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]

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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

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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What will the building of the future look like?
Engineering and infrastructure advisory company Aurecon has released a white paper on the topic, including what’s driving demand, challenges inherent in reaching ‘intelligent building’ status and what some of the next steps in this journey might be. 
Titled 'Buildings of the Future: science fiction or science fact?', the white paper is based on interviews of industry professionals who were asked to imagine what Buildings of the Future might look like and how they might be created.
“The major drivers identified in the paper have the potential to reshape the built environment industry in the next 30 years,” said Peter Greaves, Aurecon’s Buildings of the Future Leader.
Author Arthur C Clark once said that sufficiently advanced technology is indistinguishable from magic. In a way — this captures the essence of what technology installed in Buildings of the Future should aim to achieve. The technology should ‘just work’ without the user understanding how. 
It says that 3D printing technology will have a huge impact on the design engineering industry.
“The 3D printer is significantly disrupting the traditional design role held by the structural engineer but, at the same time, presents exciting new opportunities in how building designers will create, relocate and shape Buildings of the Future,” said Greaves.
A ‘one-size-fits-all’ approach to Buildings of the Future is becoming less palatable nowadays while new, flexible construction materials, including composite materials, additive manufacturing concrete, solar polymers and carbon fibre balsa, is fuelling new design approaches. 
“These options are unlocking the architectural limitations of size, weight and shape that the building and construction industry works within today,” he said. “To bring this to life, the thought processes, measurements and methods commonly used in our industry will also have to evolve.”
It said another innovation in the building management field was developing shared services in facilities management within a precinct.  
Greaves said innovators would work on the idea of shared building maintenance hubs, which would be designed to provide facilities for all local buildings to centrally monitor electricity, water, energy storage common areas and integrate other aspects of maintenance and management of operational efficiencies.
The Western Sydney Airport and Greater Sydney’s development could become a prime example of an opportunity to implement this, says the paper.
It highlighted the ‘whole of precinct’ approach to the management of facilities and wider infrastructure assets and stressed the 2017-2018 Federal Budget’s commitment to several large infrastructure projects in the area, including high-speed rail to Western Sydney.
“If we’re going to help design Buildings of the Future, we have to be able to envision them,” said James Bennett, Aurecon’s managing director, Built Environment. “Aurecon wants to be a forerunner in helping our clients identify the opportunities this presents and facilitating these changes.”
“Those who shape Buildings of the Future will be those who, firstly, realise that our world is changing and have the boldness to not only let go of, but question, the status quo so that working with government and economic leaders, we might reimagine our physical spaces and infrastructure. Engineers need to lead such conversations,” asserted Bennett. 
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jonathanchancellor-7SQnKwU6yx

Buildings of the future: science fiction or science fact? 

