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.

Joel Robinson

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

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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Darwin

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A 2018 study by Herron Todd White (commissioned by the Property Council of Australia) found that there was about 220,000 square metres of general retail space in the greater Darwin area.
They found that this figure includes properties varying from neighbourhood style centres of two to three shops through to regional retail centres such as Casuarina Square. Of this 220,000 square metres, about 68,000 square metres (or 30 per cent) has come on line in the past two to three years.
HTW valuers said, "unfortunately, this large increase in supply has come on line at a time when Darwin’s population is experiencing a significant decline, with the weaker economy seeing many Darwinites heading interstate in search of work."
"What we have seen has been a drift of businesses to these newer centres, attracted by strong tenant incentives and a desire to follow the ant trail of shoppers."
"As a result of this displacement, vacancies have sprung up, particularly in Darwin CBD and Palmerston CBD. It is difficult to see trading conditions improving in these locations until the population begins to increase," they added.
It is expected that there will be limited rental and capital growth opportunities in Darwin retail centres, especially secondary centres without a major anchor, for the next three to five years, HTW forecast.
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j.ballantyne1990-6AQqhLzZaK

Darwin retail sector suffers from declining population: HTW Retail

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Most of Australia’s capital cities will benefit from the interest rate cuts and loosening of credit restrictions barring Dawin, according to Christopher’s Housing Boom and Bust Report for 2020, released today by SQM Research.
In every scenario and especially Scenario 4, a doomsday scenario, Darwin is expected to see a decline in price.
Darwin is expected to see price movements of -5% to -2%.
<img src="https://gallery.mailchimp.com/9badbd870addb4af72206c2eb/images/4df1a5ab-58ab-48eb-be7c-da10730ccd12.png">
Darwin is the only capital city expected to record price declines.
It is a result of the Darwin economy continuing to struggle and excess stock for sale weakening the local market.
In the base case forecasts, what SQM view as the most likely scenario, there are no changes in interest rates and no intervention by the Australian Prudential Regulation Authority (APRA).
<a href="/expert-insights/buying/sydney-house-prices-could-jump-14-per-cent-in-2020-sqm-research">Sydney</a> and <a href="/expert-insights/buying/melbourne-house-prices-tipped-to-rise-by-up-to-15-per-cent-sqm-research">Melbourne</a> look set for the largest recovery, with Hobart and Canberra next up, followed by <a href="/expert-insights/buying/perth-real-estate-finally-set-for-price-growth-in-2020-sqm-research">Perth</a> and <a href="/expert-insights/buying/brisbane-housing-market-will-see-growth-in-2020-sqm-research">Brisbane</a> while Adelaide and <a href="/expert-insights/buying/darwin-the-only-city-forecast-for-falling-real-estate-prices-in-2020-sqm-research">Darwin</a> look set for minimal growth, or a loss.
Read the <a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=944878d0b0&amp;e=0aab96dc54" target="_blank" data-auth="NotApplicable">Christopher’s Housing Boom and Bust Report</a> here.
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Darwin the only city forecast for falling real estate prices in 2020: SQM Research

