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<p><span>Australia’s longest running reality program, The Block, returns in its 16th season on Sunday, August 23 where five period homes from the 1910s, 20s, 30s, 40s and 50s, all in decrepit condition, have been transformed.</span></p>
<p><span>The houses at The Block's Brighton site are tipped to sell for $3.5 million plus by the Melbourne buyers agent Frank Valentic.</span></p>
<p><span>Valentic has bought eight properties on previous seasons of the show for cashed-up clients and is considered an expert in the area.</span></p>
<p>Celebrating 20 years on Australian television, host Scott Cam said, “Every year we aim to give viewers something new and I know that Australia will fall in love with our latest series as we step back in time to last century,” he said.</p>
<p>“Filmed during the onset of the pandemic, this season has more drama and emotion than we’ve ever seen."</p>
<p>COVID-19 actually caused the first ever shutdown of The Block this season giving audiences a front-row seat to how this seasons Block contestants dealt with the problem at hand.</p>
<p>A clear example of COVID-19's impact is that the plans and permits to put underground basements in were completely cancelled.</p>
<p>The five couples this season for The Block 2020 are:</p>
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<li>Harry (57) and Tash (32) – The first ever father and daughter renovation duo, an IT manager and a social media project manager from Melbourne</li>
<li>Sarah (27) and George (33) – Teacher and electrician from Sydney.</li>
<li>Daniel (35) and Jade (34) – Farmer and hairdresser from Wandearah in South Australia.</li>
<li>Luke (35) and Jasmine (36) – Chippy and teacher from Perth.</li>
<li>Jimmy (33) and Tam (31) – Plumber and bar manager from Brisbane.</li>
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<p><em>Image Source: Nine</em></p>
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The Block's Brighton homes are tipped to sell for $3.5 million plus

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<p><span><span><span>Melbourne’s preliminary auction clearance rate sat at 60.3 per cent from 123 reported results, when </span></span></span>Melbourne faced its first auction day under stage 4 restrictions at the weekend,</p>
<p>After the tough restrictions, buyers were unable to inspect homes in person on auction day, but there were 218 properties still scheduled to go under the hammer.</p>
<p>Some 56 were withdrawn from auction.</p>
<p><span>Buyers had previously about two weeks to view the properties in person at a private inspections before Melbourne’s stage 4 COVID-19 restrictions came into effect.</span></p>
<p>The top sale was $2.76 million at 12 Glenmore Crescent, Black Rock (pictured in title).</p>
<p>It was $360,000 more than the top end of its asking price range with just the two bidders.</p>
<p>There was a $1,751,000 sale of a four bedroom house, a likely redevelopment, at 8 Kangerong Rd, Box Hill.</p>
<p><span>There had been <span>$1,500,000 to $1,650,000 price </span></span>guidance.</p>
<p>REALas had <span>$1,609,000 value guidance.</span></p>
<p><span><span>A three-bedroom house at </span>39 Iffla Street, South Melbourne,<span> sold under the virtual hammer for $1,732,500 which was $157,500 above reserve.</span></span></p>
<p><span>Melbourne auctions must now be held at an auctioneer’s home, rather than at agency offices, which have been closed under the new rules.</span></p>
<p>With five weeks of the lockdown to go, agents are expecting a very quiet month.</p>
<p>Sydney’s preliminary auction clearance rate sat at 61.5 per cent from 328 reported results, Domain reported.</p>
<p><span><span>There were 577 properties scheduled to go under the hammer which was the busiest Saturday since mid-April.</span></span></p>
<p><span><span>Some 103 offerings were withdrawn from auction.</span></span></p>
<p><span>An six-bedroom, eight-bathroom house at </span>22 Llandillo Avenue, Strathfield fetched $6,305,000, the highest advised price.</p>
<p><span>The two-storey home attracted </span>seven registered bidders, with six getting to bid during the auction. </p>
<p><span>The 765 sqm building block last sold for $2.41 million in 2015. </span></p>
<p><span>There was an unreported sale of the three</span>-level house in Drummoyne at a private auction for an undisclosed price believed to be over $8.5 million.</p>
<p>The Burnell Street house was expected to sell for $7 million.</p>
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Melbourne weekend auction vendors secure lockdown sales

