<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Canberra

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The office market in Canberra has experienced an oversupply in recent years, driven by high vacancy levels due to the Commonwealth government policy and the demand for quality high-end space, say valuation firm Herron Todd White in their July office market update. 
As a consequence, the lower end price of the market felt the impact as a flow on effect from the abundance of space which in turn led to downward pressure on rents and increases in incentives available to tenants. 
The continuation of low interest rates provided the opportunity for those looking to invest or acquire smaller unit properties for under $500,000. Primary locations include the City, Kingston, Manuka and Braddon and secondary locations are Deakin, Turner and Phillip or one of the town centres, Belconnen, Gungahlin and Tuggeranong, says HTW.
This class of property comprises small office units ranging from 50 square metres to 200 square metres in units plan complexes.
An example being <a href="https://www.realcommercial.com.au/property-offices-act-griffith-502070558" target="_blank">Unit 1/22 Franklin Street Manuka</a> which sold in June 2017 for $276,000 with an area of 55 square metres showing $5,018 per square metre.
<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/2017/07/13/HTWManuka.jpg" alt=""> 
Manuka is an inner south primary boutique shopping centre located within five minutes of the Parliamentary Triangle with a sought after office precinct. Unit 60 and 61/18 Flinders Way Manuka sold for $150,000, each being 55 square metres and 54 square metres respectively showing $2,727 per square metre and $2,777 per square metre and a yield of 7.5%. The units were leased and included two car spaces. 
Secondary locations include Deakin, Turner and Philip, an example being Unit 2/42 Geils Street, Deakin sold in April 2017 for $310,000 being a 83 square metre ground floor unit with a fitout in place. This showed $3,735 per square metre. Deakin is a secondary area occupied by medical and association tenants and private organisations. 
Owner-occupiers are dominating the market at present with access to finance and low interest rates providing the opportunity to purchase property via a superfund and obtain an asset for the future. 
The market performance is currently steady with values holding in most areas except Tuggeranong, where supply is higher than demand and some new mixed use developments are under construction.
"As we approach the later half of 2017 and beginning of 2018 the market should start to show signs of growth due to a number of Commonwealth Government lease deals coming to fruition and the opportunity for rental deals to provide some growth for the next few years," say HTW in the review. 
No new developments are due in the short term which will put pressure on the current space available. Until the mooted building projects re-commence there is no new space available in the ACT.
However, space is available in most areas at the lower end of the price range within the $250,000 to $500,000 range primarily in mixed use developments at ground and first floor levels, conclude HTW.
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jonathanchancellor-7SQnKwU6yx

Canberra's lower end of office market faces oversupply: HTW

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The Canberra market continues to look stronger and is rising as Sydney is fading.
The ACT took some time to join the party, and its conditions remain somewhat less than a “boom”, but are becoming increasingly buoyant.  All indicators - sales activity, price growth, rental growth and vacancies - indicate a market that’s trending upwards.
Having previously been hampered by downsizing in the public service and a unit oversupply, the Canberra showed signs of rising in 2014, when total residential sales increased to 9,200 from 8,590 the year before. Sales rose further to 9,829 in 2015 and the market has remained busy ever since.
Total residential sales volumes have been rising over the past two years. In 2012, 2013 and most of 2014, every quarter recorded residential sales below 2,300 - but since late 2014 most quarters have been above 2,400 sales.
This has occurred on the back of an improving economy (recently ranked No.2 in the nation behind NSW by CommSec), low unemployment and high average incomes.
The greatest strength has been in the housing market, with sales activity in the apartment market falling away last year.
As a result, the most positive statistics on prices and rents are being seen in the housing market, and much less so in the apartment market.
The latest figures from SQM Research suggest a 13 percent annual rise in house prices and a 4 percent rise of units. CoreLogic’s latest data says houses are up 10 percent and units 7 percent.
The Canberra figures for house price growth are bettered only by Melbourne and Sydney.
The national capital is also the national leader on rental growth, helped by very low vacancy rates. Both SQM and Domain suggest vacancies are consistently around 1percent (only Hobart is lower among the capital cities).
SQM says rents are up 7 percent for houses and 2 percent for units, while Domain reports 6 percent growth for houses and 5 percent for units.
Median rental yields are 4.1 percent for houses (compared to 2.8 percent in Sydney and 2.6 percent in Melbourne) and 5.1 percent for apartments.
Overall, as I have often commented, the standout characteristic of Canberra is the steadiness of its performance. I sometimes refer to it as the Goldilocks of Australian real estate: not too hot, not too cold, just right.
That, plus the low vacancies and the growth numbers now emerging, make the national capital increasingly appealing for investors.
Another predictable factor in the ACT market is the predominance of the northern part of the city in terms of growth markets.
While there are now growth suburbs across the Canberra metropolitan area, the strongest precincts once again are the Belconnen and Gungahlin districts in the north.
In the latest Hotspotting research for The Price Predictor Index, we have identified 18 Canberra suburbs with rising markets and nine of those are in the Belconnen and Gungahlin areas.
Belconnen (six growth suburbs) has taken over from Gungahlin (three) as the clear market leader.
Suburbs with rising markets in the Belconnen District include Flynn, Bruce, Florey, Holt, Macgregor and Evatt. Bruce, where house sales have risen from 38 to 41 to 44 to 54 in the past four consecutive quarters, is typical of the suburbs that are rising.
There are growth markets elsewhere as well, including in the Tuggeranong and Inner South precincts of the city. 
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

