<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;

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“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;

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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;

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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;

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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.

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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.

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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.

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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

China

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Chinese international real estate website, Juwai.com, explained that Australian real estate agents earned an estimated $147.5 million in commissions on Chinese buyer transactions in the past financial year.
In fact, this figure could be even higher. Basing their statistics on the total transaction value, multiplied by the estimated average commission rate of 2.5%, it’s clear that the real commission earnings could be even higher. The total Chinese investment in Australian property jumped 149% over the recorded financial year, to $5.9 billion.
A Juwai spokesperson told Property Observer that they used a conservative commission rate to come up with this figure, and noted that as a site their model is not to take commissions themselves but to charge for listings and advertisements - similar to solely Australian online listing portals.
The agents seeing the biggest piece of the pie are those in Sydney, followed by Brisbane, Melbourne, the Gold Coast and Adelaide.
Interestingly, of Juwai’s popular countries for Chinese buyers the United States trumps Australia. Australia is then followed by the UK, Canada and Germany.
Key motivations of individual mainland Chinese investors:
<ul>
<li>Seeking yields and capital gains. 
</li>
<li>Obtaining educational opportunities for their children. 
</li>
<li>Internationally diversifying their investments. 
</li>
<li>Enjoying an attractive lifestyle and living overseas for business or emigration. Many wealthy Chinese have a primary residence in Beijing, and second homes in Australia, the US and the UK.</li>
</ul>
Source: Juwai.com
This comes as franchise groups are increasingly signing up with online portals. Most recently, Raine &amp; Horne have announced a partnership with Juwai, with the Chinese website acting as an exclusive Chinese-language marketing partner.
Overseas, similar partnerships are also being created.
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jduke-EHk3XBmHkn

Agents earned $147.5 million commissions from Chinese buyers in past financial year: Juwai

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Eling Forest Vineyard, the Southern Highlands of NSW boutique winery, has been sold.
Located just west of Sutton Forest village, the 73 hectare property has been bought by the Wang family for $5.8 million.
<a href="https://www.andrewhearn.com.au/listings/rural_sale-93411-sutton-forest/" target="_blank">It had been listed</a> by interests associated with Warwick Wainberg through Andrew Hearn at the Berrima based Andrew Hearn Real Estate.
The buyers were Wei Guo Wang, Wei Min Wang, Chen Yang Wang and Pei Hong Cao.
It last traded in 2005 at $600,000.
It highlights the Southern Highlands stature as one of Australia's most exciting new wine regions, though still not a patch on the Hunter Valley which has been attracting strong Chinese buying interest in recent years.
The Southern Highlands' first wine producer in recent times was Kim Mogine at Joadja in 1983. There were about 50 vineyards in the region by 2000 that spanned 145 hectares within Australia's newest wine region better known for its tulips.
Cool climate vineyards were first planted at Joadja Creek in the 1870s, supplying Sydney with table grapes.
Established in 1990, Eling Forest was the second modern winery to be established in the cool climate area, with its first wines produced in 1993. 
Its first vines were planted by Leslie Fritz, who was then 80, and came from a long line of winemakers in Hungary. The then 157 hectare holding had cost $1.9 million in 1989.
The grapes are handpicked and vines hand pruned in the traditional manner at the Hume Highway property, with the wine fermented in stainless steel vats, then aged in American and French oak barrels. 
<a href="https://www.elingforest.com.au/cafe-a-cellar-door/gallery" target="_blank">About 120,000 bottles are currently produced plus "Apple Thief" ciders.</a>
The cool climate vineyard produces white and red wine varieties and blends sold through is cellar door which is open seven days a week.
There is an 1840 colonial homestead - restored in 2005 during the ownership of Ron Fryer - and other living quarters that provides accommodation in picturesque gardens tendered to at one point by Clause Crowe. 
It comes with function centre that caters for up to 200.
The former boxer Fortunato "Lucky" Gattellari and his brother Frank briefly bought into Eling Forest Winery, initially securing a small stake around 2003. Their venture, which soon soured, <a href="https://articles.chicagotribune.com/2003-01-22/entertainment/0301220080_1_winemaking-wine-bottle-australian" target="_blank">attracted international media interest</a>.
Other major vineyards in the highlands include the Centennial Vineyards at Bowral, established by the co-founders of Cellarmasters, John Piven Large and his partner, Mark Dowling.
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Eling Forest, Sutton Forest vineyard sold to Chinese interests

