding contract to acquire Glenmore Park Town Centre for $150 million.
It has also agreed terms to a contract to acquire a second Sydney metropolitan neighbourhood centre for total consideration of approximately $220 million.
Glenmore Park Town Centre is a Woolworths, Coles and ALDI anchored centre with over 40% of gross income derived from supermarkets and over 30% derived from healthcare and wellness services.
HomeCo Executive Chairman &amp; CEO David Di Pilla said, “the proposed HomeCo Daily Needs REIT is consistent with HomeCo’s stated own, develop and manage strategy and establishes the platform for HomeCo to unlock additional value and growth through further capital recycling and ongoing management fee streams from assets under management."
"The property acquisitions announced today provide the HomeCo Daily Needs REIT with additional exposure to key growth corridors within the Western Sydney metropolitan area and will be important seed assets for the Daily Needs REIT,” he concluded.
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Glendora Shopping Centre sells for $150 million

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There are 1,136 capital city homes scheduled to go under the hammer this week, an expected increase in volumes of 24% on last week.
This is because Sydney is set to have the busiest week for auctions since early April.
The past few weeks has seen Melbourne record the lowest levels of auction activity over a non-seasonal period since CoreLogic commenced auction reporting.
While volumes this week are to remain at these same subdued levels, scheduled volumes are higher over the week with 62 Melbourne homes set to go to auction, up from a mere 11 auctions last week.
Meanwhile across Sydney, the city is set to host the busiest week for auctions since April with 843 homes scheduled for auction, rising on the 677 held last week.
Across the smaller auction markets, Brisbane is expected to hold the most auctions this week (86), followed by Adelaide (71) and Canberra (63).
Meanwhile Perth has 11 auctions scheduled this week and there are currently no auctions scheduled in Tasmania.
<img src="https://www.urban.com.au/images/2019/12/11/CL%20SEPT%2020.JPG" alt="">
The Sydney auction market has proven unstoppable over the past several months, according to Ray White.
Ray White Balmain Agents Chris Williams and Benjamin Martin said First home buyers and downsizers will be lining up at 30 Arthur St, Balmain (pictured above) for an early morning auction. The two-bedroom home has attracted more than 100 groups at inspections.
“This is the first time this house has been offered in 70 years. The late owner bought it from her sister who originally bought it from their mother,” Mr Williams said.
The Balmain home has a buyer’s guide of $1,200,000.
<img src="https://f.datasrvr.com/f1/320/47884/Drummoyne.JPG" width="640" data-imagetype="External">
Across the bridge, Ray White Drummoyne Agent Fiona Hellams has been inundated with buyer interest for 118 Gipps St (pictured above) that has a price guide of $1,700,000. Ms Hellams is expecting a great result come Saturday, after more than 70 groups attended open homes for the three-bedroom house.
“I’m finding that buyers have mainly been from out of the area, looking to get their foot in the door because they see value in Drummoyne,” Ms Hellams said.
The auction will be conducted onsite and online.
In Sydney’s south, Ray White Georges River | St George | Oatley Principal Matt O’Shea is looking forward to the sale of 5/8 Lousia St, Oatley.
Mr O’Shea said the three bedroom home has received plenty of interest and more than 70 individual inspections.
“Because it’s a good-sized villa we’re getting a combination of buyers ranging from downsizers to the other end of the spectrum with young professional couples and small families looking to move into something bigger,” Mr O’Shea said.
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Sydney's busiest auction weekend in five months

