National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

<html><body>
As project managers, one of our roles is to report to our clients on the progress of their project.  We do this each Friday in a formal written report with photos. The report system proves to be a good record of progress and what happened throughout the project. Our clients get to keep the reports of course and they act as a handy reference tool, giving a snapshot of their project at every stage.
I thought it would make for interesting reading to take some extracts from our weekly client reports on this dual-occupancy project that we have recently completed in the Hunter region of NSW.
The project can be described as: source development site (corner block in Maitland, NSW), design, plan and build two free-standing three-bedroom, two-bathroom, single-storey villas and a two-lot Torrens title subdivision.
You’ll get a taste of the process we managed during this development.
We pick up the story after the client has her construction finance approved and is ready to start building.  There was obviously a few months of work prior to this where we found the development site, a corner block in a new estate. We then managed the design and planning phase, and here we are starting the contraction phase:
25/5/12 - The site has been cut and the plumbers are on site preparing plumbing before the slab goes down.
<img src="/images/stories/2012/11/chiv1.png" width="470">
1/6/12 - The slab was poured yesterday on unit 2, and unit 1 is formed up ready to go. See photos below of the concreters working on finishing the slab on unit 2 and the “waffle pods” (polystyrene foam blocks) used in the engineering of the slab. Once the slab is complete, our builder will send through their first progress claim.
<img src="/images/stories/2012/11/chiv2.png" width="470">
8/6/12 - The slabs were completed during the week and the frames have been started (yesterday). There was a lot of rain during the week so unfortunately there had been no progress when we were on site this week.
By the end of next week, we expect the frames to be completed and the roof trusses to be up. Things are moving along well despite the recent weather.
15/6/12  - Frames and trusses are now up and the windows were being installed this week. The site has been affected by weather; however our builder has managed to continue without really any delay.
<img src="/images/stories/2012/11/chiv3.png" width="470">
 
<hr class="system-pagebreak">
 
22/6/12
We had a good week this week, with the roof being completed, the facia and gutters installed and the bricks delivered to site. The bricklayers are booked for next week so we’ll really see some progress over the next couple of weeks.
<img src="/images/stories/2012/11/chiv4.png" width="470">
29/6/12 - Brickwork has commenced. Rain held up works a little this week, however we found a fair amount of progress evident on the exterior.  The plumbing and electrical fit-out will follow shortly with the builder running all pipes and wiring through the frames before the wall insulation and linings are installed. Brick work should be complete over the next week.
<img src="/images/stories/2012/11/chiv5.png" width="470">
6/7/12
Brickwork has been completed this week. Rain is still lingering, however progress is consistent. The bricklayers have indicated that they would be finished well before the end of the week.
16/7/12 The brickwork is completed and the carpenters have completed the eves also. Timber finish to the porticos has started and we can now see what the finish will be like. We are currently sourcing quotes for timber-look garage doors and front doors (particularly for the grey colour scheme unit). Depending on what deal we can get, it may be an option to change. The electrical and plumbing rough-in is underway, and we should see the wall linings go up over this week.
<img src="/images/stories/2012/11/chiv6.png" width="470">
27/7/12
The hyprock has gone up, and the units are currently being “set” with plaster. See photos of plaster setting on the gyprock walls in unit 2. The materials for the cornices and architraves have arrived on site, and the fit-out carpenter is scheduled to begin on Monday.
<img src="/images/stories/2012/11/chiv7.png" width="470">
3/8/12
The fit-out carpenter was on site this week with the window and door architraves have been installed. Unit 1 is almost complete and work will then move into the second unit today.  Your neighbours have commenced construction on the property next door.
10/8/12
The painters were on site this week and the water-proofing has been completed to all wet areas: bathrooms, kitchen splashbacks and laundries. Next we will see tiling and baths being delivered and fitted.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development. Property Bloom is holding a small seminar next Tuesday in Brookvale in Sydney. Numbers are strictly limited, but if you think you may be ready to take the next step into a property development and would like to come along, then <a href="mailto:jo@propertybloom.com.au">please email Jo for details </a> 
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A dual-occupancy development project, from slab to kitchen

