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Melbourne-based La Trobe Financial, one of the largest non-bank lenders in the country, has struck a deal with Blackstone, a New York-based private equity company.
Blackstone has taken an 80% stake in the privately-owned firm for an undisclosed sum. 
Chief executive Greg O'Neill will retain 20% ownership and continue in his role at the 65 year old lending institution.
O'Neill said the opportunity for La Trobe to partner with Blackstone was the perfect fit for staff, customers and the business.
"The specialist credit space is experiencing a defining period of change and growth around the world right now and it is critical that we continue to build on our strong capital position, expand our networks and draw on global best practice," he said.
Australian Broker noted La Trobe Financial manages investment mandates in excess of A$13 billion, including a retail Credit Fund of almost $2 billion and over $1 billion of public RMBS bonds issued.
Currently La Trobe has over 200 staff with offices in Melbourne, Sydney, Shanghai and Hong Kong.
The AFR says Australia's $1.7 trillion mortgage market has become a hotspot for global private equity titans with more buyout funds tipped to follow Blackstone and KKR's recent forays into the shadow banking sector. 
The La Trobe deal follows the $675 million takeover of listed non-bank lender Pepper by KKR earlier this month.  
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j.ballantyne1990-6AQqhLzZaK

Blackstone takes on La Trobe Financial in mortgage market buyout

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<h1>
Saul Eslake, University of Tasmania
</h1>
The 2017-18 <a href="http://www.budget.gov.au/2017-18/content/myefo/html/" target="_blank">Mid-Year Economic and Fiscal Outlook (MYEFO)</a> is another reminder - if one is needed - that the relationship between the budget and the economy runs in both directions. While we mostly ask the question, “how will the budget affect the economy?”, this update shows the economy can also have (and has often had) a significant impact on the the budget.
The highlights of this year’s MYEFO, as far as the government is concerned, are the A$9.3 billion improvement in the underlying cash balance over the four years to 2020-21 (compared with what had been forecast in the May budget), and the consequential A$11 billion reduction in the forecast peak in net debt (from A$366 billion to A$355 billion) in that year.
These improvements are the result of revisions to economic assumptions and other so-called “parameter variations” since the budget, which in total have improved the four-year bottom line by more than A$11 billion. The biggest of these came from reductions in payments to people with disabilities, students, single parents and age pensioners (totalling A$4.6 billion over four years) due to lower-than-expected recipient numbers.
<h2>Personal income tax cuts seem possible</h2>
There is no additional detail in MYEFO regarding the government’s <a href="https://theconversation.com/morrison-talks-down-personal-income-tax-cuts-56308" target="_blank">foreshadowed personal income tax cuts</a> ahead of the next election. But if the forecast surplus for 2020-21 of A$10.2 billion is credible, then there’s arguably some scope for the government to fund personal income tax cuts beginning in that year.
Although the cost of more significant tax cuts would escalate substantially over the medium term, there is actually more scope for these cuts than generally realised (provided the government succeeds in keeping growth in spending under control).
That’s because the projected moderate surpluses, averaging about 0.5% of GDP out to 2027-28, incorporate an arbitrary assumption that taxation revenue will be capped at 23.9% of GDP. If that assumption wasn’t made, the projected surpluses would rise to 1.6% of GDP by 2027-28.
In dollar terms that would imply a surplus of around A$55 billion, compared with one of around A$15 billion if the surplus were only 0.5% of GDP. Over the period 2021-22 to 2027-28, relaxing the assumption that tax revenues are capped at 23.9% of GDP results in almost A$90 billion of additional budget surpluses. This is over and above what is projected with that “tax cap” in place.
Presumably, some of those “additional surpluses” are absorbed, in the government’s internal figuring, by the promised phased reduction in the company tax rate for businesses turning over more than A$50 million per annum by 2025-26 - which according to the last publicly available estimate would reduce revenues by some A$65 billion over ten years.
However, that would still leave a considerable amount “left over” to pay for personal income tax cuts, and allow the government to continue to project surpluses of around 0.5% of GDP out to the second half of the next decade.
That’s assuming, of course, that we are able to clock up 36 years of uninterrupted economic growth, and that all the other projections come to pass, including for a return to more “normal” rates of wages growth.
<h2>Economic indicators in MYEFO</h2>
Treasury has revised downwards its forecast for economic growth in the current financial year, from 2.75% to 2.5%. Partly offsetting this is stronger growth in public spending, which is now forecast to rise by 4% in real terms in 2017-18, up from 2.5% at the time of the May budget.
This reflects faster growth in both government spending (on the NDIS) and investment (NBN and state government infrastructure investment). The forecast for business investment has also been upgraded, from flat at budget time to growth of 2%, the result of both stronger growth in non-mining business investment and a smaller decline in mining investment.
This is largely the result of a downward revision to the forecast for growth in household consumption spending which has been lowered from 2.75% to 2.25%: and this carries over into a 0.25 percentage point reduction in the forecast for 2018-19, to 2.75%. Even these require a further decline in the household saving rate.
The forecast for dwelling investment spending has turned around from 1.5% growth to a decline of 1.5%, with the “softening in dwelling investment occuring slightly earlier than expected”.
Longer term, the government is still anticipating that economic growth will average 3% per annum from 2018-19 through 2023-24, by which time all the “spare capacity” in the labour market will have been absorbed. That is, the unemployment rate will be down to 5% and underemployment (workers not being able to get enough hours at work) returned to more normal levels.
<img src="https://counter.theconversation.com/content/89291/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The longer-term projections also assume that wages growth accelerates significantly from 2019-20. This represents the greatest risk to the goverment’s promise of a return to surplus by 2020-21.
<a href="https://theconversation.com/profiles/saul-eslake-665" target="_blank">Saul Eslake</a>, Vice-Chancellor’s Fellow, <a href="http://theconversation.com/institutions/university-of-tasmania-888" target="_blank">University of Tasmania</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/government-budget-update-saved-by-higher-than-expected-economic-figures-89291" target="_blank">original article</a>.
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Government budget update saved by higher than expected economic figures