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China-based estate agencies are selling Australian properties through a two-tiered pricing structure with inflated prices to China-based buyers, according to Michael Yang, the chief of GiFang.com, the largest Chinese language property site in Australia.
"Some agents sell at more inflated prices to China-based buyers," he noted.
"When developers promote house and land packages to buyers in China for areas such as Point Cook, Sanctuary Lakes and Tarneit, the land component of the package can sometimes have a higher price in China. 
"They are “exclusive lots” for Chinese buyers that are only promoted in China," he noted in a blog published on the <a href="https://www.businessspectator.com.au/economy/china" target="_blank">China Spectator</a> website.
"It is believed that one in 10 China-based agents are involved in selling Australian properties according to a two-tiered pricing structure. 
"The misconduct of Chinese agents also contributes to the perception that Chinese buyers are willing to pay for above the market price."
"This is perhaps the biggest misconception of all," he added.
He said stories about Chinese buyers turning up at auctions with suitcases packed with cash and making an on-the-spot decision to buy the property without a proper inspection were not likely to be accurate.
"Very few of these stories are true or are at least exaggerated.
"In our survey conducted in China, 63% of buyers said they would ask a friend or relative based in Australia to inspect the property for them, and the remaining 37% believed it was a must for them to inspect the property personally before making the final decision."
Even if the property is an off-the-plan apartment, they will still travel to Australia to get a feel for the location and to conduct personal research.
He also refuted then widely held belief that Chinese buyers pay for their real estate purchases in Australia in cash and there is little need for them to borrow.
"This could not be further from the truth."
He said some 97% of Chinese buyers in Australia rely on mortgages, according to the survey of 283 buyers.
"The big four banks have all established offices in China in order to assist China-based buyers to purchase Australian properties using home loans.
"These banks are responsible for making 85% of all home loans of Chinese property buyers in Australia.
"Chinese buyers generally accept the idea of investing with "OPM" (other people's money) and love the fact that a minimal amount is required to own or control real estate in Australia."
He suggested Westpac was responsible for 70% of all home loans from China, according to the survey results as well as a banking source.
Michael Yang added the situation was different in China where property buyers are forced to use more cash to buy properties. 
"For example, Chinese banks will only lend up to 70% of the value of the home to borrowers for their first purchase and 30% for their second home. 
"Third purchases are usually not allowed."
The fourth misconception addressed in the blog was that Chinese buyers do not seek out rental yields by merely land banking.
"As Chinese investors become increasingly educated about the Australian market, rental yield becomes more and more important. 
"Gifang's surveys in China show that more than 90% consider rental yield an important aspect to their property purchase, with the acceptable rental yield at 5%.
He noted more than 72% of investors consider capital growth as more important than rental yield but all prefer to have a balance.
He did add that some Chinese investors would rather leave their residential property vacant for most of the year until they visit Australia and use their properties for personal enjoyment. 
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China-based estate agencies selling Australian properties through inflated two-tiered pricing schemes