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NIMBYism (not in my backyard) and "save our suburbs" campaigns by local residents and councils are one of a number of factors that will inhibit a strong residential building recovery despite rising pent-up demand for new housing, according to Paul Braddick, head of property research at ANZ.
In his latest update, Braddick lists the difficulty in obtaining dwelling construction approval due to both red and green tape (environmental concerns) as a key factor that will result in a subdued recovery, rather than a stronger one.
The other factors that will impinge on the recovery, he says, are soft house price expectations, rising building costs, a squeeze on developer profit margins, substantial infrastructure charges and developer contributions, problems with land availability, affordability and accessibility, insufficient infrastructure (especially transport) and tight credit conditions.
According to Braddick, there is strong pent-up demand for new housing with many conditions favouring a solid recovery including falling interest rates, improved market sentiment and house prices appearing to have bottomed out in most capital cities.
Braddick says total dwelling approvals have risen by almost 12% in trend terms since their low point in January this year, but says the upswing has been almost exclusively driven by a one-third jump in apartment approvals, while detached house approvals remain "near cyclical lows equal to the lows of the past 30 years, excluding the post-GST introduction".
 
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/10/anznov5.gif" rel="shadowbox"><img src="/images/stories/2012/10/anznov5thumb.gif"></a>
 
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ANZ doubts the boom in apartment building’s share of new building activity (now above 40%) is sustainable given that detached housing makes up 75% of the existing housing stock
 
“While we continue to expect a affordability-driven structural shift away from traditional landed property towards higher-density living, we believe this will be a gradual, longer-term adjustment, rather than as dramatic as suggested in recent data," says Braddick.
ANZ forecasts real dwelling investment (seasonally adjusted) growth to have turned positive in the September quarter 2012 and for 138,000 and 146,000 dwellings to be completed in 2012-13 and 2013-14, respectively, compared with 142,000 in 2011-12.
However, the recovery will not be uniform with ANZ predicting “solid cyclical residential building recoveries for New South Wales, Queensland, Western Australia and the Northern Territory, but weak activity in Victoria, South Australia, Tasmania and the Australian Capital Territory in the near term.
This is due to a “marked de-synchronisation of home building cycles across the states” with Melbourne, Adelaide, Perth, Hobart and Canberra bucking the national trend in recent years and having “actually significantly out-performed relative to their long-run average home building activity levels”.
Overall though, Braddick warns that the recovery will “disappoint despite the urgent need for additional housing stock".
“The total decline in interest rates in the current cycle is small compared with earlier cyclical upturns.
 “Moreover, economic uncertainty and heightened debt aversion mean the responsiveness of households and home buyers to lower interest rates is likely to be significantly lower in this cycle than before, though strong population growth means there is more pent-up demand.
“For all of the above-mentioned reasons, we suspect the current upswing in new dwelling approvals and building activity will disappoint relative to previous recoveries and existing market expectations.
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NIMBYism to impact on subdued two-speed recovery in new home building: ANZ

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Tasmania’s extraordinary Museum of Old and New Art (pictured below) has won the prized Sir Zelman Cowen Award for Public Architecture 2012.
{yoogallery src=[images/stories/2012/10/nov1mona]}
Melbourne architects Fender Katsalidis received the honour at the Australian Institute of Architects 2012 National Awards.
It is the first time in the award’s 31-year history that a Tasmanian building won the coveted title.
The jury, which comprised of immediate past president Brian Zulaikha, Kerry Hill, Richard Johnson, Amy Muir and Juliana Engberg, found MONA to be a powerful and entertaining experience for displaying and engaging with art within a steel container that is already weathering inexorably into the landscape – creating one of the best examples in the country of the benefits of cultural tourism.
<img src="/images/stories/2012/10/shearer1.jpg">
The Robyn Boyd Award for Residential Architecture Houses went to John Wardle Architect’s for the Shearer’s Quarters on Tasmania’s Bruny Island (pictured above and below). The building houses travelling shearers and rural workers in the region.
<img src="/images/stories/2012/10/shearer2.jpg">
Zulaikha, who chaired the jury, says winning projects embody best practice principles, showcase sustainable solutions and become part of Australia's architectural history.
“We travelled the suburbs of Fremantle, Sydney, Melbourne, Adelaide, Hobart and Brisbane, where architects had found a link to their own ideas and created meaningful contributions to the broader community. With poetics of space and materials the winners have enriched our communities, and skillfully advocated for the quality of our profession and our professionalism,” Zulaikha says.
The awards, which were held in Perth’s historic Midland Railway Workshops, are the nation’s most prestigious awards in the design and construction industry.
<img src="/images/stories/2012/10/bligh1.jpg">
The Harry Seidler Award for Commercial Architecture was picked up by archiectus + ingenhoven architects for 1 Blight Street, Sydney (pictured above), while the late, great Harry Seidler won the National Enduring Architecture Award for Australia Square in Sydney.
<img src="/images/stories/2012/10/swifts.jpg">
Another Sydney legend – The Swifts at Darling Point (pictured above)– claimed the Lachlan Macquarie Award for Heritage for Clive Lucas Stapleton &amp; Partners’ restoration of the 56-room Victorian Gothic mansion.
Other winners include:
The Fredrick Romberg Award for Residential Architecture – Multiple Housing went to BVN Architecture for? Monash University Student Housing.
PTW Architects for the John Kaldor Family Gallery at the Art Gallery of NSW collected the Emil Sodersten Award for Interior Architecture.
The Walter Burley Griffin Award for Urban Design was awarded to Peter Elliott Architecture + Urban Design for the University Lawn Precinct RMIT University.
The Jørn Utzon Award for International Architecture went to FMJT + Archimedia for the Auckland Art Gallery Toi o T?maki.
The COLORBOND Award for Steel Architecture went to Allen Jack + Cottier Architects for Milson Island Sports Stadium.
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MONA architects Fender Katsalidis win prestigious Sir Zelman Cowen Award for Public Architecture

