Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

&nbsp;

&nbsp;

The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

[smartcode_project_cta:default project_id=135149]

From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Brisbane

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A joint construction company venture in Brisbane between the Chinese government-owned construction giant China Railway Construction Group's and construction company Rimfire Constructions has collapsed.
The joint venture formed by the two parties, CRCG-Rimfire Pty Ltd has been placed under voluntary administration, the Courier Mail reported last week.
Fairfax Media reported Grant Thornton has scheduled the first creditors meeting for Monday.
It was a big disappointment for the world's third largest construction company, according to a media statement by the company.
</div>
<div>"Unfortunately, the appointment of an administrator to Rimfire Constructions (Qld) Pty Ltd being the subsidiary of our joint venture partner, Rimfire Constructions Pty Ltd in September has now had a flow-on impact on the joint venture company, CRCG-Rimfire," the company said,</div>
<div> </div>
<div>"CRCG wishes to be a productive, long-term participant in the Australian construction industry."</div>
<div>
Rimfire Constructions was previously led by former Lendlease head of apartment construction Adam Moore and Danny Cain. 
In a report to the creditors of Rimfire Constructions, Mr Cain said Rimfire's troubles were caused by CRCG's refusal to pay for expenses incurred by the joint venture.
</div>
<div>The business, which was initially profitable, had cost overruns, the report said, but agreement between the two companies which indicated CRCG would reimburse the JV costs ahead of regulatory approvals was not honoured, Mr Cain said.</div>
<div> </div>
<div>CRCG disputed the debt of $1.169 million and a CRCG spokesperson vehemently rejected the claims.</div>
<div>
"The company is confident the voluntary administrator will get to the bottom of all transactions and that CRCG's position will be vindicated," he said.
"We now find ourselves in a situation where the directors had little choice but to place the company into voluntary administration," CRCG said.
</div>
<div>
The biggest creditors in the JV fallout were subcontractors, material suppliers and employees, the joint venture's administrator, Grant Thornton's Michael McCann, said.
The joint venture had about six building contracts for apartment projects across Brisbane by unrelated developers.
The company had worked on an apartment complex at Greenslopes and a high-rise unit block in Baxter St, Fortitude Valley.
The Beijing-based CRCG has completed projects outside China, including the Four Seasons Hotel in Kuala Lumpur, a power project in Papua New Guinea and a 240 residential village in Saudi Arabia.
One of the largest companies in China and in the world, the $28 billion CRCC, has been responsible for large projects such as the Beijing-Shanghai High-speed Railway.
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Chinese construction joint venture in Brisbane collapse after partners dispute cost overruns 

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The $2.9 billion redevelopment of the Brisbane Showgrounds has received the highest rating for master-planned precincts in Australia, demonstrating ‘World Leadership’ by achieving a 6 Star Green Star – Communities v1 certified rating from the Green Building Council of Australia (GBCA).
The Brisbane Showgrounds regeneration was assessed for its sustainability performances across five impact categories – Governance, Liveability, Economic Prosperity, Environment and Innovation – achieving a total rating of 77.7 points out of a possible 100 points.
Brisbane Showgrounds Project director Andrew Hay said the independent verification rating represents ‘best practice’ for a master-planned development in Australia, recognising Lendlease’s vision and commitment to sustainability.
“As the world’s population urbanises, there is a greater emphasis placed on the role of the built environment, including place, sustainability and community outcomes. People want to live and work in cities and precincts that are liveable, connected and accessible,” he said.
“Brisbane Showgrounds demonstrates each of these attributes, all of which have been independently verified by the GBCA.”
High scoring sustainable concepts include 25 King, the largest and tallest engineered timber office building in the world, recognition and integration of the cultural heritage of the site’s long history and commitment to education, skills and training.
"The Brisbane Showgrounds project exemplifies how sustainable design and construction continues to evolve, and how it challenges the industry to look for new ways to add social value,” says the GBCA’s Chief Executive Officer, Romilly Madew.
“Take Lendlease’s determination to preserve and enhance the significant heritage on the site as an example. This not only saves on demolition, waste to landfill and carbon emissions, but also delivers social benefits for all those who work, live in or visit the community.
“Other shared value initiatives on this project include Lendlease’s partnership with the Leukaemia Foundation of Queensland, which has delivered 14 discounted apartments for families with sick loved ones, and skills training for construction workers that highlights that sustainable buildings are good for the health and wellbeing of everyone – including those who build the community.”
Green Star – Communities is a nationally-adopted scheme designed to assess and certify the sustainability of large-scale master planned development projects.
The Brisbane Showgrounds precinct seamlessly combines commercial, residential and retail and is set to house to over 15,000 workers, customers and visitors by 2025. It is one of Brisbane’s most well connected and walkable neighbourhoods, a lively entertainment, retail and events quarter providing an inner-city lifestyle like no other.
 
