Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Australia Post is one of the country’s most trusted institutions, powering one of the largest delivery networks in Australia. As online shopping continues to scale, Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online.

That scale of eCommerce activity has fundamentally changed expectations around how and when parcels arrive, and what happens when someone isn't home.

<h3>Problem solved with Parcel Lockers</h3>

The traditional alternatives to home delivery are far from ideal. Buildings can rely on reception teams to manage deliveries, which introduces ongoing staffing costs and liability concerns. Parcels can be left in common areas, which creates security and aesthetic issues. Or residents are redirected to nearby Post Offices for collection, which shifts the inconvenience rather than solving it.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/dVG5ChLHf7E?si=D9hQRGCBuzlSQBqK" title="YouTube video player" width="560"></iframe>

The data behind that frustration is significant. Nationally, around 9 per cent of deliveries are carded, meaning the recipient was not home and must collect the parcel from a Post Office. That figure reflects the national average reported between November 2025 and January 2026. In Melbourne, that figure rises to 20 per cent. In high-density living, it climbs again to 28 per cent. In other words, more than one in four deliveries in Melbourne apartment buildings results in a failed first attempt.

<h3>How Parcel Lockers work</h3>

The mechanics are simple. When a parcel arrives, the resident receives a notification either through the Australia Post app or via SMS. They scan a QR code, use their one-time PIN and the compartment opens. The parcel is secure, accessible and removed from the lobby floor.

Located in thoughtfully chosen, easily accessible areas, including external building interfaces, mixed-use precincts or shared communal zones, Parcel Lockers enhance convenience without requiring internal building access or additional operational oversight.

<h3>The scale of the network</h3>

This expansion represents Australia Post's largest investment in parcel infrastructure to date, building on momentum that began in 2011 when the first 24 Parcel Locker sites were introduced.

Today the Australia Post Parcel Locker network spans over 1,400 locations and more than 105,000 individual compartments, with major investment already underway to significantly expand the network further.

<h3>What it means for developers and building operators</h3>

A Parcel Locker bank is free to install and free for residents to use. That removes one of the primary barriers to adoption and shifts the conversation from cost to integration.

Australia Post's preference is to engage with developers during the design phase. That allows Parcel Lockers to be located in a considered, publicly accessible space that works for residents and the broader community. Retrofit is possible, and existing buildings can be assessed, but the strongest results occur when Parcel Lockers are treated as part of the core services plan rather than a bolt-on solution.

While the iconic Australia Post red is widely recognised, Parcel Lockers can also be delivered in more muted palettes such as beige or green to align with architectural intent.

For developers, they offer a tech-forward amenity that meets modern expectations, a reduction in courier congestion and building-management load supporting lower emissions and better ESG outcomes, and a meaningful marketability advantage in high-density, eCommerce-active areas, all at no cost for installation and maintenance, with Australia Post funding the program aside from power access.

<h3>Who's using them</h3>

Generational shopping behaviours show strong, sustained growth across all cohorts. Millennials (27–43) led online spend in 2024, contributing nearly $25 billion. Baby Boomers (60–78) increased their online spend by 17.6 per cent, becoming the fastest-growing adopters. Gen Z (13–26) and Gen X (44–59) continue to lean on delivery services as part of their everyday shopping habits.

Internationally, uptake is even more pronounced. Overseas markets are seeing rapid adoption by both developers and consumers, positioning Parcel Lockers as standard infrastructure in many new residential projects. For Melbourne's development community, this signals a shift in baseline expectations. Just as secure bike storage and dedicated parcel rooms have become more common, integrated Parcel Locker networks may soon be viewed as part of the essential service mix.

<h3>The bigger picture</h3>

Parcel Lockers aren't just a logistics fix. Developers invest heavily in lobby design, materials, lighting and landscaping to shape first impressions. Yet a stack of unattended parcels can undo that effort in an instant. Embedding parcel infrastructure early allows projects to respond to how people actually live today, supporting resident satisfaction, reducing operational strain and aligning with broader community and ESG outcomes.

As Belinda Quinn, Senior Transaction Manager – Retail &amp; Out of Home at Australia Post, puts it, residents increasingly expect delivery solutions that align with real life, are flexible, secure and available whenever they need them.