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Ercan Ersan from BresicWhitney Estate Agents has listed a Newtown residence that received an AIA NSW awards commendation in 2011.
Designed by Jon Jacka Architect to integrate with its streetscape, <a href="https://www.bresicwhitney.com.au/real-estate/id/property/10141/newtown/2d-gladstone-street/" target="_blank">Parallel House</a> is an inner-Sydney urban retreat with an industrial edge. The property has its own <a href="https://www.facebook.com/#!/ParallelHouse" target="_blank">Facebook page</a>.
The property at 2D Gladstone Street, <a target="_blank" href="/news">Newtown</a>, comes with 180 square metres of internal and external floorspace behind its colourful facade.
There is a private deck with urban rooftop vista. The master retreat comes with ensuite and decking, too.
Ersan says there is potential for part commercial usage.
It goes to November 24 auction and has price hopes of $875,000 plus.
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jchancellor-FAypfDUnLy

Parallel House, the architecturally commended Newtown, Sydney, abode, listed

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As a female, I am forever intrigued by the increasingly popular concept of the man cave. It would seem there are men purchasing property specifically for its man cave feasibility.
Adequate space for an overpriced vintage jukebox – check; sufficient hanging space for a deluge of sporting memorabilia cleverly purchased sans spouse-approval – check; appropriate radius surrounding championship-size pool table to accommodate championship-style pool playing – check; self-cleaning capability – I’m told they’re working on that. And I’m told the single most important attribute of a man cave is of course the games console.
I shouldn’t be surprised. Habitats of this sort date back to the days of hunting for food with one’s bare hands, although I note this particular activity has been selectively left behind in the current caveman days. Its evolution has been quite incredible.
It was an <a target="_blank" href="https://www.couriermail.com.au/realestate/investing/sydney-home-owners-building-man-caves-that-would-put-aladdin-to-shame/story-fndboir2-1226474676127">article recently published in the Courier Mail</a> that really sparked my interest. It seems the men of Sydney are splashing extraordinary amounts of cash around when it comes to perfecting their private abode. We’re talking mini-cinemas, 12-car garages and jaw-dropping technology to boot.
We can’t forget where it likely originated from – our friends in America. The <a target="_blank" href="https://www.realtor.com/blogs/2012/05/21/man-up-men-talking-man-caves-mantuaries-and-general-manspace/">National Association of Realtors</a> recently shared the ultimate example. The home of the one and only Burt Reynolds, of course. Arguably a pioneer of the man cave concept and every interior decorator’s worst nightmare, Reynolds has gone to extreme lengths to style his abode in the most male-appropriate fashions.
It had me wondering, how many of these gems do we have in Queensland? So I did some research. I found at least three properties on <a target="_blank" href="https://www.reiq.com">reiq.com</a> that were promoting the inclusion of a man cave in the property description. There are a few with features that strongly indicate the presence of man-cave-esque stylings – while they have refrained from using the label itself. Just one example: a stunning waterfront property located at Hope Island on the Gold Coast includes an open-air cinema, indoor and outdoor bar and retractable flat screens.
Does it increase the value of the property?  Where does it end? Do we start taking proximity to the nearest watering hole into consideration? Is it an appropriate stumbling distance?
I’m starting to sense a trend here.  As for me, a suite of stainless steel Miele appliances beats a 12-car garage any day.
Is it possible that man caves are becoming a prerequisite for potential buyers?
I apologise to all the ladies out there whose partners have read this blog and consequently decided to install thumb-scanning technology for shed or exclusive bar access.
Amanda Haack is events manager journal deputy editor at the <a target="_blank" href="https://www.reiq.com/">Real Estate Institute of Queensland</a>. This article originally appeared on the<a target="_blank" href="https://reiqblog.com/"> REIQ blog.</a>
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Are 'man caves' becoming an Australian property trend?

