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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Capital city residential property prices rose by 2.2 percent in the March 2017 quarter, to be 10.2 percent higher over the year.
Apartment price growth has been strong in Sydney in recent years, but overall established house prices have comfortably outperformed through this cycle to date, partly reflecting an apartment overbuild in some regions. 
<a href="https://www.propertyobserver.com.au/images/2017/06/22/A4.jpg" target="_blank">Click to enlarge</a>
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The total value of Australia's dwelling stock has now increased by 50 per cent since December 2011, rising by $2.2 trillion to a total of a shade over $6.6 trillion. 
<a href="https://www.propertyobserver.com.au/images/2017/06/22/A4.jpg" target="_blank">Click to enlarge</a>
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Sydney leads, for now
Over the year to March the strongest price growth was recorded by Sydney (14.4 per cent) and Melbourne (13.4 per cent), though it seems highly likely that Sydney's annual growth rate is now firmly on a downwards trajectory from here. 
At the other end of the scale more annual price declines were suffered by Perth (-3.5 per cent) and Darwin (-5.9 per cent). 
The tight Hobart market recorded the strongest quarterly gain (3.4 per cent) to be up by a boisterous 11.3 per cent over the past year. 
Indexing the numbers back to 2003 shows how long run dwelling price performance between the capital cities is converging, with the resources capitals coming back down to earth following the peak of the mining boom.
<a href="https://www.propertyobserver.com.au/images/2017/06/22/A5.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/2017/06/22/A5.jpg" alt="">
At the state level New South Wales has seen a huge surge in its mean dwelling price which has increased from $535,300 at the end of 2011 to $886,800, for an absolute increase of $351,500 or 66 per cent.  
Reflecting the end of the resources construction boom, over the same timeframe mean prices were up by only 3 per cent in Western Australia and declined by 2 per cent in the Northern Territory. 
<a href="https://www.propertyobserver.com.au/images/2017/06/22/A6.jpg" target="_blank">Click to enlarge</a>
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Nationally the mean dwelling price has increased by $182,800 or 38 per cent since the end of 2011. 
Of the $2.2 trillion increase in the total value of the dwelling stock since 2011, the three most populous states of New South Wales ($1.2 trillion), Victoria ($0.6 trillion), and Queensland ($206 billion) together accounted for 91.5 per cent of the increase.
<a href="https://www.propertyobserver.com.au/images/2017/06/22/A3.jpg" target="_blank">Click to enlarge</a>
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Supply response picks up
Finally, a quick look at the net increase in the dwelling stock, which has picked up the pace in swelling by 194,000 dwellings over the year to March 2017. 
The March stock figures are preliminary and subject to revision - the increase looks decidedly low in New South Wales, for example - but the annual rate of increase has clearly picked up the pace since 2012.
It's interesting to note that while Victoria has increased the size of its dwelling stock by 10.3 per cent over the past half decade - much faster than the 6.7 per cent increase in New South Wales - the strong annual increase of 2.2 per cent is still only just ahead of the state's rampant rate of population growth.
The wrap 
There were more strong gains in dwelling prices in Sydney (3 per cent) and Melbourne (3.1 per cent) across the first quarter of the calendar year.
Meanwhile Adelaide prices rose by 1.5 per cent to be 5 per cent higher over the year, and Canberra snuck in under the radar to record annual growth of 8.9 per cent. 
The above having been said, the double digit annual growth rate is likely to represent the peak for this cycle, with a raft of macroprudential measures appearing well set to douse investor activity. 
 
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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Capital city prices rise 10 percent

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The house where the infamous Sydney ‘granny killer’ murdered his last victim has been demolished, the local paper, the Mosman Daily has reported.
A $3.5 million new build mansion will be built on the land at <a href="https://www.dailytelegraph.com.au/newslocal/mosman-daily/granny-killer-john-wayne-glovers-final-murder-location-is-demolished/news-story/92898d213c1fd042d4fd57f682f6f5dc" target="_blank">14 Pindari Ave, Beauty Point</a> where John Wayne Glover was captured in 1990.
He had tried to kill himself in the bath after leaving the body of 60-year-old widow, Joan Violet Sinclair on the carpet in March 1990 with the police waiting unaware outside.
The 1,427 sqm site, was snapped up in April 2016 for a discounted $3.8 million.
It had previously changed hands for a discounted price of $915,000 in 1991.
The six-bedroom house, built in 1920, had been briefly rented out for $2,500 a week since last May, the Mosman Daily reported.
The Granny Killer, John Wayne Glover was convicted in 1991 of the murder of six elderly women.
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Home of Mosman Granny Killer's last victim demolished

