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Mirvac has advised its default rate among its apartment buyers remains below 2 percent.
The group noted defaults were tracking below 2 percent which is in line with where they were at the group's first half financial results advised in February.
Its chief executive Susan Lloyd-Hurwitz said the company's strong performance had been driven largely by a "strategic overweight" position in Sydney and Melbourne.
“We believe we will continue to bene t from the densi cation of these cities in the years to come, through our urban asset creation and mixed-use capabilities."
Residential conditions continue to be mixed nationally, it noted.
"Price growth in the Sydney and Melbourne established markets increased materially, following a strong spring and summer season.
"Recent moves by regulators and lenders will likely see price growth ease, however demand is expected to remain sound. Increasing urban population growth, support from low interest rates and demand for quality dwellings in attractive locations is expected to continue.
"In Brisbane, price growth for apartments has moderated with more solid growth for housing and semi-detached dwellings, while Perth has seen signs of improved demand, particularly among rst home buyers, with support from government incentives. 
"We have seen a solid amount of sales activity, up 18 per cent on the prior corresponding period, and we remain on track to achieve a full-year return on invested capital of more than 15 percent," she said in a statement releasing the group's third-quarter update.
"We also expect to settle approximately 3,300 residential lots in FY17."
“With housing affordability becoming an increasingly concerning issue in Sydney, Mirvac launched its The Right Start initiative during the quarter to assist rst time home buyers in securing their own home.
"The Right Start gave over 50 first home buyers the opportunity to purchase at our Sydney Olympic Park development, and we will continue to look at how we can address housing affordability in Sydney.” 
The major apartment project highlights were the settlement of the group's The Moreton project at Bondi which is now 68 percent settled.
Ebsworth at Green Square, Sydney is now 74 percent settled.
Its launch of new projects and continued sales momentum at existing projects, included Olivine, Melbourne where 100 percent of released lots pre-sold; Woodlea, Melbourne: 100 percent of released lots pre-sold; Pavilions, Sydney Olympic Park, Sydney: 67 percent of released lots pre-sold; and Marrick &amp; Co, Sydney: 69 percent of released lots pre-sold.
Mirvac Group recently announce the appointment of Stuart Penklis as head of residential.
Since joining Mirvac in 2002, Stuart has played a lead role in securing and delivering a diverse set of the Group’s large-scale residential and industrial development projects, such as Harold Park, The Moreton, Hoxton Distribution Park and Calibre in Sydney.
Stuart brings more than 20 years of experience in the property industry, including a number of senior roles in his 15 years with Mirvac, across investment and development in multiple sectors.
Most recently, he led the industrial business as group executive, industrial.
Stuart will commence his role as head of residential on 1 May 2017. 
Mirvac posted a 7 percent rise in profit for its first half ended December 31, capitalising on a record $3.1 billion of residential pre-sales, with CEO Susan Lloyd-Hurwitz going to bat for a taskforce to tackle housing affordability.
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j.ballantyne1990-6AQqhLzZaK

Mixed conditions nationally but Mirvac says apartment default rate below 2 percent