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The Darwin property market, on the back of a sustained period of contraction from 2016 onwards, is still suffering across all facets of the residential market and the investor segment is no different, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
The report suggests several factors directly affecting this range from the tightening lending practices aimed at interest only loans, contraction of capital values, population decrease and a general oversupply of both unit and dwelling stock.
These aspects are troubling however it is a general consensus among all professionals in the property industry that a dramatic correction needed to occur to cool off the over inflated house prices and rentals.
For standard dwellings, rental yields generally sit at 4.6%, according to the REINT, which is slightly above the average seen in other Australian capital cities.
During the peak period of the recent mining boom, high rents on corporate long-term leases reflected yields of 7% to 8% which were driving strong investor demand.
"Since this period, we have seen a dramatic contraction in terms of annual returns and a greater chance of minimal capital growth," the valuation firm said. 
"Investor activity in this segment as a result has dramatically declined, with a small percentage of investors taking up the Defence Housing sale and leaseback scheme."
The scheme offers a long term nine-year plus three-year term at a yield of 5.2%.
This guaranteed income provides an attractive option where vacancy rates and the possibility of rental price weakening may be a determining factor.
The trade-off is a high management fee of 16.5%.
With regard to unit stock, traditionally investor activity in Darwin has been directly linked to large gas and mining projects requiring accommodation for transitory workers.
These long-term leases with attractive yields have certainly diminished with the completion of the construction phase of the Ichthys Inpex Gas Project in late 2018.
"This type of investment did achieve quite high yields, however obviously at higher risk," the valuation firm stated. 
The median unit price in Darwin now sits at $325,000 which is 15% lower than mid-2018 however the transaction levels have improved by a similar percentage.
These factors may indicate there is some faith returning to this section of the market.
With every situation, there is a silver lining and generally low capital values present many opportunities for investors looking to purchase in the Territory.
In addition, latest results for residential dwellings across the entire Darwin market have shown a stable median price of $500,000 (from mid 2018) which does indicate the market is slowly returning to a healthier state.
This is mirrored in transaction volumes improving slightly by 5% from June 2018, according to REINT.
"For investors looking to take advantage of weak prices, the Darwin CBD has the most options available," the valuation firm commented. 
Dated one-bedroom stock can be purchased from the early $100,000 mark which is almost half the price at the peak of the market in 2014.
An entry level unit of this type would typically rent for $230 per week which translates to an extremely attractive gross rental yield of 9.5%.
At a step slightly higher in value, a recent three-bedroom, two-bathroom sale of a semi-modern inner city unit in Stuart Park sold for $265,000.
This unit sold with a gross rental yield of 7.8%, a strong indication that there are opportunities for investors to get a solid return on investment.
These returns in the private sector are subject to market movement and susceptible to the particular terms of the landlord and tenant, factors which must be taken into account.
These types of leases are typically for periods of one year, with management fees of around 8% to 12% per annum.
"So how does Darwin fare for investors? Looking purely at returns, Darwin does offer attractive options being on average slightly stronger than the other capital cities (source: Core Logic, April 2019)," the valuation firm said. 
"The economic downturn has made a significant change in the property landscape, greatly decreasing values across the board and therefore increasing the opportunity for a good buy.
"Coupled with traditionally strong rentals, we do consider Darwin a good place for investors if they are willing to put the time and effort into researching the prospective purchase.
"Southern investors wishing to chase a capital return may face some dilemma however, with limited growth expected in the short to medium term." 
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Darwin residential market slowly returning to a healthier state: HTW residential 

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Over the June 2019 quarter, resales of Darwin properties generated $25.7 million in profits and $15.6 million in losses, according to the latest findings from CoreLogic's Pain &amp; Gain report.
Based on these figures, Darwin generated 0.2% of national profit and 2.1% of the total value of losses.
<img src="https://www.urban.com.au/images/2019/10/29/Resales%20HOB%201.JPG" alt="">
Each region of the city has recorded a high proportion of resales at a loss with at least one in two resales over the quarter in Darwin and Palmerston at a loss, while around one in five resales were at a loss in Litchfield.
The share of units resold at a loss recorded a steady rise over the quarter while there was a slight drop in the share of houses resold at a loss.
Click <a href="https://www.propertyobserver.com.au/images/2019/10/29/Resales%20HOB%202.JPG" target="_blank">here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/10/29/Resales%20HOB%202.JPG" alt="">
The Pain &amp; Gain report also examined other Australian capital cities like <a href="/news/wa/quarter-of-australias-loss-making-property-resales-occurred-in-perth-corelogic-pain-gain-report">Perth</a> and <a href="/news/tas/hobart-property-resale-losses-remain-low-despite-market-slowdown-corelogic-pain-gain-report">Hobart</a>, as well as trends such as <a href="/expert-insights/investing/investors-more-likely-than-owner-occupiers-to-resell-property-at-a-loss-corelogic-pain-gain-report">investors being more likely to resell property at a loss than owner occupiers</a>.
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50% of Darwin resales made a loss: CoreLogic Pain & Gain Report