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The 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd, has established Starryland Australia, which will pour $550 million into a new apartment development in Parramatta across 11 towers.
The five hectare development, named <a href="https://%20www.promenadeliving.com.au" target="_blank">Promenade,</a> will have 774 apartments in the 11 towers that will be from three to 12 storeys on Parramatta River’s northern banks, as well as 1.2 hectares of open space and a pedestrian bridge across the river.
It is located at 2 Morton Street and was previously owned by Frasers Property who received the green light for the project last year from the NSW Joint Regional Planning Panel.
Frasers confirmed to Property Observer that the site was sold last year, with RP Data records showing that it transacted in September 2013 for $58,000,000. The site had been rezoned in 2011 for residential, mixed-use, public open-space and waterway under the Parramatta Local Environment Plan. They had initially planned for 10 towers from two to 12 storeys.
Prior to Frasers' ownership, the site was held by The Uniting Church in Australia Property Trust before their June 2006 $21,500,000 sale.
The first stage will be two of the towers, to a total of 277 apartments, with work expected to start in late-June with a construction timeline of two years. Demand will determine the other two release stages.
This first stage includes one-bedroom apartments from 44 to 62 square metres from $399,000, two-bedroom apartments from 62 to 99 square metres from $520,000 and three-bedroom apartments from 99 to 112 square metres from $830,000.
Other than four of the one-bedroom apartments, they all have up to two secure car spaces, as well as 70 shared visitor parking spaces.
Savills has forecast weekly rents at Promenade for $450 to $540 for one-bedroom units, and $550 to $700 for two-bedrooms.
It will be the Chinese company’s first step into Sydney.
Hao Liu, director of Starryland, noted that they chose Parramatta specifically due to its current position as a cosmopolitan centre with potential for improvement.
Liu also noted that it is well serviced by public transport and motorways.
The vision for Parramatta’s northern entrance, where this development will be, is for a partnership with Smart Design Studio, landscape designers Aspect, and Starryland Australia.
“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer,” said Liu.
“We truly believe Promenade will be the type of place where people will want to buy their first property, raise their children and grow old.”
Architect for the development, William Smart, says that there are two building designs called wharf and courtyard that use natural elements, such as water, to create the resort style.
“The ‘wharf’ buildings have horizontal slab edges in white with a pattern of vertical timber cladding and full height vertical fenestration woven between each floor level whilst ‘courtyard’ buildings appear solid and grounded with panels of dark masonry stepping along the façade,” Smart said.
Meanwhile, project director for Savills Residential Projects, Irene Lau, said that professional singles and couples would be interested due to the transport, dining, shopping and recreational options.
“Apartments in the upper floors will have spectacular multi-directional views,” Lau said.
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Chinese developer taking $550 million step into Sydney with 11 towers in Parramatta