How Australia Post is solving the parcel problem for apartment living

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The rules have been becoming more flexible in Perth regarding secondary dwellings and the strategy has been popular in Sydney for some time, but is it a strategy that you as an investor would undertake?
Recently, a property industry expert has come out against them saying that they are <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/granny-flats-worse-investments-than-vending-machines-gavin-mcpherson/2013090264738">worse investments than vending machines</a>,  however we have also been told that they are a great <a target="_blank" href="/news">value adding technique</a>.
"A property which recently added a granny-flat in addition to the house was able to achieve a consolidated income of $900 per week," said founder of Australian Mortgage Options, <a target="_blank" href="https://www.propertyobserver.com.au/renovating/don-t-overlook-the-potential-of-a-granny-flat-robert-projeski-renovating/2013052061444">Robert Projeski</a>.
 
<img alt="poll-results-sept-4" height="120" width="470" src="/images/stories/2013/09/04/poll-results-sept-4.gif">
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po-LsXgBTHBmX

Would you build a granny-flat on your investment property?

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Fire pits have become a new selling point for homes entertaining areas and backyards, from in ground to free standing they are a new must have for renovations and new homes.
The international trend was picked up in Channel Seven’s recent series of <a target="_blank" href="https://au.tv.yahoo.com/house-rules/houses/">House Rules which incorporated fire pits into three of the six home renovations</a>.
Stylish and practical, fire pits can be elaborate or functional and built using different types of materials from timber to wrought iron, bricks, sand stone, slate and rock.
The designs are endless and can be built to suite all types of homes from big modern houses to small country cottages or terrace homes, the limitless shapes and designs can work in any type of back yard and don’t have to feature as the focal point.
Fire pits can come in small portable styles that can be moved around an entertaining area, in these cases more than one can be used.
<img alt="poll-results-sept-3" height="122" width="470" src="/images/stories/2013/09/03/poll-results-sept-3.jpg">
 
Property Observer has noticed more and more fire pits advertised in real estate agents spiels. Here are some examples.
A three bedroom, two bathroom weatherboard home in Sydney’s north recently sold with Matt Brady of Belle Property for $1,055,100 it featured an alfresco deck, with an in ground fire pit and encompassing seating amongst its leafy green garden at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-seaforth-109398741">9 Prince Edward Road Seaforth</a> (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/seaford_aug_29_one.jpg" alt="seaford_aug_29_one">
This glamorous harbour side home with views of the Sydney Harbour bridge and Opera House at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-mcmahons+point-112741739">37 East Crescent Street McMahons Point,</a> recently sold with Tim Foote at Belle Property for $$$. It also includes a bowl fire pit in a large entertaining courtyard (pictured below) with surrounding timber panel seating and stools. 
<img height="353" width="470" src="/images/stories/2013/08/mcmahon_point_aug_29.jpg" alt="mcmahon_point_aug_29">
Another home currently on the market featuring a free standing fire pits is <a target="_blank" href="https://www.realestate.com.au/property-house-sa-port+lincoln-112155563">20 Power Terrace Port Lincoln SA </a>  (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/lincoln_aug_29.jpg" alt="lincoln_aug_29">
Those with in ground often use a sandy coloured gravel ground or grass and decorate with pebbles or rocks around the fire pit inlcuding the recenrly sold <a target="_blank" href="https://swanhill.ljhooker.com.au/6YKFCF">3 Emma Court, Swan Hill VIC</a> and <a target="_blank" href="https://www.realestate.com.au/property-house-qld-ningi-112645995">33 Cavanagh Place Ningi</a> (pictured below).
<img height="353" width="470" src="/images/stories/2013/08/nighi_aug_29.jpg" alt="nighi_aug_29">
They tend to landscape around the area to compliment the fire pit, with stone or brick retaining walls and timber panelling. The 2011 Block contestants <a target="_blank" href="/news">Shannon and Aaron from Perth have done up a home in Palmyra </a>Western Australia which recently sold for $670,000 through Wendy Maben of RE/MAX. The <a target="_blank" href="https://www.realestate.com.au/property-house-wa-palmyra-113470003">101 Adrian Street Palmyra</a> property is a good examples of using the lanscape to compliment the fire pit (pictured below). 
<img height="353" width="470" src="/images/stories/2013/08/palmyra_aug_29.jpg" alt="palmyra_aug_29">
Other examples can be found here:
508 Wendouree Parade, Ballarat VIC: <a href="https://shop.domain.com.au/Property/For-Sale/House/VIC/Ballarat/?adid=2009576159">https://shop.domain.com.au/Property/For-Sale/House/VIC/Ballarat/?adid=2009576159</a>
62 South Beach Road Somers VIC: <a href="https://www.realestate.com.au/property-house-vic-somers-114150103">https://www.realestate.com.au/property-house-vic-somers-114150103</a>
31 Peppermint Grove Engadine NSW : <a href="https://www.realestate.com.au/property-house-nsw-engadine-113332551">https://www.realestate.com.au/property-house-nsw-engadine-113332551</a>
40 Geographe Bay Road Dunsborough WA: <a href="https://www.realestate.com.au/property-house-wa-dunsborough-113144047">https://www.realestate.com.au/property-house-wa-dunsborough-113144047</a>
23 Newell Place Dawesville WA: <a href="https://www.realestate.com.au/property-house-wa-dawesville-111622399">https://www.realestate.com.au/property-house-wa-dawesville-111622399</a>
66 Dinsdale Road Gidgegannup WA: <a href="https://www.realestate.com.au/property-house-wa-gidgegannup-107930946">https://www.realestate.com.au/property-house-wa-gidgegannup-107930946</a>
Design Ideas: <a href="https://www.houzz.com/photos/firepits">https://www.houzz.com/photos/firepits</a>
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gwestgarth-UNyZGFyQQF