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Craigieburn is set to be the busiest locality for auctions this week, according to CoreLogic’s latest report.
The property data firm says that this week, Craigieburn is the busiest suburb for auctions, with 24 homes set to go under the hammer, followed by Glen Waverley (19), Epping (18) and Mount Waverley (15), all of which are in Victoria.
Click to enlarge
<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/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.03%20am.jpg" alt="">
The number of auctions scheduled to take place across the combined capital cities this week is expected to increase, with 2,166 currently being tracked by CoreLogic.
In both Melbourne and Sydney, the two major auction markets, auction activity is set to ramp up with 1,133 scheduled auctions across Melbourne, increasing from 828 last week and 738 homes to go under the hammer in Sydney, up from last week’s 596.
A five bedroom house at <a href="https://www.realestate.com.au/property-house-vic-craigieburn-124646258" target="_blank">68 Newbury Boulevard</a>, Cragieburn (above) is set to go under the hammer this weekend.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-craigieburn-125072718" target="_blank">7 Brio Drive</a>, Craigieburn (below) will go under the hammer this weekend.
<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/2017/04/27/7%20Brio%20Drive.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.07%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.07%20am.jpg" alt="">
Across the smaller auction markets, volumes will see an increase across Canberra and Tasmania, while decreasing in Adelaide, Brisbane and Perth.
Overall, auction activity is set to be lower than what was seen over the corresponding week last year (2,675).
Last week, the final auction clearance rate across the combined capital cities fell below 70 percent, after remaining in the mid-70 percent range for 10 consecutive weeks.
There were 1,751 capital city auctions last week, with 69.8 percent reporting as successful, down from the 73.9 percent, across a significantly lower 493 auctions the week prior.
When compared to one year ago, auction volumes were a lower 1,565, with 69.7 percent clearing.
In Melbourne, volumes rose substantially over the week, with 828 auctions held and a final auction clearance rate of 75.2 percent.
This is lower than the 81.3 per cent across 102 auctions the week prior, however higher than one year ago when there were 602 auctions and a success rate of 71.5 percent.
Across Sydney, volumes doubled over the week, with 596 auctions held and 72.4 percent reporting as successful, down from 77.0 percent across 279 auctions the previous week and also lower than the 77.4 percent one year ago.
Across the remaining capital cities, clearances rates fell in Adelaide, Canberra and Perth, while increasing in Brisbane and Tasmania, however auction volumes were significantly higher last week compared to the week prior.
Geelong recorded the highest clearance rate of all the non-capital city regions at 70.7 percent, while the Gold Coast region had the highest volume of auctions (64).
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Craigieburn to be the busiest Melbourne locality for auctions: CoreLogic

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Ryde had the highest auction clearance rate in Sydney, according to CoreLogic’s latest report for last weekend.
The property data firm says that out of the 26 auctions known to CoreLogic in Ryde 88.5 percent resulted in a successful outcome.
This is followed by Blacktown with 86.7 percent and the Inner West with 81 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.09%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.09%20am.jpg" alt="">
The Central Coast area had the lowest auction clearance rate with only 54.2 percent of its 24 auctions resulted in a successful outcome.
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-eastwood-125117770">70 Eastwood Avenue</a>, Eastwood (above) was sold for $2.43 million.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-epping-125121254">4/65 Oxford Street</a>, Epping (below) was sold for $730,000.
<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/2017/04/27/4_65%20Oxford%20Street.jpg" alt="">
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Ryde scores lucky auction clearance rate of 88 percent: CoreLogic

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Accessing super offers little help for buyers looking to purchase in Sydney and Melbourne first time home buyers expecting to use superannuation savings as a deposit for a property, according to CoreLogic research analyst Cameron Kusher.
“Money accumulated in funds is relatively immature and unlikely to sufficiently boost buying power in order to enter into the market,” he said.
"Last week the ABC crunched some numbers for purchasing using superannuation.
"They developed figures which showed that based on the average earnings for a 25 to 34 year old, including their 9.5 percent super and a $7,125 per annum co-contribution, and assuming returns of 3.2 percent per annum, the average person in this age group could save $45,545 in their super.
“For arguments sake, let’s say they could have a deposit of $50,000 which means if the buyer put down a 10 percent deposit, they could possibly purchase a property worth up to $500,000.
"Keep in mind that they would still have to pay lender’s mortgage insurance (LMI) if they were borrowing more than 80 percent of the value of the property.”
 “Ultimately, a purchase price of $500,000 is not going to allow the potential buyer to access very many detached homes in Sydney and Melbourne, particularly if they want to live closer to the city.”
Click to enlarge
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.01.09%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" alt="">
Outside of Sydney and Melbourne, CoreLogic research confirmed that there are far greater options for potential first home buyers with a purchase price of $500,000.
“Keep in mind when we talk about the national housing affordability challenges, it is largely a Sydney and Melbourne problem.”
What your super money will get you: Sydney: Only 4.1 percent of all the suburbs in the city have a current median house value of $500,000 or less and 19.7 percent of suburbs have a median unit value of $500,000 or less. Gosford, Wyong and Blacktown are the dominant council areas for the locations of this house.
For units, potential buyers can make it closer to the inner city; however, the closest area will be the council areas of Auburn and Parramatta council areas. Melbourne: With a budget up to $500,000 potential purchasers in Melbourne will have access to 18.7 percent of suburbs for houses and 50.1 percent of suburbs for units.
For a house, the closest you will find to the city centre in Melbourne is within the Hume council area close to the airport. For a unit there are far more options and this budget would get you as close as central Melbourne with units in Melbourne, Kensington and Carlton having a median value of less than $500,000.
Canberra and Darwin: Residents of Canberra (7.1 percent) and Darwin (7.5 percent) also have very little access to houses throughout the city with a budget of $500,000. At the same time, a majority of suburbs have a median unit value of $500,000 or less in Canberra (83.2 percent) and Darwin (90.6 percent).
Brisbane, Adelaide, Perth &amp; Hobart: Residents of Brisbane (39.6 percent), Adelaide (47.9 percent), Perth (37.8 percent) and Hobart (76.6 percent) have much greater access to houses worth $500,000 or less. In each of these cities a budget of $500,000 would allow buyers to purchase a unit in at least three quarters of all the suburbs across the city.
“Both the ABC data and our research highlights that access to superannuation to purchase a home would largely help buyers outside of Sydney and Melbourne. With both cities being the housing markets most stretched for affordability, allowing first-time buyers to access their Super for a deposit is going to make little difference in affording these buyers with access to the housing market.”
“Furthermore, accessing superannuation has the potential to add to housing demand which is already outstripping supply and potentially lead to even greater increases in values not only in Sydney and Melbourne but potentially elsewhere as well.” 
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Accessing super little help for buyers looking to purchase in Sydney and Melbourne: Cameron Kusher