As Sydney market fades Canberra gains strength: Terry Ryder

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Buyers wanting to a toehold in Canberra's retail market have the choice of the primary locations of Canberra City, Braddon and Kingston Foreshore, as well as the secondary locations of Woden, Belconnen and Gungahlin, according to valuation firm Herron Todd White.
Entry to the lower end of the primary locations ranges from $5,500 to $7,500 per sqm for ground floor bare space in a modern building. Waterfront locations are fetching prime rates of up to $10,000 per sqm due to the preference for water views over standard street frontage. Yields for good quality accommodation in primary locations range from 5.5% to 7.25%, said HTW.
"The typical property would be a unit (strata title) in a complex comprising 50 to 150 square metres within a mixed use commercial and residential development. It would include good exposure to passing traffic and a mix of tenancy occupants such as restaurants, individual clothing retailers and boutique outlets, accompanied by an office and residential component on the upper levels," HTW said in its June update on the retail market.
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Secondary locations such as Woden and Belconnen are more accessible at the lower end of the market, it said.
A number of new mixed-use developments are providing modern space at ground floor level which is more affordable than primary location equivalents. These include developments such as Mystere at Macquarie and Altitude, Northpoint Place, Belconnen. Market entry prices range from $2,000 per square metre to $7,500 per square metre for a 92 sqm unit with a 10-year lease in an established centre.
Property Observer found a few properties for lease in Belconnen and Macquarie.
An office space is available for lease at <a href="https://www.realcommercial.com.au/property-offices-act-belconnen-502432362" target="_blank">10 Lathlain Street, Belconnen</a> for $63,700 p. a. excluding GST.
 <img src="https://www.urban.com.au/images/2017/06/14/BelconnenACT.png" alt="">
A retail centre at <a href="https://www.realcommercial.com.au/property-medical+consulting-act-macquarie-502398858" target="_blank">3-9 Bowman Street, Macquarie</a> is available for rent at $102,000 p.a. excluding GST. It is a two-level office/retail building with floor area of 255 sqm.
 <img src="https://www.urban.com.au/images/2017/06/14/MacquarieACT.png" alt="">
Yields achieved for secondary commercial properties range from 6% to 10% and reflect the strength of the lease covenant nature, age of the improvements and the type of purchaser investor or owner-occupier. The lower price sector is stable at present with demand coming from self managed superannuation funds and owner-occupiers. The market appears to be securing long term potential over the initial yield.
The population growth in the northern suburbs of Canberra and densification of the inner city is seeing demand for this property type grow as people enjoy the convenience of accessible local goods and services. Both primary and secondary locations are offering this type of property and continue to evolve.
"We are seeing the emergence of Melbourne-style laneway occupants providing interesting and point of difference uses that were previously unavailable to retail uses. An example is No Name Lane in the city opposite Hobart Place which provides a vehicle-free pedestrian zone, allowing a pleasant alternative to the typical corner shop or shopping centre space situated between two buildings."
The secondary locations are providing opportunities for purchasers to acquire property in the lower price sector at an entry level that is similar to that in prime locations, yet more affordable. 
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Canberra's secondary locations provide good entry level into retail: HTW 