Will the winter firepits fad extend into spring?

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A rash of developer incentive programs continues to confuse the residential property market and there is a genuine need for transparency.
First-home buyers and uneducated buyers are unfortunately often those targeted by such schemes.
The following is a photo taken this week, illustrates the kind of incentives in the market place.
<img height="355" width="470" src="/images/stories/2013/08/sugars-aug-29-one.jpg" alt="sugars-aug-29-one">
So who pays for the new Ford Fiesta (currently valued at $15,000)? You would think the answer is obvious- “the purchaser”.
In this instance the land being marketed is being sold for an asking price of between
$156,500 and $165,000. Therefore the incentive is representative of almost 10% of the asking price.
So is a block of land or unit worth more due to the incentive? Maybe to the potential buyer.
But in a resale situation where no incentive is available, the market would adjust appropriately.
When a potential mortgage lender gets a professional valuation done, the price will be adjusted by the valuer to reflect the pre incentive price. This means the buyer will have to come up with the additional money that would in most cases simply reflect the value of the incentive.
Other incentives common in the market place include furniture vouchers, electronic equipment, landscaping packages, shopping vouchers and offers to pay the first $10,000 to $25,000 of the future builders contract.
In numerous instances the incentives are not as obvious as those depicted in the photo illustrated above. Most often they are hidden at the rear of a 100-200 page contract, or in some instances provided only on a second contract which is not disclosed to the lender or the valuer in the first instance.
Perhaps the developers would be better off pricing their stock at market levels, forget the incentives, be more transparent and build trust within the relevant market place.
Our experience suggests that the incentives at settlement time only provide frustration for the purchaser, mortgage broker, lender and valuer. It is a no win situation for all involved and often results in delays and disappointment.


<hr>
Greg Sugars is chief executive officer at the property valuation and advisory firm <a target="_blank" href="https://prp.com.au/">Preston Rowe Paterson</a>.
 
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gsugars-beXTQARpZU

Greater need for transparency in developer incentives: Greg Sugars

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Granny-flats have renewed interest given recent law changes in WA, but are they really a good idea for investors?
Here are the top four reasons for and against granny-flats:
For
Increase your property’s rental – adding a granny-flat can add a significant amount of rental income onto an investment property. It means you’ll get two income streams from a single lot.
Turn a negatively geared property into a positively geared property – This extra income can turn a negatively geared property into a positively geared one. It may mean you can stop claiming deductions but at least you’re earning some cash.
Many tenants prefer them to apartments – granny-flats allow tenants access to a back-yard, which means they’re often pet friendly and utilities are often included in the rent due to the complications of separate metering.
Always have an income from the property – If one tenant vacates then you’ll always have the other to see you through the vacant period. It’s not a lot of money but it keeps the cashflow going.
 