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<p>The Reserve Bank of Australia could stay on the sidelines as eastern states battle further outbreaks of COVID-19, according to the mortgage aggregating group Finsure.</p>
<p>John Kolenda, the managing director of Finsure, said the RBA looks set to keep its cash rate at an all-time low of 0.25 per cent for the rest of the year.</p>
<p>"Official rates will most likely be staying the same for the foreseeable future," Mr Kolenda said.</p>
<p>"The RBA reducing rates any further at the moment would have little impact on the economy and could do more harm than good."</p>
<p>Mr Kolenda added that, while not much activity is expected around official interest rates, home loan customers are still in a strong position with lenders offering a new round of rate cuts.</p>
<p>"If you have a home loan rate with a '3' in front of it talk to your bank, or better still seek expert assistance from a mortgage broker," he said.</p>
<p>"All owner occupiers should now be paying a rate in the low 'twos' and saving more than 1.0 per cent on a variable loan," he said. "On an average loan this saves hundreds of dollars a month."</p>
<p>Mr Kolenda said mortgage holders should not be afraid to seek a lower rate even if they have been on a six-month repayment holiday.</p>
<p>"Banks will offer a better deal if you are ready to resume repayments so don't be complacent about your interest rate as this can potentially cost you a lot of money," he concluded.</p>
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Reserve Bank looks to maintain 0.25% cash rate for foreseeable future: Finsure

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<p>Much like last month, with COVID-19 still present in Australia, it is quite difficult to pinpoint exactly what is going to happen with the Newcastle local property market, according to the July Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
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<p><span>The report first provided a COVID update.</span></p>
<p><span>"With restrictions around open houses and auctions being lifted, there has been an increase in potential buyers visiting properties for sale; however, we are still not seeing anywhere close to the sales volumes we would normally expect," the valuation firm said. </span></p>
<p><span>Agents in the area are reporting numbers of properties being listed are on the increase but they are down on the same period last year due to the ongoing pandemic. </span></p>
<p><span>The most recent weeks have seen widespread activity with properties still being sold and the savvy investor on the lookout for a bargain. </span></p>
<p><span>Across the Newcastle and Hunter region house prices have remained relatively flat across the board with the region proving to hold its own in light of recent global events.</span></p>
<p><span>"Now onto this month’s topic. </span>With our lazy $700,000 we’ve chosen to spend in the suburb of Woodberry NSW, and buy not just one, BUT TWO houses.</p>
<p>"Where is Woodberry you ask? Great question. Woodberry is located between two of the largest towns in the Hunter region, approximately 21kms south east of Maitland and 22kms north west of Newcastle,," the valuation firm said. </p>
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<p><span>The suburb is well serviced by shopping facilities and schools with the Stockland Greenhills major shopping centre located in East Maitland and a number of primary and secondary schools close by. Public transport is readily available with </span>a number of buses running the entire suburb and Beresfield Train Station just 1.5kms away.</p>
<p>Commuters to Newcastle are only a 20 minute train ride or 25 minutes by car or a short 15 minute train or car ride from Maitland.</p>
<p><span>Woodberry is also strategically located close to the new Maitland Hospital (approximately 10kms) which is currently under construction, and on track to open early 2022. </span></p>
<p><span>The new hospital will provide great employment opportunities within the area and meet the growing health service needs for the Hunter Valley, the report noted. </span></p>
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<p><span>"Now that we’ve established its strategic location close to major CBD’s, shopping, schools, hospital and transport. Let’s look at some stats!" the valuation firm said. </span></p>
<p><span>According to Corelogic the median sale price for houses in Woodberry NSW is $330,000 (for the 12 months to 31/03/2020).</span></p>
<p><span> Over the last 5 years the suburb has seen growth of 4.2% per annum and 3% per annum over 10 years. </span></p>
<p><span>The median sale price for houses in the Maitland LGA over the same period was $480,000; with growth of 4.6% per annum and 4.0% per annum over 5 years and 10 years respectively.</span></p>
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<p><span>The median rental yield in Woodberry is 5.7% gross with a median rent of $359 per week (for the 12 months to 31/03/2020). That sure beats a 1% return on a term deposit, the report noted. </span></p>
<p><span>The median rental yield in the Mailtand LGA over the same period was 4.6% gross.</span></p>
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<p><span>The HTW report provided some examples of recent sales and rentals in the area.</span></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-132856638" target="_blank">8 Curlew Crescent Woodberry </a>sold for $340,000 in March 2020 (pictured below).</p>
<p><span>The property was purchased by an investor and rented at settlement for $360 per week. Representing a gross yield of 5.50%.</span></p>
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<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-133531378" target="_blank">16 Kookaburra Parade Woodberry</a> recently sold for $323,000 in May 2020 (pictured below).</p>
<p><span> The selling agent advises the property would rent for approximately $340 per week. Representing a gross yield of 5.47%.</span></p>
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What a lazy $700,000 can buy in Newcastle: HTW residential  

