<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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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</main>

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

Canberra

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A $1.25 million Braddon home was the weekend's most expensive Canberra auction sale.
The 1927 four bedroom home sold at a price that reflected an annual price appreciation of 7.96% having last traded for $852,000 in 2012.
Inspired by architect of Canberra Walter Burley Griffin's Garden City, the 1067 sqm dwelling features a leafy urban environment with vegetable plots and fruit trees surrounding a red brick terrace.
The updated home has preserved its period details, with original timber detailing, high battened ceilings, terracotta roof tiles and two original fireplaces.
Braddon is located in the inner north of Canberra, providing convenient access to public transport transport and substantial recreation, entertainment and community facilities.
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jrobinson-rf4aSBido9

Braddon home Canberra's most expensive weekend sale 

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Canberra's cheapest weekend auction sale was a $330,000 one bedroom unit in Braddon.
Positioned on the top floor of a townhouse, the unit has a study with a balcony which can be used as a second bedroom.
Peter Andrighetto of Wright Dunn Real Estate sold <a href="https://www.realestate.com.au/property-townhouse-act-braddon-121255982" target="_blank">22/53 Elimatta Street</a>. The price reflected a 3.21% annualised price appreciation.
The property, located within minutes of Canberra city centre, also has a lock up garage.
 
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Braddon one bedder Canberra's cheapest auction 

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The most expensive weekend sale in Canberra was a $2.32 million renovated family home at Forrest. 
Mario Sanfrancesco and Andrew Chamberlain at Peter Blackshaw were the selling agents of <a href="https://www.realestate.com.au/property-house-act-forrest-121202810" target="_blank">56 Dominion Circuit</a>.
The property has an annual appreciation of 4.97% having last traded in 2012 for $1.995 million.
The 1602 sqm property is located just a few minutes walk from Capitol Hill and the parliament buildings.
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Canberra's most expensive weekend sale tops $2 million

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The most affordable property in Canberra from the weekend's auction was a three bedroom townhouse which sold for $395,000.
The property was last traded in 2009 for $360,000 reflecting 1.44 percent annual increase in the last six years.
The property features an open plan living area which leads to a rear undercover deck and courtyard.
The two hectare lot in a private complex also includes an extra long remote controlled garage.
Lynn Chambers of LJ Hooker Belconnen was the selling agent of <a href="https://www.realestateview.com.au/Real-Estate/8-23-chave-street-holt/Property-Details-buy-residential-9711979" target="_blank">8/23 Chave Street</a>.
 
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Three bed Holt townhouse Canberra's cheapest

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A luxury residence in Bruce was most expensive sale in Canberra at weekend auctions.
Last traded for $1.3 million in 2005, <a href="https://www.realestate.com.au/property-house-act-bruce-121149414" target="_blank">9 Weatherburn Place</a> was sold by Brett Hayman of Peter Blackshaw Real Estate for $1.7 million.
The architecturally designed split level home features high timber cathedral ceilings, a wine cellar and a fully tiled indoor pool.
The family friendly home features a kids wing with three bedrooms, two bathrooms and a rumpus room.
A championship sized astro turf tennis court, circular driveway and landscape gardens complete the 1464 sqm block.
The house in a short walk to the numerous schools and shopping malls.
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Bruce trophy home most expensive Canberra sale

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ACT's price growth has been plotted over the past decade by BIS Shrapnel in the McGrath IPO prospectus.
There is also a forecast for 2016.
<a href="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.14.03%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.14.03%20PM.png" alt="">
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j.ballantyne1990-6AQqhLzZaK

