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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

China

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An off-the-plan purchase of an apartment near Monash University in Melbourne by a Chinese based buyer is caught up in the emerging settlement risk scenario.
The off-the-plan sale for $600,000 is keeping the buyer up at night. Liu Jiabing planned for his daughter’s education when he helped her to get an offer to enrol next year, and then bought an apartment in Melbourne that is due to settle next month.
“At the very first, I was told I only had to pay 20 percent downpayment,’’ said the buyer, Mr Liu, who works at a prestige foreign language school in Nanjing, in China’s east.
He told The Australian the financiers then told him to pay 30 percent, "and later 40 percent, as the banks won’t lend and we have to borrow from small ­financial organisations.
“Last night I was told I have to pay 55 percent for down-­payment.
"But how am I supposed to find so much in cash in such a short time? I still have to pay my daughter’s university fees.”
Mr Liu is among the Chin­ese parents who buy new off-the-plan apartments before sending their children to Aus­tralian universities.
AC Property, a Melboune-based property portal, has been taking four or five calls every day from buyers who seek to resell their off-the-plan apartments after finding it hard to settle, the newspaper reported.
“We have been referring our clients to mortgage brokers to see if they can get alternative finance, but we haven’t seen a single case of success so far,” said AC Property ­director Esther Yong.
In once case parents, based in Guangzhou, in China’s south, have already missed the settlement deadline of July 18 for the apartment they bought for $440,000.
The developer is now charging them about $150 a day as penalty, which is pushing Mr Li to resell as soon as possible.
The Australian columnist Robert Gottliebsen wrote today the Chinese link to the looming apartment glut puts the education sector and Australia's international reputation "in peril."
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jchancellor-FAypfDUnLy

Higher equity required for offshore Chinese buyers settling off-the-plan apartments

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Sydney and Melbourne have traditionally been a favourite of offshore property investors, but now Canberra seems to be catching up, according to real estate firm Colliers International.
The firm expects several new entrants in Canberra over the next 12 months, according to a media release.
Matthew Winter, an investment services executive at Colliers, met investors in Singapore, Hong Kong, Shenzhen and Guangzhou and learnt about their interest in Canberra. 
“Investors are keen to learn more about Australia’s capital city, Canberra,” he said. 
“Over the past six months there’s been an increase in enquiry to secure Canberra assets by foreign investors, however, many large investors are sitting back and watching the property market before making their move.”
Canberra Airport will offer direct flights to Singapore later this year, making it easier for investors to visit the city and inspect potential assets, he said.
“Asia-based investors understand the relative value of Canberra assets with long-term government tenants, which was seen with the Louisa Lawson building sale late last year for $225 million to South Korean property investor, FG Asset Management. The building was sold with a cap rate of six per cent which is a much better return compared to what many Asian investors are getting in their own countries.”
He cited the example of Japan which currently has negative interest rates and a bond yield of 0.2 per cent, while investing in Australian property can easily earn six to seven per cent returns in the long term.
One of the obstacles of securing foreign investment in Canberra is the scale of property, which is often significantly smaller than what investors are after, according to Colliers International. Many wealthy private investors and syndicates in Asia are looking to spend in excess of $100 to $150 million to build large-scale precincts or acquire large core-plus assets. 
Asian city skylines are filled with apartment towers as developers try to achieve the maximum yield of units on the sites. Often these developments are built quickly and the quality of the developments vary. 
In Shenzhen, single developers are known for constructing 15 to 20 towers on one site, more than 40-storeys high per tower and the design of the towers are identical.
In Singapore, the landscape looks significantly different to many other Asian cities. Singapore has a mix of heritage and new buildings, however, they have a lot of planning controls in place to encourage the development of green buildings and green living. Many developments are of high quality and designed to be environmentally friendly.
Matthew said that more than 100 investors gathered in Singapore to hear from Colliers about the Australian property market on his recent trip.
“Unlike in Hong Kong and China where majority of investors are wealthy privates and developers, Singapore has more Institutions and REITs looking to invest in Australia.
Colliers has showcased 97 properties across nine Asian cities in the past three years, meeting with Asia-based investment groups which has resulted in more than $1 billion in property transactions.
 