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<p>During the quarter, DomaCom continued with remote working arrangements due to COVID-19 and progressed the development of key products which are expected to drive future revenue growth.</p>
<p>The Company also saw a strong growth in Funds Under Management, which rose 11.2 per cent in Q4 FY20 to A$71.4 million. </p>
<p><strong>Product development ramps up</strong></p>
<p>During the quarter, the Company made progress across four products currently in development: Rent to Own, Essential Worker, Equity Mortgage, and Senior Equity Release. </p>
<p>Rent to Own: The Rent to Own product documentation was completed in the June quarter along with the acquisition of the first RTO property. The Company is now looking for its second property to be acquired in Sydney. This product uses the develop distribution margin to provide a discount to investors whilst gifting equity to tenants each year. </p>
<p>Essential Worker: DomaCom is progressing its Essential Worker affordable housing product with one of Australia's leading Community Housing Providers. This product aims to leverage the Government's affordable housing lending facility to deliver an RTO product for essential workers with a 25 per cent discounted rent. This product is expected to be attractive due to low vacancy risk stemming from the security of the tenants' employment (nurses, firefighters, teachers, police) in addition to the emotional impact of supporting essential workers at this time. The targeted launch period for this product is Q3 CY20. </p>
<p>Equity Mortgage: Work is ongoing to deliver a Shariah-compliant mortgage product that is targeting Australian Islamic communities who, in accordance with their religion, are prohibited from borrowing money. This product is believed to be less exposed to the current negative property environment as it is aiming to provide a method of obtaining leverage for those who wish to purchase a home but cannot borrow. </p>
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<p><span>Discussions are ongoing with a key B2C partner whilst the Company seeks regulatory approval for changes </span>this product requires. The targeted launch period for this product is between late 2020 and early 2021.</p>
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<p><span>Senior Equity Release: </span><span>Adviser accreditation for the Company’s Senior Equity Release (SER) product has progressed with a dozen advisers having completed accreditation. DomaCom has commenced a direct marketing campaign aimed at the retirees to help identify those needing equity from their homes. Covid-19s recent impact on self-funded retirees’ income has increased the market for this product and the Company is now seeking to obtain regulatory clarity on how the SER product works with the Government’s Downsizer legislation.</span></p>
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<p><strong>Corporate</strong></p>
<p><span>FUM increased from A$64.2 to A$71.4m in the quarter ended June, 30 2020.</span></p>
<p><span>Payment of remuneration to executive and non-executive directors and their related parties amounted to $184,000 during the quarter ended June 30, 2020.</span></p>
<p><span>As part of facilitating the completion of the Avery’s Green property development being carried out for a sub- Fund within the DomaCom Fund, DomaCom Australia paid a limited number of supplier invoices on behalf of the sub-Fund during the year ended June 30, 2020. In the 30 June quarter, these amounts were repaid by the DomaCom Fund resulting in a net inflow of $802,000 in the current quarter. DomaCom Australia, a subsidiary of DomaCom Limited, operates the DomaCom Fund. The DomaCom Fund is a separate legal entity with separate investors. It is designated a related party as DomaCom Australia is the Investment Manager.</span></p>
<p><span>DomaCom continued to carefully control costs during the quarter. Staff and administrative costs fell to $709,000 compared to $716,000 in the previous quarter. Advertising and marketing costs increased to $143,000 in the current quarter compared to $90,000 in the previous quarter as the Company introduced the market to new product offerings.</span></p>
<p><span>DomaCom’s cash position at the end of the June quarter was A$1.45m. The Company has refreshed its placement capacity via the EGM that was conducted 22 July 2020 and discussions are now progressing with an institution regarding a placement to top up the cash position.</span></p>
<p><span>DomaCom CEO Arthur Naoumidis said: </span><span>“While the current environment is a challenging one, we are pleased that several of our key products are starting to gain traction in this environment. In particular, the ability to complete our first RTO syndication in the middle of the pandemic is a promising result. Encouragingly, we have seen significant investor interest in further RTO syndications and we are currently assessing potential acquisitions in Sydney."</span></p>
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DomaCom completes first rent-to-own transaction