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Over the June 2019 quarter, resales of Darwin properties generated $25.7 million in profits and $15.6 million in losses, according to the latest findings from CoreLogic's Pain &amp; Gain report.
The market also recorded $269.5 million in realised profits which accounted for 1.6% of profits nationally.
<img src="https://www.urban.com.au/images/2019/10/29/Resales%20DAR%201.JPG" alt="">
Over the quarter, the share of houses resold at a loss increased while the share of unit resales at a loss rose. 
Click to<a href="https://www.propertyobserver.com.au/images/2019/10/29/Resales%20CAN%202.JPG" target="_blank">here</a> to enlarge<a href="https://www.propertyobserver.com.au/images/2019/10/29/Resales%20CAN%202.JPG" target="_blank"></a>
<img src="https://www.urban.com.au/images/2019/10/29/Resales%20CAN%202.JPG">
The Pain &amp; Gain report also examined other Australian capital cities like <a href="/news/wa/quarter-of-australias-loss-making-property-resales-occurred-in-perth-corelogic-pain-gain-report">Perth</a> and <a href="/news/tas/hobart-property-resale-losses-remain-low-despite-market-slowdown-corelogic-pain-gain-report">Hobart</a>, as well as trends such as <a href="/expert-insights/investing/investors-more-likely-than-owner-occupiers-to-resell-property-at-a-loss-corelogic-pain-gain-report">investors being more likely to resell property at a loss than owner occupiers</a>.
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Canberra resales at a loss on the rise: CoreLogic Pain & Gain Report