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How beautiful is central Melbourne?! With approximately 480 hectares of parks and gardens, streets lined with mature trees that provide canopy and well-planned spaces for children to play, dogs to run, families and friends to gather and have a picnic together… Now imagine the city without these green spaces and replace them with houses, blocks of flats, streets, fences and concrete.  Not a pleasant thought. 
Melbourne’s early planners were proficient in developing a city in harmony – balanced between places to live, places to work and places to play and relax.  And what a success it has been and how well those planners have served our iconic city. 
But today, as Melbourne’s growth corridors develop, we need to remind our planners of the importance of not only reserving a place for open public space but ensuring it is developed with trees and greenery and balance that space against the rest of the urban area. 
While many developers are working to ensure public open spaces are incorporated into new communities, I am shocked by the number of times I travel past a park with loads of play equipment and even a pergola and barbecue facilities – but hardly any trees. 
I believe we need everyone from the development chain on board to keep raising the bar for quality urban design and bring quality planting with quality trees back into the mix. 
It’s easy to put plants down the list of priorities, but our communities will feel the effects of sparsely planted landscapes in years to come. 
For example, it is well documented that areas with mature trees, highly planted open spaces and well-maintained reserves are low on crime, they are higher socio-economic areas, offer healthier, happier youth and so on, so this needs to be reflected in new urban communities. 
It’s not enough just to highlight an area and title it a public reserve but then neglect the responsibility to ensure it is planted properly with a vision for the future. 
We are reaching a critical period in urban development where blocks are getting smaller as affordability climbs ever further out of reach of many working Australians. 
The days of large, expansive backyards in metropolitan areas are fast coming to an end, so now more than ever before, developers must appraise the balance of green spaces that are well planted within their developments and drive the future of communities for residents who simply don’t have space for a garden of their own. 
 
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<img src="/images/stories/2012/10/somerfield.jpg">
For example, Fleming’s Nurseries and TLC Landscapes have just completed a public garden (pictured above) in the new residential community Somerfield in Melbourne’s east, which includes a wide selection of trees and shrubs offering colour, texture and visual appeal.
 This “installation garden” has been designed to showcase to developers and planners that garden spaces can be created with a focus on planting while still beautifully balanced with hard landscape value. 
The result is a garden that draws the eye straight away, offering a picnic shelter, sculpted rock walls and pebbled pathways that offset heavily planted garden beds and mature plantings, to illustrate how unique garden designs can be crafted within publicly accessible spaces. 
In a nutshell, better landscaping means we can create better communities that promote happier residents who in turn develop a true sense of place with their surroundings. 
Let’s all work together to bring the garden to the people, for communities that we will all be proud of in years to come.
Wes Fleming is the founder of <a href="https://www.flemings.com.au/default.asp" target="_blank">Fleming's Nurseries.</a>
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As Melbourne grows, green space and trees must be retained