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<p>Following a five-week international design competition, award-winning Australian practice BVN has emerged as the winner to design the redevelopment of Sydney’s iconic 125-year-old City Tattersalls Club, located at 194 – 204 Pitt Street.</p>
<p>BVN’s innovative design was selected as the unanimous winner by a panel of six jurors after several weeks of careful consideration for what would respectfully integrate with the building’s heritage components and further improve Sydney’s city centre.</p>
<p>The winning design was commended for its well-considered podium that creates a sophisticated connection between the ground-floor Club facilities and the new tower above, resulting in a considered, elegant, and holistic overall composition to the project.</p>
<p>The scheme’s superior internal planning resulted in a highly effective floorplan, maximising the views and amenity of the apartments and hotel rooms, whilst drawing natural light deep into the tower’s public and common spaces. The apartment layouts resolve the complex structural requirements for building over the heritage Club whilst making wonderful places to live.</p>
<p>BVN’s proposed 49-storey tower produces a contemporary and calm facade that would add an elegant, landmark structure to Sydney’s iconic city skyline.</p>
<p>In their decision the jury noted the expressed intentions of BVN’s team to collaborate closely with FJMT, the nominated architect underseeing rejuvenation of the heritage components of the building, to ensure a rich integration of the tower with the existing structures below - an essential consideration of the site’s overall redevelopment.</p>
<p>When asked to comment on the winning BVN design, FJMT’s Design Director, Richard Francis-Jones, said, “This is a wonderful vision for the integration of city apartments, hotel, and the unique City Tattersalls Club in a sustainable and inspiring new urban complex. BVN's insightful concept for a tower characterised by lightness, floating above a more solid hotel podium will form a gentle back drop and transition with the landmark heritage buildings of Pitt Street. It is a great concept and we are looking forward to working with BVN to realise a project both of sensitivity and landmark quality.”</p>
<p>The design competition’s full shortlist of competing architects included five of Australia’s most renowned firms; Hassell, Bates Smart, SJB, BVN, Candalepas Associates, as well as leading international architecture practice DP Architects.</p>
<p>The City Tattersalls Club redevelopment is a joint-venture project undertaken by a consortium led by Singapore-based First Sponsor Group Limited and ICD Property – in collaboration with the City Tattersalls Club.</p>
<p>After a successful international design competition, the development group is now working towards finalising design details with BVN in preparation for submission of a Stage 2 DA later this year.</p>
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BVN wins international design competition for Sydney’s City Tattersalls Club

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<p>Rental homes are now more accessible in Melbourne as vacancy rates relaxed slightly in June, while the rental market tightened further in Regional Victoria.</p>
<p><span>The REIV recorded a healthy 3.0 per cent vacancy rate in Melbourne while Regional Victoria recorded a further tightening of the rental market with 1.8 per cent.</span></p>
<p><span>The slight increase in vacancy rate did not impact the median rents with Melbourne median rental prices for houses now at $473 per week, $13 more than the previous month.</span></p>
<p><span>Median rents for Metropolitan units have also increased, from $410 per week in May to $420 per week for June.</span></p>
<p><span>Rental prices in regional Victoria are holding firm, with median house rents remaining unchanged on $350 per week for the past six consecutive months, regional units are sitting at $300 per week, a $5 increase on May.</span></p>
<p><span>The relaxation of vacancy rates could be largely attributed to inner city areas as smaller properties move from short term rentals like Airbnb. Fall in visitors, international students has meant that more property owners are returning to the traditional rental market.</span></p>
<p><span>REIV President Leah Calnan </span><span>Melbourne’s rental market continue</span><span>s to grow.</span></p>
<p><span>“Melbourne’s </span><span>rental market is holding firm in the face of the Coronavirus pandemic creating </span><span>unique conditions.” </span><span>Ms Calnan said.</span></p>
<p><span>“</span><span>The relaxing of vacancy rates means there are more homes available for people to rent, and there has never been a more important time to have a roof over your head.</span><span>”</span></p>
<p><span>“Th</span><span>is rental data, combined with the annual growth shown in the June Quarterly Medians, demonstrates the strength and resilience of the Victorian property market</span><span>.”</span></p>
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Rents hold steady as vacancy rates relax in Melbourne

