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Housing sales volumes across Australia have begun to improve, however, they remain well below average levels.
Over the 12 months to August 2013, RP Data estimates that there were 449,054 house-and-unit sales across the country - the highest number of annual sales since November 2010.
Its quarterly report, released today, says that, over the three months to last August, 87,948 houses and 33,014 units were sold nationally.
Based on house sales over the most recent three months, transactions are currently 18.3% higher than a year ago. The report says the number of unit sales over the past three months was 15.8% higher than a year ago.
Quarterly sales volumes have been trending higher since July of last year, in line with the rise in home values over that time.
 
<img alt="sales-volumes-nov-28-one" src="/images/stories/2013/11/28/sales-volumes-nov-28-one.gif" height="251" width="470"> 
<a href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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staylor-63KgDrKwoY

National housing sales volumes still below average, but improving

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When people are talking about large sums of money - such as a loan for a house or their superannuation - they want to be able to put a face to the person they are talking to.
And the difference between that face to face interaction - and a first-name person in a call centre - is very significant, according to Defence Bank chief Jon Linehan.
“There’s no better example of this than the video centre established by Defence Bank for conferencing between staff, but which is now being used to give a human face to our staff as they talk to our more than 90,000 members.’’
Linehan says this is giving the nine mutual banks the opportunity to secure a competitive edge against their larger brethren. At Defence, he says 86% of transactions are online – reflecting both a diversified client base spread across Defence installations in the northern part of Australia, and a young client base with 62% of members aged between 18 and 45.
“What mutual banks can do is move quickly to offer the availability of options for the consumer varying branch by branch, the online video – a major Defence Bank initiative – and social media, and by doing so be cost competitive with the major banks.”
Linehan says these new avenues for interacting with consumers are obviously open to the larger banks, so what the mutuals have to do is be smarter in how they use this technology.
“There’s no doubt in my mind that Australian banking is a long way behind other sectors of the economy in its use of social media.
“This means there are opportunities that will allow the mutuals to enter this space more quickly as, in many instances, they are less tied to the traditional branch system.
“Not only does technology save on the cost of flying financial planners to remote locations, but it also addresses the critical issue of trust,’’ he said.
“What the video is doing is not only providing access to advice, but also access to trust and personal interaction.”
Linehan says small branch networks complement the mutuals’ potential advantage with technology.
“I am not decrying the branch network. It will remain integral to the banking system with the significant transactions, such as lending and large investments, still the domain of the branches. It reflects the fact that customers still want to see the branches: the bricks and mortar give them a sense of security.
“But, that said, transactions across the counter are expensive, and the banks that move quickly to use the new technologies, while still retaining a core branch network, will gain a competitive edge.”
<a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>
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Face to face interactions in property transactions furthered by video technology