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jrobinson-rf4aSBido9

Lendlease achieves world green star leadership at Brisbane Showgrounds

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CoreLogic's head of research Tim Lawless talks the Brisbane housing market.
 
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jonathanchancellor-7SQnKwU6yx

Brisbane's market update for November: CoreLogic

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Sunland Group’s new residential tower in Brisbane’s CBD has seen a $3.9 million resale.
<a href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-126365802" target="_blank">The half-floor 36th level sub-penthous</a>e in the 24-hour concierge block, Abian fetched $240,000 more than paid for it two years ago off the plan.
Settlements were in August on the $3.66 million sale, with its offered for resale in early September.
The apartment at 3601/140 Alice Street comes with four bedrooms and three bathrooms covering 322 sqm.
There are three car parks.
It offers 270 degree views of the Brisbane River, Kangaroo Point and South Brisbane.
<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/2017/11/20/Nov20Trophy2.jpg" alt="">
The apartment also includes a separate media room, full sized laundry and a guest powder room.
The Abian tower, overlooking Brisbane’s Botanic Gardens, attracted buyers including celebrity chef Matt Moran.
Simon Caulfield and James McKinlay of Place Kangaroo Point secured the sale to a local family downsizing from a riverfront home at Yeronga.
The building's 40-level features a resort-style pool and spa, plunge pool, sauna, Hammam thermal stone room and steam room.
Other early insoles have been showing above trend price growth.
A three bedder sold off the plan on the 16th floor at $2.09 million in 2014 has been onsold for $2,635,000.
A two bedder on the 12th floor has been onsold at $1,135,000. It was bought off the plan in 2014 at $968,000.
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jchancellor-FAypfDUnLy

Abian, Brisbane secures bullish $3.9 million resale

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A Brisbane developer has purchased a 7.3 hectare site in Thornlands for $3 million, with plans for residential lots.
The site will be developed into a 34 lot subdivision, plans for which were recently approved by the The Redland City Council. 
The selling agents were Adam Rubie and Brendan Hogan of Colliers International.
The site was sold after an expressions of interest campaign.
“The developer will sell an existing residential dwelling and use the balance for a residential subdivision of 33 lots on an elevated part of the site surrounded by a significant area being dedicated to Council for open space and rehabilitation. They plan for the lots to range in size from 360 sqm to 500 sqm,” said Rubie.
Hogan added that demand for new homes is outstripping supply in the Redland City Council Area, which is why the developer interest.
“In the last two years, the sales volumes of land in this region have increased by 26 per cent with an average sale price increasing by 7 per cent to $305,324.
“This is still some of the most affordable bayside living in Australia this close to a capital city.”
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Thornlands site snapped up by developer for residential lots

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The Brisbane property market chugs along, largely under the radar in the national headlines, although NSW purchasers are increasingly attracted by its cheaper prices.
CoreLogic has taken a look at the relationship between housing market growth in the two cities to determine whether the emerging slowdown in Sydney could translate into an acceleration in home buying in Brisbane.
The gap between median home values sits at a price differential of 85% - Sydney's $909,000 median versus $490,000.
The three decade average premium of Sydney dwellings over Brisbane prices has been 55% indicating that the current gap remains attractively above the long-term average.
Over the past 20 years the average gap has been 56% and at 41% during the past decade.
Such a price gap has made Queensland a popular migration destination for people choosing to leave New South Wales.
This has been the case especially following past Sydney surges.
The average quarterly number of persons migrating from New South Wales to Queensland sits at around 12,000 persons per quarter.  
The peak migration to Queensland at around 18,000 per quarter took place in 1989, and again 2002.
The wide gap in the cost of housing between the two cities was evident in both 1989 and 2002, CoreLogic researcher Cameron Kusher noted.
At its 1988 peak, Sydney dwelling values were 104% higher than Brisbane and in 2001, 107% higher than Brisbane.
Kusher concluded the past trends suggest that Brisbane could be well positioned for a pick-up in value growth as the Sydney housing market slows from its current peak.  
But he says there have been instances where value gap surge hasn’t been followed by a price surge in Brisbane.
So a lift in Brisbane activity and prices is no certainty, Kusher concluded, adding that although interstate migration out of NSW is increasing, it is yet to hit anything close to those two previous highs.
He also noted that people leaving NSW for Queensland won't necessarily settle for Brisbane as much as they have in the past.
Both the Gold and Sunshine Coasts are much bigger cities in their own right than they were in 1989 and 2002.
Ignoring the troubled Brisbane apartment market, Hotspotting website founder Terry Ryder recently advised the Brisbane house market was generally buoyant with some suburban precincts even recording double-digit annual growth for which Sydney has been renown for in recent years.
Ryder nominated the leading precinct as the Moreton Bay Region in Brisbane’s far north, where affordability, infrastructure and proximity to jobs nodes are key factors.
The Redcliffe Peninsula, which is part of the Moreton Bay Region LGA, had received particular impetus from the completion of the Moreton Bay Rail Link, a long-awaited piece of transport infrastructure.
Logan City, the mirror image of Moreton Bay in the south of the Greater Brisbane Area, had been a market leader in the past two years, though had perhaps faded a little of late.
Ipswich City, the south-western precinct with similar qualities to Logan City, had many suburbs now delivering good price growth.
This article first appeared in the Daily Telegraph.
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Brisbane housing market chugging along