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Commercial property sales have increased in the past three months in Perth, according to CoreLogic’s latest Cityscope.
The property data firm says that sales recorded in the quarter to June 2017 totalled $171.5 million, a large increase from the March 2017 quarter which totalled $43.7 million, but a decrease from the $251.1 million recorded in the three months to December 2016.
The data brings the 12-month total to $623.6 million, a decrease from the $1.834 billion recorded the same time last year.
The table below shows sales recorded for the past eight updates of Perth Cityscope:
<a href="https://www.propertyobserver.com.au/images/2017/06/09/Chart-1.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/09/Chart-1.jpeg" alt="">
Notable sales in the June 2017 update of Perth Cityscope include:
<ul>
<li>The Novotel Langley Perth Hotel, at 221-227 Adelaide Terrace, Perth, a 4.5-star, 14 level building with 256 rooms and 5 convention rooms, plus lower ground and basement parking for 98 cars; opened in 1987 and refurbished in 2006, which sold for $73.5 million;</li>
<li>The Crowne Plaza Perth Hotel, at 54-56 Terrace Road, East Perth, a 191-room hotel of 13 storeys which was refurbished in 1998 at an estimated cost of $11 million to include an eight-storey rear extension, which sold for $50 million and</li>
<li>Compass 26, at 1-5 West Street, West Perth, a four-storey office building with 3,935 sqm of office space, situated above 1.5 levels of car parking for 58 vehicles, which sold for $21 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/06/09/Chart-2.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/09/Chart-2.jpeg" alt="">
Properties listed for sale in the June 2017 update of Perth Cityscope include:
<ul>
<li>SGIO Building, at 42-46 Colin Street, West Perth, a five-level office purpose-built for the insurance company, completed in the third quarter of 2002 with a net lettable office space of 8,872 sqm and basement parking for 161 cars, the long term leasehold is for sale by expressions of interest  through Knight Frank and Ray White Commercial;</li>
<li>42 Bennett Street, East Perth, consisting of a mostly single-storey, partly two-storey, retail building, plus a paved parking area for 31 cars on a 958 sqm site for sale through Burgess Rawson and Lease Equity and</li>
<li>143 Barrack Street, Perth, a three-storey building, once Phineas Seeligson’s City Loan Office, erected 1908, for sale through Colliers International.</li>
</ul>
Significant leasing opportunities in the June 2017 update of Perth Cityscope include:
<ul>
<li>68 Milligan Street, Perth, an office building of two storeys above lower ground parking for 27 cars with net lettable area 1,940 sqm, which has office space of  500 to 1,900 sqm for lease through Colliers International;</li>
<li>45 St Georges Terrace, Perth, comprising nine floors of office space, two basement levels and net lettable area of 10,017 sqm, which has office space from 200 to 2,400 sqm for lease through CBRE and JJL Perth and</li>
<li>Golden Square at 32 St Georges Terrace, Perth, a 16-storey commercial building with basement and open car park for a total of 56 car; built in 1967 and redeveloped at an estimated cost of $100 million in early 2015 which included increased floor plate sizes, internal layout modification and a new glass-clad facade, which has office space ranging from 674 to 7,911 sqm for lease through JLL Perth and Knight Frank.</li>
</ul>
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j.ballantyne1990-6AQqhLzZaK

Perth CBD property sales rise in the quarter to June: Cityscope

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GUEST OBSERVER
One of the most significant and far-reaching retail legislative changes will quietly come into effect in New South Wales on 1 July 2017.
The amendments to the Retail Leases Act of NSW are numerous and in essence, will change the dynamics of retail leasing as we know it.
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Of the many changes being made, the change I believe that will have the biggest impact on the sector is the requirement for all leases under the Act, over three years in length, to be registered within three months from leases being signed. This will increase transparency in the sector and help to continue levelling the playing field between tenants and landlords. 
Even more transparency will result with the change that requires Landlords to accurately disclose and estimate outgoings in a Disclosure Statement, failing which, that outgoings will not be recoverable. 
The removal of the requirement for a minimum five-year lease term in the new Act will likely result in both longer and shorter-term leases. This is a positive for the market as it will allow greater flexibility in this volatile and ever-changing market. 
Also included in the Act is a change to how bank guarantees need to be handled. Once the Act is in place, Landlords will be required to return bank guarantees to the tenant within two months after the tenant completes performance. 
Another change for landlords means they will no longer be able to request online sales revenue information from tenants, except for goods delivered from the premises or where the centre or the transaction takes place while the customer is in the premises. 
Redundant manual processing of rental bonds will be replaced with a change to the Act that will see the rental bond scheme move to an online platform cutting out the need for physical documents to be lodged. 
Another change includes increasing the penalty notices for offences. These include the right to compensation if a landlord fails to provide a disclosure statement within seven days before the lease is entered into or if it is misleading or incomplete. 
The amendments to the Act will create a more transparent and balanced retail leasing market, enabling greater flexibility and operational efficiency for both tenants and landlords, in a sector that is undergoing significant cyclical and structural change. 
Simon Fonteyn is Managing Director, Leasing Information Systems and can be <a href="https://www.leaseinfo.com.au" target="_blank">contacted here</a>.
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jchancellor-FAypfDUnLy

Amendments to the Retail Leases Act of NSW looming

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An office space on the fringe of the Tweed Heads CBD in far north coast NSW has been leased by Ray White Commercial.
The nearly 52 sqm space at <a href="https://www.raywhite.com/nsw/tweed-heads/1604406/?lang=en" target="_blank">3/28 Recreation Street</a> was leased to Changing Homes Australia by Darren Jones of Ray White Commercial GC South on behalf of a private owner.
The property has been leased for one year at a net rental of $14,872 per annum.
“This was an appealing office suite in a popular and well-presented complex,” Jones said.
The property recently underwent a makeover. The tenancy has a glass front reception area, work space and a storage area.
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Office space in Tweed Heads leased