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<p>EXPERT OBSERVATION</p>
<p>The Queensland residential building industry remains on track to experience a significant downturn in building activity in the fourth quarter of the year.</p>
<p>Contrary to some observations that the Queensland building industry has remained relatively unscathed by the impact of coronavirus, detached house approvals issued for June reveal a drop of almost 16 per cent for the month.   </p>
<p>That takes the total drop in approvals since the crisis hit in April to 25.9 per cent” says Mr Roberts. This puts the number of approvals for the quarter 36.4 per cent lower than the April quarter in 2018.  </p>
<p>With the lead times involved in the construction of a new home the drop in approvals now will play out in the fourth quarter of the year with a corresponding drop in construction.</p>
<p>While the Federal Government’s HomeBuilder Scheme has generated significant interest in new home building, the delayed implementation of the scheme by the Queensland Government means the high level of interest is not being translated into actual contracts signed.  </p>
<p>Everyone is waiting for the Government to release the application rules because until they do no one really knows for sure if they will be eligible. The banks can’t confirm loans, consumers don’t know what is involved and the builders can’t confirm when they can actually start work. </p>
<p>It’s been almost two months since the HomeBuilder scheme was announced and builders and their clients are becoming extremely frustrated by the delays. Some clients are starting to lose interest in the idea of building a new home in this state.  </p>
<p>The question I keep being asked is ’why is it taking so long?’ How hard can it be to design the process and why aren’t we taking on board the process now in place in five other jursidctions?</p>
<p>As a proud Queenslander I do wonder why we seem to be running last on this issue. The Queensland Government was the last State to sign up to the HomeBuilder program and we are now the last State to release the application rules.</p>
<p>Queensland home buyers and home builders deserve more.</p>
<p><strong>MIKE ROBERS</strong> <em>is the HIA Queensland Executive Director</em></p>
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Time for Queensland to get moving on HomeBuilder: HIA's Mike Roberts

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<p><span>During these extraordinary times, NAB has taken the decision to publish aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play.</span></p>
<p><span> NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.</span></p>
<p><span>NAB’s latest Data Insights highlight a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y for the week ended July 18. Spending slowed in all states and territories (except SA/NT). It is now weakest in VIC (-0.7 per cent) with this result heavily influenced by lockdown in metropolitan Melbourne. NSW is also weakening faster than most. Relative to last year, overall spending growth slowed (or fell further) in all industries, but overall growth continues to be supported mainly by spending on Construction and Retail Trade.</span></p>
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<p>Source: NAB Group Economics.</p>
<p><span>Payment inflows across all industries were flat (0.1 per cent) in the 4-weeks to July 18 (4-week average terms). Inflows are still falling heaviest for corporates. By industry, they were down most in Mining, Transport and Hospitality, and were strongest in Agriculture, Manufacturing, Retail Trade and Professional, Scientific &amp; Technical Services.</span></p>
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<div class="column">NAB’s latest Data Insights point to a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y in the week ending July 18 (9.8 per cent in the previous week), but still roughly at levels seen in late-February.</div>
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<div class="column">Consumption spending eased in all states except SA/NT (8.9 per cent). It fell sharply in VIC, which is now the only state showing a negative result (-0.7 per cent). This spending hit was driven by sharp falls in lockdown areas (-3.6 per cent), with non-lockdown areas still growing by more than 8 per cent. Spending growth halved in NSW (6.1 per cent) compared to the previous week, and was strongest in the NT (19.6 per cent) and WA (12.5 per cent).</div>
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<div class="column">Relative to last year, overall spending growth eased (or fell faster) in all industries. But overall growth continues to be underpinned mostly by spending on Construction (albeit slowing to 19.6 per cent from 39.9 per cent in the previous week) and Retail Trade (which also eased to 18.3 per cent from 25.1 per cent in the previous week). Spending on Hospitality (the biggest sector of the economy) fell 14.6 per cent (down 10.1 per cent last week). Spending on Administration &amp; Support Services is still very weak (-70.9 per cent), with sizeable falls also persisting in Transport, Postal &amp; Warehousing (-43.0 per cent) and Education &amp; Training (-22.6 per cent). </div>
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<div class="column">Payment inflows (in year-on-year 4-week moving average terms) were basically flat (0.1 per cent) for the 4 weeks ending July 18 compared to the same time last year, but improved from the previous week (-2.9 per cent). By business size, inflows grew in both large (5.0 per cent) and emerging (2.7 per cent) firms. Inflows into corporates however fell for the fourth straight week (-6.4 per cent), with smaller falls of around 21⁄2 per cent in both medium and small firms.</div>
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<div class="column">By industry, payment inflows into Accommodation continue falling steeply (-16.5 per cent), although this was the slowest rate of decline seen since late-March. Inflows into Mining firms however turned down sharply (-26.9 per cent), with inflows into Transport, Postal &amp; Warehousing also still falling heavily (-16.6 per cent). Inflows into Education fell 4.6 per cent after falling 22.0 per cent in the previous week. Payment inflows were strongest into Agriculture (12.2 per cent), Manufacturing (11.4 per cent), Retail Trade (11.2 per cent) and Professional, Scientific &amp; Technical Services (10.0 per cent). </div>
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<div class="column">Source: NAB Group Economics.</div>
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Impacts of coronavirus on consumption based spending and business payment inflows: NAB

