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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Tenant contraction in Macquarie Park is not expected to continue, according to Colliers International’s latest Metro Office report.
“While Macquarie Park has experienced tenant contraction over the last six months, we don’t expect this to continue as tenants continue to be priced out of North Sydney and Chatswood leading them to consider Macquarie Park as a viable alternative.
"After a decade of next to no net effective rental growth over the last six months, net effective rents have increased 9.8 per cent and 13.6 per cent for A and B Grade respectively.
"Underpinning current and future rental growth is the ongoing residential rezoning taking place in peripheral suburban markets such as Epping and Frenchs Forest, as displaced tenants seek alternative accommodation within Macquarie Park,” the report stated.
Colliers says that Macquarie Park is able to outcompete Chatswood for office tenants.
“Despite Chatswood being seen as a direct competitor for office tenants, the floor plates offered are restricted by size and Macquarie Park is able to accommodate tenants looking for larger, more efficient floor plates.
"The next two years should see 90,000sqm of office space supplied at 45 Waterloo Street (25,000sqm is precommitted to the NSW Government) and we expect this to satisfy demand for larger floor plate users that are unable to secure such space in denser metro markets,” the report advised.
Macquarie Park is expected to be the centre of office organisations Colliers says.
“Furthermore, Macquarie Park is expected to become a primarily residential and office centre as organisations begin to shift their industrial function to dedicated western and south western industrial markets.
"According to the PCA, vacancy increased from 7.1 per cent to 7.5 per cent in the six months to January 2017 with net absorption registering -7,475sqm for the period,” the report stated.
A 90 sqm office at <a href="https://www.realcommercial.com.au/property-offices-nsw-macquarie+park-502164638">32 Dehli Road</a>, Macquarie Park (above) has been listed for $575,000.
Similarly a 214 sqm office at <a href="https://www.realcommercial.com.au/property-offices-nsw-pymble-502349046">Suite 11 19 Bridge Street</a>, Pymble (below) has been listed for $800,000.
<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/2017/05/02/Suite%2011%2019%20Bridge%20Street.jpg" alt="">
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j.ballantyne1990-6AQqhLzZaK

Tenant contraction in Macquarie Park expected to not continue: Colliers

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Sydney’s retail market has grown substantially over the past 12 months, according to a recent Herron Todd White report.
The property valuation firms says that the retail market in Sydney has seen substantial growth over the past 12 months as a result of increased demand for good investment assets, growth in rental income and generally lower vacancy rates.
The next 12 months look set to follow a similar trend. Increased demand from investors will continue to drive the market.
Properties with established retail tenants will be popular this year.
“Late in 2016 we saw some strong sales which showed tight capitalisation rates for assets with strong lease covenants, including some with sub 5% capitalisation rates in the Sydney CBD,” the report stated.
The demand for CBD assets remains strong as the buzz around infrastructure improvements continues.
Generally rents look likely to remain stable this year, HTW noted although an increase in prime locations was evident in 2016 with a strong probability of this continuing in 2017.
"Recent media coverage of failing fashion retail chains may have some impact on demand from tenants.
"However food and beverage outlets seem to be going strong in most locations, with demand for these types of retail properties likely to continue.
"Suburban retail assets with good lease covenants have also seen growth over the past 12 months.
"This is likely to continue as investors look for strong performing assets with future growth potential."
Strip retail with a history of good retail trade such as King Street, Newtown; Darling Street, Balmain; and Crown Street, Surry Hills have all seen an increase in sales activity which looks set to continue in an upward trend in 2017.
Looking ahead, the outlook for retail in Sydney overall remains positive for 2017, HTW added.
“We expect prime locations to continue to perform well along with properties perceived to have growth or redevelopment opportunities in the future.
"That said we are of the opinion that the market is reaching the peak of the cycle and any tightening of monetary policy or increase in the cost of debt will result in the prevailing investment yields not being sustainable.
"For the time being though, all signs are that 2017 will be a good year for retail assets,” the report stated.
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Sydney retail market rises while rents remain steady: HTW