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Rockhampton’s retail market is expected to continue in line with activity seen throughout 2016, according to a recent report by property valuation firm Herron Todd White report.
“While we anticipate that general real estate markets may improve in 2017, there is likely to be continued downward pressure on retail rentals and a strong presence of incentives given the current high vacancies in this sector in Rockhampton,” the report said.
In spite of this, well anchored centres with good access and exposure are anticipated to hold their rental values.
"Whilst the independent local retailers appear to be bearing the brunt of local economic conditions, we are aware that major retailers and supermarket chains continue to search for key sites in Rockhampton for possible expansion, which provides a more positive outlook for 2017," the report said.
Investors are actively looking for retail properties, but are sensitive to tenant strength and unexpired lease term/WALE of properties.
Evidence of this sensitivity has been seen recently on a neighbourhood retail centre which was under contract on a circa 10% yield, said HTW.
"This contract has subsequently fallen over due to a tenant not exercising an option," the report stated.
"Demand for speciality retail tenancies in neighbourhood shopping centres in Mackay is moderate and vacancy rates have increased. This has been caused by the local economic downturn."
Local sitting tenants in neighbourhood shopping centres have negotiated nominal rental reductions on market review.
“We are not aware of any new leases in these centres in Mackay over the past year. There is a risk that market rentals could ease as landlords lose their tolerance for vacancies,” the report cautioned.
HTW pointed out that a notable retail sale was the IGA West Mackay complex in December 2016 at $9.25 million to show an analysed market net yield of approximately 7% after allowance for the value of a vacant site included in the transaction.
The complex was completed in 2013 and is anchored by IGA (Metcash) with other tenants including BWS (Woolworths) and Sullivan Nicolaides Pathology (Sonic Health Care).
It sold with a very long WALE of 14.76 years which was strongly influenced by the IGA lease which expires in 2033.
"The sale is consistent with national demand for good quality lease covenants particularly to non-discretionary (supermarket) retailers," it said.
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Rockhampton retail market to continue as is while demand for tenants in Mackay rises: HTW

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A waterfront property in Melbourne’s Williamstown with a permit for an additional townhouse permit has sold under the hammer for $1.94 million.
It sold on a sharp yield of 3.1 percent.
The <a href="https://www.realcommercial.com.au/property-retail-vic-williamstown-502370562" target="_blank">227 Nelson Place</a> property comprises a two-level building with a ground floor retail space and a two-bedroom residence, and an approved permit for an additional three-level luxury townhouse at the rear.
The winning bid was well over expectations, indicating the keen interest in inner-city locations. 
The 183 sqm property was sold with leases to two longstanding tenants, returning $60,349 per annum plus GST. It is zoned Commercial 1.
The selling agents were James Lockwood and David Bourke of Fitzroys, along with James Gregson and Michael Ryan of Allard Shelton.
Lockwood said the property was well suited for investment due to its inner-city location.
“The property is located in a superb waterfront position opposite Williamstown marina, providing city and water views, in a superb retail and lifestyle precinct,” he said.
Lockwood also said the $450 million Waterline apartment and townhouse development by AVJennings will bring an extra 2,000 residents to the immediate area, and should trigger further similar developments that would further improve the strong existing retail conditions for the Williamstown area.
 
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Waterfront building with retail in Williamstown fetches $1.94 million at auction