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Canberra’s Capital Executive Apartment Hotel has changed hands for the first time in 22 years in a complex deal that has involved a large-scale unit buy-out.
The sale to Madison Hotel Group will see the property undergo extensive refurbishment before relaunching under their new brand as Madison Suites Canberra.
The group, run by family business partners Brett Morgan and Beverley Clench, purchased the management rights to the 87-unit apartment hotel on Northbourne Avenue along with 36 freehold units, which the vendor had acquired over a number of years.
Negotiated by Resort Brokers Australia on behalf Stanbritt Pty Ltd, headed by long-time director and sole proprietor Jim Stanwell, the sale was handled jointly by broker Russell Rogers and managing director Ian Crooks.
Mr Rogers said the sale took almost 12 months to conclude as it hinged on Madison Hotel Group also seeking to buy the balance 51 units in the building from individual investor owners.
“In the end, they have independently secured 48 of the other units, which allowed their purchase from the proprietor to be finalised,” he said.
“So it was a very satisfying result, particularly as Canberra is one of Australia’s most tightly-held accommodation markets.”
Resort Brokers Australia declined to disclose the sale price.
Madison Hotel Group, which owns a number of properties in Canberra, Sydney and regional NSW, operates both short-term and permanent residential accommodation businesses.
They also own the Chifley Plaza Hotel in Townsville, North Queensland, which is now being refurbished for planned rebranding as Madison Plaza Townsville.
Resort Brokers’ Ian Crooks said the unusual “hybrid” Canberra sale would see the Capital Executive Apartment Hotel revert from a management rights operation to a more traditional hotel-style establishment under largely single ownership.
“It is a prime property on a large 2,040 square metre corner block in Canberra’s major tourism and accommodation precinct, five minutes’ walk to the CBD,” he said.
“It has been consistently recording occupancy rates over 80 per cent, and there is strong potential to further grow the business.
“The buyers are experienced operators who will usher in a new era for the property, with refurbishment starting immediately.”
Accommodation is a mix of studio apartments and one-bedroom spa suites, while facilities include a business centre, gym, sauna, two spa pools, 24-hour undercover security parking, and an onsite licensed restaurant (outside operator).
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j.ballantyne1990-6AQqhLzZaK

Canberra’s Capital Executive sells for first time in 22 years

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The ACT government’s budget earlier this month signalled three major changes for the property market.
The changes include extension of the land tax to all homes that are not the owner’s principal place of residence, whether they are rented or not, said lawyers Meyer Vandenberg in a note. The new tax is expected to raise an additional $2 million in revenue annually and will be implemented from July 1, 2018.
In a nutshell, it is a vacancy tax. Earlier this year, Victoria had announced a vacancy tax and the Federal Budget also announced a new tax on vacant properties owned by foreigners in its efforts to address housing affordability.
At present, land tax is already paid by owners of residential properties that are rented, or that are owned by a company or a trust. Land tax is not paid by the owners of commercial property.
The basis for calculating land tax, and the marginal rates, will also change on 1 July 2017, said the law firm.
Another change is the stamp duty on the transfer of commercial properties. From July 1, 2018, stamp duty on the transfer of a commercial property valued at less than $1.5 million will be abolished. 
Stamp duty will be paid at a rate of 5% where a property is valued at $1.5 million or more. 
“This will mean that the majority of commercial conveyance transactions in the ACT will not be subject to stamp duty from 1 July 2018,” they said.
Also, from June 7, 2017 stamp duty rates will change for commercial and residential properties. The commercial stamp duty rate will be effectively half of the residential stamp duty rate, they said.
From July 1, the government has also changed the Lease Variation Charge (LVC) applicable to varying crown leases to limit the maximum number of residential dwellings permitted on the land. This applies where a crown lease doesn’t currently specify the maximum number of dwellings.
Currently, a variation of this type of crown lease would incur an LVC of $7,500 per dwelling for the first three dwellings, and $5,000 for each additional dwelling.
“We understand that from 1 July 2017, the new LVC will be calculated on the basis of a flat charge of $30,000 per dwelling,” the note said.
However, development applications which are formally submitted for a completeness check in eDevelopment before 30 June 2017 will incur the current (lower) LVC.
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Land tax to be levied on vacant residential properties in ACT