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jonathanchancellor-7SQnKwU6yx

Asia-based investors eye Canberra: Colliers

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Chinese real-estate portal Juwai has completed a $10 million pre-initial public offering raising, as it heads to an ASX float late this year.
The latest raising was supported by local and Hong Kong-based institutional investors and high net worth individuals.
Juwai connects Chinese property buyers with sellers in other parts of the world.
The Australian Financial Review says it is aiming to raise about $30 million for its run at the ASX.  
Brokers Baillieu Holst and Evans &amp; Partners managed the pre-IPO raising of convertible notes to investors<a href="https://www.afr.com/street-talk/baillieu-evans-prepare-juwai-raising-20160608-gpexr4#ixzz4DyyoCuAQ">. </a> 
The notes will convert into shares on listing.
The South China Morning Post reported today that Charles Pittar, the CEO of Juwai.com said Brexit helped push a 100 per cent, week-on-week increase in consumer enquiries for UK property during the week of the vote.
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Juwai ASX list nearing as Brexit lifts search activity

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<div class="page" title="Page 1">
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">GUEST OBSERVER</div>
<div class="column"> </div>
<div class="column">The China tourist boom continues to pay dividends.</div>
<div class="column"> </div>
<div class="column">The number of tourists to Australia from China and Hong Kong combined is now heading towards 1.4 million in the past year – and the gap is widening on the visitors from New Zealand.</div>
<div class="column"> </div>
<div class="column">In fact 52,000 more tourists visited our shores from Greater China than compared with NZ over the past year. A remarkable change when you consider that even up to three months prior annual tourists from NZ exceeded Greater China by almost 7,000. And with China and Hong Kong tourist numbers continuing to grow at a 21 percent plus annual rate, there are more landmark results likely to be recorded over the next year. It is even more astonishing when you consider that just over four years ago Chinese tourist numbers were around half those of New Zealand.</div>
<div class="column">
 Clearly our number one tourist group is has shifted and the new winners from the China boom are tourist operators and retailers rather than mining companies that benefitted in the first stage of the China boom.</div>
<div class="column">
 Tourists from mainland China is fast closing in on 1.1 million in the past year, up 23 percent over the past year. While some may fret about the slowdown in the Chinese industrial sector, the more forward-thinking analysts are focussing on the boost to Australian retailers from increased spending by Chinese consumers and the growing number of Chinese tourists.</div>
<div class="column"> </div>
<div class="column">The rebalancing continues to be taking place across the economy. No doubt the weaker Aussie dollar is helping to alleviate some of the pressures for the weaker investment story. And from the Reserve Bank’s standpoint, policymakers will continue to monitor the transition, and debate if further stimulus is necessary to support growth.</div>
<div class="column"> </div>
<div class="column"><a href="https://www.propertyobserver.com.au/images/2016/07/06/Screen%20Shot%202016-07-06%20at%205.00.06%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="column"><img src="https://www.urban.com.au/images/2016/07/06/Screen%20Shot%202016-07-06%20at%205.00.06%20PM.png" alt=""></div>
<div class="column">
 What do the figures show?</div>
<div class="column">
 Overseas arrivals &amp; departures</div>
<div class="column"> </div>
</div>
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</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">Tourist arrivals rose by 0.2 percent in May. And departures rose by 1.5 percent. Arrivals are up 11.7 percent on the year with departures up 4.5 percent.</div>
<div class="column"> </div>
<div class="column">In May, tourists from greater China (China and Hong Kong) totalled 120,700 (mainland China 100,800, Hong Kong, 19,900), ahead of New Zealand (109,900). Greater China passed NZ for the first time in September 2015.</div>
<div class="column">
 Over the past year a record 1,133,700 tourists came to Australia from China, up 22.7 per cent over the year. Tourists from China and Hong Kong rose to a record 1,366,500 over the past year, up 21 percent over the year. Tourists from New Zealand totalled 1,314,300 visitors over the past year, but were up just 3.9 percent.  Over the past year, net permanent and long-term arrivals to Australia totalled 263,920 – the lowest level in nine years (March 2007).
What is the importance of the economic data?
The Australian Bureau of Statistics releases data on overseas arrivals and departures is produced monthly and is an indicator of the health of the tourism sector. The figures are also useful in understanding spending trends and tracking migrant numbers – an indicator with widespread implications for employment, housing and spending.
What are the implications for interest rates and investors?</div>
<div class="column"> </div>
<div class="column"><a href="https://www.propertyobserver.com.au/images/2016/07/06/Screen%20Shot%202016-07-06%20at%205.01.10%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="column"><img src="https://www.urban.com.au/images/2016/07/06/Screen%20Shot%202016-07-06%20at%205.01.10%20PM.png" alt=""></div>
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<div class="column">Looking forward, not only will the weaker Aussie dollar should drive further tourism inflows, but it should provide an additional degree of support to the domestic tourism sector. Over time, the cheaper currency should make it more attractive to travel within Australia rather than overseas. Tourism has potential to join housing as a key driver of the Australian economy over the coming year, especially if the Aussie dollar falls further.</div>
<div class="column"> </div>
<div class="column">In-bound migration is holding at the lowest levels in nine years, meaning that there is greater scope for unemployment to fall in the short-term before businesses have to start looking abroad for suitable staff. The Reserve Bank is likely to debate the merits of another rate cut at the August Board meeting.
 Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
</div>
</div>
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Migration at 9-year lows; Chinese tourism boom: Commsec's Savanth Sebastian