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Australia Fair’s $25 million upgrade is on track, with stage one of the redevelopment of the Southport shopping centre in Gold Coast expected to be completed by the end of the year.
Work is underway to replace and modernise the Centre’s iconic Scarborough Street facade.
The facelift will create a modern facade for the retail, dining and entertainment complex, with fresh signage bearing Australia Fair’s new branding.
Inside, ceiling mall finishes have been removed between the Scarborough St entrance and Mister Minit, while the ground-floor mall and an expansion of Coles continues. The store’s total floor space will increase to 4,222 sqm and will become one of the most modern supermarket formats in Australia, with new specialty butchery, seafood and bakery areas when it opens in December.
Hutchinson Builders has been contracted for the upgrades.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/15/Australia%20Fair%20Artist%20Impression%20-%20Coles.jpg" alt="">
Australia Fair general manager Ramon Otten said construction was progressing well on the first stage of the Centre’s rejuvenation.
“The upgrades to the ground-floor mall and expansion of Coles will create a whole new look and feel to this part of the Centre,” Otten said.
New tenants include Colette by Colette Hayman, LiquorLand, Zaia Handbags, U Grill, Green Valley Butcher, Joy Stylist, Clearskincare Clinics. The latest arrivals include men’s clothing store Connor, which has recently opened on the ground level.
Sportsgirl, City Beach and Lowes have recently relocated into their latest concepts stores on the ground near Scarborough Street. Go Vita, Lucky Dragon Newsagency have all relocated to the Woolworths Mall floor while Ally Fashion has relocated next to Valleygirl on Level 1. Shine Beauty will be returning to the Centre in late 2017.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/15/Australia%20Fair%20-%20Ground%20Floor%20Construction.jpg" alt="">
Major tenants Kmart, Woolworths and Event Cinemas already have completed their upgrades.
Otten said more tenancy announcements were in the pipeline.
“We are excited to see the transformation progressing so well and look forward to unveiling a vibrant and contemporary shopping experience to the public ahead of the 2018 Commonwealth Games,” he said.
Owner YFG Shopping Centre’s ongoing upgrade at Australia Fair follows the $15 million makeover of the Centre’s western section into Australia Fair Metro – an alfresco dining and retail precinct.
More details are available at <a href="https://www.propertyobserver.com.au/australiafair.com.au" target="_blank">australiafair.com.au</a>.
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Southport's Australia Fair shopping centre upgrade on track for completion by year end

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Roy Morgan reported from its survey of over 50,000 households per annum that those at risk of mortgage stress fell by some 78,000 from a year ago to 16.8 percent, to sit well below the decade average.
<a href="https://www.propertyobserver.com.au/images/2017/06/26/RM1.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/RM1.jpg" alt="">
Those 'extremely at risk' also fell to the lowest level in well over a decade, which is good to see. 
The high risk cohort overwhelmingly comprises lower income households, and is far less represented by households earning $100,000 per annum or more. 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Lower rates reducing mortgage stress

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The Sydney auction market is cooling as finance is harder to come by, especially for investors and those wanting to use interest-only loans.
The preliminary clearance rate reported by Domain was a shade under 70 percent - now tracking well below the frenzied peak - while CoreLogic put the preliminary figure a but higher at 73 percent.
The median auction price for houses was $1,515,500, some $142,500 or 10.4 percent higher than on the same weekend last year.
<a href="https://www.propertyobserver.com.au/images/2017/06/26/SYDNEY.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/SYDNEY.jpg" alt="">
Similarly the median auction price for units was up by $76,000 or 8.6 percent from the same weekend last year to $955,000. 
Overall the median price of $1,335,000 was the third highest on record. 
Return of the first homebuyer
A factor skewing the median price higher was that some first homebuyers are reportedly sitting on the sidelines until next weekend when the new incentives will have kicked in post-July 1.
From next week, therefore, there may be some renewed upwards pressure on entry level stock priced up to around $800,000. 
Overall, though, the credit squeeze has changed the dynamic of the market considerably, and price pressure is easing. 
In some inner suburbs such as Erskineville, Glebe, Enmore, Newtown, Haberfield, Darlinghurst, Surry Hills, Redfern, and Pyrmont I've already noted a looming shortage of rentals, with vacancy rates sinking to as close to zero as you'll ever see.
Sydney is having an absolute shocker at the moment with its traffic congestion, partly due to the disruption caused by the light rail construction. 
Therefore it's no surprise that areas experiencing a rental shortage are those with great city access.
It's a different story for some of the suburbs where commuters need to drive into the city for work.
Over the next year as investors are increasingly squeezed out of the market there will likely be an increasing number of news stories reporting a Sydney rental crisis, at least for certain locations and sought-after property types. 
Contrast these tight rental markets with the overbuilding and homogeneous glut of rentals on Sydney's city fringe, 60 kilometres to the south west. 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>.
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Sydney auction market cooling as finance harder to come by