Against
Reduced rent on the main house – Tenants will demand a lower rent on the main house if they are forced to live with other tenants in their back yard.
Longer vacancy periods – Even with a reduced rent there is often a longer wait on finding tenants on a house with a granny-flat. Many people simple won’t do it due to concerns about neighbour disputes and loss of privacy.
It may not add value to the house – granny-flats can cost a lot to build – maybe in the vicinity of $100,000 but they don’t add that much to the house, if at all. Land and houses increase in value, but granny-flats don’t. And they’re not even that special any more in some suburbs, especially across Sydney that have had a surge in granny-flat activity. When it comes to resales granny-flats might reduce your buying interest to investors, with own occupiers taking their interest elsewhere.
They’re ugly – They’re not very pretty things to look at. There’s no getting round the fact that granny-flats detract from the outlook of the property, which could diminish it’s value.
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The four pros and four cons of building a granny-flat

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As property developers, Property Bloom has a range of development strategies most commonly involving building new dwellings and land subdivision.
But, we also offer two house renovation strategies. One is to maximise rent and depreciation benefits, which is our most common strategy and recently we’ve decided to offer a service to renovate houses to sell them.
There are certain times in the property cycle that the renovate-to-sell strategy offers opportunity. You need to use this strategy when the sales market is rising, so timing is crucial.  If you buy, renovate and sell in a stagnant or downward trending market, even though you are adding value to the house, you are likely to lose money.
Outside of the renovation costs, you must consider costs such as stamp duty, legal fees for the purchase and sale, holding costs during the renovation and sales process and selling costs.
You may also need to include capital gains and land tax, so it’s important to seek good accounting advice and make sure you’ve included all costs in your feasibility analysis.
So you need the help of an upward moving market to supplement the renovation and selling costs. Bearing all this in mind, we think perhaps the time is approaching for a buy-renovate-sell strategy.
Property Bloom’s original renovation strategy to add value to increase rent is all about maximising the yield.  We are currently renovating a house for this purpose where we are also building a granny-flat so our client will have two rental incomes from the one property.
With this house renovation, we are bringing the house up to good rental standards, we are very conscious of all costs and continually ask the question of any changes – will they add rental value?  If not, we don’t do them.  So street appeal takes a step back and safety takes a step forward.
Creating a third bedroom or second living area is high on our list. No bells and whistles are needed, just a safe, clean and functional dwelling that meets tenant demand in this location.
It’s a different kettle of fish with our strategy to renovate to sell. The sole purpose of this renovation strategy is to create as much profit as possible for our client.
For this strategy, our has shifted from properties that have larger land and development potential, to property very well located and close to CBD and facilities. These properties are more likely to have a smaller land component, which won’t matter as long as there is some low maintenance and well presented private outdoor living areas.
The potential owner occupier buyers don’t want a granny-flat in their back yard and would prefer a home with a garden they can tend, a double garage or garden shed for storage, some good quality features to the home like stone benches, ducted A/C, good natural light, a quiet location and a pleasant neighbourhood.
Property Bloom looks for different features in a property to renovate and sell to what we may look for in a property to renovate and rent.
Tired property in need of help with good bones is what we need. Large homes – four bedrooms is a bonus - with some nice, original features that we can enhance and restore. The location is of high importance.
All of a sudden the house, not the land, is our focus.
Funny after all these years of looking at a house as a development site, now we are looking at a house for all the features of a warm, attractive home.
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Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" rel="nofollow" target="_blank" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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Choosing your renovation strategy; rent or sell?  Jo Chivers 

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The auction of 11 vacant blocks by Wesley College in Rose Street, Glen Waverley, last Saturday achieved an ‘’unprecedented result’’ for Barry Plant Glen Waverley.
The blocks of between 700 and 750 square metres on a two hectare site sold for an average $1.2 million each. The land had never been used for school purposes and was originally an orchard.
The sale – possibly the suburb’s largest land release - came five months after the college dumped plans for an 84-apartment complex abutting its Glen Waverley campus.
Most of the buyers were families and international buyers. However, agent Adrian Santini said one or two were bought by developers to build display homes. A further 11 blocks was sold to home builder Metricon prior to Saturday’s auction.
Rose Avenue is 500 metres from Centro The Glen, Glen Waverley station and Glen Waverley Secondary College.
“It was unprecedented,’’ Santini said. ‘’We had more than 600 people crammed into a massive marquee which we had set up for the occasion with 15 staff members lined up to handle questions and the paperwork.
‘’The blocks all sold within about 40 minutes, all achieving prices more than 25% above the average for a similar property in the area.
“They even sold for more than established homes on larger blocks.” The suburb’s median house price is $727,000, with the agent theorising that, as the original 22 blocks was reduced to only 11 after the Metricon sale, the supply/demand equation pushed prices up further.
“The majority of buyers were definitely families wanting to build in the area which is so close to excellent local schools and all amenities,” Santini says.
Barry Plant Group founder and market commentator, Barry Plant, said the whole of the property market had their eyes on the sale. “Glen Waverley has evolved to become one of Melbourne’s most sought after suburbs, and the results of the auction shows this is where the real action is in the property market.” 
 