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There are fundamental factors one must address when purchasing a property, including location, configuration, construction type, size and proximity to local amenities, according to a recent Herron Todd White (HTW) residential report. 
The report suggests Northern Territory residential market is no different. Arguably in its weakest state for years, there is ample opportunity in all aspects of the Darwin residential market.
"With the population outflow following the wind down of several mining projects still continuing, the Northern Territory is approaching what could be considered towards the bottom, however there are some signs of gradual improvement in the form of house prices largely stabilising and an increase in the number of approvals," the valuation firm said 
Rental yields are as strong as ever coupled with interest rates at a historical low of 1.25%. Darwin property remains attractive for investors and home buyers alike.
Looking specifically at the Darwin CBD and inner- city suburbs, units are currently at some of the lowest prices seen in the past 15 years. This type of property would greatly appeal to first home buyers looking to first enter the market and wishing to be close to the city.
The report notes an entry level option available starts at approximately $150,000 for a dated one-bedroom studio apartment located in the CBD.
At a slightly higher price point, two-bedroom, one-bathroom units can start from $250,000. These units are generally the primary configuration for apartment style accommodation and provide adequate living space for small families, couples and singles.
A two bedroom unit opposite the water in Nightcliff has been sold for $270,000.
The <a href="https://www.realestate.com.au/sold/property-unit-nt-nightcliff-131587722" target="_blank">5/144 Casuarina Drive </a>unit (pictured below) comes with two bedrooms, one bathroom, internal laundry and courtyard.
It's walking walking distance to cafes and community facilities. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/25/nightcliff%20.jpg" alt="">
This area is well serviced by schools, shopping facilities, restaurant amenities and within close proximity of major social events.
The report suggest for prestige or higher end buyers in this segment, a modern three-bedroom unit can be purchased for $550,000, ranging up to $1 million for a penthouse apartment in the highly sought after location of the Esplanade.
"This luxury level segment of the market is characterised by expansive ocean views over Darwin Harbour and all the amenities of the Darwin CBD," the valuation firm said.
Moving towards the suburbs on the fringe of the CBD, semi-detached units such as townhouses are far more common. This type of property offers the benefit of a small yard and land on title for families that require extra space for growth.
Suburbs such as Parap and Stuart Park have entry level semi- detached units beginning at $330,000.
Dwellings with large residential allotments between 800 and 1,300 square metres are also available.
The report suggests entry level dwellings in this segment can be purchased from as low as $450,000 in Ludmilla to approximately $600,000 in the more popular Stuart Park.
These types of properties are generally dated, three bedroom configurations and constructed circa 1970s and 1980s, offering opportunities for those looking to renovate whilst staying within close proximity of the city.
The highest end section of the Darwin market is evident here, with ocean- side suburbs such as Fannie Bay, Larrakeyah and Bayview.
A pre-Cyclone Tracy dwelling of standard three to four bedroom, one-bathroom configuration begins at approximately $600,000 in Fannie Bay.
A there bedroom villa at<a href="https://www.realestate.com.au/sold/property-villa-nt-fannie+bay-131042182" target="_blank"> A/3 Hinkler Crescent, Fannie Bay </a>(pictured below) has been recently sold for $865,000. 
The ground floor villa comprises three bedrooms, study, large living/dining area, double garage and tropical garden.
It's close to East Point nature reserve, primary school and high school. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/25/fannie%20bay.jpg" alt="">
On the other end of the spectrum, house prices can reach up to $1.6 million in the same suburb.
"These prestige dwellings are erected on large allotment sizes and are fully renovated or built to a high quality," the valuation firm said. 
Cullen Bay, Larrakeyah’s prestige segment on the marina, also comprises similar quality dwellings in a comparable price range. This location is serviced by several restaurants in the Marina and enjoys ocean views and direct marina access.
Within a short driving distance of the Darwin CBD, Cullen Bay offers many features which secure its spot in the prestige section of the Darwin market.
The next suburb segment, the northern suburbs, comprises the majority of the Darwin residential properties.
First looking at units, the north coastal section contains the majority of apartment style living.
Suburbs such as Coconut Grove, Nightcliff and Rapid Creek are all within close proximity of the ocean, a key factor when purchasing a unit in this locality.
Higher values are attributed to those with views over the Foreshore. An attached two-bedroom unit in this area can be purchased from approximately $350,000, depending on its views and proximity to the water.
"This part of the market is experiencing a sustained drop in both sales volumes and prices, with a substantial over- supply and lack of demand," the valuation firm noted. 
Rental yields remain high at approximately 6.6%, however, this reflects the higher risk associated with the market and an elevated vacancy level.
Again, this is a reflection of the overall soft conditions of the market and general population decline in Darwin. We expect this sector to lag behind the detached housing market in terms of stabilising and see some tough times still ahead in 2019.
For dwellings, a standard ex-government housing three-bedroom dwelling can be purchased from $590,000. These dwellings come in ground level and elevated construction types and at this price point, are quite dated.
This area is well serviced by schools, shopping and local sporting facilities such as the Marrara sporting complex.
Further inland, the bulk of the northern suburbs is made up of standard three-bedroom one-bathroom dwellings constructed in the 1980s.
Allotment sizes are of an adequate 800 square metres, with the exception of the newer suburbs Lyons and Muirhead.
The price point for an average detached house in this segment is $450,000.
At this price, the dwelling would generally be ground level, partly updated and likely to have a pool or spa.
An entry level semi-detached two-bedroom unit can be purchased for approximately $200,000 in the suburb of Karama.
The northern suburbs have a significant amount of services available such as sporting facilities, schools, the Casuarina shopping precinct and the Royal Darwin Hospital which makes this area ideal for young families or first home buyers looking to enter the housing market.
Palmerston City is the last locality on our agenda, located 21 kilometres from Darwin comprising 18 suburbs.
Recently known as the fastest growing city in Australia, Palmerston offers substantially more affordable housing options for those willing to live away from the ocean.
An entry level two bedroom unit can be purchased for $175,000 in Woodroffe, while a three-bedroom dwelling of similar calibre in Moulden can be obtained for $240,000.
At the prestige end of the market, the suburbs of Farrar, Durack and Zuccoli offer the best choice.
For approximately $750,000, a modern four-to-five bedroom property on the Palmerston Golf Course can be purchased in Durack.
This area is serviced by the newly built Gateway Shopping Precinct, schools and parklands and is within a short drive of downtown Palmerston.
"When regarding fundamentals of a home, location, configuration and quality are all important factors at the right price point. However, knowing the vendor is another key factor in terms of reaching a successful sale.
"In this current softened market, potential purchasers are in an excellent position to take advantage of the excess supply across all segments of the market. With vendors now acknowledging the new lower price points, an increase of transactions can be expected, however we expect this weak state to continue in the short and medium term," the valuation firm said. <img src="blob:https://www.urban.com.au/fc53f393-69e7-4736-8a84-6d903625c127" alt="page63image3783792" width="0.500000" height="0.500000" style="font-size: 12.16px;"> <img src="blob:https://www.urban.com.au/ba7ef730-5880-4a62-9d4d-7181babff10c" alt="page63image5831440" width="0.500000" height="0.500000" style="font-size: 12.16px;"> 
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Knowing the vendor is a key factor in Darwin property market investment: HTW residential 

