<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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Demand for private sector office space rental within the Canberra market is high around the sub, 1,000 square metre market, with tenant representatives, digital media and telecommunications driving demand.
Colliers International director of government services, office services, Michael Ceacis said these ACT sectors all seem to have exposure to the inevitable growth in the Commonwealth Government.
"Whilst the Canberra market appears focused on attracting large tenants, who are largely the Commonwealth, he is witnessing significant activity in the sub 1,000sq m leasing market," Mr Ceacis said.
<a href="/images/2015/07/10/Screen%20Shot%202015-07-10%20at%201.33.38%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/10/Screen%20Shot%202015-07-10%20at%201.33.38%20PM.png" alt="">
 
<a href="/images/2015/07/10/Screen%20Shot%202015-07-10%20at%201.34.42%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/10/Screen%20Shot%202015-07-10%20at%201.34.42%20PM.png" alt="">
 
Source: Colliers International Research
 
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mick.cee-iDmgDDAmu8

Demand for ACT commercial property on the rise: Colliers International

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The most recent Canberra office sale has been the purchase of the commercial tower at 20 Allara Street in the CBD.
It was bought for about $20 million by the Morris Property Group, a residential apartment developer owned by Barry Morris of Queensland. 
Cityscope suggests this foreshadows a residential conversion for the site, a trend already strong in the eastern states, "but yet to have a big impact in Canberra."
The property currently comprises an 11-storey office building in Allara Street and a 3-storey office and retail section along City Walk on a site area of over 3,000 sqm.
The property last traded at $23.25 million in 2003.
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jchancellor-FAypfDUnLy

Barry Morris buys Canberra office block

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<div class="cT-imageLandscape">
The 1950s Canberra home of the late former prime minister Malcolm Fraser and his wife Tamie​ has been sold.
It had been listed with $1,775,000 hopes.
</div>
The four-bedroom property at <a href="https://www.domain.com.au/property/sold/house/act/deakin/?adid=2011483296" target="_blank">8 Daly Street</a>, known as JM Fraser House, was designed by Melbourne architect Guilford Bell in 1959.
The home was built three years after the couple wed with Malcolm Fraser then a backbencher.
The property, which was marketed as a piece of Australian history, is 300 metres from The Lodge.
It was listed through Berkely​ Residential and passed in on a vendor's bid of $1.7 million at recent auction.
The grand residence has origins in Georgian architecture combined with American plantation homesteads.
It has large rectangular windows and glass doors that surround the living areas and allow light to dominate each room.
It has soaring ceilings, and period features have been retained during several updates of the home by vendors Tony and Sue Marinos.
The vendors, the third owners purchased it 22 years ago for $425,000.
The property was first listed last August when $2 million was tipped for the home is on a block of 1340 square metres in Old Deakin.
It had also been listed in 2005 a $1.98 million.
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Guilford Bell-designed JM Fraser House, Deakin sold

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The Hong Kong billionaire Tony Fung intends to backdoor list his newly acquired Canberra Casino.
It will be done through the rare-earths explorer Discovery Resources, which is changing its name to Aquis Entertainment.
The Australian Financial Review reports a $2 million capital raising at 20¢ per share will take place, giving Tony Fung's company an 89% share in the listed entity.
Fung purchased the Canberra Casino in December last year for $6 million.
It has 39 gaming tables.
Fung is seeking a casino licence at the Aquis Great Barrier Reef Resort.
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Hong Kong billionaire Tony Fung to list Canberra casino: reports