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A new Canberra park has snagged a national design award for greening up one of the territory’s newest urban spaces.
Hassett Park in the burgeoning Campbell 5 precinct was recognised with the 202020 Vision Green Design Award at the Good Design Awards in Sydney on Thursday night.
The award celebrates green and living infrastructure in urban environments.
Hassett Park, designed by Jane Irwin Landscape Architecture and Hill Thalis Architecture and Urban Projects, incorporates water sensitive urban design, bike paths, play spaces and native trees.
The park sits within Campbell 5 precinct off Constitution Avenue.
Kate Hulm, head of marketing, public relations and research for JWLand – the developer behind Campbell 5 – said Hassett Park was a key selling point, with many apartments overlooking the space.
“There is a strong sense of community pride among Campbell residents and Hassett Park has really added to that,” she said.
“The intelligent design of the park provides great natural amenity for Campbell residents and is a popular spot for group fitness classes, dog walking and outdoor play.”
The award-winning park is among a number of green features throughout Campbell 5’s design including vertical gardens, rooftop gardens and trees.
The growing precinct encompasses a number of residential projects including Koben, Greenwich Grand, Saint Germain and Greenwich Park.
Judging criteria for the green design award included a project’s contribution to green space, the prioritisation of vegetation at the development stage, human connection with nature, air purification, water sensitive design and improvements to green infrastructure.
Hassett Park was named after the first chief of defence force staff, General Sir Francis Hassett.
It hosted the Campbell 5 Community Festival in May to raise funds for Soldier on Australia
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Park at Campbell 5 wins green gong at national Good Design Awards

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Canberra house prices have grown significantly over the past 12 months, according to Herron Todd White’s recent report.
The property valuation firm says that this could be due to both limited supply of houses and low interest rates.
“Like most capital cities in Australia, Canberra has seen a significant growth in house sale prices over the past 12 months," the report said.
"This is partly due to low interest rates and a limited supply of houses coming onto the market.
"It is expected this trend will continue as properties in established suburbs remain tightly held and highly sought after.
"Currently houses are providing much stronger capital gains than apartments.
"This is probably due to an oversupply of apartments in the Canberra market and a number of apartment developments beginning construction.
"These low capital gains look set to continue as new apartment developments are beginning construction in the CBD, Molonglo Valley, Woden and Gungahlin."
The report noted low interest rates seem to be contributing to the strong housing market.
"An increase in interest rates may see some property owners being stretched financially which could result in them being forced to sell.
"If several of these sales are introduced onto the market it may reduce prices and could represent good buying opportunities.
"Alternatively an interest rate rise may force more buyers out of the market which could reduce demand,” the report stated.
Detached housing are also increasing in the area Herron Todd White commented.
“Detached houses in established suburbs have been performing very well throughout the ACT recently due to a perception of low supply and high demand.
"This trend may slow over the next six to twelve months due to new dwellings built on Mr Fluffy reclaimed blocks coming onto the market.
"A change in planning regulations allows multiple dwellings to be built on what were previously only single dwelling blocks.
"This would result in an increase in the number of dwellings in the sought after established suburbs of Canberra and may slow the strong capital growth seen lately,” the report advised.
Herron Todd White stated that other factors for the price growth includes stamp duty and similar changes.
“Another factor likely to change the direction of the property market would be changes to legislation.
"Recently we have seen the stamp duty costs being abolished for properties under $600,000 in Victoria for first home buyers.
"There hasn’t been any talk of similar legislation being implemented in the ACT but if it were it would incentivise first home buyers to enter the market.
"This could affect the market in different ways. It may help balance the apartment market by providing more demand for an over supplied market.
"However in the housing market it would increase demand for what seems to be an under supplied market therefore increasing prices further,” the report commented.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-kingston-125277642" target="_blank">15 Cunningham Street</a>, Kingston (above) was recently sold for $1.25 million.
Similarly a two bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-act-turner-125274570" target="_blank">401/155 Northbourne Avenue</a>, Turner (below) was recently sold for $770,000.
<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/2017/05/16/401_155%20Northborune%20Avenue.jpg" alt="">
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House prices in Canberra increase given limited supply: HTW