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Early Light International Ltd Group has secured 100 percent interest in the iconic Australian Exchange Centre for $335 million on a fully leased 4.5 percent yield from an offshore institutional investor, managed by Investa.
Simon Fenn, Ian Hetherington and Ben Azar of Savills negotiated the sale within three weeks of listing.
Early Light International Ltd Group is a Hong Kong-based toy manufacturer with property management, medical and health services, hotel service, watch and jewellery retail interests and international pre-schools.
The 20 Bridge Street, A-grade 20,329sqm commercial building features 13 upper levels of office accommodation, ‘Exchange Square’ retail on the ground level and an basement auditorium.
The building is 96 percent leased with a long Weighted Average Lease Expiry (WALE) of over seven years. The ASX Group occupies more than 45 percent of the building than 11 years.
Ben Azar, Director of Capital Transactions and Cross Border Investments at Savills said this asset generated immediate interest from our high net worth network of offshore investors from China, Hong Kong, Singapore and Japan, due to its long WALE, strong tenant covenant and 100 percent freehold interest.
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Early Light International buys Exchange Centre, Sydney for $335 million

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Real estate fund manager EG Funds Management has recently sold a business park from the Core Plus Fund No. 1 portfolio in Melbourne’s Mount Waverley for $76.3 million.
The Gateway Business Park is located at 495-501 Blackburn Rd. The property currently has two tenants, Leica Biosystems and Metricon Homes, on long-term leases.
Its net lettable area (NLA) is more than 22,000 sqm and includes several offices, a laboratory, and warehouse and storage facilities.
EG bought the property in 2014 for $63 million. 
After a number of unsolicited approaches, EG said it made a “strategic decision to divest the property to capitalise upon strong cap rate compression and market appetite for quality product offering future upside”. 
The asset was purchased by FIFE Capital, a Sydney-based alternative asset manager.
The deal was brokered by Chris O’Brien, Rory Hilton and Kiran Pillai of CBRE.
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EG sells business park in Melbourne for $76 million

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There’s a pattern with dwelling prices in Australian cities and in simple terms it’s this: the bigger the city, the more expensive the real estate.
Sydney is more expensive than Melbourne, which is pricier than Brisbane, which outranks Perth, which is dearer than Adelaide, which has higher prices than Hobart. The benchmark I’m using is the median house price.
But there’s one city that doesn’t adhere to the pattern and it’s Canberra. Canberra is a small and relatively insignificant place in terms of its population and economy – but it has some of the nation’s most expensive real estate.
Canberra’s median dwelling price (around $600,000, according to CoreLogic) is much higher than the medians for Brisbane, Perth and Adelaide – and not a lot behind Melbourne’s $660,000.
There are multiple reasons why this is the case. As a government town, Canberra tends to have low unemployment and high average incomes – and that has an influence on real estate values.
But the biggest single reason – and one that speaks to the core of the housing affordability debate nationwide – is the control exercised by the ACT Government.
I strongly believe that the nub of affordability issues – and the source of the most workable solutions to the issues where they exist – is the high cost of producing new dwellings in Australia. The costs are unnecessarily high because all three levels of government mercilessly milk the housing industry cash cow, thereby adding hugely to the cost of creating dwellings. The biggest villains are state and territory governments.
This is the case everywhere in Australia – notably in Sydney where the median price for residential land is double that of Melbourne – but the ACT Government takes ripping off the real estate process to a whole new level.
It controls land supply to the nth degree, drip-feeding new allotments to the market in a way that guarantees demand will always exceed supply many times over, thereby keeping prices high and maximizing government revenue. The industry complains bitterly about it, the Government denies it, and nothing ever changes.
But the ACT Government keeps finding new and interesting ways to squeeze ever more revenue out of the housing construction industry in Canberra – and with each new measure the cost of dwelling creation rises and affordability deteriorates. One of its more cynical moves was to announce it was phasing out stamp duty – and then massively increased rates to compensate.
So it was unsurprising to read that the ACT Government has just come up an innovative new method of ripping more taxes out of the dwelling creation process.
It’s a new $30,000-per-unit development tax, which developers say will make it uneconomic to turn residential blocks into townhouses and units - and will destroy infill development.
They also accuse the ACT Government of attempting to maximise revenue by making its own land in the Northbourne corridor, the Fluffy blocks and new suburbs the only land viable for redevelopment. If they’re right with this accusation, it would continue a persistent theme in the ACT.
At the moment, if builders buy a house block in a suburb such as Dickson or Turner - or any suburbs built before 1971 - to convert to units, they face a "strata tile" charge of $7500 a unit for the first three units and $5000 a unit after that.
But under a new tax lurking in the small print of the June Budget, the charge is hiked to $30,000 a unit. For a six-unit development, that pushes the total bill from $37,500 to $180,000. It’s a massive tax rise by any measure. 
There has been understandable outcry from the Master Builders Association and the Property Council. But the people who should be shouting the loudest are home-buyers because the underlying costs that affect property values in Canberra just got higher.
Unlike Brisbane, Perth, Adelaide or Hobart, Canberra doesn’t have a single suburb with a median house price below $400,000. Charnwood is the cheapest at $420,000 and the ACT Government is the primary culprit – not the scapegoats that everyone seems to prefer like foreign buyers or negatively-geared investors. It's the greedy, idiotic territory government.
The Canberra Times reported: “The development industry says the change will capture at least 95% of residential redevelopment in the older suburbs … and will benefit the government's land profits and help it sell the over-supply of Fluffy blocks by making it impossible for other landowners to compete with the government land. Government land will not attract the charge because it doesn't involve a lease variation.”
It also reported: “Independent Property group director of project planning David Shearer said it was a radical policy change that targeted home-owners, was ‘a very effective way to tax the family home’, with owners already bearing the brunt of huge rates increases, and would bring development to ‘a screaming halt’. And he accused the government of ‘an incredibly arrogant’ lack of warning or consultation.”
He’s probably right, judging by the ACT Government’s track record on these issues.
In a statement, Chief Minister Andrew Barr said lease variation charges were an "economically robust taxation mechanism which ensures the community shares in the unearned windfall gain developers receive from changes to a lease that substantially increase the value of the land".
It’s a typically cheap and nasty political tactic – slug developers on the basis that everyone sees them as greedy rich bastards and hope that no one figures out the people who will really pay are the end-users – the buyers of dwellings, such as first home buyers.
 