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The international style setter Tyler Brûlée says Canberra's CBD need urgent urban renewal initiative.
<a href="https://www.ft.com/intl/cms/s/0/4dec3b54-ce36-11e4-86fc-00144feab7de?siteedition=intl#axzz3VRLZOQME" target="_blank">His weekly Financial Times column</a>, following a recent visit, acknowledged the sparkling new airport.
"But the capital’s central business district leaves a lot to be desired," wrote Brûlée.
"With seemingly every other shopfront available for lease, a lack of proper landscaping and no shortage of well-paid civil servants and diplomats, a smart developer should seize on a stretch of streetfront and kick off an urban renewal initiative."
His timing was exquisite as a new discussion paper on the future of Canberra's CBD calls for immediate action to be taken to revitalise the languishing city centre.
The ACT Property Council and Canberra CBD Limited paper recommends the ACT follow the successful City of Melbourne "Postcode 3000" campaign of the 1990s to save the territory's CBD.
Property Council ACT executive director Catherine Carter said the city centre faces many challenges – transport bottlenecks, empty streets and boring building facades.
Officially the Property Council of Australia's figures show a record high office vacancy rate of 14.7% and Canberra CBD Limited's latest retail activity report indicates a vacancy of 15.7%.
Brulee's column went on to praise a recent Sydney restaurant meal.
"When was the last time you tucked into a dish and found the whole experience so delicious and mouthwatering that you haven’t been able to stop thinking about the next time you might be able to return to sample it again?" he wrote.
"Eight days after I sampled the udon bolognese at Cho Cho San in Sydney’s Potts Point I’ve been trying to find an excuse to book a trip back there."
<a href="https://www.ft.com/cms/s/0/4dec3b54-ce36-11e4-86fc-00144feab7de#ixzz3VRNFwA5o"></a>Melbourne, he says, is a city that just keeps on getting better noting the fare at Supernormal on Flinders Lane.
But he says Victoria’s state capital is in desperate need of a good hotel.
"With none of the big chains putting on a particularly good show, the opportunity is there for a small property to deliver 20-30 rooms in a residential setting complete with rambling garden and an easy-breezy restaurant/bar staffed by one of the city’s better chefs," Brûlée wrote.
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Tyler Brûlée says empty Canberra CBD needs urban renewal…and possibly udon bolognese eatery

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There’s only a three-hour drive separating the two places but Canberra and Sydney are worlds apart when it comes to real estate.
That Sydney has been accelerating while Canberra has been in slow reverse is ample evidence that it’s foolish to speak of conditions in “the Australian property market”.
It also exposes the folly of claims of surging house prices across Australia. Nothing is surging in Canberra, other than Clive Palmer’s ego and tendency towards erratic behaviour.
While Sydney has had 18 months of upside, Canberra has experienced a slow and steady trip on the downside.
My research on Canberra for the next edition of The Price Predictor Index shows the trends evident in the two previous quarterly editions have continued – a gradual descend into downturn.
In the May edition I commented that the Canberra market was “going nowhere – neither up nor down - there is little in the way of meaningful growth, with markets stalled by uncertainty and nervousness resulting from the Federal Government’s plans to make big cuts to the public sector workforce.”
In the August edition I noted that the situation had worsened, with a reduction in the number of suburbs with any sort of positive pattern. The upcoming November edition will record a further deterioration in market conditions.
There are no “Rising Fast” markets in Canberra and only five “Rising Steadily” markets.
There remain a dozen suburbs rated as “Consistency” markets. In this regard, the standout precinct is the far north of the city, where new house-and-land sales are helping to maintain steady sales rates.
But the overall message is a marked absence of momentum, especially in the apartment market.
The number of apartment sales has been decreasing steadily for the past two years. In both the September and December quarters of 2012, there were 800-plus apartment sales across Canberra. By the March quarter of this year unit sales were down to 620 and in the September quarter there were an estimated 580 sales.
All of the Canberra markets with strong patterns of declining sales activity are unit markets. The suburb of Bruce, which was typically selling 40 to 50 apartments per quarter in 2012 and 2013, is now managing about 20 sales per quarter.
The biggest single apartment market is Kingston, which had 89 sales in the September Quarter of 2012 and 73 sales in the September quarter of 2013. But it’s gone steadily backwards since then, with only 48 sales in the June quarter this year and an estimated 30 sales in the September quarter.
The number of house sales across Canberra has also decreased, though not as much as apartments.
This pessimistic scenario is now reflected in data on prices and rentals. Domain Group’s September quarter House Price Report recorded a 2% quarterly decline in Canberra’s median house price and a 4% quarterly reduction in the median unit price.
The median rent for houses dropped 3% in annual terns and median rent for apartments is down 5%.
There has been an inevitable weakening of demand as the federal government moves towards giving the public service a short back and sides, while relocating some elements to regional areas where the costs are cheaper.
Terry Ryder is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> him or contact him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