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A sprawling estate at Mount Eliza on the Mornington Peninsula sold for $3 million at weekend auction.
The 96 Wooralla Drive offering was hotly contested under mortgagee conditions.
The<a href="https://www.realestate.com.au/sold/property-house-vic-mount+eliza-127013418" target="_blank"> 2.5 acre property</a> attracted four bidders after an opening bid of $1.7 million through LJ Hooker Frankston.
Selling agent Milton Brown told Fairfax Media he'd been given strict instructions not to advertise the property as a mortgagee sale. 
There had been a $2 million to $2.2 million advertised price range.
The property last sold for $1.42 million in 2006. 
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Mt Eliza mortgagee sale secures $3 million 

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Commentator Alan Kohler says property doesn’t look like it will crash and the feared bubble is yesterday’s scare story after the interventions of APRA’s Wayne Byres between 2014 and 2017.
But the Australian newspaper columnist still says there is still time for a crash, "but so far so good, and at this stage it doesn’t look like happening."
He suggests all the bubble talk is about bitcoins and cryptocurrencies so the housing bubble is yesterday’s scare story. "The Australian housing bubble, so derided around the world and feared here, is having a soft landing," he wrote.
Kohler says Byers, the chairman of the Australian Prudential Regulation Authority can take much of the credit for "gently taking the air out of what was looking a pretty stretched balloon."
He started just a few months after taking over as chairman of APRA, with letters to the banks in December 2014 effectively firing a shot across the bows. The press release at the time advised it was watching especially property investor lending above 10 per cent growth and increases in high loan-to-value ratio (LVR) loans. Its other significant intervention in more recent times was on onterest-only lending which was restricted to 30 per cent of new loans, and only if LVRs were above 80 per cent, growth in investor lending had to be below 10 per cent. Kohler says APRA was forced into this because the RBA felt unable to raise interest rates to lean into the housing boom. "It must be acknowledged that APRA’s interventions over the past two years were exquisitely timed and directed — in effect APRA produced a much more targeted monetary policy than the RBA ever could." "Whereas RBA rate moves affect everyone and all rates, APRA was able to specifically increase interest rates for investor and higher risk loans only, and leave owner-occupier mortgage rates where they were, simply by leaning on the banks to restrict investor lending."
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APRA looks to have saved Australia from a housing crash in 2018: Alan Kohler