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Long-time rich lister and Canberra Airport owner Terry Snow is Australia's newest billionaire.
Last year, he slipped two places to 84 in the BRW Rich List of the wealthiest 200 Australians. His estimated wealth was around $685 million last year.
But this year the word is that he's joined billionaire status. The magazine hits news stands later this week in its 34th edition.
Last year’s billionaire’s club had 53 rich listers, with Harry Triguboff, Australia’s largest apartment builder, leading with a wealth of $10.62 billion.
Other property tycoons in the top 5 were Westfield chairman Frank Lowy at no. 3 with a wealth of 8.26 billion and John Gandel at no. 5 with $5.4 billion.  
Terry Snow's smartest investment was buying the Canberra Airport for $65 million in 1998 with a 99-year-year lease from the Federal Government. He committed $480 million to its redevelopment.
The upgrade paved the way for a major new terminal in 2013 and the airport has more international flights now. 
The value of all the properties in the airport portfolio was listed at $2.6 billion in its 2016 financial report, up from $2.39 billion the previous year. It made an operating profit of $216 million.
Since privatisation Canberra Airport precinct now comprises the terminal and Fairbairn RAAF base, as well as Brindabella Business Park and Majura Park, all of which have undergone extensive development.
The Canberra-based businessman, who started out as an accountant, is spending $100 million on a horse facility that would be his legacy project.
It caters for all equestrian sports, including dressage, showjumping, three-day-eventing, campdrafting and vaulting, according to the Australian Financial Review.
He has appointed Cox Architecture for designing the custom-built horse park on Snow’s 860-hectare property, Willinga Park, at Bawley Point on the NSW south coast.
Snow wants the park to stage a variety of horse events, for which he intends to partner with leading equestrian organisations and attract corporate sponsorship, the AFR said. The private park has multiple arenas, a stable complex and showy hospitality space.
He’s also breeding pedigreed Australian Stock Horses with price tags averaging $11,000, whose sale is expected to help the costs of the park’s full-time staff.
The property comprises three Olympic-sized dressage arenas, one of which is undercover, plus a warm-up arena, the AFR recently noted.
It was Bob Snow and his two sons, Terry and George, who founded the forerunner to CPT in Canberra in the early 1980s. Terry Snow was the driving force behind Capital while his brother held  separate interests in two listed companies, Biron Corporation and Skansen Holdings.
Terry Snow, of Capital Property Trust, debuted with $70 million in 1993 when the 10 richest were: 
<ol>
<li> The Murdoch family         $4.5bn</li>
<li> Kerry Packer                $3 bn</li>
<li> Sidney Myer, Neilma Gantner and Marigold Southey  $820 m</li>
<li> David Hains                $750 m</li>
<li> Frank Lowy                 $670 m</li>
<li> The Smorgon family         $650 m</li>
<li> Lindsay Fox                $600 m</li>
<li> Richard Pratt              $550 m</li>
<li> John Gandel                $500 m</li>
<li> Solomon Lew                $500 m</li>
</ol>
 
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Long-time rich lister and Canberra Airport owner Terry Snow is Australia's newest billionaire

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Canberra’s unit prices in private treaty sale hover around the $400,000 mark, according to CoreLogic’s latest report.
The property data firm says that the current median price for units in Canberra is $399,250.
Houses in Canberra cost around a $605,000 medium.
<a href="https://www.propertyobserver.com.au/images/2017/05/22/Screen%20Shot%202017-05-22%20at%2012.20.06%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%2012.20.06%20pm.jpg" alt="">
Sydney continues to be the most expensive place to purchase a unit with units sitting at a $730,000 medium.
Adelaide is the cheapest place to purchase a unit with a unit there costing around a $348,500 medium.
A one bedroom unit at <a href="https://www.realestate.com.au/property-apartment-act-o%27connor-125514882">7/16 Macpherson Street</a>, O’Connor (above) has been listed for above $360,000.
Similarly a three bedroom unit at <a href="https://www.realestate.com.au/property-apartment-act-bruce-125498294">15/48 Lampard Circuit</a>, Bruce (below) has been listed for $390,000 plus.
<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/2017/05/22/15_48%20Lampard%20Circuit.jpg" alt="">
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Canberra unit median prices approaching $400,000 mark: CoreLogic

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Median properties in Canberra can cost between $400,000 to $605,000, according to CoreLogic’s latest report.
The property data firm says that units in Canberra have a median price of $400,000 while houses come around a $605,000 median.
<a href="https://www.propertyobserver.com.au/images/2017/05/15/Screen%20Shot%202017-05-15%20at%2010.56.58%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/2017/05/15/Screen%20Shot%202017-05-15%20at%2010.56.58%20am.jpg" alt="">
This puts Canberra as the third expensive locality to purchase a house, with Sydney and Melbourne above it.
However it is also the third cheapest locality to purchase a unit with Adelaide and Hobart units being much cheaper.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-act-charnwood-125323746" target="_blank">9 Holtermann Place</a>, Charnwood (above) has been listed for $510,000 plus.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-act-macgregor-125384290" target="_blank">62 Hollows Circuit</a>, MacGregor (below) has been listed for $439,000 plus.
<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/2017/05/15/62%20Hollows%20Circuit.jpg" alt="">
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