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A number of indicators suggest that Melbourne’s strong run of price rises may be nearing an end.
There’s no doubt the Melbourne market overall is strong and currently one of the most buoyant in the nation. Some research sources have Melbourne house price growth ahead of Sydney now, although others in the land of dodgy data still have Sydney leading. 
An analysis by Performance Property Advisory finds that the key indicators, while slightly mixed, suggest that Melbourne is now coming to the end of its growth cycle.
Indicators which point to a moderation in price growth include the firm’s affordability index, the level of rental yields, the high price growth in the past three years relative to longer-term trends and a decline in the influence of foreign investors.
Director David McMillan says: “From an investment point of view, Melbourne is showing all the signs of a market running out of steam.”
He says the firm’s Affordability Index (AI) is currently sitting at 43 percent and historically the Melbourne market has struggled to grow past this point.
“Properties become unaffordable in Melbourne when the market’s AI rises to around 45 percent,” he says. “Melbourne’s AI is hovering around the 43 percent mark, indicating that properties are approaching a natural ceiling. The most likely outcome is a low-growth environment over the next 2-3 years.” 
McMillan says that from 2009 to 2016, incomes rose approximately 15 percent while house prices rose 79 percent.
“The out-performance of house prices against incomes is, in our view, unsustainable and this is a negative for future price growth in Melbourne,” he says.
“It is clear that the three-year price movement is well above trend at 12.96 percent per annum. On that basis it could be said that the Melbourne market is likely to slow down in the short term.” 
McMillan also notes that Melbourne has the second lowest yields among the major cities, with only Sydney lower. “Due to an out-performing median house price, we have seen yields progressively deteriorating, which is a negative for both investors and first-home buyers,” he says. 
The report says total foreign investment in Victoria has quadrupled in the last three years, from around $6.6 billion to $26.6 billion, but is expected to decline in the coming year.
“While we encourage foreign investment, the phenomenal rise has led to over-speculation and over-building in some pockets of Melbourne – the consequences of which are yet to be fully understood by the market.
“Given that the banks have now ceased lending to foreigners, we expect that this number will reduce as much as $10 billion in the 2017 financial year. The large swings in foreign investment have distorted normal market cycles and are expected to lead to increased supply.”
But price decline is not expected, as there are counter-balancing positives for the Melbourne market. They include a high level of proposed infrastructure spending by the federal and state governments, the low rate of unemployment, relatively low levels of stock for sale, a low “Days On Market” indicator, and strong levels of population growth (both existing and projected future rises). 
“Victoria has gone from being a loser from Net Interstate Migration in the 1990s, to a fairly neutral position during the 2000s, to being a winner since 2010, which has been a key factor of the price growth we have seen since 2009.”
Performance Property does note, however, that there has been a level of oversupply in B and C grade housing and apartment stock.
It recommends that investors avoid the off-the-plan apartment market and I wholeheartedly endorse that. “This market is showing no value and price falls in the short term are possible,” McMillan says. “There are no fundamentals that support price growth in the short term. 
But he does see some value opportunities in the Lifestyle and Middle Ring housing markets. 
“This is really a tale of two markets, with house-and-land packages on the metro fringe and inner-city off-the-plan property over-supplied, while the established school belt areas of Melbourne are in short supply,” he says.
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

Melbourne’s strong run of property price rises may be ending

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The total number of new listings in Melbourne has increased, according to CoreLogic’s latest report.
The property data firm says new listings in Melbourne are up by 6.4 percent over the same time last year to 8,010.
However the number of total listings has declined slightly by 0.6 percent to sit at 28,788.
<a href="https://www.propertyobserver.com.au/images/2017/05/22/Screen%20Shot%202017-05-22%20at%2012.19.52%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/2017/05/22/Screen%20Shot%202017-05-22%20at%2012.19.52%20pm.jpg" alt="">
This is in contrast to Perth where the total number of new listings have declined by 5.1 percent compared to the same period last year.
A month ago there were 7400 new listings across Melbourne.
 
<a href="https://www.propertyobserver.com.au/images/2017/04/10/Screen%20Shot%202017-04-10%20at%2011.48.24%20am.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/2017/04/10/Screen%20Shot%202017-04-10%20at%2011.48.24%20am.jpg" alt="">
A two bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-125524614" target="_blank">G17/61 Mackenzie Street</a>, Melbourne (above) has recently been listed for between $760,000 to $830,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-attwood-125524294" target="_blank">56 Ardlie Street</a>, Attwood (below) has recently been listed for an estimated price reserve of between $700,000 to $750,000.
<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/2017/05/22/56%20Ardlie%20Street.jpg" alt="">
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Melbourne new listings spurt to 8,010: CoreLogic