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The sale of detached homes hit a 18-year low in September, according to the latest HIA survey of Australia's 100 largest volume builders.
New home sales of around 5,200 in September were 17.3% lower than a year ago and have fallen at a double-digit annual rate for the past 10 months, notes CommSec chief economist Craig James.
Sales fell 3.7% in September, reflecting a fall of 3.5% in the persistently weak detached housing segment and a 4.2% decline in the more volatile multi-unit market.
<img src="/images/stories/2012/10/hiaoct30.gif">
The number of seasonally adjusted new detached house sales fell by 1.6% in New South Wales, 6.7% in Victoria, and 3.5% in Queensland, but increased by 2.8% in South Australia and were up by 3.1% in Western Australia.
The drop in NSW new home sales may partly reflect first-home buyers waiting for the new $15,000 grant available for those building or buying a new home that only kicked-in on October 1.
A similar $15,000 grant was available for Queenslanders first-home buyers mid-way through September.
Commenting on the latest figures, James says interest rates have fallen sharply over the past year but there has been a “decidedly muted response by the new home market”.
“Australia’s population is growing, driven by migration, while housing affordability is the best in a decade and the rental market continues to tighten.
“But despite an apparent increase in the underlying demand for homes, new home construction is mired at 15-year lows.
 “So what gives? Well, in large part it is the worldwide trend for “Emerging adults” (largely Generation Y) to stay home with their parents for a longer period rather than moving out with friends or getting married.
“It is estimated that 70% of 18- to 30-year-olds in Italy still live at home, and while the trend is happening also in Australia, there are no formal estimates.
James says state governments are “actively attempting to lift construction via grants and stamp duty concessions directed to new home purchase or construction.
“But to date, the attempts aren’t showing up in the data.”
James says building-dependent companies will continue to experience challenging conditions over the next six months and expects the RBA to cut the cash rate on November 6, Melbourne Cup Day.
HIA chief economist Dr Harley Dale says the persistent weakness in new home sales in 2012 “reflects another factor conspicuous in its persistence this year – a dire lack of confidence towards housing”.
“Interest rates have come down since November 2011 and there is a recognition that the home-buying environment has improved in 2012. However, households remain reticent to actually make a decision to buy. This situation is especially evident in the new home building sector where excessive taxation instills a bias against new housing relative to existing property,” says Dale.
“Interest rate cuts should help foster a recovery in new home sales in the December 2012 quarter, along with new home incentives for first time buyers in three states and a nascent recovery gathering legs in Western Australia.
“The Reserve Bank of Australia needs to play its part by cutting rates again next Tuesday – a renewed easing of rates in October that is not followed up could add to household uncertainty and, perversely, further damage confidence.”
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New house sales slump to 18-year low in September: HIA

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Images of the new Sir Zelman Cowen School of Music at Monash University have been released.
<img src="/images/stories/2012/10/zelman1.jpg">
The building will be the first project in the southern hemisphere of Moshe Safdie, director of international firm Safdie Architects, which has undertaken the massive Marina Bay Sands resort in Singapore.
The school of music will include teaching and practice spaces, an 800-seat concert hall, jazz club and a recording studio.
The exterior will be constructed of reinforced concrete with inlaid stone, contrasting with the concert hall enclosure which is stainless steel with "concrete ribs".
<img src="/images/stories/2012/10/zelman2.jpg">
Construction is due to start in 2014 and be completed by mid 2016.
He told The Australian his sculptural exterior may resemble the shells of the Sydney Opera House, but that Melbourne's latest concert venue will be its own building.
<img src="/images/stories/2012/10/kauffmanpic.jpg">
The Australian arts reporter Matthew Westwood noted its shell-like design resembled inpart Safdie's Kauffman arts centre in Kansas City, Missouri (pictured above), and the architect ackowledged some people think it recalls Joern Utzon's opera house, too.
"People have said it reminds them of it, but I think the geometries are quite different," he told Westwood.
"It's the reaching up to the sky that people associate with the two."
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Melbourne gets its orange segments inspiration at Sir Zelman Cowen School of Music at Monash University