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The Brisbane apartment market is seeing one in five foreign buyers fail to settle, according to investment bank UBS.
It comes as tighter capital controls are imposed in China.
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UBS said default rates for top east coast developers remained low in light of residential price growth being strong for many of the buyers who purchased off the plan two to three years ago.
These buyers had a strong incentive to settle.
But the research highlighted the Brisbane market as where foreign buyers were not necessarily in the money.
The Brisbane apartment market has been the subject of recent warnings from the Reserve Bank after strong supply concentrated in inner city areas.
“The Brisbane apartment market is overbuilt in our view [with] residential prices largely tracking sideways for the last two years,” UBS analysts led by Kim Wright wrote.
“Resale prices are 10 per cent or more below purchase price and bank valuations are frequently below the initial purchase price.
“Poor quality projects are under significant pressure and we understand one in five foreign buyers aren’t settling, citing tightened capital controls.”
Listed developers Mirvac and Lendlease only had a small exposure to Brisbane apartment completions, UBS said, but flagged continued focus on the issue.
“We will be watching the market closely and also to provide an understanding of how foreign buyers will react if prices in Sydney and Melbourne also softened.”
More broadly, UBS said most Chinese consumers around the world had been financing their global property purchasers with cash or mortgages from Chinese banks, reducing concerns about settlement risk.
About a third of buyers paid cash using their savings and nearly three in 10 paid cash with help from family and friends.
Of the one-third of buyers who borrowed, 85 per cent used a Chinese bank rather than a local bank.
The research comes from a survey of 3,060 Chinese consumers that found an increasing trend in mainland Chinese ownership of global residential property.
The survey found around 14 per cent of properties purchased by Chinese consumers were bought for investment and left vacant, a figure that had fallen over the past six months.
Another 26 per cent of properties were used by their owners only part of the time, perhaps for holidays, business or to visit family.
“As much as 40 per cent of the overseas property owned by mainland Chinese may not be fully utilised,” UBS said.
“This may have ramifications for the vibrancy of the surrounding retail space and amenity of the area.”
Roughly a quarter of the purchasers live in their property full-time, while more than 40 per cent bought investment properties and rented them out.
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Brisbane foreigner OTP apartment defaults at one in five: UBS