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Tilba Tilba, the 1956 Chancellor &amp; Patrick-designed Frankston South residence has been sold for $3,057,000.
The sale was settled only recently through Nicholas Lynch.
Set on 1390 sqm at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-123704314" target="_blank">14 Gulls Way</a>, the home has views of the bay.
The home has been updated. It was gutted by fire in 1989, then restored in sympathy with the integrity of the original design.
 Each bedroom has oversized windows and doors allowing the water views to fill the home with light.
 The open plan living is graced with American oak floors and flanked by a masterful kitchen and a majestic Moorooduc stone fireplace.
Two alfresco dining zones allow for year-round outdoor living. 
The infinity pool was installed when the works were undertaken in 2010 with appointments appropriate for a home of historical significance.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/19/frank2.jpg" alt="">
Chancellor and Patrick was a Melbourne architecture firm, formed in 1953 by David Chancellor and Rex Patrick and dissolved in 1981, best known for their numerous houses designed in their signature dynamic, expressive take on organic architecture.
Gulls Way is a narrow street forming part of the subdivision of Yamala, the oldest mansion on Oliver’s Hill.
In the 1950s, the precinct became the site of an adventurous spate of Modernist architecture by local film, Chancellor &amp; Patrick.
One of the most unusual is 1 Gulls Way, which is David Chancellor’s own 1950 house.
Just across the road from David Chancellor’s family home was Polperro, the landmark Johnston House at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-112902131" target="_blank">6 Gulls Way</a>.
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Tilba Tilba, the 1950s Chancellor & Patrick-designed Frankston South home sold

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The Federal Court has ordered Murray Goulburn to pay a $650,000 fine plus ASIC's legal costs over the embattled dairy giant's disclosure failures ahead of last year's profit downgrade.
The Australian Securities and Investments Commission took Murray Goulburn to the Federal Court alleging that from March 22, 2016 to April 27, 2016, the listed diary co-op failed to notify the ASX that it was unlikely to achieve forecasts it made in February.
Confirming the settlement agreed to between the troubled dairy processor and ASIC in November, Justice Davies said the penalty was towards the higher end of the statutory maximum, because of the "gravity" of breach, the "involvement of the senior level of management," and the "market impact and prejudice" it caused
The court found that MGRE contravened its disclosure obligations under section 674(2) of the Corporations Acton and from 22 March 2016, continuing until 27 April 2016 by failing to notify the ASX that circumstances had arisen a consequence of which was that, Murray Goulburn Co-operative Co. Limited (MG) was unlikely to achieve the forecast:
<ul>
<li>Available Weighted Average Southern Milk Region Farmgate Milk Price for the financial year ending 30 June 2016 of $5.60 per kilogram of milk solids; and</li>
<li>Full-year net profit after tax for the financial year ending 30 June 2016 of approximately $63 million, as stated by MG and MGRE in their ASX announcements dated 29 February 2016 entitled 'Murray Goulburn – Half Year Financial Results News Release' and 'Murray Goulburn – Half Year Financial Results Presentation.'</li>
</ul>
ASIC issued proceedings against MGRE in November last year.
MGRE admitted the contravention in a Statement of Agreed Facts and Admissions and the parties filed joint submissions for a declaration and a civil penalty to be imposed.
In handing down her judgment on Friday 15 December 2017, the Hon Justice Davies said "the penalty is towards the higher end of the statutory maximum but a penalty towards the higher end is warranted, reflecting the gravity of the contravention, the market impact and prejudice caused by the contravention, the involvement of the senior level of management in the contravention and failure of governance, and the inadequacy of MGRE's compliance policies at the time and the duration of the contravention."
ASIC Commissioner Cathie Armour said if an entity has previously given a profit forecast to the market and that subsequently changes causing its profit forecast to differ from that guidance by a material amount, it is crucial to inform the market immediately in order that investors are apprised with up-to-date information.
MG Unit Trust was officially admitted to the official list of the ASX in July 2015.
Murray Goulburn's previous management was responsible for destroying one of the greatest agricultural entities in Australia, Barnaby Joyce recently said.
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MG plans to sell its assets to Saputo, the owner of Warrnambool Cheese and Butter, and dissolve MG, Australia’s largest dairy co-operative.
 