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Gold Coast apartment sales volumes for the year to date have already exceeded the whole of last year - with one quarter to go.
Colliers International’s research and forecast report for the second half of 2013 found that the September quarter had 184 sales. This takes total for 2013 to 552 - slightly higher than the 546 for all of 2012.
While a large proportion of sales can be attributed to a small number of projects, the majority of projects have seen upward movement in sales rates. Across the board, the sales rate for the September quarter rose to 6.3% per project - the highest level since the start of 2008.
But, while sales strengthen, stock levels decline, the report says. Based on the current quarterly sales rate of 184, stock could be exhausted within 13 months, marking the fastest take-up rate in five years.
<img alt="gold-coast-nov-28-one" src="/images/stories/2013/11/28/gold-coast-nov-28-one.gif" height="368" width="470">
During the September quarter, three projects sold out - Aquilo, Winged Keel and Drift Apartments stage one - leaving only 800 apartments on the market. This is the lowest number since December 2001. The five year chart illustrates the continual decline of stock levels from a high of around 2,400 in early 2009 to the current level of 800. While several projects (Sapphire at the Broadwater, Phoenix and Pure) are on the market, sales figures are unavailable at this stage. The report says these projects will have "some upward impact on supply levels but they are reportedly selling well so impact will be minimal".
The report found:
High rise
Fourteen high-rise projects across the Gold and Tweed coasts recorded 85 sales during the September quarter. Southport Central III and Soul were the top performers with 16 sales each followed by Synergy with 15 sales. The supply of high-rise stock continues to decline from the most recent peak of around 1,600 in mid-2009 to the current 650. Most high rise sales occurred in Broadbeach, Surfers Paradise and Southport and these suburbs also hold the largest supply of new high rise apartment stock. Only two high rise sales occurred at the southern end of the coast during the September quarter.
Medium rise
The medium rise sector out-shone high rise during the September quarter, with 92 sales across 10 projects. The North Shore Precinct recorded 93% of all medium rise sales with Aquilo reporting 55 followed by Salacia Waters (13) and Harmony Broadwater (12). Based on the current selling rate, medium rise stock could be exhausted in as little as four or five months. Only 138 medium-rise apartments remain on the market - most within the North Shore Precinct.
Low rise
The low rise sector has almost come to a stand-still across the Gold Coast with only seven sales during the September quarter and only 11 apartments remaining on the market. There is a definite under supply in this sector with limited supply in the planning stages as most developers move from three levels to four and five to maximise returns. Where possible, approvals for low rise projects are being increased which will result in an upward swing in the medium rise sector.
Outlook
The outlook for the Gold Coast is looking brighter than it has for several years. Interest rates are at the lowest levels in decades, the population is rising, dwelling approvals are increasing, residential vacancy rates are decreasing and tourists are returning.
The state government declared Southport a priority development area in October. This will take Southport to another level and build on the current development activity. Several new development applications have been submitted to council and more will follow. Leading up to the Commonwealth Games, Southport will become a development ‘hotspot’, taking the attention away from traditional apartment tower suburbs of Surfers Paradise and Broadbeach.
Surfers Paradise and Broadbeach will continue to attract high rise development, particularly along the light-rail corridor.
Precinct updates
Broadbeach 
The Broadbeach Precinct recorded the second highest sales rate during the September quarter with a total of 34. For the second consecutive quarter, Synergy was the best performing project with a total of 15 sales, followed by the two Oracle towers with 10 sales in Tower II and seven sales in Tower I. Provided no new stock is added to the market and the current sales rate continues, Broadbeach could be sold out within 18 months.
Surfers Paradise
Surfers Paradise reported 31 sales during the September quarter. The best performing project was Soul with 16 sales followed by Hilton Orchid Tower with nine and Hilton Boulevard Tower with six. Based on the current selling rate, the remaining stock in Surfers Paradise could be exhausted within 16 months. The Hilton and Soul towers have been the subject of speculation and media comment since suffering the effects of the Global Financial Crisis. However, the tide has turned and sales are being made in these iconic buildings. Both Hilton towers are over 90% sold with minimal stock remaining. The Soul building had some of the highest price points across the Gold Coast with sales in the September quarter averaging $2.58 million. Prices ranged from just over $1 million up to $4.6 million.
Southport/Labrador
With Southport to become a priority development area the suburb is set to attract development, along with existing projects such as the light rail ($1.8 billion), recent completion of the Gold Coast University Hospital ($1.76 billion), the on-going redevelopment of the Broadwater Parklands and the expansion at Griffith University.
The Southport/Labrador Precinct reported 26 sales during the September quarter with Southport Central III recording the highest sales rate of 16.
<a href="mailto:Staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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Gold Coast apartment sales rate cruising past last year 

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A transport study is set to begin this month to investigate the Stuart Highway and plan for future transport capacity travelling into the Darwin CBD, through to 2030.  
The study - from Bagot Road to McMinn Street – will help ensure the Northern Territory government makes sensible decisions on future growth, road capacity and road safety planning.  
Minister for Transport Peter Styles said Darwin’s population was growing rapidly and the city was continuing to develop an informed infrastructure investment strategy to ensure responsible planning.  
“The study will include input from local community and businesses, traffic modelling, future growth and development scenarios, public transport options and land use planning.  
“It will look at the area that this section of road serves, both locally and the wider catchment.”  
Minister for Lands, Planning and Environment Peter Chandler said objectives of the study included planning for traffic/transport through Stuart Park, providing high level service to commuter traffic, consideration of road safety, amenity, and the road being an entrance to the Darwin CBD.  
“It is vital we cater for the needs of local businesses, improve local connectivity between residential areas and activity centres for vehicles, cyclists and pedestrians and also take into consideration current and future needs of public transport.  
“The outcome of the study is to ensure detailed development of transport infrastructure works for a range of future planning horizons.”  
Community engagement will play a big part in the study, with consultants Parsons Brinckerhoff visiting businesses along the Stuart Highway from this month. The aim is to ensure key community issues are addressed and that there’s a broad understanding of how businesses use the Stuart Highway.  
Regular updates will keep all parties across the project throughout the engagement process.  
The consultants will later advise the government on future road and transport needs.  
Named after explorer John McDouall Stuart - the first European to cross the continent in 1862 - the Stuart Highway runs 3,200 kilometres from Adelaide to Darwin. Its route covers the supposed route that he took.  
It is known as ‘Explorer's Way’ or ‘The Track’ north from Port Augusta, covering vast, arid lands through Central Australia to the tropical Top End.  
The Stuart Highway is bitumen all the way and intersects well known towns Woomera, Coober Pedy, Alice Springs and Katherine.  
<a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>          
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Transport study to investigate Sturt Highway future