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

The bigger the city, the more expensive the real estate: Terry Ryder 

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Listed property group Dexus has entered into an agreement to acquire the landmark heritage office building in Sydney’s Pyrmont for $327.5 million, the largest office transaction in the suburb’s history.
Dexus agreed a 100 percent freehold stake in <a href="https://www.realcommercial.com.au/property-offices-nsw-pyrmont-502222974" target="_blank">100 Harris Street</a> at a fully leased yield of 5.4 percent. Among its tenants are co-working platform WeWork and Fairfax’s Domain. 
Originally a wool store from the 1890s, the refurbished heritage property comprises 26,879 sqm of A-Grade office space over six levels. 
The property sits on a 7,791 sqm site with frontages on both Harris Street and Pyrmont Street.
The sale was negotiated on behalf of Citi 100 by JLL’s James Aroney along with Karbon Property’s Joshua Watts. The property is owned by Ukrainian born property developer Michael Teplitsky.
Included in the offering is 130 Harris Street, to the south of the existing building, with new office and retail space and car parking.
The development will provide retail space fronting Harris Street is expected to be completed by October. 
The agents said demand for 100 Harris Street reflects an international movement to refurbished unique assets, with creative locations such as South of Market in San Francisco attracting a higher rate per sqm and tighter yields than their counterparts in the CBD.
The movement is following the trend of the tech industry that value brick and timber large floor plate workspaces, they said.
<img src="https://www.urban.com.au/images/2017/06/21/HarrisSt2.png" alt="">
Karbon Property’s Joshua Watts said that Pyrmont is viewed as an extension of the CBD. 
100 Harris Street offered buyers an attractive weighted average lease expiry (WALE) of 7.6 years, he said.
“As a significant contributor to the Sydney fringe market, Pyrmont has been experiencing continuing strong rental growth, outperforming other office markets around the country,” Aroney said.
The Ukrainian-born property developer Michael Teplitsky listed its with expectations it could fetch $330 million.
<img src="https://www.afr.com/content/dam/images/g/v/x/a/i/4/image.imgtype.afrArticleInline.620x0.png/1493701254988.jpg" alt="100 Harris Street - AFR USE ONLY! NO OTHER USE ALLOWED." width="620" height="404" data-src="/content/dam/images/g/v/x/a/i/4/image.imgtype.afrArticleInline.620x0.png/1493701254988.jpg">
Pyrmont is the technology hub of Sydney mirroring many international technology hubs including San Francisco’s South of Market, New York’s Meatpacking District and London’s Shoreditch where WeWork also has a presence.
<img src="https://www.afr.com/content/dam/images/g/v/x/a/i/7/image.imgtype.afrArticleInline.620x0.png/1493701161551.jpg" alt="100 Harris Street - AFR FIRST USE ONLY! MAY 2017" width="620" height="914" data-src="/content/dam/images/g/v/x/a/i/7/image.imgtype.afrArticleInline.620x0.png/1493701161551.jpg"> 
Meanwhile the listed property group Dexus will raise $500 million for the purchase of a stake in Sydney's tallest office tower. 
Dexus will take a 25 stake in the MLC Centre at 19 Martin Place for $361.3 million with its wholesale property fund taking the other quarter share. 
The 68,289 square metre MLC tower at Martin Place was placed on the market by QIC Global Real Estate in March.
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prateek24-ezbwHMbNAk