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The decision by the NSW government to add a four per cent stamp duty surcharge on residential property brought by foreign purchasers is playing on xenophobia, according to leading real estate agent Malcolm Gunning.
Gunning said the decision should be recognised for what it is, pure greed.  “The government has found a scapegoat in foreign investors and is playing on xenophobia.
"They are choosing to single out Chinese investors when the real reason house prices are being pushed up is self funded retirees who are purchasing properties for their super funds,” Mr Gunning said.   The surcharge came into effect on 21 June, 2016 and the government also announced a 0.75 per cent land tax surcharge for foreign owners from the 2017 land tax year.
Foreign investors will also lose the ability to defer stamp duty payments for off the plan purchases for 12 months and lose the tax-free threshold for the land tax surcharge.   “The government will make $1 billion over the next four years from foreign investors, but refuse to make life easier for first homebuyers by way of incentives for the purchase of existing properties.   “It is important to recognise that this is just a grab for cash from the government and a cop out.
"Foreign investors are an easy target and they aren’t going to continue to invest in Australia if the government makes it harder and harder for them.   “They play an important role in the strength of construction industry and should be a welcome addition to this country.
"They are good for the economy and make a crucial contribution to our society,” Mr Gunning said. 
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NSW property tax for foreigners is playing on xenophobia: Malcolm Gunning

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The potential ASX-listing of Juwai is being addressed by stockbrokers Baillieu Holst and Evans &amp; Partners.
They have booked a roadshow with fund meetings next week, as the Chinese property website seeks to raise capital ahead of a mooted initial public offering. 
It's understood Juwai is seeking to raise $15 million in convertible notes, which would convert into shares at time of the IPO.
The Australian Financial Review's Street Talk column suggests the conversion would happen at a 20 per cent discount to the IPO price with an ASX listing likely for the coming 12-month period. 
Juwai, the online platform that connects Chinese property buyers with sellers in other parts of the world, has 2 million Chinese consumers visits each month. 
It's directors include former Consolidated Press Holdings executive Martin Green, while the chief executive is Macquarie Asia's former chief operating officer Charles Pittar. 
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Juwai website ASX listing roadshow underway

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Construction continues to be the mainstay of China’s economy -- flowing through to heavy industries such as steel and cement -- but the rebound is not sustainable, according to NAB's latest commentary on the country's growth outlook.
The NAB Group Economics report titled China’s economy at a glance, says new construction starts rose by 16 percent year-on-year (yoy) over the first five months of the year – with lower growth in May than March and April. But May's slower growth was largely due to base effects.
NAB says the construction rebound is not sustainable, with recovery in house prices largely driven by policy relaxation, loose credit and the poor performance of alternative investment options for individuals – re-inflating the property bubble that had previously deflated to a degree across 2014 and 2015.
Among other economic factors, growth in industrial production was unchanged in May at 6 percent yoy – in line with market expectations.
Fixed asset investment was softer in May, with trends mixed at a sub-sector level – with an acceleration in real estate investment, while investment in manufacturing continued to trend lower.
China’s trade surplus widened in May to US$50 billion (from US$45.6 billion previously) due to a month-on-month increase in exports. Price effects continue to influence trade values – with commodity imports increasing strongly in May – particularly construction related iron ore and copper.
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Construction still drives China’s growth but sustainability concerns remain: NAB