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A flue has thrown the future of Fitzroy’s Spanish Club on Johnston Street into doubt, after a recent VCAT decision denied a planning permit for the redevelopment of the existing building.
But papers have already been lodged to Supreme Court to appeal VCAT’s decision.
The site’s developer Tim Gurner had agreed to absorb the Club’s substantial debt and transfer ownership of that debt into his company’s name to ensure that the banks could not pursue the Club for costs whilst the redevelopment was ongoing.
Proposed plans by his GURNER firm would have seen the 787 sqm site transformed into a new Spanish bar and restaurant, with clubhouse facilities at ground level and apartments occupying the 5 – 6 levels above.
After successfully mediating with all objectors except for one, the permit was denied on a technicality due to an adjoining property owner’s automotive paint shop, and this landowner’s refusal to negotiate a new location for an exhaust flue on the shared boundary.
The elected president of The Spanish Club, Margarita Ros, explained that unless the decision is overturned the business will have to sell up and close, as without the support of redevelopment its business model cannot remain viable in its current form.
“Tim Gurner had taken on personal liability for the Club’s existing debt and has been paying our interest for over a year to ensure that we could continue trading and operating in the community until the redevelopment had been completed, however now I don’t see how we can repay the debt and continue to function as a community,” Ros said.
“The Club has played a vital role in helping to integrate and promote multiculturalism in Victoria. Over the years, it has also assisted the broader community through fundraisers for various disaster recover appeals. To think that this might be our last year working with the community is too upsetting to contemplate. It’s just devastating.”
The location of the flue fails to meet Environmental Protection Authority guidelines and is also a non-conforming use within the current mixed use zoning, leading the VCAT Member to rule that the flue was in an unacceptable position for the proposed development. 
Commenting on the matter, Tim Gurner said that it was disappointing to see the permit denied on such a small technicality.
 
“To have a scheme overturned due to a neighbouring land use that is not even allowed in this zone, and from an exhaust flue that is not compliant with EPA guidelines is incredibly disappointing and shortsighted,” he said.
“The Spanish Club has been celebrating the unique culture of Spanish immigrants for the better part of 50 years; it is run by a voluntary committee and all income that is generated is reinvested into the Club.”
Immigrant social clubs all over Australia have been ordered to either adapt or close their doors for good in recent years. The Sydney Spanish Club was forced to shut in 2013, while Melbourne’s Celtic Club has been on the market for many years after failing repeatedly to forge agreements to redevelop the ailing pub.
“What doesn’t make sense is that the VCAT Member even stated he was in support of the project in terms of its overall design outcome and height. Why then fail to provide a permit on a technicality, why not instead issue a permit pending the ability to resolve the issue,” Gurner said.
“We believe the decision was incorrectly made and of a poor judgement. We will be challenging the decision at the Supreme Court to attempt to keep the Spanish Club alive and thriving into the future,” he concluded.
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Spanish Club redevelopment off to Supreme Court after GURNER's permit denied by VCAT