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CommSec chief economist Craig James said the Reserve Bank Board had received its Christmas present early this year – hence its decision yesterday to keep interest rates on hold.
"The board wanted a weaker dollar, and it has fallen US4 cents since the last board meeting. Furthermore, home building is lifting to meet higher demand, restraining growth in home prices. And the global economy continues to heal as evidenced by purchasing manager indexes.
"So, the Reserve Bank doesn’t need to touch interest rates."
As a result, the official cash rate remains at a 53-year low of 2.50%.
"Rate cuts are off the agenda – for now anyway," James said. "And it is too early to talk about the ‘normalisation’ of rates, or rate hikes. But stability is a good thing, supporting confidence levels."
James said rates are "at or near the bottom of the cycle, but rate hikes are probably quite some way off. If the economy continues to gather momentum, inflation remains under control and the Aussie dollar remains near US90c or eases further, then the Reserve Bank can happily stay on the interest rate sidelines."
The most recent rate cuts were in August (25 basis points), May 2013 (25 basis points), December 2012 (25 basis points), October 2012 (25 basis points), June 2012 (25 basis points), May 2012 (50 basis points) and November and December 2011 (each by 25 basis points).
Prior to that, James said, the Reserve Bank had lifted rates seven times from October 2009 to November 2010 – a total of 1.75 percentage points - from 3% to 4.75%.
"In the last rate-cutting cycle, the cash rate fell to a low of 3% in April 2009. In the previous rate-cutting cycle the cash rate fell to 4.25% in December 2001. In the two previous rate-cutting cycles, the cash rate fell to lows of 4.75%," he said.
"The Reserve Bank looks more closely at the variable housing rate to gauge how close rates are to ‘normal’. The variable housing rates at major banks average 5.95%, below the long-term average or “normal” rate of 7.20% and only slightly above the 41-year low of 5.75% recorded in April-May 2009."
"Since the last rate cut in August, the consumer confidence index has averaged 109.7 – the highest three-month average in three years. And it is likely that another month of interest rate stability will further support consumer confidence, and in turn, spending."
James said CommSec expects the Reserve Bank to stay on the interest rate sidelines for a while. "We hope to see further evidence that higher confidence levels are translating to higher consumer spending and hiring of staff by businesses. And there are already clear signs of a stronger housing market – home purchases, home prices and home construction."
Reserve Bank governor Glenn Stevens said global growth was running "a bit below average this year, with reasonable prospects" of a pick-up next year.
Commodity prices have declined from their peaks, but generally remain at high levels by historical standards. Inflation in most countries is well contained, he said.
"Overall, global financial conditions remain very accommodative. Volatility in financial markets has abated recently. Long-term interest rates remain very low and there is ample funding available for creditworthy borrowers."
Stevens said the economy "has been growing a bit below trend over the past year and the unemployment rate has edged higher. This is likely to persist in the near term, as the economy adjusts to lower levels of mining investment.
"Further ahead, private demand outside the mining sector is expected to increase at a faster pace, though considerable uncertainty surrounds this outlook. There has been an improvement in indicators of household and business sentiment recently, but it is still unclear how persistent this will be. Public spending is forecast to be quite weak."
Stevens said recent data on prices and wages show inflation to be consistent with the medium term target. The Bank's assessment is that this is likely to remain the case over the next one to two years.
He said an easing in monetary policy since late 2011 had supported interest-sensitive spending and asset values. "The full effects of these decisions are still coming through, and will be for a while yet. The pace of borrowing has remained relatively subdued to date, though recently there have been signs of increased demand for finance by households.
"There is also continuing evidence of a shift in savers' behaviour in response to declining returns on low-risk assets. Housing and equity markets have strengthened further over recent months, trends which should in time be supportive of investment.
"The Australian dollar, while below its level earlier in the year, is still uncomfortably high.  A lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy."
Loan Market director Mark De Martino said the decision to leave rates unchanged was "the right choice, but not a straightforward one", as the RBA had to consider the economic indicators speeding up and slowing down the economy.  
He said the small falls in the dollar, and inflation remaining within its target range, were the principal factors keeping interest rates on hold to close the year.  
"Business confidence has slipped after its post-election jump and our construction and resource investment sectors are areas to watch," he said. "But, on the other hand, consumer confidence is rising and the dollar appears to be adjusting to past rate cuts, as well as several other factors.  
"A rate cut or rise would aid areas of the economy needing help, but the RBA’s holistic approach to balancing growth and inflation means it is best to keep rates steady. I think interest rate stability gives so many sectors confidence in doing business," he said.  
De Martino said he expected home loan activity to continue to set "new highs" after the Australian Bureau of Statistics reported a 40-month-high in home loan approvals in September.
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>   
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Weaker dollar is an early Christmas present for the RBA: CommSec