Melbourne’s house clearance rate on the weekend was 77%, with a median price of $771,000 and the total value of properties sold at $239,320,050.
Two hundred and two flats/apartments achieved a clearance rate of 73%, with a median of $522,750 and a total value sold at $82,354,670.
The sale of 17 blocks of land achieved a clearance rate of 76%, with a median price of $1,180,000 and the total value sold at $14,103,500.
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Snapped up - 11 vacant blocks sold by Wesley College in Rose Street, Glen Waverley

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During the week I sent out a little survey question to some of the real estate agents Property Bloom uses in the Hunter Region of NSW. I wanted to pick their brains on a decision we had to make.
We were in the process of designing a three villa project for our wonderful client, Tim, and my brief to the builder and architect was to try and include double lock-up garages (DLUGs), not just a single garage (SLUG), for each three bedroom villa if possible.
When the concept plan came back it did indeed have DLUGs but the villas did not have ensuites off the master bedrooms. 
However, they did have a separate ‘powder room’.
A powder room is a small bathroom that contains only a wash sink/vanity and a toilet. Sometimes, it's referred to as a guest bathroom or half bathroom, and it is usually located in a place where guests can use the facilities without having to go into the main bathroom.
Our optimum villa design includes three bedrooms, two bathrooms and a DLUG.  But the land size for this project meant we couldn’t have it all and we didn’t want to sacrifice the size of the double living areas of the villas.
I had recently seen a villa for sale (not one of ours) that had to be reduced in price dramatically as the living space was just too small. It had been sacrificed so that there were two bathrooms and a DLUG.
My question to the agents was “What is more valuable: an ensuite or a double garage? (In lieu of a single garage)”
It was interesting to see two differing opinions. One agent thought the ensuite or second bathroom was more important than the extra space a DLUG would provide.
But more agents came back with recommendations to keep the DLUGs over the second bathrooms.
The reasons were interesting; it was mentioned several times by the agents that both owner occupiers and tenants love storage space. 
Sometimes, their most valuable asset is their car and they want a garage for the car plus space to store their things.
Internal access from the garage to the house was also important particularly for downsizers or young families.  There is nothing worse than lugging bags of groceries further than you have to on a wet day.
Security was also mentioned, so remote access to the garage was important.
These villas would be kept and used as investment properties but our client  was also mindful of the end value and demand when he does decide to sell.
I had just read a really good article written by fellow observer Mark Armstrong: <a href="https://www.propertyobserver.com.au/residential/how-the-single-storey-villa-unit-ugly-duckling-became-a-highly-prized-investment-mark-armstrong/2013081364170?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright" target="_blank">"How the single story villa became a highly prized investment."</a>  
Mark talks of a 1970s villa selling above reserve in Hawthorn, Victoria. 
He described three target markets for this little two bedroom, one bathroom, single garage villa:
-          Downsizers
-          Investors
-          Home owner investors – looking for a stepping stone property
This was exactly the same as our target market up in the Hunter Region. 
I clicked through to view the villa Mark was talking about and was interested to see the size and the amount it had sold for.  It actually didn’t have either an ensuite or DLUG but it was beautifully renovated.
What I also needed to take into consideration was a recent experience where a valuer had valued two villas that were part of a dual occupancy project.
They were very similar but one had a SLUG and one had a DLUG. The difference in the valuation was $30,000. 
The main reason was that in that particular market, the sales references for three bed, two bath single garage villas were all mostly attached and formed part of a duplex. The valuer didn’t seem to add back the value of freestanding villas.
So for this three villa project, I have looked closely at what had sold in this estate and what was in demand from tenants. 
In this area, there were more sales references for villas with DLUGs than for SLUGs and bearing in mind our client’s first intention was to maximise rental returns, we have chosen the DLUG over the ensuite.
But we do still have the powder room which I think is a great compromise.
Jo Chivers is director of <a style="font-size: 14px;" target="_blank" rel="nofollow" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
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What's worth more to your home: an ensuite or a double garage? Jo Chivers