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Steve Keen has recently noted there was no end of commentary about China's real estate bubble, with an even split between those who sense it may pop at any moment and others who argue it never will.
"The alternative ploy -- that it doesn’t exist -- doesn’t get [the] same airing that it did in the US before the subprime crash," he suggested.
"Instead, the “it’s a bubble, but it won’t burst” case is that the bubble is too important to China’s continued growth to be allowed to burst, and -- unlike the US -- China has the wherewithal to keep it going, at least for a while. 
Keen said he had deliberately refrained from the China discussion, preferring to work from data he trusted.
"Until recently there was no publicly available data on China’s debt levels, which is a key metric for me; fortunately that has been remedied recently by the Bank of International Settlements.
"But I also wanted to see the phenomena first hand before I commented," <a href="https://www.debtdeflation.com/blogs/2014/04/21/a-china-bubble/" target="_blank">he told readers on his Debtwatch website</a>.
"Anecdotal and eyewitness evidence counts for something."
Keen reported with photos that many apartment blocks were uninhabited, and uninhabitable as the concrete shells existed, but nothing had been finished internally -- pipes existed but no taps; electrical wiring but no fittings; and so on.
So he has uploaded photos of a typical apartment in a complex of a dozen or so 30-plus storey buildings in a fourth-tier town in Sichuan. It has been in this state for a year, and the owner of this flat -- who intends on living there ultimately -- is in no hurry. On its own that apartment isn’t so remarkable. But all the flats in the building were in the same state, as were the facilities: to catch a lift, you have to bang on the doors to let the operator know you want to be picked up.
Figure 1: Finished building, empty apartments <img class="field-wysiwyg-media" src="https://1.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen1.png?itok=hrlFsgvP" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
"This is where the “uh-oh” bells began to chime: there was a clear disconnect between the speed with which this particular development had obviously gone up -- see the brickwork in Figure 2 -- and the snail’s pace at which the entire complex was now being finished," he noted.
Figure 2: A not so finished finish <img class="field-wysiwyg-media" src="https://2.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen2_1.png?itok=69MAOZdJ" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
"This was a set of about a dozen high-rises, and yet the workforce that was doing the finishing was miniscule -- I think I captured about 20% of it in Figure 3."
Figure 3: Industrious… not! <img class="field-wysiwyg-media" src="https://1.static.australianindependentbusinessmedia.com.au/sites/default/files/styles/full_width/public/Keen3_2.png?itok=YbONJfer" alt="Graph for The trouble with China's hot property " title="The trouble with China's hot property ">
He suggested the paradox between the rapid sprouting of buildings and the snail’s pace of their completion in the explanation by an expat Australian as while prices were rising -- since the longer the project took to finish, the more it would be worth. 
"It can be very misleading to apply Western thinking to the Chinese situation, because some things that happen in China have no parallel in the West."
Pointing to one such Chinese idiosyncrasy - the link between property development and industrial expansion that comes from enterprises established by local councils.
"And where do the councils get the money to build these factories?
"From selling land on the periphery of the council’s domain to developers.
"And where do the developers get the money to buy the land?
"From the formal and shadow banking systems.
"All is well as long as the property prices keep rising, but a downturn will mean that the councils can’t continue papering over the cracks."
He concluded that he had more faith in China’s capacity to respond to bursting property and credit bubbles than he had in the US prior to its bubble bursting.
But after the blog was posted on the <a href="https://www.businessspectator.com.au/article/2014/4/21/china/trouble-chinas-hot-property" target="_blank">Chinese Spectator </a>website readers have quickly advised that much of what Keen alluded to was actually long the cultural norm in China.
"As an investor you would not decorate as the culture is the new owner would rip it all out," one comment said. 
Lance Deegan, another reader, also said it was "normal practice in China for apartments to be sold as empty shells."
"It's true there was still a lot of unoccupied apartments but the buildings were certainly not empty - they were filling up.
<div>
<div>"Unfortunately, Steve, I have to say that it sounds like you have succumbed to the same "China is full of empty cities" meme whereas the reality is a bit more nuanced," the comment concluded.</div>
</div>
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Steve Keen's China property bubble postcard snaps

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Eighty-one year old Harry Triguboff, owner of renowned Meriton Apartments, is potentially looking to sell half of the company to Chinese interests.
The potentially $3 billion opportunity for Triguboff saw him tell the AFR Weekend that he received the offer a couple of years ago from the owner of a property developer who is already prolific overseas – building 200,000 dwellings in China each year. He would not reveal the developer.
Asian interests were <a href="/news/asian-buyers-covet-while-harry-triguboff-considers-one-day-handing-meriton-reins-to-grandkids">identified in Meriton in March last year</a>, however last month, before his visit to Guangzhou, there had already been unsolicited bids reported for Meriton Group. At this stage, he told The Australian that he would likely reject the offers.
Billionaire Harry Triguboff, born in a White Russian Jewish enclave in China, has spent 50 years building ­Australia’s biggest unit company, ­Meriton Apartments.
“I am thinking I could sell part of [Meriton],” Triguboff reportedly told the AFR.
“It is very early stages, but I could be prepared to sell the development part of the business and then the family could continue to collect the rent on the units I already own. Maybe I could retire soon and they could run the investment business.”
Meriton is expected to make $300 million of profit from the sales of $1.1 billion worth of apartments, and the company carries very little debt – worth around $6.3 billion.
He also said that he looks to keep the 2,000 units he currently owns in family hands. They are placed across Sydney, the Gold Coast and Brisbane and return $200 million profit each year, worth up to $3.5 billion.
Admirably, he also said that he was not going to sell anything “if they are going to start firing people”.
“Other people think about shareholders, well, I think about my people. I don’t look at it if it is a good or bad deal, I am looking at the evolution of the company. He [the potential buyer] wants apartments that are able to be sold. Of course there are many Chinese buying in Australia at the moment and what we have is a lot of apartments that already have a lot of approvals. That is why they are interested in me.”
Triguboff’s business acumen has been a revered topic of many in the property space.
At 79, he <a href="/news/meriton-boss-harry-triguboff-eases-into-the-twitter-revolution-at-age-79">signed up for Twitter</a>.
At 80, Property Observer created <a href="/expert-insights/buying/harry-triguboff-s-heaving-wheelbarrow-a-timeline-of-meriton-s-growing-300m-sydney-apartment-site-inventory">a timeline of some of his latest developments</a>. And he also <a href="/expert-insights/buying/harry-triguboff-celebrates-80th-birthday-with-proposed-100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts">celebrated his 80th with a proposed $100 million inner Sydney site acquisition</a>.
YOU MIGHT ALSO WANT TO READ
<a href="/expert-insights/investing/meritons-harry-triguboff-shares-his-business-secrets-no-cottages-no-subdivision">Meriton's Harry Triguboff shares his business secrets - no cottages, no subdivision</a>
Picture of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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Harry Triguboff considers retiring with part sale to Chinese interests