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“The best real estate market conditions in more than eight years’’ will enhance Ray White Surfers Paradise Group’s auction gala ‘The Event 2014’ on the Gold Coast in January.
CEO Andrew Bell said some of the Gold Coast’s best residential, commercial and prestige properties would go under the hammer at the auction being staged for the 21st consecutive year.
Preparations for the two-day event come amid strong auction clearance rates across the country and at a time when the Queensland Government has invested $15 million in local tourism.
The Event will be staged for the first time at the Gold Coast Turf Club on January 27 with residential and marine auctions and Bell’s annual property report. The prestige auction will take place on January 30 at Palazzo Versace.
Bell said the recent pick up in buyer activity augured well for The Event. “This year our agency has witnessed a very high success rate under the hammer, usually in the region of 70%, which then increases post-auction to between 90 and 100%. This is something that has not been seen on the Gold Coast for nearly a decade.’’
He said factors had aligned to create a ‘perfect storm’ scenario in time for the January auctions, such as the rise of the Asian investor, particularly on the Gold Coast.
“It sets an exciting scene for The Event 2014 and we are looking forward to accepting further properties to be part of the program as sellers respond to improving market conditions.’’
Bell said the auction format exposed properties to a bigger audience than through private treaty sales. “The auction process, where buyers are openly competing for a property, is the best way to know the highest sale price has been achieved.”
He said marketing was important to achieving the best sale price and The Event’s profile as “the country’s largest auction showcase’’ meant sellers would benefit from its reach. “There is great value in a comprehensive marketing campaign which goes further than online listings as these are usually only effective in picking up buyers who are actively searching for a property.
“This is particularly the case for The Event as it takes place during our peak holiday period while holiday makers are in town and may not even think about investing here until it is put in front of them.”
Bell said The Event was open to all types of properties, in all price brackets and in all areas of the Gold Coast.
The event corresponds with the Gold Coast’s peak tourism period and Chinese New Year holiday, giving maximum exposure for the properties listed.
Bell said The Event also served as something of a litmus test of the market and the year ahead in property. “This was the case in January this year when we hammered down on close to $50 million in Gold Coast property ahead of one of the most active years in real estate we’ve seen in the city in some time.’’
More than a billion dollars in sales has been achieved from The Event since the concept was pioneered by Andrew and Greg Bell in 1993.
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Gold Coast seeing ‘’the best real estate market conditions in more than eight years’’ 