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Melbourne’s industrial markets are likely to benefit from ongoing economic and population growth, strong retail trade and proposed infrastructure projects, according to Cushman &amp; Wakefield's latest report.
Given the strong fundamentals and limited available stock in general, competition to secure investment assets will remain strong over the near term which may prompt further, though modest, yield compression, the report advised.
<a href="https://www.propertyobserver.com.au/images/2017/04/18/Screen%20Shot%202017-04-18%20at%209.30.26%20am.jpg" target="_blank">Click to enlarge</a>
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"Melbourne’s occupier market remains active, driven by manufacturing, logistics, and, postal and warehousing sectors.
Available space in the East/South East markets remains tight, as such most of the larger scale leasing activity has been in the Western market.
Anmar and Isuzu trucks have most recently committed to a purpose-built facility (37,000 sq m) in DEXUS’ Industrial Estate on Foundation Road, Laverton North," the report stated.
<a href="https://www.propertyobserver.com.au/images/2017/04/18/Screen%20Shot%202017-04-18%20at%209.30.37%20am.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/2017/04/18/Screen%20Shot%202017-04-18%20at%209.30.37%20am.jpg" alt="">
"In reflection of limited vacant space, prime net face rents in the East and South East markets have shown strongest rental growth, increasing by 11% and 12% over the last six months to $90-$100 and $85-$95 per sq m respectively for assets &lt;4,000 sq m and &lt;6,000 sq m.
Melbourne industrial investment totalled $200m in Q1 2017, a considerably stronger result than the $95m recorded in Q1 2016," the report commented.
<a href="https://www.propertyobserver.com.au/images/2017/04/18/Screen%20Shot%202017-04-18%20at%209.30.53%20am.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/2017/04/18/Screen%20Shot%202017-04-18%20at%209.30.53%20am.jpg" alt="">
Rolling annual investment volume increased 12% q-o-q, largely as a result of investment in the West being above the longer-run average over the past twelve months.
"The West recorded the largest investment volume for the second consecutive quarter, with much of the $115m in Q1 underpinned by Deutsche Asset Management’s acquisition of 45 Fulton Drive, Derrimut for $36.1m, coupled with Cache Logistics Trust’s purchase of 217-225 Boundary Road, Laverton North for $22.2m.
In light of strong investment into the West, prime yields in this market have tightened 25-50 bps over the past six months to 6.25%-6.75%," the report stated.
<a href="https://www.propertyobserver.com.au/images/2017/04/18/Screen%20Shot%202017-04-18%20at%209.31.02%20am.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/2017/04/18/Screen%20Shot%202017-04-18%20at%209.31.02%20am.jpg" alt="">
However, yields remain tightest in the South East, reflecting strong competition for limited quality stock.
 
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Ongoing economic growth contributing to Melbourne's industrial market

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Throughout 2016 Townsville’s retail market remained patchy, according to Herron Todd White’s recent report.
The property valuation firm says that the total transactions of all properties have equalled to $5 million.
"Quality properties with strong lease covenants transacted, several high profile neighbourhood shopping centres changed hands and a number of smaller showrooms, bulky goods centres and convenience centres also transacted at around the $5 million mark," the report commented.
This indicated a strong improvement for quality assets in regional areas at investment yields of circa 7%, demonstrating the yield disparity when compared with similar style assets in the southern metro markets.
"The year ahead for the retail sector is likely to remain patchy, with quality property with strong lease covenants continuing to attract interest.
However the balance of the market is likely to remain in a holding pattern at the bottom of the market cycle," the report warned.
The Cairns retail market passed through the bottom of the cycle during the course of 2014, but the limited recovery thus far means that the retail property market remains relatively flat.
"It must also be said that retail property sales in Cairns are extremely sporadic, with most sales involving retail property of mixed use retail and office buildings or tenant buyout of single premises.
High exposure CBD retail space remains reasonably well occupied, but vacancies are more noticeable in the lesser exposure locations and on the CBD fringe.
Rents have remained generally stable, showing ranges of $600 to $800 per square metre per annum for prime CBD space and $1,000 to $1,500 per square metre per annum in key tourist precincts such as the Cairns Esplanade," the report stated.
"Blue chip retail located within the main Esplanade tourist strip as well as the central business district shows reasonably low vacancies, although there is also limited demand from new businesses.
"There remains good investor demand for well leased properties which rarely come onto the market.
"Though the economic conditions in Cairns are likely to improve through buoyant tourism activity, little change is expected in retail market conditions during 2017."
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Townsville retail market begins to improve while Cairns remains flat: HTW