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Nine out of 10 people who re-sold a property during the March 2017 quarter earned themselves a profit, according the CoreLogic Pain &amp; Gain March 2017 quarter report.
The total gross losses realised over the quarter was recorded at $493.8 million with a median gross loss of $35,000 per re-sale.
The CoreLogic Pain &amp; Gain report reveals Mackay ranked among the worst.
Areas linked to mining and resources sector continue to be some of the weakest housing markets across the country, the report noted.
Although transaction volumes appear to have bottomed in many of these regions, values have generally continued to fall albeit at a slower pace. 
The reported noted although more than half of all resales in Mackay were at a loss over the quarter, it noted there are signs that in some of the weakest markets conditions are starting to improve.
The proportion of resales at a loss has fallen in Mackay from a peak of 61.8%.
"Although there has been a moderate improvement in a number of these regions it is anticipated that the instances of resales at a loss will remain elevated in these regions.
"Although transaction volumes are generally no longer falling demand remains low and there are still many that bought at or near the market peak looking to sell and likely to incur losses when they do eventually sell their property," it noted.
A two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-qld-mackay-124665666" target="_blank">4/361 Alfred Street</a>, Mackay (above) was recently sold for $149,000 after being sold in 2011 for $330,000.
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124472702" target="_blank">11 Baxter Street</a>, Mackay (below) was recently sold for $160,000 after being sold in 2009 for $340,000 and in 2003 for $172,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/11%20Baxter%20Street.jpg" alt="">
A three bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-qld-mackay-122595746" target="_blank">1/60 George Street</a>, Mackay (below) was recently sold for $230,000 after being sold in 2014 for $328,000 and in 2007 for $368,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/1_60%20George%20Street.jpg" alt="">
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-123582650" target="_blank">1 Grant Street</a>, Mackay (below) was recently sold for $260,000 after being sold in 2010 for $340,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/1%20Grant%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124738302" target="_blank">3 Hamlet Street</a>, Mackay (below) was recently sold for $320,000 after being sold in 2014 for $248,000 and in 2011 $358,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/3%20Hamlet%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-qld-mackay-124561486" target="_blank">17 Hucker Street</a>, Mackay (below) was recently sold for $175,000 after being sold in 2008 for $280,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/17%20Hucker%20Street.jpg" alt="">
Queensland municipalities, Lockyer Valley, Somerset and Ipswich proved tough markets too.
Across the capital cities, vendors reselling earnings were varied: Sydney resales earned 97.8%, Melbourne 95.3%, Adelaide 92.5% and Hobart 95.4% while vendors in Darwin 63.0%, Perth 76.8%, Canberra 90.4% and Brisbane 90.8% profit earnings were significantly less. 
In the regional areas of the country the top resale earners were in the Southern Highlands and Shoalhaven at 98.8%, Illawarra at 98.6%, Newcastle and Lake Macquarie at 98.2%, Sydney at 97.8% and Geelong at 97.3%. The biggest regional losses came from regional areas closely linked to the mining and resources sector. The Pain &amp; Gain regional results found that 11.1% of houses resold for less than their previous purchase price over the first quarter of 2017. By proportion, regional house sales losses were marginally higher than the 11.0% over the December 2016 quarter and slightly higher than the 10.9% in March 2016. 
<a href="https://www.propertyobserver.com.au/images/2017/06/26/Screen%20Shot%202017-06-26%20at%2012.07.45%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/26/Screen%20Shot%202017-06-26%20at%2012.07.45%20pm.jpg" alt="">
CoreLogic report author Cameron Kusher said there is still a relatively high proportion of units in regional Australia reselling at a loss (17.2%) however, the proportion of loss making unit sales has shifted substantially lower as lifestyle markets see buyer demand rebounding and mining regions approach the bottom of their cycle.
At the end of 2016, 17.9% of regional units had resold at a loss and in March 2016 quarter the proportion was recorded at 19.7% of all properties. The 17.2% of regional units resold at a loss is the lowest proportion since the December 2010 quarter. 
“While the proportion of loss making sales has started to reduce in some of these regions, there remains a high willingness from home owners to sell up coupled with little demand to purchase. As a result we are seeing a high proportion of vendors materializing their losses,” Mr Kusher said.
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