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<h3>Commencements slowing</h3>
It had become quite apparent by late 2014 that there was something extraordinary underway with regards to new 'high-rise' apartment construction in Australia. 
Outside Sydney, we're now coming down the other side of that mountain. Over the past 18 months, the trend in the number of new apartment starts in Queensland has continued to fall, and fall, and fall.
<a href="https://www.propertyobserver.com.au/images/2017/10/19/PeteAttachedDwellings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/19/PeteAttachedDwellings.png" alt="">
In inner city Brisbane, new project commencements have slowed to a crawl. This is one of several ways in which that the apartment market in inner Brisbane is adjusting, as it needs to.
<h3>Adjustment time</h3>
It's not like the supply of apartments is anything new - we've been talking about it for three years now.
In its latest Financial Stability Review (FSR) the Reserve Bank of Australia (RBA) projects a flood of new completions in Brisbane in FY2018, especially in the city precinct.
Despite this, the RBA reported "few signs of significant settlement difficulties", which is generally a positive market indicator. Meanwhile the RBA noted that the "moderate" rate of price decline for apartments is now "slowing".
It's become much harder to source finance to buy off the plan in Brisbane, which is naturally cooling the market. Approvals have dropped dramatically, numerous Queensland developers have gone to the wall, and more are expected to follow in the coming months.
<h3>Quality street</h3>
Interestingly, the RBA noted that lower-quality apartments marketed to investors have struggled to value up, while higher-quality apartments targeted mainly at owner-occupiers have realised at or above their purchase price.
A salutary lesson in property investment right there...from your own Central Bank, no less! Many of those caught out in the new high-rise developments will likely be interstate and foreign investors, largely hailing from mainland China. 
While there is a lot of stock still due to hit the market - particularly in the CBD - construction activity on the ground has clearly slowed, and the actual number of completions in FY2018 will surely end up being materially lower than the RBA's forecasts.
You can see this for yourself, by the way, simply by taking a walk around the inner city: there are any number of stalled, delayed, or mothballed projects in suburbs such as Woolloongabba, West End, South Brisbane, Newstead, and so on. I note here that some of my fellow inner-city-dwelling latte-sippers have observed the very same thing:
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<img src="https://www.urban.com.au/images/2017/10/19/PeteBlog.png" alt="">
RBA liaison with industry participants and banks expressed confidence that new supply will be well absorbed by the market (as you'd expect), but there will be continued downward pressure on rents. That may be tough if you're the landlord, but not necessarily a bad thing overall, and the renters are moving in.
By the second quarter of calendar year 2017 the number of attached dwellings under construction in the Sunshine State had already dived by 15 per cent from the 2015 peak, though there was still plenty in the pipeline.
<a href="https://www.propertyobserver.com.au/images/2017/10/19/PeteAttachedConst.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/10/19/PeteAttachedConst.png" alt="">
This suggests that by the end of 2017, the number of apartments under construction will have fallen quite a large part of the way back towards their likely 'new normal', given that proportionately many more attached dwellings will be built in the future, as compared to the past.
<h3>Migration north (garbage in...)</h3>
The other thing that's helping to drag the market back into balance, is net interstate migration, mainly from New South Wales. The official ABS estimates had interstate migration heading into Queensland back up to around +15,700 by the end of March, from about +5,600 at the cyclical nadir.
Analysts will torture and torture these numbers until they confess, no doubt, but it can't be stressed enough that the numbers aren't actually real, however much emphasis is put on citing individual figures.
The data lags massively for one thing. Moreover it's derived from change of usual residence statistics via Medicare records (and let's face it, who updates these on a timely basis, hmm?).
The ABS thus discloses that the interstate migration figures are among the poorest or least reliable of the available population measures. Anyway, the net interstate migration estimates are impacted by seasonality, and so are presented here on a rolling annual basis. 
<a href="https://www.propertyobserver.com.au/images/2017/10/19/PeteMigrationInter.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/19/PeteMigrationInter.png" alt="">
These figures are only a guide, then, but just from hanging out in the inner city it's become clear that there has been a surge in interest in relocating to Brisbane since 2015. 
It wouldn't be a great surprise if in 2018 the interstate migration figures are much higher than this - previous cycles have shown that when this cyclical migration trend gets underway, it can ramp up very quickly.
Driven as much by net overseas migration, annual statewide population growth had already picked up to an estimated +75,400 in the first quarter of 2017, about +28 per cent higher than in September 2015.
The March quarter figure of +23,869 for the preliminary estimated resident population of Queensland was up by more than +26 per cent from a year earlier. If this proves to be anywhere near correct it is something akin to a population boom. 
Even those most recent figures relate to the period from January to March 2017, which was the best part of a year ago now, but any way you look at it, the supply story is now likely to be one of rebalancing.
<a href="https://www.propertyobserver.com.au/images/2017/10/19/PeteQldStats.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/19/PeteQldStats.png" alt="">
Annual employment growth in the state has been seriously, woefully patchy since the peak of resources construction, but in August 2017 it bolted to around a decade-high of +95,400, albeit largely driven by part-time employment.
Unusually, Queensland finds itself joint-top of the employment growth tree alongside Victoria, at least for now, so that's another important trend to watch. 
<h3>The wrap</h3>
Overall, it's easy to construct a doomsday or calamity scenario by adding up every apartment project and dwelling unit ever approved in Greater Brisbane and comparing this to historic demand for attached dwellings. 
But if you instead look at what's actually going to complete over the next few financial years, and compare this to the future demand for inner city living in Brisbane, you'll come up with a far less dramatic picture.
So far, we've seen declining asking rents, and some fairly marginal declines in asking prices for apartments. Interestingly the rental pain appears likely to be shared by dated rental stock across Brisbane.
The soft rental markets are not only restricted to inner Brisbane apartments, as young bargain-hunting renters take up the new inner city living option, spurred by new projects such as Howard Smith Wharves and the massive $3 billion Queen's Wharf Project. 
In the meantime, I'll definitely be on the lookout for apartment and townhouse bargains in New Farm in 2018, where lowball offers should certainly be the order of the day.
 