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Rental yields in Darwin have grown 0.2% over the year, reaching 6% from 5.8% in 2018, according to the latest data from CoreLogic.
They found that while rents softened over the past month, rental rates increased in all capital cities other than in Sydney, where rental yields are the tightest, and Perth over the past year. 
Gross rental yields for units in Darwin are even higher at 6.8%. Plus the median value of a unit in Darwin is the lowest out of any capital city, sitting at $289,687.
It is $32,495 less than the second lowest Adelaide, $322,142.
Overall, the weakest market conditions continue to be seen in Darwin and Perth, where values dipped further over the month, although the three month trend in both cities is suggesting an improvement in the rate of decline.
Darwin dwelling values are now 30.7% below their May ’14 peak.
However despite these figures Tim Lawless said: “with mortgage rates low, and likely to reduce further, as well as low yields across most asset classes, lower rental yields aren’t likely to be much of a disincentive to investors.”
<img src="https://www.urban.com.au/images/2019/9/9/Darwin%20rental%20Yields%202.JPG" alt="">
An example of Darwin's high rental yields is <a href="https://www.realestate.com.au/sold/property-unit-nt-darwin+city-131597062" target="_blank">84/21-23 Cavenagh Street, Darwin City</a> (pictured above) which was listed in March 2018 for $290 per week.
Last sold in August 2019 for $148,000, the yield for the property is calculated as 10%.
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Darwin home to Australia's highest rental yields