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Murray Goulburn cops $650,000 fine over disclosure failures

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<h1>Richard Holden, UNSW</h1>
Vital Signs is a weekly economic wrap from UNSW economics professor and Harvard PhD Richard Holden (@profholden). Vital Signs aims to contextualise weekly economic events and cut through the noise of the data affecting global economies.
This week: the housing market is still cooling, but not disastrously so, consumers remain optimistic, but business is cautious, and all eyes will soon turn to Christmas retail sales.
<hr>
Since housing is the main thing that Australians seem to talk about (even when the Ashes is on), let’s start with that.
The ABS <a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0" target="_blank">residential house price index</a> for the September quarter showed a small decline Australia wide, with prices falling 0.2%. Sydney prices were down 1.4%, while Melbourne was still up 1.1%.
This was, as we are now used to, met with press commentary about how the <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2017-12-12/house-prices-off-the-boil-will-population-keep-things-simmering/9250146" target="_blank">housing boom is well-and-truly over</a>, and with various other shrieks of angst. Really? Melbourne just didn’t grow as fast is it did before. And Sydney, though down 1.4% on the quarter, is still up a whopping 9.4% over the past 12 months.
On one level, the reaction makes no sense at all. On another, as I wrote <a href="https://theconversation.com/vital-signs-the-spooky-mortgage-risk-signs-our-bankers-are-ignoring-85591" target="_blank" style="font-size: 12.16px;">in a previous column</a>, the implications of even modest falls could be large, given how residential lending is structured. If Australia’s banks are lending people a massive chunk of their disposable income, marking-to-market on a regular basis and issuing a lot of interest-only loans, then even small falls can have big effects on household spending and even defaults. And. They. Are.
The Westpac consumer sentiment index came in stronger than expected, rising 3.6% in December to 103.3 points (recall 100 in these indices is the breakeven between optimists and pessimists). Westpac’s chief economist Bill Evans said:
This is a surprisingly strong result and confirms the lift we have seen in the index over the last three months.
This contrasted with the news on business confidence. The <a href="https://business.nab.com.au/wp-content/uploads/2017/12/201711-nab-business-survey.pdf" target="_blank">NAB Monthly Business Survey</a> business conditions index dropped 9 points. This still left it at +12, however, which is above the long-run average of +5 index points. Moreover, it appeared that some of the business concern was about wages edging higher, which would be a good thing for workers and the economy more generally.
As I have said in Vital Signs many times, sluggish wage growth has been a persistent problem among advanced economies, and Australia is no exception. Even early signs of an increase bode well for the economy more broadly – and business will ultimately benefit from that. But these are very early signs.
Unemployment in Australia remained stubbornly high at 5.4% in November. A large 61,600 jobs were created, but the labour force participation rate rose to 65.5%, leaving the overall unemployment rate unchanged. It will be important to see in coming months if that pace of job creation can be maintained – for that is a prerequisite for a genuine drop in unemployment.
Thursday morning Australian time, the US Federal Reserve raised interest rates for the third time this year, bringing the target Fed Funds Rate to the 1.25-1.50% band.
The Fed also suggested in <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20171213a.htm" target="_blank">its statement</a> that we can expect further, gradual rises, in 2018, saying:
The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.
Most market participants interpret this as meaning we can expected three 25 basis point hikes next year.
As has been the case for some time now, the recovery in the US looks to be self-sustaining and robust. In Australia, we continue to see very mixed signals across different aspects of the economic map.
The housing market looms as a huge potential problem, with regulators only taking action relatively recently to begin to rein in the extravagant lending of a decade or more. And pretty modest action at that.
<img src="https://counter.theconversation.com/content/89144/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The next major thing to watch for in Australia is the all-important holiday season retail sales figures. And, as ever, the housing market.
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics and PLuS Alliance Fellow, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/vital-signs-australia-heads-into-2018-with-mixed-economic-signals-89144" target="_blank">original article</a>.
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Australia heads into 2018 with mixed economic signals