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Australia's richest man, Meriton boss Harry Triguboff, has slammed the NSW government for its plans to impose higher taxes on foreign buyers of residential property.
"It is very bad. Without the Chinese nothing would ever get built," Mr Triguboff told The Australian Financial Review.
"Never mind the bullsh-- stories, sales volumes have already dropped and prices are coming down steadily.
"The Chinese buyers are already disappearing.
"This is not a joke. Chinese real estate agents are already sacking staff," he advised. 
When asked how the surcharge might impact on Meriton's own sales – the group has been reported as selling about one in five apartments to Asian buyers – Mr Triguboff said he was not yet sure, but he might have to drop his prices.
The NSW Treasurer Gladys Berejiklian announced that from June 21, when she hands down the state budget, foreign buyers of apartments, houses and residential land in NSW will have to pay a 4 per cent stamp duty surcharge.
They will also be hit by a 0.75 per cent land tax surcharge commencing in the 2017 land tax year.
Mr Triguboff labelled the new taxes "very dangerous", coming as they did on top of moves by the banks to tighten up lending to foreign buyers.
He also urged caution in light of the decline of the mining sector.
"We have nothing else except real estate. We have to be very careful," Mr Triguboff told the AFR.
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The Chinese are already disappearing: Harry Triguboff

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GUEST OBSERVER
In March, China (including Hong Kong) passed New Zealand as Australia’s largest source of tourists. And that gap widened in April. Over the past year 1.35 million Chinese visited our shores. This is the new boom – the tourism boom – and again it is driven by China. 
Tourism Research Australia found that international visitors spent $36.6 billion in 2015 with China spending $8.3 billion or almost $8,000 per person. Spending was up by 18 per cent on a year earlier – the strongest growth in 14 years. And the latest data on tourist arrivals suggests that the spending by international visitors continues to lift, providing valuable momentum for the economy.
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 It has been a stellar week for the economy. Data has showed the economy growing at the fastest pace in 31⁄2 years; building approvals hit fresh record highs; car sales are at record highs; and tourist arrivals hit fresh record highs. The economy is firing on all cylinders. Clearly any suggestion that rate cuts are needed to lift a sagging economy is very much misplaced. The Reserve Bank cut rates in May – and still may cut rates again – on the premise that the economy can record even faster growth without sparking higher inflation.
What do the figures show?
Overseas arrivals &amp; departures
Tourist arrivals rose by 1.2 percent to record highs in April. Tourist departures fell 3.4 percent in April from record highs. Arrivals are up 11.6 percent on the year with departures up 2.2 percent.  
Tourists from greater China (China and Hong Kong) totalled 119,800 in April (mainland China 100,900, Hong Kong, 18,900), ahead of New Zealand (110,300).  
Tourist arrivals from mainland China and Hong Kong rose to a record 1,350,000 over the past year (up 21.6 per cent over the year) ahead of tourists from New Zealand (1,313,400 visitors over the past year).  
Over the past year, net permanent and long-term arrivals to Australia totalled 270,230 – the lowest level in nine years (May 2007).  
Over the year to April, 33,500 Aussies visited Pakistan, up 33.5 per cent on the 25,200 visitors in the year to April 2015. Also 329,000 Aussies visited Japan over the past year, up 26.6 per cent over the year.  
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New Car Sales
According to the Federal Chamber of Automotive Industries there were 96,672 new cars sold in May. Over the year to May a record 1,172,402 new cars were sold. Annual growth of 4.3 percent is the strongest in 31 months.  
In May alone, passenger car sales fell by 5.8 per cent on a year ago to 38,222; sports utility vehicles (SUV) sales rose 11.4 per cent to 36,230; light truck sales rose 10.6 per cent to 19,373 and heavy truck sales rose 5.9 per cent to 2,847.    
Sales across states in May 2016 on May 2015: NSW (+6.0 per cent); Victoria (+3.5 per cent), Queensland (+1.3 percent), South Australia (+9.6 percent), Western Australia (-5.0 percent), Tasmania (+4.3 percent), ACT (+8.9 percent) and Northern Territory (+3.1 percent).  
Car affordability  
New vehicle sales are rising because car affordability stands at record highs. The CommSec car affordability measure shows that someone on the average wage has to work 23.8 weeks to buy a new Ford Falcon auto sedan. That is around 2 weeks fewer than two years ago. And five years ago, the same worker would have had to work an extra seven weeks to buy the same car.
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Performance of Services
The Performance of Services index rose by 1.8 points to 51.5 in May. A reading above 50 suggests expansion of the services sector.  
The Australian Industry Group noted: “Of the five activity sub-indexes in the Australian PSI®, sales (51.7 points) and stocks (51.2 points) lifted into positive territory in May while new orders (55.3 points) continued its expansion. Deliveries (49.1 points) and employment (49.1 points) were both stable to slightly negative.”  
Four of the nine services sub sectors were stable or expanded in May. What is the importance of the economic data?  
The Australian Bureau of Statistics releases data on overseas arrivals and departures each month – an indicator of the health of the tourism sector. The figures are also useful in understanding spending trends and tracking migrant numbers – an indicator with widespread implications for employment, housing and spending.  
The Federal Chamber of Automotive Industries releases estimates of car sales on the third business day of the month. The figures highlight the strength of consumer spending as well as conditions facing auto &amp; components companies.  
The Australian Industry Group compile the Performance of Services Index (PMI) each month. The Australian PSI is the Australian equivalent of the US ISM services gauge. The PSI is one of the timeliest economic indicators released in Australia. The PSI is useful not just in showing how the services sector is performing but in providing some sense about where it is heading. The key ‘forward looking’ components are orders and employment.  
What are the implications for interest rates and investors?
In 2015 an estimated 120 million Chinese travelled overseas. Australia’s share was just over a million tourists. So there is scope for significant growth but it will require more transport and accommodation capacity being put in place.  
Another month, another record high for the car industry. New vehicle sales hit new highs in the year to May and it is clear that a key reason for the strength is the fact that cars have never been more affordable.  
The Reserve Bank policymakers will find it harder to cut rates in coming months. That doesn’t mean that it’s impossible, rather the Reserve Bank will need to be more active explaining the change.
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
 