Dexus to buy Teplitsky's Pyrmont building for $327.5 million

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The latest housing finance and housing credit data confirm that the level of activity from investors in the housing market is slowing.
Australian mortgage lenders have been rationing credit to the investor segment and lifting mortgage rates and these changes are starting to bite with investor demand now slowing. It remains to be seen if this slowdown lasts or, if once these limits are eased the investor segment of the market comes back to residential property.
<a href="https://www.propertyobserver.com.au/images/2017/06/20/chart-1-4.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/2017/06/20/chart-1-4.jpg" alt="">
Since August 2015, Australian mortgage lenders have been charging interest rate premiums for investors.  While standard variable mortgage rates for owner occupiers were recorded at 5.45% in August 2015, the same mortgage type for investors had a mortgage rate of 5.75% or a 30 basis point premium.  Since August 2015, the cash rate has fallen by 50 basis points however, mortgage rates have not shown the same decline. 
At the end of May 2017, standard variable mortgage rates were recorded at 5.3% for owner occupiers and 5.8% for investors.  Despite two 25 basis point interest rate cuts since August 2015, owner occupier mortgages rates are only 15 basis points lower while investor mortgage rates are 5 basis points higher and have a premium of 50 basis points compared to a typical owner occupier mortgage.
The mortgage rate premium for investors appears to finally be biting into the market with weakness in both total investor credit and investor housing finance commitments.  The April 2017 lending aggregates data from the Reserve Bank (RBA) showed that investor credit rose by 0.55% over the month, its lowest monthly increase since August 2016. 
At the same time, April 2017 housing finance data shows there was $12.6 billion in investor housing finance commitments over the month, the lowest value since September 2016.  Since August and September of last year, standard variable mortgage rates for investors have risen by 30 basis points compared to a 5 basis point increase for owner occupiers.
<a href="https://www.propertyobserver.com.au/images/2017/06/20/chart-2-4.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/2017/06/20/chart-2-4.jpg" alt="">
There are individual states and territories in which a slowdown in mortgage demand by investors will have more of an impact, namely New South Wales and Victoria.
<a href="https://www.propertyobserver.com.au/images/2017/06/20/chart-3-3.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/2017/06/20/chart-3-3.jpg" alt="">
Tasmania is the only state or territory where the value of lending to housing investors is currently rising however, in terms of the value of lending to investors, New South Wales and Victoria account for a substantial majority of overall lending. 
This is partly a function of higher housing costs in these two states, nevertheless, New South Wales accounted for 49.3% of all investor lending nationally in April 2017 with Victoria accounting for 27.4%. A pull-back in lending to investors is inherently likely to have more of an impact on the New South Wales (Sydney) and Victorian (Melbourne) housing markets.
<a href="https://www.propertyobserver.com.au/images/2017/06/20/chart-4-3.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/2017/06/20/chart-4-3.jpg" alt="">
The potential impact on the New South Wales and Victorian housing markets of an investor slowdown is further highlighted in the final charts.  Excluding refinances (which are also trending lower) investors accounted for 55.3% of mortgage demand in New South Wales in April 2017 and 46.8% in Victoria.  In all other states and territories investors accounted for less than 40% of mortgage demand in April 2017, with the proportion trending lower over recent months in most regions.
It is anticipated that investor demand will continue to slow over the coming months.  Lenders are continuing to re-price mortgage rates for investors and we are yet to see the full impact of the policy changes designed to slow the level of interest-only lending.  With investor demand likely to continue to fade, it is expected that this will also contribute to a further slowing of the rate of value growth in the Sydney and Melbourne housing markets where investor demand has been significantly greater than it has been elsewhere.
A reduction in the pace of capital gains will add further disincentive to investors.  Considering that rental yields in Sydney and Melbourne are close to record lows, we can assume most investors are focused on the prospects for capital growth and relying on a negative gearing strategy to offset the cash flow losses.  If investors anticipate the prospects for capital gains have dissipated we may see investment demand deflect to those markets where the growth cycle is less mature than Sydney and Melbourne’s and where rental yields haven’t been depleted as substantially.
Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