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A large majority of Victorians approve of the way Premier Daniel Andrews is handling his job, according to a Roy Morgan Snap SMS survey on Victoria’s Stage 4 restrictions.
However, 76 per cent said the Victorian government should compensate small businesses not forced to close.
The current restrictions will continue until the end of September, with a longer roadmap keeping many businesses closed throughout October.
The survey asked respondents three questions from a pool of six to determine their attitudes towards the current government directives.
According to the results, only 38 per cent of Melbournians say the night-time curfew in Melbourne should end now, compared to only 31 per cent of country Victorians.
Over 80 per cent of respondents who identified with the ALP and Greens parties, supported Andrews’ handling, whilst only 43 per cent of L-NP approving of his leadership.
<img src="https://www.urban.com.au/images/Screen%20Shot%202020-09-10%20at%202.11.03%20pm.png" alt="">
L-NP supporters also favoured ending the restrictions, with 51 per cent saying Melbourne restaurants should be able to provide table services.
Only 26 per cent of ALP supporters agreed, preferring to keep restrictions as they are.
The survey was conducted on Tuesday, September 8, with a Victoria-wide cross-section of 2,325 Victorians.
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Majority of Victorians approve of the Premier's handling of his job: Roy Morgan

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Australian real estate fund manager EG announced the establishment of its new private wealth division.
The data-driven investment manager’s new division, headed by director Rodney Walt, will supply commercial property syndication opportunities for investors and family offices.
“We are pleased to officially offer this new service to sophisticated investors interested in commercial real estate, providing them with the opportunity for future growth in the current economy,” Walt said.
A proprietary risk management software, PRISMS, will be used to identify the opportunities, consider the risk and match the deal to investors.
Investors can expect to benefit from high income returns supported by a long-term lease, and to receive an average distribution of 8.5 per cent per annum based on a 7-year hold strategy.
The company, which is targeting a minimum $150 million in gross asset value over the next 12 months, also conducted an announcement to sophisticated investors for a specific opportunity today.
EG is targeting crash distributions of 8.5 per cent per annum in real estate.
Investors are asked to participate in commercial real estate opportunities offering high-yielding secure investments.
The company calculates an equity internal-rate-of-return forecast at 11 per cent, with opportunities of a 15-year lease term to a global tenant.
EG has over $3.2 billion in assets under management, with two decades experience in institutional mandates.
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Funds manager EG announces new private wealth division 

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The auction of a Melrose Park home in the Sydney city of Ryde won’t be any ordinary sale with the late owner bequeathing the proceeds to the Ovarian Cancer Australia charity.
When owner Ian Hemming passed away, he left the sale of his five bedroom home at <a href="https://www.realestate.com.au/property-house-nsw-melrose+park-134226270">120 Lancaster Avenue</a> to neighbour and good friend Ros Scott, with strict instructions for the charity donation.
The charity chose Ray White Gladesville Agent Neil Robson as they thought he was the best person to handle the uncommon sale.
“It’s a very big responsibility and I’m conscious of ensuring that we do the right thing and make sure we can get as much as we can for the charity,” Ms Scott said about the sale of her neighbour's home.
“There are only a few symptoms of ovarian cancer and it’s hard to detect and people don’t realise how deadly it can be."
“Ovarian cancer doesn't get much in the way of donations or attention so they’re over the moon about it. The more research they can do the better”, she said.
Ms Scott said she knew Mr Hemming was planning to donate the proceeds of the house sale to charity, but didn’t realise he had committed the money to Ovarian Cancer Australia, until after his passing.
“When Mr Hemming’s dad passed away some years ago, Ian started talking about what he might do with the house and said he wanted to do something positive,” she said.
“He knew the daughter of a close friend of mine was diagnosed with ovarian cancer and that’s where he got the idea from.
“I didn’t know for sure if he would donate the whole amount but I thought it was likely as they don’t get a lot of publicity and he was a really humble, kind-hearted man, and wanted to make a difference.”
Mr Robson said Ovarian cancer research is very close to his heart after losing his mother in law to the disease several years ago.
“This is a great opportunity for me to honour her and do something to give back that raises awareness and funds for ovarian cancer,” Mr Robson.
The Melrose Park home has a price guide of $1.5 million and is going to auction on September 26.
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Melrose Park home goes under the hammer for the Ovarian Cancer Australia charity

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[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.

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[smartcode_project_cta:default project_id=152737]

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