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A home sales contract to an offshore Chinese buyer is no guarantee of yielding a settlement.
A post-Christmas $6.15 million sale to offshore Chinese buyers of a prestige Rose Bay mansion has failed to proceed.
Property Observer gathers the buyers defaulted on their intended acquisition of <a href="https://doublebay.ljhooker.com.au/MDDF93" target="_blank">1 Cecil Road</a>, with the buyers attributing the changed circumstance to a failure to secure Chinese government approval in the transfer of the required funds.
The five bedroom Rose Bay mansion on a lucky 1,088 square metre block was relisted for auction this week, selling shortly after it was passed in at $5.65 million.
The LJ Hooker Doube Bay agent Alain Waitsman secured a slightly higher undisclosed price in post-auction negotiations after its auction at Cooley Auctions.
The recent sale collapse comes at a time when vendor interest is strong in certain suburbs buoyed by the Significant Investor Visa (SIV) scheme, the so-called golden ticket which gives residency to wealthy foreign nationals who invest $5 million in government bonds or eligible ­managed funds.
The Australian Financial Review noted recently the slow-starting scheme will hit $1 billion this month with a further $2.6 billion worth of applications lodged.
The Department of Immigration and Border Protection (DIBP) issued a further 30 visas during March.
It took the total number of visas issued since late 2012 to 174, a $870 million tally. The appeal of the SIV program for Australian property vendors is that they visa recipients inevitably buy a home. 
Wealthy Chinese nationals have made up 85% of visas granted. The figures show Sydney has been trumped by Melbourne as the investment location destination of successful applicants with 47% in Victoria and 37% in NSW.
The offshore Chinese applications make up 91% of the 772 applications that have been lodged to date.
The scheme requires that a minimum of $1.5 million of the required $5 million be invested in NSW Waratah Bonds was boosted by an expansion of the ­qualifying managed fund investments late last year to include derivates, annuities, mortgages and interests in unregulated managed funds.
The Australian Private Equity and Venture Capital Association Limited (AVCAL) recently sought an even broader program in its submission to the Department of Immigration and Border Protection review into the SIV program with the suggestion offshore investors be allowed to allocate capital to venture capital and private equity opportunities.
 