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Darwin has experienced a few tough years and the weakening trend continued into 2019, according to a recent Herron Todd White (HTW) residential report. 
"The peak of the market (2013-2014) which was mainly inflated by the Ichthys gas project was going to end at some point and we are now experiencing the aftermath," the valuation firm said. 
"Since the start of the year, we have seen declines in both sales and median price for all suburbs across Darwin (REINT).
"All markets have been hit, from residential to commercial, dwellings to units and the suburbs of Parap to Darwin River." 
The weak market has been foreseen for some time now and it is now believed that home owners are coming to the realisation that their homes are not worth what they perceive.
The report notes this has been a difficult process and caused stress throughout the market and wider economy.
"We have seen some big reductions, especially in the Darwin CBD," the valuation firm added. 
There has been a 40% fall in the median unit and townhouse price from $565,500 in March 2015 to $330,000 in March 2019, according to the REINT.
Also looking Palmerston way, the suburb Moulden has experienced some big reductions; recent analysed sales of dwellings show a drop in the order of 30% or more from 2013/2014.
"Be that as it may, we should not be discouraged by the current state of the market," the HTW report said. 
"Unfortunately, it is a reality that we are seeing some heavy reductions but to put things into perspective, we need to take a look at Australia as a whole."
<a href="https://www.propertyobserver.com.au/images/2019/8/20/abs%20.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/20/abs%20.jpg" alt="">
According to the Australian Bureau of Statistics (ABS), the latest release shows new lending for investment dwelling in Australia is at its lowest since 2011.
Additionally, lending for purchase or construction of a new home in Australia has fallen to its lowest level since 2013.
Lending to households has decreased year on year by 17.8% in the Northern Territory (ABS). 
Victoria and New South Wales have also both dropped year on year, 15.4% and 18.9% respectively.
There has been a downturn in nearly all states, with the only exception being Tasmania.
"The silver lining is that we are now in a period of market affordability; the dream of owning a home or unit is now realistic for Territorians," the valuation firm said.
"As mentioned earlier, we are seeing home owners slowly accepting the very weak property market. This is reinforced by looking at the recent statistics for the northern suburbs.
"Although sales are decreasing, we are seeing prices stabilising to only minimal decreases.
"It is only our opinion and we can only speculate that it means people will only sell if it is their last option, if not, they are holding onto their properties for a better market and thus price," the report said. 
The rental market has steadied in recent times and popular locations are still easily rented.
A current listing on the rental market is a three bedroom unit (pictured below) priced at $600 per week.
Situated at<a href="https://www.realestate.com.au/property-unit-nt-darwin+city-427254510" target="_blank"> 48/96 Wood Street, Darwin City</a>, the unit comprises three bedrooms, open plan living/dining, large store room and two secure car parks.
The building features swimming pool and communal gym. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/20/darwin%20city.jpg" alt="">
"We need to remember during these tough times the old saying 'you only lose if you sell'," HTW said. 
"However if you must sell, we are seeing well-presented properties still high in demand, so be sure to present your home in good condition, have neat and tidy landscaping and make sure there are no small works required by the potential buyer." 
Since the start of 2019, there have been plenty of things done to pave the way to a more positive market.
"The government has introduced new inventive schemes (Territory Home Owner Bonus) and construction of new buildings in Darwin (new four-level below ground car Park) and Palmerston (police station). We also note the interstate relocation schemes (Welcome to the Territory incentives) introduced in August 2018 will also make a positive impact in 2019.
"To end things off, we have seen land prices increase in the Palmerston suburb of Zuccoli (specifically the Aspire development). This increase came as a surprise to us but it is showing that the supply of land is not meeting demand and ultimately this can be seen as evidence that the government incentive program is playing its role.
"There is a lot happening to kick start the economy and our office remains positive that there will be a brighter market; it will just take time for the government schemes to take full effect." 
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Weakening trend continues in Darwin residential market: HTW residential 

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Darwin house prices have been falling since 2014/15 as resource sector investment has also fallen away, impacting on employment, migration and population growth.
According to the BIS Oxford Economics Residential Property Prospects 2019 to 2022 report, the market is estimated to be currently in oversupply with high vacancy rates. 
Affordability has now become very attractive, the report said.
However, without a strong turnaround in the economy or the demand/supply balance, only moderate house and unit price growth of 7% and 8% respectively is forecast to June 2022.
The firm predicts that these gains will be mainly toward the end of this period as supply begins to tighten.
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/15/BIS%201.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/15/BIS%202.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%203.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/15/BIS%203.jpg" alt="">
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Darwin market in oversupply with price gains a few years off: BIS Oxford Economics 