The housing investment slowdown is upon us (for at least a while)

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Two corner retail assets at the Paris End of the Melbourne CBD have sold under the hammer to two separate foreign buyers last week, underpinning the demand for central-city trophy assets.
The ground and basement levels of 118 Russell Street are leased and fetched $4.95 million combined, according to Colliers International, which handled the auction campaign.
Award-winning bakery café Brioche By Philip occupies the ground-level tenancy of the iconic Fender Katsilidis-designed Hero building, while pilates and barre gym S3 Studio occupies the basement. 
The selling agents were Colliers International’s Oliver Hay, David Sia and Daniel Wolman.
“At the Paris End of the CBD on a highly visible corner, they are considered real trophy investments. It is becoming increasingly evident that the market is prepared to compromise on yield for the enjoyment and status of a premium CBD asset,” said Hay.
A Chinese investor won the basement level for $3.2 million, setting a record yield of 5.12 percent for basement strata retail assets in the city, according to a media release. 
The ground floor was secured by an offshore investor for $1.75 million resulting in a yield of 3.56 percent. 
Hay said both floors had high-quality fitouts, which would provide the buyers with long-term depreciation tax benefits.
“With the tenancies taking a combined rent total of $226,167 per annum, plus GST and outgoings, the return on investment is unquestionable,” he said.
Brioche By Philip, which has won awards for the best bakery and best sourdough bread in Melbourne, has committed to seven years while S3 Studio has signed a three-year lease, starting in 2015 with three further options to renew.
Sia said the location, within “a stone’s throw” of Melbourne landmarks like Chinatown, high-end Collins Street boutiques and popular bars and eateries, was the key selling point.
 
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Retail assets at Paris End of Melbourne’s CBD fetch $4.95 million at auction

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Art auction house Deutscher and Hackett are relocating from Sydney’s Oxford Street, their home for 10 years, to Paddington.
D+H will operate from 16 Goodhope Street from July 10, it said in an announcement.
Formerly the Sherman Galleries and operating as the Sherman Contemporary Art Foundation [SCAF] since 2008, 16 Goodhope Street is considered one of the most prestigious gallery spaces in Australia, it said.
The gallery has hosted major solo exhibitions by leading Australian artists, as well as large scale installations by international luminaries such as Ai Wei Wei.
D+H to move on and the perfect timing to move into Goodhope Street.   Dr Sherman is now changing SCAF into an event-based cultural enterprise, Sherman Centre for Culture &amp; Ideas [SCCI], which will partner with major institutions to hold projects, seminars and exhibitions. The gallery space at Goodhope street will now be occupied by D+H while the SCCI headquarters will remain in the adjoining property. 
With the final SCAF exhibition concluding at the end of June, the gallery space will also begin a new chapter in its history.
Deutscher and Hackett said their inaugural auction preview exhibition at Goodhope Street will be Important Australian Works of Art from the estate of the late James O. Fairfax AC from 24 – 30 August.
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Art auction house D+H relocating to gallery in Sydney's Paddington

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The site of one of only two licensed brothels in Cairns has been listed for sale.
The property at <a href="https://www.raywhite.com/qld/cairns/1680079/" target="_blank">7 Owen Close, Portsmith</a> is being offered for sale via an expressions of interest campaign closing July 13 through Ray White Commercial.
The freehold building on a land area of nearly 2,095 sqm land area has potential for redevelopment subject to council approval.
Listing agent Scott Green of Ray White Commercial Cairns said the property is close to Cairns CBD.
“The existing large, residential style building of approximately 430 sqm has previously been utilised as a brothel and can continue trading within this use under the Cairns Town Plan,” he said.
The building has a reception, office, eight rooms, store room, laundry and double garage. 
It also has an external concrete driveway with parking spaces and high metal security fencing.
Green said the building is situated on a level allotment with the balance of approximately 50 per cent of the land ready for future development.
“Town planning advice suggests there is good planning grounds to provide support for a material change of use for a range of industrial uses,” he said.
The site is close to public transport, the Cairns Port and shops.
It last traded for $500,000 in 2003, according to RP Data.
 
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