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Chinese buyer defaults on Rose Bay prestige offering amid SIV surge

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Shanghai-based Greenland Group are behind <a href="https://www.greenlandcentre.com.au" target="_blank">Greenland Centre</a>, the tallest residential tower in Sydney and their first foray into the heart of the CBD, and they are set to launch their second stage tomorrow with expected significant Chinese interest.
It seems Chinese buyers are, unsurprisingly, being actively marketed to - with the entire site, at a click of a button, translatable to Chinese, and a similar tower, Wuhan Greenland Centre, under construction in Wuhan, China, from the same developer. Marketing efforts are expected to be rolled out in Shanghai, Singapore and Hong Kong. In fact, Wuhan's building has also been reported overseas as likely to be the third tallest building in China, and the fourth tallest in the world at around 600 metres, making them no stranger to heading skyward.
<img src="/images/2014/04/11/greenland-april-11-one.jpg" alt="">
Above: Screenshot of the Greenland Centre Sydney website, translated into Chinese
The $680 million development’s Stage 2 will see 200 apartments and penthouses released to the market, adding to the <a href="/expert-insights/buying/greenland-centre-launches-second-sales-stage">300 released and sold in Stage 1 in a sellout</a>.
Greenland Centre, at 115 Bathurst Street, looks to include new technology to re-use the existing structure and rejuvenate the building, with a design from BVN Donovan Hill and Woods Bagot.
It includes views to the ocean, mountains, across the Harbour and Hyde Park.
There will also be commercial and retail spaces at the site, as well as a boutique hotel with a swimming pool, roof terrace and concierge. The tower residents will also be able to use the roof terrace.
The public launch of Stage 2 is today, 12 April, with the entire development set for completion in late-2017.
Half of the apartments will have parking spaces.
In Stage 2 it’s yet to be confirmed how many of each type of property will be available, but the range will include one-, two- and three-bedroom apartments, studios and penthouses.
Studios range from $595,000 upwards, with an unconfirmed internal size. One-bedroom apartments, from 38 to 66 square metres, also range from $595,000 upwards. Two-bedroom apartments, from 70 to 91 square metres, the prices are set to be from $1.1 million, and three-bedroom apartments, at 105 to 144 square metres, will be from $2.175 million.
An opportunity to buy the highest penthouse in the area, with the entire building estimated to be 235 metres tall, may just be on the tickets tomorrow in what will prove to be a coveted position. However, you'll need to pay dearly for the property. Penthouse prices, despite the Saturday launch date, are still to be confirmed, estimated at up to $10 million each. In the Stage 1 release, Bloomberg reported that the most expensive sale was a three-bedroom unit on the 55th floor for $3.7 million, that sold to a Chinese buyer living in Australia. Whether they have citizenship was not mentioned. Sub-penthouses are also available.
Next to the site, 339 Pitt Street, the former Sydney Water head office site, is also slated to be turned into a hotel, according to<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1128322_049.pdf" target="_blank"> the Preliminary Construction Management Plan</a>. It is on the state heritage council register of NSW, and the plans suggest "adaptive reuse" of the building and remedial work to the facade. Building works are suggested to maintain hours from 7am to 7pm Monday to Friday and 7am to 5pm on Saturdays.
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Opportunity to buy the highest penthouse in Sydney