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Home values across Australia entered a growth phase in the second half of 2012 and throughout 2013, according to RP Data’s latest quarterly review of the residential property market and the Australian economy.
Combined capital city home values are 7.9% higher than a year ago, and up 8.2% over the first 10 months of 2013, the report said.
Although values broadly climbed across all capital cities, there’s been a large rise in only a handful.
<img width="470" height="247" src="/images/stories/2013/11/28/capital-city-performance-chart-nov-28.gif" alt="capital-city-performance-chart-nov-28">
The annual change ranged from +11.6% in Sydney to -0.7% in Hobart. Sydney, Melbourne and Perth each had annual growth in excess of 6.5%, while, in all other cities, values either fell or rose by 3.5% or less.
Combined capital city home values are now 2.0% higher than they were at their previous peak, the report says, although this is driven entirely by Sydney where values are 9.1% higher than their previous peak.
Across all other capital cities, values remain lower than they were at the time of their respective market highs.
Property transactions rose over the year as overall sentiment improved. Over the three months to last August there were 80,310 capital city house and unit sales. Compared to the same three months in 2012, sales volumes rose 20.1% with a more significant lift in house sales to 22.3%, as opposed to unit sales of 15.4%.
Across all capital cities, home sales are reportedly higher now than they were 12 months ago. Given the ongoing improvement in both the RP Data Mortgage Activity Index and housing finance data, the report expects a further rise in transaction volumes over the coming months.
The economic data releases tend to vary on a month-to-month basis, however, generally most economic indicators relevant to housing show positive recent results.
Gross Domestic Product rose 2.6% over the 12 months to June this year, however, over the first two quarters of the year it rose a moderate 1.1%.
The Consumer Price Index had an annual rate of 2.2% over the year to September, which is at the lower end of the Reserve Bank’s target range. Over the past two quarters inflation has risen at a much faster annualised pace of 3.2%.
Official interest rates are at their lowest levels in more than 50 years and mortgage rates are low by historic standards. Given this, it is no wonder that the housing market has entered its current growth phase, the report says.
Retail trade rose by 2.9% over the year to September. The Australian dollar now sits lower than its highs of earlier this year and below parity with the US dollar, however, the Reserve Bank has described the level as ‘‘uncomfortably high’’.
Although the official forecast is for unemployment to peak at 6.25% next year, the official unemployment rate now is 5.7%, up from 5.4% a year ago. Although the unemployment rate is not rising quickly, the labour force participation rate has fallen from 65.2% a year ago to 64.8% now.
The report says commodity prices and the national terms of trade have begun to ease given that the boom in mining investment has peaked, although both measures remain well above historic averages.
Population growth is once again ramping up with inflows strongest into the largest states.
Dwelling approvals recorded a strong increase over the past year and they are now higher than the five-year average. The recent increase in housing market activity is being driven by a surge in investor and ‘upgrader’ activity with first home buyer activity at historic lows in some states.
Other key indicators of the residential property market have improved over the past 12 months. The number of residential properties advertised for sale nationally is currently -6.2% fewer than last year. The level of vendor discounting, and the average number of days on the market, have also both improved over the year.
Improvement in these measures is in-line with a rise in the number of sales taking place which is subsequently creating upwards pressure on home values.
The report says that, although conditions for higher sales and values have improved, rental markets are easing. Rental growth has grown at a slower pace than values and, subsequently, rental returns are falling across a number of markets. As more people actively purchase properties, particularly investors, pressure within the rental market is easing.
Over the final few months of 2013 and into 2014 the report anticipates that housing market conditions will remain ‘’quite strong’’.
It says capital city values are likely to continue to increase - although the rate will slow. ‘’This is anticipated due to the fact that, despite low mortgage rates, we believe affordability constraints will start to dampen the exuberant markets, such as Sydney and Melbourne.
‘’From an investors perspective the best opportunities have now probably passed in these two cities and demand from this sector may also slow. On the other hand, we would expect a pick-up in demand and value growth in Brisbane and, perhaps, Adelaide.
‘’Following strong value growth in Sydney and Melbourne, these cities are offering healthier levels of affordability and rental yields are more attractive, subsequently there is improved potential from an investment perspective.
‘’Brisbane and Adelaide have a smaller influence than Sydney and Melbourne on the combined capital cities index (due to more homes in Sydney and Melbourne) so, overall, value growth in 2014 is likely to be more sustainable than in 2013.’’
The report says that strong population growth should fuel additional demand for housing throughout 2014. ‘’Economic conditions are generally quite positive, however, the key risk remains a rise in unemployment which could potentially curtail a further increase in home values and rise in sales transactions.’’
<a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>
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Combined capital city home values rise over the past 18 month growth phase: RP Data