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A number of positive factors are at play in the Newcastle office market according to valuation firm Herron Todd White in their April report, which puts the NSW city approaching the peak of the market position.
The January PCA Office Market Report has recorded an audited net absorption in the 12 months to January of 12,183 square metres.
This is the highest rate since 2009. The additional stock of 11,140 square metres in this time comes primarily in the form of 168 Parry Street and 18 Honeysuckle Drive. 
The developer at 18 Honeysuckle Drive is prepared to double down on the success of this mixed-use development on the harbour front site across the road.
The Newcastle Herald reports that the Hunter Development Corporation’s acting general manager Valentina Misevska said the concept for the 21 Honeysuckle Drive site was designed by Sydney firm SJB Architects and comprises three buildings with a mix of one, two and three-bedroom apartments, individual townhouses and some retail activation on the ground floor. It is understood the NLA provided in the Lee Wharf Stage 4 and 5 will be circa 22,000 square metres. 
Property Observer found office spaces advertised for lease at <a href="https://www.realcommercial.com.au/property-offices-nsw-newcastle-501202199" target="_blank">18 Honeysuckle Drive</a> through Colliers International. The office spaces belong to the Doma Group. The 6,500 sqm A-grade commercial office tower has four plates of  approximately 1,284 sqm to choose from.
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Office rents are in a relatively stable environment, with new stock and demand generally on par. We’re still seeing very strong owner-occupier interest from self managed super funds on the small to mid sized strata office market in the inner city and inner suburbs. Interest around the new Wickham transport interchange is particularly hot and values along the new light rail or where a retail outlet may be able to open out into the Honeysuckle Precinct from Hunter Street are also on a strong upward surge. 
"We have now entered a stage in the local office market where we are seeing very low yields and while interest rates remain low, the market may be able to sustain these. However when we see interest rates rise, so too will the yield expectations of the market," say HTW.
"Rental growth has not kept up with capital growth in the CBD and while direct vacancy rates across the total market sit at 8.5%, with a mooted 22,000 square metres potentially hitting the market in the short term, we may see macro and micro factors combine shortly to push office values down once the market peak has been breached."
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Newcastle office market enters low yield phase: HTW

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A new office and warehouse dual occupancy in Melbourne’s south-east suburb of Huntingdale has been sold to a private investor.
The two units were 308 square metres each, with street frontage and secure on-site parking, built on a 1388 square metre industrial 1 zoned site.
38 Shafton Street sold for $1.15 million, while 32 Hargreaves Street sold for $905,000.
Both are destined for a self-managed super fund, according to Savills associate director Daniel Kelly, who brokered the deal.
Kelly said the were sold with three year leases at a total rental return of $118,000 per annum net plus GST and outgoings.
He said tax advantages available to SMSFs and low interest rates were advantageous for buyers.
“Having the tenancies in place on new leases and the quality of the product coupled with substantial depreciation benefits is an easy fit for a self-managed super fund,’’ Kelly said.
The vendor was a local developer.
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jchancellor-FAypfDUnLy

Dual office warehouse units in Huntingdale sold for $2.05 million

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A 500 square metres of building area on a 654 square metre site in Deepdene, Melbourne has sold to a local investor for $3,532,000.
The 68-72 Whitehorse Road property is zoned Commercial 2 and includes 13 metres of street frontage to Whitehorse Road, 48 metres on Barnsbury Road and rear laneway frontage of 13 metres.
Marketing agents Tom Maule and Adrian Boutsakis of Teska Carson said they received 80 bids from eight separate bidders for the property.
They said the property offered development potential and was sold subject to three leases with a total rental of $114,510 per annum on a 3.24 percent yield.
The tenancies include a large retail showroom, a two bedroom residence, and warehouse space.
Boutsakis said the property was close to public transport, recreational facilities, several of private and public schools, and quick access to major arterial routes.
He said both investors and developers saw the location as an attractive investment due to increasing demand from a growing population.   
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Deepdene mixed use property sells for $3,532,000

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A showroom/office building on Church Street, Hawthorn has been slated for auction with $2.7 million plus expectations.
Located at 33 Church Street, the 520 square metre site, zoned Commercial 1, has nearly 17 metres of street frontage.
The property comprises a 427 square metre, double-fronted, brick showroom/office building with on-site parking for approximately seven cars.
According to marketing agents, Teska Carson’s Matthew Feld and Michael Taylor, the property will be sold subject to a short term lease to a tenant trading as The Kitchen Place at $72,000 per annum + GST and outgoings.
Feld said the property has development upside and a short term lease in one of Melbourne inner-east’s most popular retail and residential precincts.
“The property has great potential for any number of uses and will appeal to a broad range of buyers looking for assets in Melbourne’s best locations,’’ he said.
Taylor said the locality continued to see an upsurge in popularity due to high profile residential and commercial developments that have been completed in recent years as well numerous projects that are currently under construction or in the planning stages.
“The area has seen extensive residential and commercial development in recent times and that will continue, driven by Melbourne’s strong population growth, and property owners in the area will be the beneficiaries,’’ Taylor said.
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