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Darwin has experienced a few tough years and the weakening trend continued into 2019, according to a recent Herron Todd White (HTW) residential report. 
"The peak of the market (2013-2014), which was mainly inflated by the Ichthys gas project, was going to end at some point and we are now experiencing the aftermath," the valuation firm said. 
"Since the start of the year, we have seen declines in both sales and median price for all suburbs across Darwin (REINT)."
All markets have been hit, from residential to commercial, dwellings to units and the suburbs of Parap to Darwin River.
The weak market has been foreseen for some time now and it is now believed that home owners are coming to the realisation that their homes are not worth what they perceive.
This has been a difficult process and caused stress throughout the market and wider economy.
"We have seen some big reductions, especially in the Darwin CBD," the valuation firm noted. 
"There has been a 40% fall in the median unit and townhouse price from $565,500 in March 2015 to $330,000 in March 2019 (REINT).
"Also looking Palmerston way, the suburb Moulden has experienced some big reductions; recent analysed sales of dwellings show a drop in the order of 30% or more from 2013/2014."
A three bedroom apartment in the Darwin CBD has recently been sold at a reduced price of $330,000.
With views of the Darwin Harbour, the unit at<a href="https://www.realestate.com.au/sold/property-unit-nt-darwin+city-129170426" target="_blank"> 7/3 Harvey Street</a> (pictured below) include open plan living and dining area, private balcony, three bedrooms and kitchen with stone bench tops.
The complex comes with secure parking and pedestrian access. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/10/darwin%20city%201.jpg" alt="">
"Be that as it may, we should not be discouraged by the current state of the market," HTW said. 
"Unfortunately, it is a reality that we are seeing some heavy reductions but to put things into perspective, we need to take a look at Australia as a whole." 
According to the Australian Bureau of Statistics (ABS), the latest release shows new lending for investment dwelling in Australia is at its lowest since 2011.
Additionally, lending for purchase or construction of a new home in Australia has fallen to its lowest level since 2013.
Lending to households has decreased year on year by 17.8% in the Northern Territory (ABS).
This is a heavy drop but again, but comparative to other states. Victoria and New South Wales have also both dropped year on year, 15.4% and 18.9% respectively.
The report suggests there has been a downturn in all states with the only exception being Tasmania.
"We are not alone up here. The silver lining is that we are now in a period of market affordability; the dream of owning a home or unit is now realistic for Territorians.
"As mentioned earlier, we are seeing home owners slowly accepting the very weak property market. This is reinforced by looking at the recent statistics for the northern suburbs.
"Although sales are decreasing, we are seeing prices stabilising to only minimal decreases (REINT, March 2019). It is only our opinion and we can only speculate that it means people will only sell if it is their last option, if not, they are holding onto their properties for a better market and thus price."
The rental market has steadied in recent times and popular locations are still easily rented.
A fully furnished two bedroom unit in Darwin City is on the rental market with a price guide $430 per week.
Located in a secure complex, the unit at <a href="https://www.realestate.com.au/property-unit-nt-darwin+city-411774483" target="_blank">4/14 Dashwood Place</a> (pictured below) comprises open plan living, balcony, two bedrooms and two car parks.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/10/darwin%202.jpg" alt="">
"We need to remember during these tough times the old saying 'you only lose if you sell'," the report said. 
However if you must sell, we are seeing well-presented properties still high in demand, so be sure to present your home in good condition, have neat and tidy landscaping and make sure there are no small works required by the potential buyer."
Since the start of 2019, there have been plenty of things done to pave the way to a more positive market.
The government has introduced new inventive schemes (Territory Home Owner Bonus) and construction of new buildings in Darwin (new four-level below ground car Park) and Palmerston (police station).
"We also note the interstate relocation schemes (Welcome to the Territory incentives) introduced in August 2018 will also make a positive impact in 2019.
"To end things off, we have seen land prices increase in the Palmerston suburb of Zuccoli (specifically the Aspire development).
"This increase came as a surprise to us but it is showing that the supply of land is not meeting demand and ultimately this can be seen as evidence that the government incentive program is playing its role.
"There is a lot happening to kick start the economy and our office remains positive that there will be a brighter market; it will just take time for the government schemes to take full effect." 
</body></html>

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