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Rejuvenation of the Forrest Hill precinct in South Yarra is steaming along and further transforming the trendy suburb in Melbourne’s inner south-east.
The precinct - strategically important in the context of the Melbourne 2030 Plan - is designated as a key area within the surrounding City of Stonnington for higher density housing, mixed use and intensive built form.
And it’s sure making hay while the sun shines.
The former industrial area, bounded by Toorak Road, Chapel Street, Alexandra Avenue and Yarra Street, has found a new direction as a cosmopolitan mixed use zone with high-density apartment and retail buildings and a pedestrian laneway connecting Chapel Street to Yarra Street and the station.
It seems everything is happening! Cutting edge high rise apartment buildings by some of Melbourne’s leading developers, and an influx of hip retail shops, restaurants and bars, has enlivened the precinct and attracted residents and shoppers en masse.
It’s the way of the future: combine residential and retail hubs within walking distance of public transport.
Assessing the precinct’s development over the past few years, strategic planners Charter Keck Cramer and consultants Urbis found that 30 properties were either built, being built, or at varying stages of development with a total of 3,000 new apartments expected to be ready over the next decade, driving the population to 5,000 by 2020. Employment in the precinct is expected to reach 6,000 by that time.
The master plan for the precinct’s street level development includes the widening of footpaths and new paving materials, vibrant colours and patterns, landscaping treatments, the development of east/west pedestrian links, pedestrian priority, under grounding of power lines and installation of public art.
Emanating from the expected growth, retail spending capacity is expected to skyrocket to $43.1 million per annum, making Forrest Hill a major economic generator to businesses within the precinct and to the wider South Yarra catchment.
But things didn’t happen by chance. A lot of thought has gone into the transformation.
The impetus for many of South Yarra’s award-winning developments came from local icon Michael Yates (pictured below), a developer for 50 years and a South Yarra resident since he was 21. He had a vision for the area and the means to put it into effect. It’s certainly paying dividends.
<img src="/images/stories/2013/12/10/south-yarra-dec-10-two.jpg" width="470" height="310" alt="south-yarra-dec-10-two">
Yates’ role in the regeneration of Forrest Hill came about after he approached the council with his vision for the area after the release of the Melbourne 2030 plan a decade ago. As a ‘preferred activity zone’ the area was designated a highly connective and master planned precinct with high standards of liveability.
More recently, the Plan Melbourne metro strategy has reinforced its credentials as being ideal for concentrated urban growth. In concert with this, the Yates group has put together 43 individual properties resulting in the development of five 25-storey residential towers and a 16-storey office building.
Yates believes Forrest Hill is one of the most successful examples of urban renewal in Australia. He has overseen more than $700 million in local development projects over the past 15 years, including the trendy Yarra Lane precinct and apartment projects at 50 Claremont Street, 7 Yarra Street and 9 Yarra Street.
And his focus is lifestyle. For example, Claremont, at 21 levels and 166 apartments, has extensive communal facilities including a library/lounge/TV room, summer deck, lap pool and gym. The latter pair, with a gross realisation of $175 million, and encompassing hip arcade Yarra Lane, were awarded the 2009 Urban Renewal Award as well as the Australian Property Institute Property Development Award for introducing the popular Melbourne lane-way culture to the suburb.
These are just a few of a string of awards that define Yates’ role in top end property development.
His latest foray drew attention to the little known concept of ‘air rights’, where the airspace above a building can be acquired by, say, the developer of a neighbouring building, ensuring the views are not built out by development of the original site.
Before setting out to develop 18 Yarra Street into a state-of-the-art, 95-apartment showpiece, Yates was able to buy into, and then acquire the air rights above, the adjoining low-rise No. 19, and transfer them by way of separate title to the owners of No. 18. The strategy aims to ensure his building’s north-facing views over Melbourne High School, the Yarra River and city skyline cannot be built out.
{yoogallery src=[images/stories/2013/12/12/south]}
It’s not hard to guess how this improved the appeal among potential buyers into the $90 million Yarra House development (pictured above). It is 70% sold – mainly to owner-occupiers from Stonnington, Armadale and Kew. Some have joined two apartments together to form a single, larger envelope in the 25-level building which has only five apartments per floor.
The one, two and three bedroom dwellings range in internal size from 44 square metres to 97 square metres, with prices starting from $459,000 and rising to $1.75 million. Some three-bedroom apartments in the popular north-east corner will be over 140 square metres.
Buyers reportedly appreciate the quality of the fit out, convenience to shops and transport and – of course – those views.
<img alt="south-yarra-dec-10-four" height="552" width="470" src="/images/stories/2013/12/10/south-yarra-dec-10-four.jpg">
Photo: Michael Yates with a model of Yarra House
On reflection, Yates said he most enjoyed securing the actual site of his new projects - that’s the ‘determinant factor’.
"You’ve got to buy the right land at the right price," he said. "Then you’ve got to develop the plans, go through the urban design process, select the best interior designs, arrange the financing and then market the project successfully – that’s the end product.
"When you do a design everything is intricately linked so we have think tanks with consultants who are up to date with the latest trends and hope to come out with developments that are better than our competitors."
Two of Yates’ favourite projects are the 1993 redevelopment of the former Georges department store in Collins Street, Melbourne, into luxury boutique apartments, and the award-winning One Wallace Avenue development in Toorak. The $60 million project, based on London’s chic Halkin Hotel, received the Master Builders’ Excellence in Construction Award 2003 and the UDIA’s Excellence in High Density Award 2004.
He’s also thrilled with the success of his towers in the Forrest Hill precinct and their gestation period is making life even more satisfying. "I haven’t given any thought to retiring: I still love coming to the office and sometimes we work six or seven days a week."
Yates’ latest challenge is planning the development of two residential towers of 25 and 31 storeys on the former CR Kennedy site at 661 Chapel Street. They will overlook Melbourne High School and Chapel Street. Planning permits are expected within three months.
Despite the ‘big ticket’ projects he is aligned with, Yates said: "We run a small operation and that’s allowed us to offer a personalised service. We don’t get too carried away with ourselves and our repeat business is proof that our clients are happy with us."
What more could a businessman ask for?
Capitalising on the vibrancy and atmosphere of the eight hectare Forrest Hills development precinct, a host of big-name hospitality types has been drawn by Yates’ vision - especially into the area around hipster-hub Yarra Lane. Trendy venues are owned by celebrity chef George Calombaris, restaurater Davis Yu and cafe owner Nathan Toleman.  South Yarra has always been well serviced with restaurants and cafes but their presence has taken fine dining to another level.
Melbourne’s credentials as ‘the world’s most liveable city’ haven’t come about by chance. Combined with natural advantages there’s been a lot of thought, energy and passion put in over many years by visionary types such as Michael Yates.
The scope and success of urban renewal in the burgeoning Forrest Hill precinct is his signature.
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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South Yarra's Forrest Hill precinct: The vision behind the rejuvenating transformation