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<p>A total of 313,700 sqm of Premium and A-Grade projects in the past six months has given Melbourne’s CBD a new milestone of the largest CBD office market in Australia, according to JLL Research.</p>
<p>In Q2 2020, JLL Research found that the Melbourne CBD’s total office stock was 4,953,033 sqm. Now, with the practical completions of three new major developments this month, the Melbourne CBD reaches a new stock total of 5,107,840 sqm. Sydney’s total office stock for Q2 2020 was 5,024,240 sqm.</p>
<p><em>The three office completions crowning Melbourne as the largest office CBD in Australia include the following developments:</em></p>
<p>1. Cbus Property and Keppel REIT’s Victoria Police Centre at 311 Spencer Street, including 65,000 sqm of office space.</p>
<p>2. The Lendlease Two Melbourne Quarter at 697 Collins Street, including 46,350 sqm of office space.</p>
<p>3. Dexus 80 Collins Street, including 42,960 sqm of office space.</p>
<p>JLL’s Managing Director (Victoria) - Craig Shute said, “The completion of these three projects marks a real inflection point in the dynamics of Australian CBD’s.'</p>
<p>Melbourne is now the largest Australian city in terms of commercial office space and this status is unlikely to change. This rapid rise is testament to Melbourne’s balanced economic drivers and will result in an increase of national and global investment capital seeking a foothold or looking to expand their portfolios in the city."</p>
<p>"We are confident Melbourne will rebound relatively strongly as we recover from the current COVID-19 restrictions and re-open for business,” He added.</p>
<p>Other projects completed in the Melbourne CBD earlier this year include Mirvac and Suntec REIT’s Olderfleet building at 477 Collins Street (56,584 sqm), Charter Hall’s Wesley Place at 130 Lonsdale Street (55,000 sqm) and Cbus Property and ISPT’s Collins Arch at 447 Collins Street (47,517sqm).</p>
<p>Whilst a large amount of supply is being delivered to the market, there is very little vacancy, with 94% of the 313,700 sqm office stock being delivered in 2020 already pre-committed, according to JLL Research.</p>
<p>JLL’s Senior Research Director (Victoria) - Annabel McFarlane said, “JLL has been tracking office stock in Melbourne’s CBD office market since 1970, when the size of the market was just 1.45 million sqm."</p>
<p>"The most significant contribution to this growth has been Docklands as a new CBD precinct, delivering just over 1 million sqm of new, high quality office stock and pushing Melbourne to now Australia’s largest CBD office market, just larger than Sydney’s CBD office market,” she said.</p>
<p>Ms McFarlane continued, “Significant momentum and strong demand throughout the last 20 years has supported office market development. Melbourne’s CBD office market has accounted for 40% of all CBD net absorption (1.7 million sqm) in the six CBD markets we track. This compares to Sydney (739,900 sqm), Canberra (647,600 sqm), Brisbane (542,850 sqm), Perth (293,700 sqm) and Adelaide (291,300 sqm).”</p>
<p>Melbourne and Sydney’s CBD office markets are comparable in size to several major international CBD office markets including Madrid which stands at 6.5 million sqm, Barcelona at 4.9 million sqm and Berlin at 4.5 million sqm.</p>
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Melbourne takes crown as the largest CBD office market in Australia: JLL

<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>

<p>&nbsp;</p>

<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>

<p>&nbsp;</p>

<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>

<p>&nbsp;</p>

<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>

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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