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Oracle, the US technology giant has announced it will buy the ASX-listed construction software group Aconex in a $1.6 billion deal. 
The deal, to be done under a scheme of arrangement, will see Oracle offer $7.80 a share.
The company was founded by Australians Leigh Jasper and Rob Phillpot has been described as one of the most-shorted stocks on the ASX. 
Phillpot and Jasper will get about $88 million and $92 million respectively from the deal.
"The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography," Jasper said in a statement to the Australian stock exchange.
The offer represents a 47 per cent premium to Aconex's last close price. Its shares hit a peak of $8.28 mid last year.
The Aconex chairman Adam Lewis said the price offered by Oracle was strong. 
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Credit Suisse is acting as financial adviser to Aconex and Herbert Smith Freehills is acting as legal adviser. 
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Mr Jasper, who is also the chief executive of the company, will remain with the business under Oracle's ownership. 
Aconex is a Melbourne-based company founded in 2000. Aconex’s Australian operations achieved profitability six years later.
It was in 1998 when the idea arose for the old school friends Leigh Jasper and Rob Phillpot who played weekly squash games.
Phillpot was a project manager at Multiplex Constructions and Jasper, who had studied engineering and science at Melbourne, was working at the consulting firm McKinsey &amp; Company.
The Australian Financial Review noted the pair raised $2.8 million in 2000, mainly from QA Software, Probuild, and a number of private investors.
Their collaborative project management platform has been used on some of the biggest construction sites around the world, including the Panama Canal extension.
Clients include Brookfield Multiplex and Grocon.
It has 47 offices serving customers in more than <a href="https://www.aconex.com" target="_blank">70 countries</a>.
The shares started trading in 2014 at $2, up five percent on the final offer price of $1.90.
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The scheme booklet is expected to be sent to Aconex shareholders in late February 2018 with an approval meeting in late March. 
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Oracle seeks ASX-listed construction software group Aconex

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It's being marketed as one of Portsea's finest by Peninsula Sotheby's agents Rob Curtain and Patrick Sinn.
The five bedroom home sits in the coveted golf course location off Relph Avenue and overlooks the fairways of Portsea Golf Club.
The <a href="https://www.realestate.com.au/property-house-vic-portsea-126829338" target="_blank">signature Stephen Akehurst designed home </a>was recently constructed by Alan Pitman.
There is a $7 million asking price for 4-6 Brook Crescent.
It comes with gable-roof designed so the two upper level bedrooms have golf course and water views.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/18/AKEHURST2.jpg" alt="">
A grand, light-filled entrance introduces the elegant ground level, complete with signature Akehurst interior detail.
Two master suites and a separate study feature on the expansive ground floor level.
A stone-paved, north-facing alfresco space with views over the landscaped gardens leads from the open plan kitchen, dining and living spaces.
A swimming pool and spa sit in the established gardens.
The 2,175 sq m land cost $1,675,000 in 2013. signature home. grand light-filled entrance introduces the elegant spaces with signature Akehurst interior detail.
There is a stone-paved, north-facing alfresco space overlooking the landscaped grounds. a swimming pool and spa sit in the established gardens.
The polished-floor basement level comes with three car garaging, a rumpus room and a cellar. 
 
 
 
 
 
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Another Mornington Peninsula home designed by Stephen Akehurst for sale

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Meroo, the 18 month old, blue-shuttered, two storey, five bedroom Hamptons style home at Flinders has been listed for sale.
It is being marketed by Rob Curtain and Danielle Vains at Sotheby's Mornington Peninsula.
It has been billed as "Akehurst brilliance in Flinders heartland".
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/18/MEROO2.jpg" alt="">
It comes with an elevator that connects the garden living zone to the upper level balconied space with ocean views.
The<a href="https://www.realestate.com.au/property-house-vic-flinders-126959074" target="_blank"> Bass Street home</a> has been listed with $7 million to $7.5 million price guidance.  
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Stephen Akehurst designed Meroo for sale in Flinders

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Staff reporter

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