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pwargent-M4siyDbqQY

It's easy to construct a doomsday Brisbane apartment scenario, but expect it to be far less dramatic: Pete Wargent

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Apartment developer Gurner has repaid its $180 million loan to ANZ following the settlement of apartments worth nearly $200 million at its FV project in Brisbane.
Gurner said in a media release that it had settled 80 percent of the first 520 apartments of stage one of its 981-apartment, three tower ‘FV’ project. 
The settlements come at a time when repeated warnings have been sounded from various quarters, including the RBA, about an apartment oversupply in Brisbane.
The precinct, which is managed by Mantra Group under the high-end Peppers brand, has seen more than 80 apartments leased before settlements, and rental yields in the range 5.2 - 7.5%.
The project’s resort-style facilities such as a sunken pool, gym, private dining areas, VIP spa retreats, expansive sun-deck and concierge services are being cited as a big hit by Gurner.
Tim Gurner, founder of Gurner, said both the project’s settlement success and rental demand had proven the fears of oversupply wrong.
"People have been discussing Brisbane’s property market like it’s the end of the world as we know it," said Gurner.
"However, the fundamentals are strong, and with rental yields high and price points low compared to other major Australian cities, I believe Brisbane’s quality apartment market has only just started to hit its straps. 
"The constant reports and negative whispers about Brisbane’s market are way too simplistic and alarmist when the reality is, quality apartments are settling well, they are leasing well, generating good rents and achieving solid resale prices."
But The Australian newspaper has reported more than 100 apartments in the high-profile inner-city Brisbane development are yet to settle.
Some 20 per cent of the first tower of property developer Gurner’s 520-unit FV development are yet to settle, it reported.
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Gurner said his marketing was not focussed on foreign buyers, unlike other projects of that scale, with only 110 out of 651 settlements by foreign buyers.  
“We are seeing more foreign buyers settle in cash rather than through bank finance as they seek to navigate the complex lending requirements, so this is not deterring them from settlement,” Gurner said.
“We have been saying for years that any talk of oversupply has been grossly overstated, due to analysts looking at the number of projects granted permits, rather than the number that actually start construction.” 
 <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/2017/10/13/Gurner-main.jpg" alt="">
ANZ’s head of Institutional Property, Eddie Law, said the bank’s outlook for good quality, owner-occupier apartment projects that are backed by experienced developers in Brisbane remained strong. 
“We were delighted to be able to support and assist GURNER realise the creation of a premier residential product in Brisbane, despite the anticipated and known market supply metrics.” 
The developer partnered with Singaporean listed company, Thakral across the development.
Gurner went on to say that Brisbane could again see an undersupply problem as a tightening of bank lending, construction price rises and foreign investment changes have almost stalled permitted off-the-plan projects.
“The Brisbane off-the-plan market literally came to a grinding halt about 12-15 months ago and by 2019 there will be virtually no new supply coming to the market and we will be talking about an under supply again,” he said. 
“This means not only is there less stock on the market than first suggested, the rental market is incredibly tight and good quality apartments that will rent for between $400 - $700 per week are in very high demand. 
The project’s third tower, No.1, is due for completion in mid-2019.
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Gurner settles apartments worth $200 million in Brisbane in quick time, downplays oversupply concerns

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Listed property developer Land &amp; Homes Group has secured planning approval for a $330 million mixed-use development on the edge of Brisbane’s CBD. 
The <a href="https://www.yourneighbourhood.com.au/44-100barryparade-fortitudevalley/" target="_blank">44-100 Barry Parade</a> site currently comprises a number of single storey-commercial and industrial units, together with a service station. 
Rothelowman Architects will work on the design of the 3,154 square metre site.
Land &amp; Homes Group’s development will feature two towers rising to 26 and 37 storeys and include 492 apartments, ranging from one to three bedrooms, with a ground floor retail precinct. 
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Located at the nexus of the Brisbane CBD, Fortitude Valley and Spring Hill, the Barry Parade site is close to the city.
Land &amp; Homes Group executive director Grant Archibald said the development would reinvigorate the site and contribute to the revitalisation of the surrounding precinct. 
“Buyers are looking for housing in inner city areas, close to the amenities, transport and the lifestyle that inner city living offers,” he said.
“However, despite the amount of development which has gone on in Brisbane’s inner city in recent years there is an absence of really good quality, spacious apartments for long term owner occupiers.” 
The upper level floors of both buildings will feature larger, more luxurious apartments with views of the city. 
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