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A first round new home building recovery looks set to be stopped in its tracks without increased policy focus on housing reform at a state and federal government level.
That’s the view of chief economist Harley Dale speaking at the launch of the HIA’s winter 2013 edition of its National Outlook.
Putting forward its ‘’comprehensive national report card’’ Dale predicts the new home building recovery is ‘’at risk of running out of steam’’ and that there will be a gradual improvement in renovations investment from a 10 year low.
“A strengthening in the new home building markets of NSW and Western Australia has driven a promising first round recovery in national housing starts,” he says.
“Ensuring the recovery is sustainable is the key, but that looks unlikely based on current policy settings.”
Dale says a policy focus on housing reform at state and federal levels was crucial for a first round new home building recovery. “Such an outcome would be detrimental to an improvement in housing affordability, a faster pace of economic growth, and a lift in the nation’s productivity performance.”
HIA estimates housing starts rose 8.3% last financial year to 157,108 following two consecutive years of decline. A fall of 4.2% is forecast for 2013/14 as growth in NSW and WA temporarily runs out of steam ‘’before a geographically broader-based recovery takes sufficient hold’’.
HIA estimates that total investment in renovations fell by 6.6% in 2012/13 to reach a decade low. Growth of 3.5% is forecast for this financial year, which would take investment up to $28.9 billion. This would be $1.8 billion short of the 2010/11 record.
In May this year HIA launched its Federal Election 2013 policy platform - Housing Australians - outlining 50 policy actions for a future federal government. These aim to address the growing housing affordability challenge facing Australians and to ensure a sustainable residential construction recovery to suit the economy and growing population.
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New home building recovery at risk of running out of steam: HIA

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The Stockland managing director Mark Steinert has described the past year as a "trough" year for Stockland as it reported its results for the year ended 30 June 2013 with its underlying $494.8 million profit, down 27% on the previous corresponding period.
It reflected soft conditions in the new housing market, the impact of asset sales, and the previously reported change in approach to capitalised interest.
"This has been a challenging year and we have responded with a number of important strategic decisions that position our business for stronger future returns," Mr Steinert said.
"Although global economic conditions have improved over the last six months, there is still considerable uncertainty and volatility.
"In Australia business confidence remains low and consumer spending is relatively soft as households continue to deleverage.
"We expect consumer sentiment will remain relatively subdued, however we do anticipate continued moderate economic growth. While the housing market is showing clear signs of improvement, the recovery is likely to be modest and uneven."
Mr Steinert said he expected steady improvement in Stockland’s earnings from FY14 largely from its new retail, residential and retirement living projects beginning to contribute, along with recent industrial letting, rental growth and as benefits of cost reduction initiatives come through.
However, improvement in residential earnings "will likely be constrained as Stockland continues to work through a number of impaired and low margin projects.
"It will also take some time to see the full benefits of the Group’s new strategic priorities, particularly in Industrial and medium density housing development.
"Our decision to hold our distribution at 24 cents per share, despite being outside our target payout ratio, demonstrates our confidence that earnings should continue to improve from FY14," Mr Steinert said.
"We significantly restructured the business to reduce costs and improve core processes and skill sharing.
"We reviewed our residential landbank to create a clear classification of core and workout projects, and also maintained our strong balance sheet and A-/stable credit rating."
As previously flagged, the performance of its residential business was significantly impacted by "market softness" which affected both volume and prices.
Its profit also reflected the shift in sales mix with a lower proportion coming from higher margin projects in Victoria, and the previously reported change in our approach to interest capitalisation.
The residential division group executive Andrew Whitson said Stockland had reduced "finished goods by 50%, ensuring a good mix of affordable products and accelerating the sale of impaired lots to release capital for reinvestment."
While looking to accelerate the work out of impaired projects, Stockland are now  focused on bringing new higher margin projects to market such as East Leppington (Willowdale) in NSW and Banjup in WA.
It has also identified projects in its portfolio where it can increase revenue and broaden its market reach by expanding our medium density offering.
"Importantly we have outlined a clear strategy to optimise securityholder returns within an acceptable level of risk through the cycle," Mr Steinert said.
"This includes setting target asset weighting ranges that reflect our strengths and which will deliver the right balance of income and growth.
"We have a refreshed senior management team in place and are determined to execute our strategy with a disciplined focus that will deliver reliable profit and EPS growth over time."
Its statutory profit was $104.6 million, down 79%, largely due to a previously disclosed $355 million impairment in the value of the residential book.
Its underlying EPS was 22.4 cents, down 24% from FY12.
Stockland’s full year distribution was 24 cents per security.
Stockland announced it will sell its 14.9% stake in its retirement rival, FKP Property, a strategic holding which dates back to 2008.
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Trough year for Stockland who are now focused on higher margin residential projects