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It’s 5.45am and I rush to grab one of the last bikes left. I pedal furiously, my heart is pumping and soon my legs are fatiguing.  I wonder why I put myself through this.
I am of course in the cycle class at my gym, and I do it to try and keep some resemblance of my past fitness.  I’m lucky these days if I make it twice a week to the gym, and today is one of those days.
As I begin to sweat, my thoughts wander to the devastating announcements in the media this week about Lance Armstrong.
I didn’t want to believe it.  Months ago there was mention of Armstrong being a cheat.  This week we hear it’s true. He’s not only a cheat and a liar, he’s a calculating one.  He’s been cheating for years, using illegal performance enhancing drugs to win.  He has now been stripped of his seven Tour de France titles, seven! And barred for life... and this is not all he’s lost.
He has lost his integrity.
To me, integrity is the most important of virtues.  This is what we all strive to build over our lives.  So what is the true value of integrity?
Integrity is defined as a concept of consistency of actions, values, methods, measures, principles, expectation and outcomes.  In ethics, integrity is regarded as the honesty and truthfulness of one’s actions.
While I pedal and push through my cycle class, I think of how important integrity is to our business, Property Bloom. As property development project managers, our word and action, our honesty and principles are the pillars of our business. Our clients rely on us to manage their development in a professional way; they are really hiring our ethics. It’s not a tangible thing, but it’s so important.
Unfortunately in the past, the world of property developing has been tarred with the same brush as Armstrong by some unethical and unprofessional operators.  But there are many reputable and worthy businesses that are genuine.  We consider ourselves to be one.  All we want is the best outcome for our clients, and we strive for this in every step of our process.
There are months of preparation that go into a property development, sometimes years on larger developments. Perhaps somewhat like the preparation needed for the Tour de France.  By the time we actually start building – or start our race – we’ve done mountains of preparation.
We have to get out of the saddle and push up some challenging hills, recovering from these and solving issues is what we do every day.
Our finish line is the day our clients walk over their completed development and we’ve found them tenants, delivered depreciation schedules and had the valuations completed.  Our "race statistics" are the numbers we present in the form of equity and savings we’ve been able to make the clients and the yield they’ve achieved.
But our spraying of the French champagne comes when everything is completed and our clients are looking to do their next project.
So I find myself dreaming of Bollinger being sprayed in a celebratory way (actually, it’s a real waste of good champagne!), then I’m rudely bought back to reality by the shouts of my instructor telling me to change gear and go harder.  She’s not telling me to take drugs, she’s coaching me to be the best I can, naturally, That’s all I need, some stern encouragement.
So that’s what I do in my class and then later in my day.  Go hard in the highest of integrities, in the way I know best.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.
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The value of integrity, in everything from property development to sport

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There were just 239 sales of vacant residential land and house-and-land packages on the Gold Coast over the September quarter, according to the latest Prodap report.
Of these 239 sales, 56 were house-and-land packages, with vacant lot sales totalling 183.
Report author Bill Morris says the Gold Coast residential land market continues to under-perform, though there are some exceptions, with developer Sunland finding a niche market for its architect-designed homes.
“The real standout was Sunland Group’s four projects at The Glades (Robina), Gardene at Pacific Pines, The Concourse at Royal Pines (Benowa), and The Address at Sanctuary Cove had all but sold out its available stock, with more to be released with strong pre-sales,” says Morris.
<img src="/images/stories/2012/10/glades.jpg">
“Sunland Group is operating in the mid-price range of $700,000 to $1.1 million for quality three- and four-bedroom products, mainly on golf course frontages."
The other developer to manage reasonable sales was Stockland, which recorded 75 sales on its three land estates at Ormeau Ridge (35), Highland Reserve Upper Coomera (25), and Riverstone Crossing Upper Coomera (15).
Mirvac managed 15 land sales at its Gainsborough Greens development in Pimpama, with prices ranging from $215,000 to $400,000.
Gilston Developments sold 12 townhouses at auction at its Grand Manor estate at the Grand Golf Course, with prices ranging from $595,000 to $1,625,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/prodap.jpg"><img src="/images/stories/2012/10/prodapthumb.jpg"></a>
“Vacant land sales continue to hover under 200 per quarter with no sign of improvement,” notes the report, which is based on a survey of every active and passive developer of residential land, house-and-land packages, townhouses and villas on the Gold Coast.
This brings total sales to 1,001 lots and house-and-land packages sold over the past 12 months to September – the lowest volume of annualised sales for records going back to 1985.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/prodap2.jpg"><img src="/images/stories/2012/10/prodap2thumb.jpg"></a>
Despite the record low land sales, the number of lots and house-and-land packages available for purchase remain at historical low levels, with few new projects being launched.
There are currently just 818 lots and 388 new houses up for sale representing one year’s supply at current take-up rates.
While stock is not rising, Morris says residential rents are increasing at 6% per annum south of Broadbeach for four-bedroom houses, with the market "virtually unserviced for new stock", except for Stockland’s Observatory land project at Reedy Creek in West Burleigh.
The report notes there is a pipeline of planned projects comprising 2,848 lots, but Morris says this is “unrealistically positive”, running at three times the current annual sales rate.
Morris says low demand rather than over-supply is the main problem – the result of restrictive bank lending policies.
Other problems facing the Gold Coast new housing market are record low population growth prohibitive local council infrastructure and charges, which are only new being “re-formulated”.
The Gold Coast City Council resolved to impose on a 12-month moratorium on infrastructure charges, which will save developers $28,000 per detached house and $20,000 per one- or two-bedroom apartment.
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