ACT price growth over the past decade 2005-2015: BIS Shrapnel

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The investor market in Canberra has generally increased with the Mr. Fluffy government buyback scheme proving to be the main stimulus for investment, Herron Todd White has reported.
The valuation firms monthly review explained that the nature of this scheme opens up the potential for smaller developments and subdivisions to occur, in particular, smaller townhouse developments.
"Potential investors or opportunistic builders and developers are actively looking for the right block with the appropriate zoning to possibly develop, which generally leads to a ripple effect within the suburb as values could increase due to the increased activity stimulation these potential blocks attract.
"This has not come into full effect but we see that this trend is on the cusp of occurring.
"However we can currently see that demand for general investment has tightened due to the slowed market conditions of Canberra. The current lease variation charges that developers must take on has been the biggest obstacle in investment and development.
The report goes on to mention there is still a significant amount of construction occurring in Canberra, whether it be units, in particular the north side and Molonglo Valley, or the development of green sites in Lawson, Moncrieff, Wright and Molonglo.
"The strong population of builders, which is a mixture of local and out of towners can see the potential opportunity of investment in these blocks of land and are expressing interest in these areas.
"These particular Mr. Fluffy blocks are predominantly within certain established circa 1940s to 1980s geographical pockets around Canberra where asbestos has been previously used. These pockets are mostly the inner city, Weston Creek/Woden Valley and the older suburbs of Belconnen and Tuggeranong."
The November review went on to show the yields that achieve a stronger return are found in the newer suburbs of Gungahlin and Woden Weston (5% to 6%) as the price points ($500,000 to $700,000) are relatively low and the quality of surrounding services is appealing.
"This yield is also evident in the modern areas of Macgregor as this suburb provides affordable modern dwellings ($400,000 to $600,00).
"The inner suburbs have a 3% to 4% yield due to the higher price points ($600,000 to $1 million) of these areas and the increase in newer boutique unit developments. As always in Canberra, it’s the inner suburbs that retain relatively strong capital value. Location is king."
Lawson is a brand new suburb in Belconnen and is in very close proximity to the University of Canberra and Westfield Belconnen, the review indicates.
"The vacant land sales have been very strong and we have noticed that some investors have been looking to build large dwellings accommodating a higher amount of bedrooms and bathrooms, perhaps looking to rent out the many rooms to potential students and increasing their gross yield.
"Location is the major driver, however until the suburb and general development of buildings and the respective services are completed in the area we cannot fully determine the extent of this."
The report concludes by suggesting availability of the Mr. Fluffy sites with development potential in the ACT will eventually run out in the medium to long term however the NSW government has recently acknowledged the presence of Mr. Fluffy dwellings in the NSW Queanbeyan region.
"Perhaps similar townhouse and unit developments will occur in these areas."
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Canberra government Mr Fluffy buyback scheme increases investor market: HTW

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The commercial office market in the ACT remains in a state of flux with different messages being transmitted from government, says valuation firm Herron Todd White.
"Overall the commercial sales market remains strong at the top end with four significant sales occurring in the city and others in the wind", says the HTW report.
"The sales include two Mirvac holdings, remnants of the former Capital Property Trust.
"A property at 54 Marcus Clarke Street sold for $14.2 million with a WALE of circa two years and a yield of 9.7%.
"It is understood the purchaser, Centura Metro, has an open mind relating to this property with a residential conversion a possibility," says the report.
The report adds that Centura Metro also purchased 60 Marcus Clarke Street for $49.6 million with a similar WALE and a yield of 8.7%.
"We understand their intent is to retain this property as a commercial holding with some consideration to erecting additional space over the car park", says the HTW report.
"The property at 64 Allara Street sold for $16.8 million on a yield of 7.6% and a WALE of 4.6%.
"The purchaser was the Cromwell Property Group who we suspect was attracted by the yield."
The month in review says the political environment appears to have stabilised with the appointment of Malcolm Turnbull as Prime Minister however concern remains about the size of government and the accommodation strategy being adopted.
"The aborted tender for accommodation to house the Department of Immigration and Border Protection is a recent example.
"The tender cost participants substantial time and capital only to see the tender aborted and that time and money wasted.
"The decision came about due to local agitation from traders in Belconnen, the home of Immigration, when there was a real possibility that the combined department would move."
The HTW report also notes that it was decided that in the future all moves of the size proposed must also include a social impact statement.
"The result is that the overall vacancy of office accommodation remains high in the ACT and includes substantial space adjacent to the airport.
"Whether this tender will re- emerge is not known."
The report suggests that there are a number of properties in the CBD with leases to departments with less than two years remaining and the market watches retention outcomes with interest – will the tenant remain?
"Will the tenant be encouraged to move to premises held by government under long term leases which are not occupied in part or whole?
"The jury is out, however the lease over 10 - 12 Mort Street has been extended by a further eight years, expiring in 2017, giving security to both parties.
The report concludes by suggesting the sales mentioned above indicates a willingness to secure premises in Canberra even where the WALE is substantially reduced, provided the price is right. 
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Top end commercial sales market remains strong in ACT: HTW