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As outlined in <a target="_blank" href="https://www.propertyobserver.com.au/auctions/estimating-construction-costs-on-residential-projects-michael-matusik/2013080763671">my recent post,</a> it is interesting to ponder why ‘construction costs’ is so high on the Missive search button list.  
We know that much more of the ‘new’ housing dollar is being spent on renovations. 
Some estimate that just over half of the money spent on residential construction is now spent renovating rather than on new builds. 
Others estimate that the Australian renovation market has more than doubled in size (dollars spent) since the early 2000s.  
I think there is much more at play here than just economics.  
It’s true that the increase in taxes and charges on new property (GST, infrastructure charges, stamp duties etc.) has had a negative impact on new housing demand. 
This goes some way to explain why new house building is at record lows (in per capita terms), but it doesn’t fully explain the rapid rise in renovations.  
Several things come to mind:  
Increasingly, we feel we have less control over our lives: post 9/11- threat of terrorism;  lack of political leadership;  the internet;  media sensationalism;  our general lack of fortitude – we scare so easily theset days;  no nation building projects.
This list could go on and on.
And so undertaking a renovation is one way of controlling our environment. 
We aren’t confident enough to make a big move and buy something new.  
What defines a home isn’t the property itself, but more often than not, it is defined by the spaces around it.
Housing or the idea of a home, is bound up with a vivid sense of place.  
This seems lost on many of today’s planners, even architects and especially developers. 
If you listen to buyers (including investors), they will describe what surrounds the property and how the building itself interacts with this space, rather than the dwelling itself.  
It’s not just about what the project looks like but how it fits into its immediate surrounds. 
It is much more than just a property’s location or in which suburb it sits.  
There is pride at stake. 
Too few new residential developments evoke a sense of pride.  An owner must be able to say, with a degree of self-importance, that I live here (or own one of these).  
I cannot help but think that too many new developments look pretty crappy and also lack this vital connection between the property itself and the surrounding space.  
Too many lack a sense of place.  
Taking this line of thought further, we all seem to want our own place.  This want for my place is one reason why renovations are replacing new development. <ol></ol>
Renovations can allow us to make space more suited to me.  Whilst renovating often means adding space – a home within a home so to speak – renovations also aim to improve space and this is the point when it comes to new development.  
Potential buyers tell us that it is the carbon copy nature of new development (rather than the amount of it), their lack of input in the final product and the strict rules of its use that stop them from buying something new.  
It seems to me that new development these days plans out all of the non-profitable components.  For example, the best medium-density housing developments incorporate plenty of built-in space where incidental contacts occur naturally.  
Why can’t off-plan buyers – who financially qualify – make changes to certain things like kitchen and bathroom layouts? 
Many more would buy if they could do so.  
Why can’t new projects design in some flexibility, suchas  internal walls that moveor multi-functional spaces?  
We want bespoke, even if is just a tiny bit.  
And whilst a cost burden, many accept body corporate fees, but the rules associated with living under such a system seem antiquated to say the least.  
Yes there are plenty of economic reasons why what I have outlined is difficult to implement,  but these are some of the reasons why new dwelling sales remain low and renovation activity is on the rise.  
The want for my space helps explain why, in many Western societies, houses are expanding while households are generally shrinking.  Children used to share bedrooms a generation ago. 
My grandparents never said I need some space,  but my kids, our parents and my wife and I do.  
Michael Matusik is the founder of <a style="font-size: 14px;" href="https://www.matusik.com.au/" rel="nofollow" target="_blank">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a style="font-size: 14px;" href="https://www.matusikmissive.com.au/" rel="nofollow" target="_blank">Michael’s Blog</a> or follow him on <a style="font-size: 14px;" href="https://www.facebook.com/ThinkMatusik?fref=ts" rel="nofollow" target="_blank">Facebook</a> and <a style="font-size: 14px;" href="https://www.twitter.com/michaelmatusik" rel="nofollow" target="_blank">Twitter</a>  or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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