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The purchase of domestic real estate, and in particular residential real estate, is a topic that frequently attracts a lot of attention.
That’s nothing new; some of the same ‘concerns’ we hear and read about today have all been aired before. At various times and across different markets we have, for instance, seen big in-flows of money from Japan and the Middle East.
However offshore investment into our housing market always tends to be a touchy subject. I think that we should not see this as threatening or abnormal and as far as new projects are concerned, the impact of these buyers needs to be seen in the greater context of the total market.
It is unfortunate that currently any negatives surrounding this debate are being fuelled by a number of factors. Key among these is the reality that the inflow of funds is not aligned with our general market conditions. So as we see prices increase, and in some markets this may be impacting first time buyers, some blame is being attributed to offshore buyers. But there is also a clear benefit from the fact that demand in total is now driving a big increase in construction activity, and that is at a time when the local economy needs that stimulus.
Key motivations
Part of the reality of this trend is the fact that across Asia and in particular from China there is a weight of money available for investment. some of that money is regardless of any policy settings, naturally going to flow into our residential property. But are the key motivations of buyers necessarily any foundation for concern? I suggest that these buyers are in the main driven by motivations that we are all familiar with.
Accepting that almost all markets now operate on a global basis, offshore buyers will be motivated by quality of life, economic stability, good infrastructure – this includes both hard infrastructure like roads and everyday services such as power and water, but also soft infrastructure and a big item there is education and medical facilities. Lastly offshore buyers are attracted by political stability. A quick tally would clearly give Australia a big tick on all of these items and so it’s a good and appealing place to call home.
<blockquote>
There is clear benefit from the fact that housing demand is now driving a big increase in construction activity, and that is at a time when the local economy needs that stimulus.
</blockquote>
We also now have in Australia inter-generational changes that are reinforcing family ties and these are a big influence. it’s worth keeping in mind that we have seen this trend before. In particular as post-World War Two and post Vietnam brought about new waves of population growth.
I think that it’s easy to identify with these motivations, and also like most of us, it is the stability of the Australian lifestyle that is a strong appeal.
SENATE REVIEW
However now, and somewhat predictably, The Treasurer has asked the Senate <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=economics/index.htm" target="_blank">House Standing Committee on Economics</a> to inquire into and report on Australia’s foreign investment policy as it applies to residential real estate.
A key starting point is the principle of Australia’s foreign investment policy, as it applies to residential property, is that the investment should increase Australia’s housing stock and as such this includes new developments that aim to deliver benefits to the local building industry and its suppliers. Which is now starting to happen.
Off-shore or foreign investors cannot generally buy established homes; however, temporary residents can apply to purchase one established dwelling to use as their residence while in Australia.
Despite these conditions and in view of some of the concerns already outlined the Committee has been asked to examine:
<ul>
<li>The economic benefits of foreign investment in residential property;</li>
<li>Whether such foreign investment is directly increasing the supply of new housing and bringing benefits to the local building industry and its suppliers;</li>
<li>How Australia’s foreign investment framework compares with international experience; and</li>
<li>Whether the administration of Australia’s foreign investment policy relating to residential property can be enhanced.</li>
</ul>
This looks like a quick review with the Committee’s report due in early October 2014.
LET’S NOT FORGET OTHER POLICIES
If as it appears the Senate Review is partly in response to helping keep homes affordable in particular for the FHB market, then it would also be an ideal time for government to look at how much government charges and red-tape adds to the cost of a home.
Stamp duty for example is levied on the GST already built into the cost of a new home, and development delays almost defy reason without any real benefits.
Could all levels of government be more engaged in creating a positive environment for new housing by direct leadership and by ensuring a more collaborative, results focused view among decision makers that directly or indirectly impacts housing supply and costs.
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Offshore buyers are here to stay

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Iconic billionaire property developer Harry Triguboff has said that apartment prices will tumble and rentals will rise if demand from Chinese developers drops off.
The man known by some as High Rise Harry told The Australian that he anticipates a 10-15% price drop in some areas if Chinese buyers were to stop purchasing Australian properties. He also said that the subsequent halt in new developments would also cause rental rates to rise.
"If production (of units) dropped, the impact would be a huge rise in rents," he told The Australian. Triguboff attributed residential prices to poor national planning systems.
According to the publication, about 70% of Triguboff’s apartments are sold to offshore buyers and Australians of Asian descent. However, Triguboff told Bloomberg earlier this year that his company does not market properties to mainland China and has no intentions to begin doing so. 
"They come to me," Triguboff told Bloomberg in February. "Today, we’re part of the Chinese market, more than 10,000 apartments is nothing," he said, referring to Meriton's construction capacity.
Triguboff established the Meriton Group in 1963 at just 30 years old. According to Triguboff, the business is now worth $6.1 billion. The apartment developer is mostly active in Sydney and South East Queensland, and also owns or manages about 3,000 apartments in addition to its construction and development activities.
According to BRW's 2013 Rich 200 list, he is Australia's eighth richest person, with a net wealth of $5.5 billion. Triguboff was born in China and moved to Australia in 1948. 
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