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Longueville's Marie Christine “Kiki” Studdy, widow of the late high-profile businessman and Network Ten chairman John Studdy, secured the sale of her home yesterday at $4.3 million.
It had been listed on Dunois Street home with $4.3 million to $4.7 million expectations.
Kiki Studdy bought the four-bedroom home two years ago for $3,975,000.
The north-facing residence comes with a swimming pool.
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Longueville home sold

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A waterfront property located at Lake Somerset in Queensland is on the market after having spent the last 40 years in the same ownership.
Known as Braeside at <a href="https://www.raywhite.com/qld/hazeldean/1648155/?lang=en" target="_blank">3964 Esk Kilcoy Road, Hazeldean</a>, the elevated 202ha allotment provides 180 degree views of Lake Somerset.
“We have owned the property for nearly 40 years through my family. My dad Alex Brown was Mayor in this area for 10 years at Kilcoy Council,” said vendor Priscilla Macmillian.
She said there isn't a single room in the house that doesn't have a water view.
“One of the things I love is to come home and sit on my front verandah with Mt Beerwah in the background and Lake Somerset in the foreground and take in the beautiful surrounds and amazing bird life.
"The birdlife is amazing here, they come in their millions. I don’t think I’ll ever see such a sight wherever we go.”
Ray White Rural Queensland agents Jez McNamara and Andrew Goodall have set a May 19 auction date.
The sale includes leasehold country that has been cleared and fenced for cattle. It has sheds, paddocks, cattle yards, stables and a tack room.Separate independent living quarters sit near the main house.
"Due to the leasehold the property could very well sell for half of what a property of this quality and location would normally achieve," Jez McNamara noted.
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Queensland lakefront property listed for the first time in 40 years 

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A $290 million urban renewal project has transformed a former industrial rock crushing business into contemporary housing in the Melbourne suburb of Richmond.
A joint venture between the Riverlee Group, and Macquarie Real Estate Equity Funds, the newly completed Jaques precinct features 377 apartments and townhouses.
Bordered by Palmer, Coppin, Highett and Griffiths Streets, it is situated on the Jaques Bros Foundry, a 9945 sqm engineering business that produced rock crushing machinery dating back to founder Edward Jaques in 1885.
The factory’s original red brick tower greets visitors at the south-western entrance to the site and original drawings and blueprints for the manufacturing of the rock crushing machinery are showcased throughout, which date back to as early as 1915.
Lead architect Karl Fender, of Fender Katsalidis Architects, remarked that all those involved in the project felt a responsibility to the site’s past, particularly since it had remained in the Jaques family until Riverlee purchased it in 1997.
“The architecture had to reference the heritage of the site while also creating a contemporary home for new residents and all of the modern conveniences we expect today,” he said.
<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/2017/04/05/Riverlee_Jaques_Penthouse_Exterior.jpg" alt="">
“Through adaptation, modification and contemporary reinterpretation of the original perimeter of the factory’s brick wall, this industrial element has become the defining feature of Jaques and a signal that will always reference the site’s past.”
Crafted over three stages, Jaques features five integrated buildings ranging in height from four to ten levels, industrial materials such as brick, copper, timber and steel have been used on all buildings in a restrained way to enrich the façade.
Stage one interiors were designed by award winning interior design firm Hecker Guthrie created stage two’s interiors.
Palmer St in stage three is the vision of Samantha Eades.
Targeted at the downsizer market, Palmer St evoked a luxury response, with elevated fixtures and finishes and large apartment sizes throughout the unique triangular shaped building.
<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/2017/04/05/Riverlee_Jaques_Stage%201_Courtyard.jpg" alt="">
Riverlee Group spokesperson Kristine Lee said locals had embraced Jaques, with on average 70 percent of purchasers being owner occupiers across the three Stages.
"In fact, less than 6 percent of purchasers reside offshore, with postcode analysis showing the majority lived within a five to seven kilometre radius of the site before moving to Jaques," she said.
<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/2017/04/05/Riverlee_Jaques_Penthouse_Interior.jpg" alt="">
As an added incentive to residents of the inner city project, Riverlee provided some purchasers with a bicycle upon moving in as well as a Myki card. The buildings also feature live Tram Tracker screens.
With the exception of the penthouse within stage two to be released onto the market in April, Jaques is completely sold out and residents have been moving in since the first stage was completed in 2013, with stage three residents occupying the Palmer St site since January 2017.
 