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It would leave you breathless, wouldn’t it?
Maybe a little unsure about your sanity?
I mean, picking up the phone and taking a call that changes your life doesn’t happen every day!
Some lucky people have had the experience, like those whose numbers came up on Tattslotto and others – like winners of the Mater Foundation’s Home Lottery – who paid $2 for a ticket and then probably forgot about it ...
Until, that is, they had Mater’s commercial director, Bruce Dennehy, on the line trying to convince them they had won the main prize: a million dollar house in an exotic location somewhere along the east coast.
Good causes, such as Mater’s, are easy to support. The lottery has been running for more than 50 years giving families an opportunity to win luxurious homes, holidays - and even gold. And the best part is that all money raised goes to the Mater Mothers’ and Mater Children’s Hospitals, helping sick kids and babies.
“With six million-dollar properties up for grabs in the raffle each year, the chance of winning is achievable,’’ Dennehy – ever the salesman - said.
But rather daunting: Such as when the winner of Mater Prize Home lottery No.249 – the most recent - opened her life-changing winner’s letter...  and thought her eyes were playing tricks on her. Unsure as to whether the letter was genuine she asked her neighbour to read it, too! 
After jumping up and down with excitement and phoning Dennehy for verification, the wonderful news began to sink in: She had a new $1.6 million riverfront apartment at Kangaroo Point, Brisbane.
At first the ecstatic mum – ‘no names please’ - wanted to keep the news a surprise for her young daughter: “I was going to get her ready for school the next day and just keep driving past. But I told her I had a surprise and she just kept guessing. I ended up giving her the letter to read.’’
Did she ever dream of winning? “As a parent I have always had that thought in the back of my mind: ‘What if something happens to me? What will happen to her?’ So, I bought tickets as I knew it would be a way of making sure my daughter was looked after for the rest of her life.
“Now, it feels like we are just renting an apartment for the week. This really has changed everything for us. I have to work a lot and, at the moment, we only get Sundays together. This will give us more quality time together!”
Every year more than 100 supporters <a target="_blank" href="https://www.materprizehome.com.au/main-prize-homes/">win homes</a>, cars, gold bullion and holidays in the Mater Foundation lotteries. The million dollar prize homes all have waterfront views and are in sought after postcodes, such as Hope Island and Biggera Waters on the Gold Coast, and the chic inner-west suburb of Rhodes in Sydney.
<img style="display: block; margin-left: auto; margin-right: auto;" alt="mater_dec_6_one" src="/images/stories/2013/12/05/mater_dec_6_one.jpg" height="180" width="240">
The joy of winning can take a while to sink in. Just ask first prize winner No. 236 Stacy Copelin, above, a lucky cupcake baking, tennis loving Cairns local. She is the owner of Seven Stars Cupcakery and, now, a new million dollar home. 
But, such was the unexpected nature of her call from Dennehy that she almost hung up on him!
Copelin, who was driving at the time, thought he was trying to sell her more tickets. Dennehy then told her she should ‘’put down what you’re doing’’ but she refused, thinking their conversation would end soon. Luckily, it didn’t!
Realising speed was of the essence, Dennehy abruptly told her she had won the competition: a new million dollar home in the tropical city! It’s no wonder Copelin pulled over straight away and had to be convinced he wasn’t joking.
The spacious home on two blocks has a pool, tennis court and large outdoor living area. Copelin says that while her win still hasn’t sunk in, she is planning a big family Christmas and will never stop supporting Mater Lotteries as a VIP. 
<img src="/images/stories/2013/12/05/mater_dec_5_two.jpg" alt="mater_dec_5_two" style="display: block; margin-left: auto; margin-right: auto;" height="180" width="240">
At only 26, Aaron McCabe, above, could not believe his luck when he received the call from Bruce Dennehy notifying him that he had just won the million dollar Kawana prize home in draw 236.
The win didn’t sink in until he got home to check the ticket numbers were correct and that the prize really was his. “I was in complete shock, I couldn’t believe it at first.”
Once he got a hold of his nerves he told mum and dad - then had to spend five minutes convincing them of his good fortune.
McCabe – an electrician - said that with several building projects across the Sunshine Coast he might consider making a sea change. With Christmas approaching, he’ll spend a couple of weeks up there with family and friends, celebrating all that the coast has to offer and spending time in the pool and outdoor entertainment area enjoying lakeside views.
<img src="/images/stories/2013/12/05/mater_dec_5_three.jpg" alt="mater_dec_5_three" style="display: block; margin-left: auto; margin-right: auto;" height="180" width="240">
“Are you joking?” was all Shana Maguire could say when she was told over the phone that she had just become a million dollar Mater Prize Home winner in draw 233. The 21 year old was a VIP Club Plus member, but it was the extra tickets she bought over the phone that won her a new million dollar lifestyle and $50,000 in gold bullion.
“I wasn’t saving because I never thought I could ever afford to buy a house, she said, but her generous support has changed her life. “I just love the house,’’ she said.
“Most people don’t believe that people win these houses. All my friends and mum’s friends are going to buy tickets now because they know that real people do win.”
<img src="/images/stories/2013/12/05/mater_dec_5_four.jpg" alt="mater_dec_5_four" style="display: block; margin-left: auto; margin-right: auto;" height="180" width="240">
In the wake of the Queensland flood disaster, Rockhampton couple Alan and Michelle Ebert, above, have found dry land by winning a fully furnished $1 million house in Kingscliff - and $50,000 in gold bullion - in draw 232.
“We have always struggled for everything that we own and have been living in government housing the size of the Mater Prize Home’s lounge room,” Michelle Ebert said.
“When we signed up as VIP members we were simply hoping to raise money for research and Mater hospitals. I never thought we’d win anything like this, or even own a home, so I encourage everyone to buy a ticket for a chance to win and help those patients at the same time.”
Mater Foundation is the charitable arm of Mater Health Services and Mater Medical Research Institute. The foundation aims to promote, engage and steward philanthropic support to fund clinical care, education and research for the prevention and treatment of disease in people of all ages.
Dennehy said that, every year, the foundation arranges fundraising activities including the lottery, popular events, and direct mail appeals. Money raised helps buy medical equipment, fund research to diagnose, treat and cure life-threatening diseases, and support patients and families financially and emotionally.
He said the charity relied on community, corporate and individual support and donations to help ensure the half million babies, children and adults treated at Mater each year have access to “exceptional’’ care.
“By making a donation to Mater Foundation you can make a difference to countless lives by supporting health care projects that benefit people of all ages: from new born babies to the elderly.’’
Mater’s main prize home lottery No.250 is being drawn on December 17 with the first prize being this $1.42 million home on Bribie Island, Queensland. Tickets are $2.
Can’t you just see yourself in that pool?
 