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Estate agent John McGrath has bought into the Mr Fluffy controversy.
In an analysis on the Canberra housing market he noted the ‘Mr Fluffy’ buyback scheme, under which the government is buying back homes contaminated by loose-fill asbestos, had provided "a significant boost" to the market. 
Of the 1,022 homes affected, 1,014 are participating in the scheme. 
"Home owners have been well-paid for their asbestos-ridden homes, and with the additional benefit of a stamp duty credit on their next purchase, they have had a significant advantage over other buyers," he blogged on the Switzer website.
John McGrath noted most Mr Fluffy home owners had sought to buy back into the same areas.
"But some have taken the opportunity to move from older outlying suburbs into the blue-chip Inner North and Inner South, or the Gungahlin region where brand new suburbs, houses and amenities are very appealing."
His column has drawn criticism from a reader that every "Fluffy owner I know is significantly out of pocket and worse off, both financially and mentally for having to give up their asbestos ridden home."
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jchancellor-FAypfDUnLy

John McGrath says Mr Fluffy provided significant boost to ACT market

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Canberra’s office market is showing tentative signs of recovery, with leasing up threefold on the last 12 months, according to Savills’ latest Canberra office briefing.
It follows recent major cuts in public sector jobs and workspace ratios along with new green office requirements, which had seen the vacancy rate reach 15.3 %.
While the market was currently experiencing negative net absorption, the speculative development phase had ended and the 2015 federal budget did not indicate more public sector job cuts, according to Savills’ NSW research analyst Houssam Yakzan.
"The situation that the Canberra office market finds itself in at the moment is the result of a coincidence of opposing forces, including the election of a conservative government, which traditionally sees a reduction in the size of the public sector workforce, and the occurrence of a speculative construction cycle," he said.
"Both of those factors now appear to have come to a head. Over the next 10 years we expect to see a forecast rise in white collar employment delivering positive net absorption and we could see the beginning of that improvement in 2015/2016, however that improvement will also be tempered by negative net absorption in C and D grade buildings,’’ Yakzan said.
According to figures from Deloitte Access Economics, white collar employment is expected to grow at an average of 1 % per annum from 2017/18 to 2024.
Yakzan said less than 10,000 square metres of new and refurbished space was currently under construction with no further development in the pipeline. He said any other mooted supply would require significant pre-commitment for construction to take place.
"We expect any tenant demand during this period to be predominantly satisfied by existing stock given the current availability of space,’’ he said.
Savills divisional director, sales and leasing, Theo Dimarhos, said the market was showing signs of recovery with leasing in the 12 months to September tripling from the 12 months prior to 106,724 square metres, and also up on the five-year average of 100,300 square metres.
"These are already translating into lower vacancy rates in some areas of the market, indeed the high vacancy rate can be a little misleading in that it does not accurately reflect vacancies across the markets."
He said it was the secondary stock at 16% plus which distorted the overall picture.
"In the A Grade market Barton, and Belconnen, Woden and Tuggeranong town centres are performing quite well recording sub-5% vacancies, a result which compares well with most other capital city markets,’’ Dimarhos said.
The Canberra market had grown by 1.4% in the last 12 months, the second largest rise nationally behind Perth, the report said.
It found net face rents in Civic had not moved over the last 12 months and ranged between $328 and $390.
As for investments, office transactions totalled $152 million during the period with A Grade yields in Civic – which accounts for nearly 30 % of the market – currently between 6.75% and 8.5%.
Trusts were the key buyers with 53 % of purchases.
The most recent sales include that of 64 Allara Street, which sold for $16.8 million, 54 and 60 Marcus Clarke Street, which sold for a combined $63.26 million, and 20 Allara Street, which sold for $20.5 million.
Dimarhos said he expected yields for prime assets with secure lease profiles to remain strong.
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