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Local downsizer targeted in Jaques Richmond's urban renewal project

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Double Bay is the most expensive locality in Sydney to purchase an apartment, according to Investar’s latest report.
The property investment firm says that the median price of a unit in Double Bay is $2.8 million, putting it at the top of the most actively traded suburbs.
This is followed by Milsons Point with $2.5 million and Haymarket with $2.125 million.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="93">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
<td valign="top" width="70">
Bedrooms
</td>
<td valign="top" width="122">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="93">
Double Bay
</td>
<td valign="top" width="64">
2028
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,800,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Milsons Point
</td>
<td valign="top" width="64">
2061
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,500,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Haymarket
</td>
<td valign="top" width="64">
2000
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,125,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Bondi Junction
</td>
<td valign="top" width="64">
2022
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,924,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Chatswood
</td>
<td valign="top" width="64">
2067
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,880,000
</td>
</tr>
</tbody></table>
A three bedroom at<a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-124545138" target="_blank"> 4/6 Carlotta Road</a>, Double Bay (above) was sold on February this year for $2.7 million.
Similarly a three bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-121727962" target="_blank">2/35 William Street</a>, Double Bay (below) was sold February last year for $2.675 million.
<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/2017/04/18/2_35%20William%20Street.jpg" alt="">
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Double Bay leads Sydney's expensive apartments list: Investar

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The future existence of Fitzroy’s Spanish Club on Johnston Street has been thrown into jeopardy, after a recent VCAT decision denied a planning permit for the redevelopment of the existing building.
Papers have already been lodged to Supreme Court to appeal VCAT’s decision.
The site’s developer Tim Gurner had agreed to absorb the Club’s substantial debt and transfer ownership of that debt into his company’s name to ensure that the banks could not pursue the Club for costs whilst the redevelopment was ongoing.
Proposed plans by his GURNER firm would have seen the 787 sqm site transformed into a new Spanish bar and restaurant, with clubhouse facilities at ground level and apartments occupying the 5 – 6 levels above.
After successfully mediating with all objectors except for one, the permit was denied on a technicality due to an adjoining property owner’s automotive paint shop, and this landowner’s refusal to negotiate a new location for an exhaust flue on the shared boundary.
The elected president of The Spanish Club, Margarita Ros, explained that unless the decision is overturned the business will have to sell up and close, as without the support of redevelopment its business model cannot remain viable in its current form.
“Tim Gurner had taken on personal liability for the Club’s existing debt and has been paying our interest for over a year to ensure that we could continue trading and operating in the community until the redevelopment had been completed, however now I don’t see how we can repay the debt and continue to function as a community,” Ros said.
“The Club has played a vital role in helping to integrate and promote multiculturalism in Victoria. Over the years, it has also assisted the broader community through fundraisers for various disaster recover appeals. To think that this might be our last year working with the community is too upsetting to contemplate. It’s just devastating.”
The location of the flue fails to meet Environmental Protection Authority guidelines and is also a non-conforming use within the current mixed use zoning, leading the VCAT Member to rule that the flue was in an unacceptable position for the proposed development. 
Commenting on the matter, Tim Gurner said that it was disappointing to see the permit denied on such a small technicality.
“To have a scheme overturned due to a neighbouring land use that is not even allowed in this zone, and from an exhaust flue that is not compliant with EPA guidelines is incredibly disappointing and shortsighted,” he said.
“The Spanish Club has been celebrating the unique culture of Spanish immigrants for the better part of 50 years; it is run by a voluntary committee and all income that is generated is reinvested into the Club.”
Immigrant social clubs all over Australia have been ordered to either adapt or close their doors for good in recent years. The Sydney Spanish Club was forced to shut in 2013, while Melbourne’s Celtic Club has been on the market for many years after failing repeatedly to forge agreements to redevelop the ailing pub.
“We will be challenging the decision at the Supreme Court to attempt to keep the Spanish Club alive and thriving into the future,” Gurner added.
“What doesn’t make sense is that the VCAT Member even stated he was in support of the project in terms of its overall design outcome and height. Why then fail to provide a permit on a technicality, why not instead issue a permit pending the ability to resolve the issue.”
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Spanish Club in jeopardy after VCAT decision

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

Staff reporter

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