 <img src="/images/stories/2013/12/05/mater_dec_5_house.jpg" alt="mater_dec_5_house" height="194" width="470">
<a title='"Bribie Island" ' href="https://www.materprizehome.com.au/main-prize-homes/house1/"></a>
<a href="https://mce_host/staylor@propertyobserver.com.au" target="_blank"> staylor@propertyobserver.com.au</a>
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Winning a home: How a $2 ticket could change your life

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The federal and Queensland governments will work together to develop proposals and options to directly address insurance affordability in North Queensland.
Federal Assistant Treasurer, Senator Arthur Sinodinos, and Queensland Premier Campbell Newman met in Brisbane this week to discuss the issue.
“The extremely high cost of insurance in North Queensland is a problem that has been around for a number of years. It is causing significant financial and emotional strain for the North Queensland community,” Senator Sinodinos said.
“Dealing with this issue was an election commitment of the Abbott government.”
Newman said both governments agreed with the need for action to address the problem. “We look forward to working with the insurance industry to develop and implement practical solutions.
“We were heartened to discover that Senator Sinodinos shared our desire to work together to provide relief for people in North Queensland who are struggling with extremely high insurance premiums.’’
The meeting built on the Newman government’s 10-point action plan with agreement on a number of actions to be implemented as quickly as possible.
These include:
•               An expanded Australian government actuary study into pricing of strata insurance in Northern Australia compared to southern states, and a second study into insurance pricing for residential building-and-contents insurance;
•               Development of an insurance aggregator for the North Queensland insurance market for strata, home building and contents insurance;
•               Consideration of allowing foreign insurers access to the North Queensland insurance market;
•               Reviewing the payment of insurance commissions to strata managers;
•               Development of a program of engineering assessments for strata properties in North Queensland to identify risks to property that can be mitigated.
These initiatives will be communicated over the coming weeks with a view to receiving feedback from the industry and community in addressing the need to rein in costs and ensure more affordable insurance premiums in the region.
<a href="mailto:staylor@propertyobserver.com.au" target="_blank"></a><a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>
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Insurance affordability in North Queensland a target of state and federal governments

The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

Stephen Taylor

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