Canberra's market is stuck in reverse

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Canberra currently has 20 suburbs where the median apartment price is recorded at under $400,000, according to RP Data.
A further 21 have median prices in the $400,000 to $500,000 bracket. The most expensive suburb in terms of apartment median prices was <a href="/news">Yarralumla</a>, with an $808,000 price tag.
Gross rental yields for apartments sit firmly in the 4% to 6%, with no notable exceptions.
<a href="/news">Macquarie</a>, which made the list below, recorded the highest rental yield, at 5.8%, with the lowest recorded rental yield being <a href="/news">Deakin</a>'s 4.6%.
<a href="/news">Curtin</a>
Median price: $280,000
<a href="/news">Franklin</a>
Median price: $290,000
<a href="/news">Hawker</a>
Median price: $310,000
<a href="/news">Holt</a>
Median price: $325,000
<a href="/news">Scullin</a>
Median price: $339,000
<a href="/news">Ngunnawal</a>
Median price: $350,000
<a href="/news">Theodore</a>
Median price: $356,000
<a href="/news">Macquarie</a>
Median price: $358,000
<a href="/news">Watson</a>
Median price: $358,000
<a href="/news">Macgregor</a>
Median price: $362,000
Narrowly missing the top 10 list included <a href="/news">Gordon</a>, with a $365,000 median price, <a href="/news">Gungahlin</a> and Isabella Plains, both with <a href="/news">$370,000</a> median unit prices.
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jduke-EHk3XBmHkn

The 10 cheapest unit suburbs in ACT

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A five bedroom Red Hill, Canberra home fetched $3.4 million at weekend auction.
Set at the top end of <a href="https://www.realestate.com.au/property-house-act-red+hill-117803695" target="_blank">Mugga Way</a>, it sold through Peter Blackshaw Manuka after the $2.8 million opening bid
The home had never been lived in, having been constructed on the 2044 squad metre block over a number of years by the vendor.
The home at 149 Mugga Way had 502 square metres of living space plus 110 square metres of garaging.
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Mugga Way, Red Hill auction secures $3.4 million sale