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Chinese tourism boom, record car sales: CommSec's Craig James

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Bloomberg has reported on the waning interest Chinese buyers have in Australian property.
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It has noted in the first four months of the year, visits by potential buyers to realestate.com.au listings in New South Wales state from China declined 25 percent over the same period last year.
Views of properties in Victoria fell 8.9 percent, Bloomberg noted.
Listings in Western Australia saw the biggest drop of 35 percent, according to the portal, which is the nation’s biggest property website.
After many months where developers have failed to secure sellouts, Lendlease sold all 391 apartments of its third and final stage of its Darling Square apartments on Saturday.
The Sydney CBD sales secured around $460 million during a a four-hour period.
The apartments were priced between $630,000 and $3.5 million through CBRE. 
Many were "seasoned property buyers" who have some equity behind them.
The absence of foreign buyers was noticeable compared to the first and second stage sellouts in 2014 and 2015, the Australian Financial Review noted.
The first stage sellout in 2014 by Lend Lease secured the off the plan sellout of all 357 Sydney apartments, with revenue estimates as high as $650 million.
About 25 percent of apartments were sold to offshore ­buyers, the proximity to UTS encouraging purchasing by Chinese families.
Set on the doorstep of Darling Harbour, Haymarket, Chinatown and Ultimo, the initial Darling Square prices ranged from $700,000 for a 50-square-metre, one-bedroom ­apartment to $3.5 million for a 130-square-metre sky home.
This is not to say the Chinese buyers aren't there.
At weekend auction a Monomeath Avenue, Canterbury offering with pool on 1021square metres attracted five registered bidders, who pushed the price well over its reserve of $4.8 million to sell at $5.11 million.  
"There was a lot of Chinese interest, in fact all but the winning bidder were Chinese," selling agent Tom Ryan from Jellis Craig told The Australian Financial Review.
"It was almost as if they were a bit reluctant to buy it - the Chinese are still in the market but they don't seem to be as explosive," he said.
 
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