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Any time someone in my family buys property, I know about it. Property fever is in the air regularly in my extended family – I have cousins who are real estate agents, many of them invest, and a few of them have also recently become first home buyers themselves. I am no stranger to the excitement that buying property causes.
Even my parents are in on the action. They are currently in the process of designing plans for a newly purchased block midway between Canberra and New South Wales. It’s a 10 plus hectare land plot that I visited with them on a road trip when back on my last trip back to Sydney, and I absolutely fell head over heels for it.
They’ve bought into the second stage of a rural subdivision and have picked a block that’s conveniently bare save for a few distinctive boulders and trees, largely flat and has a creek running through one end. It has views all the way over the little town that it is adjacent to. Their home plans are also impressive – with a beautiful verandah, a huge kitchen and walk in pantry, energy efficiency measures and an entertainment wing with a sunken snooker table and cinematic-style projector room. It’s essentially their dream home – the property they’ve been planning for years that saw them selling out of Sydney’s north west and hunting for their final nest.
The effect that seeing this had on me was fairly immediate. My initial reaction was to want to know everything about the property and the process. The settlement was painfully slow, and I wanted to know why. Later, they found the land being used for agistment by local farmers, and I listened in on the hilarious attempts of my parents to move cows from their plot so they could wander around. Daily, I’m told plans that they have for it, the tiny changes to the kitchen plan, and intricate discussions about the Kitchen Work Triangle and building chicken coops.
And then, somewhere in the process, I decided I wanted the block next door.
For most people, this is going to sound odd – don’t most of us move out, have our own lives, and endeavour to live as far away from our parents (and in laws) as possible?
But you should see this land.
For the sake of my parents’ privacy I won’t share the address, but it’s stunning. It’s no secret that regional areas hold a huge charm for me, and I was easily taken. While the block doesn’t have the enviable views of my parents’ selection – it’s over the road and down the hill somewhat from their next home – it has a brick bridge for train tracks that runs through it with an infrequent train service (and some freight) over a creek. It’s spacious, and I had basically already chosen where I’d have the house built and where I’d be putting my barbecue before I'd left.
My partner and I have been preparing and slowly saving away for our next property; we have been undecided as to whether it should be an investment or a home in Melbourne given our relocation. This block is just in the range of what we can afford, provided lending doesn’t become an issue in the area, and I called my mother to chat it over.
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We have been preparing and slowly saving for our next property; but have been undecided as to whether it should be an investment or a home in Melbourne.
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We figured that I could buy it for our retirement, and build on it when prepared to live rurally in the distant future. Quickly, I was calling it “my block” (don’t you love how easily that happens?) and checking out my lender of choice's repayment calculator, doing my own sums. My Dad, a bullish property investor – although we rarely agree on locations or what to buy – told me that if I wanted then I could put solar panels onto it, and have some of it grazed by the farmers to provide some form of an income. Obviously, there are some tax implications to this that I’d need to consider, but it was starting to shape up to something worth considering and that could actually work.
See over page for why I decided to steer clear of purchasing
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But then the dawn of realisation occurred.
The day I retire and do my own “tree change” is some decades into the future. I would be laying down no small sum, taking on a large amount of debt, for an asset that doesn’t produce any real rental income. I then wouldn’t be using it for a long time, and the repayments would put a toll on my ability to save and pay down other more immediate debt. With the funds that I’d be using to purchase something that I dearly wanted, and was starting to daydream about, I might actually be stopping myself from achieving more by being wiser with my purchases. Unless you’re one of the lucky few with bottomless bank accounts, then you’re going to need to be careful with your money.
My ability to stomach risk now is likely higher than it will be in 30 or so years. If I choose a property that underperforms, I can weather it through. What is less likely to work, however, is if I tie up all my capital and push myself to full capacity with debt that stops me from investing further in growth assets. Not to mention that my partner doesn’t necessarily want the same things in retirement that I do (that is, to live within walking distance of my family and not within easy driving distance of anything resembling civilisation).
There are also the other considerations – one being that the area will substantially change by the time I come to live there, meaning it might not be the rural haven I'm after when it comes to retiring, or that my own goals and desires to live like this will also alter.
Or I might need to sell up due to a change in my own financial circumstances. This is just one of many regional areas that moves very slowly. Days on market are extensive for the very few properties that come to market each year, not to mention for that particular type of comparatively large landholding. While my investing ‘profile’ suggests that I can handle more risk – this risk of tying up my capital in a very slow moving asset is certainly not the type of risk I am prepared to deal with.
For this reason, my future tree change location is a dream that I’m putting on hold. It’s the pain of the opportunity cost, and risking better more targeted purchases, that I cannot stomach. Not everyone will make this decision – to choose their head over their heart – but it’s the advice that we’re frequently hearing and considering these implications now will hopefully pay off in the future.
It’s amazing how closely linked our heart strings and our purse strings are. Sure, it might ‘feel right’, but I’m getting increasingly used to having to rein in my desire to purchase something – when you write about property every day you inevitably stumble across stunning cheap “renovator’s dreams” and cheapie Tasmanian heritage homes that you’ve already mentally decided to buy, where the dogs would sleep, what colour you’d paint the walls and so on. These “five unusual NSW renovation opportunities” that I put together in May, for instance, had me hooked for a while. Church conversion? I can see myself in that. Old warehouse requiring substantial work and potential sweat/blood/tears? No problem. 
There's nothing wrong with thinking like that, but there may be an issue with acting on it without due care.
If you’re like me, you might get caught up in the dream of property a bit (a lot), but you need to give yourself that ‘step back’ breathing room where you do a bit of a logic test on your decisions. Just because you love it, doesn’t mean that you should buy it. This isn't a pair of shoes, or a fancy meal, this is an often decades-long financial commitment. If you're looking to invest, it's not about your emotions, or even about your instinct a lot of the time. It's about the cold, hard facts and numbers. And, no matter how much you’ve researched it, no matter how close you are to signing on the dotted line, if it’s not right for you – you can look for something else.
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There's nothing wrong with thinking like that, but there may be an issue with acting on it without due care.
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I’m still learning this lesson, but the fact is that my parents have taken this time, lived in undesirable areas and earned their dream home – both through long careers that they’re still building and through many other years of paying off a mortgage and planning for this. I have a few more stripes yet to earn before I can do the same, so it's back to the drawing board.
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Letter from the editor: Opportunity cost is one of the biggest risks

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A new variation to the Territory Plan in the ACT, commenced recently, has reduced the potential building heights proposed for some areas.
This includes land around Allawah Court, Currong Apartments and Bega Court, which Minister for the Environment and Sustainable Development, Simon Corbell, notes is now reduced to 12 storeys from the original 15 storeys, as a result of the potential negative impact on nearby residents. This is under Variation 308.
It also looks to revitalise aged public housing stock in Braddon and Reid. Much of the area under the change is occupied by public housing stock.
"This redevelopment will reduce reliance on the motor vehicle for new residents and promote the use of public transport, cycling and walking as alternative transport," he said.
"As well as higher density residential development the variation includes a requirement for a minimum of 5,800 square metres of space for community facilities to be provided on the site," he said.
"Variation 308 also contains provisions to encourage small scale community uses on the site to meet the convenience needs of residents and to ensure the street frontages are active and vibrant."
This came after much discussion in the local community over fears that the higher level residential developments could cause anti-social behaviour in public housing properties.
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