New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

Gold Coast

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Apartments in Broadbeach achieved 5.4% median price growth per annum during the past five years, according to market analysts Urbis.
Urbis found that the suburb's record price growth was bettered by only one capital city, Hobart, which gained 8% per annum.
The result comes on the back of a sharp spike of southern interest in the suburb, in particular from NSW.
Developer Andrews Projects for example reported a 300% increase in interstate enquiries for its Broadbeach towers – many from buyers aged 55-64 years.
The developer is constructing two apartment towers in the suburb, with works having recently commenced on 25-storey Encore Broadbeach and the 25-level Vue Broadbeach due to be delivered later this year.
Andrews Projects Sales Manager Sarah Andrews said interstate buyers were increasingly looking to purchase apartments in Broadbeach on the back of massive infrastructure investment in the suburb.
“We have been overwhelmed by the number of enquiries we’ve received from Sydney and New South Wales property buyers on the hunt for quality apartments in Broadbeach, particularly those aged 55 to 64 years with one eye on their post-retirement lifestyles.”
“Broadbeach has rightly become one of the best performing apartment markets in the country and we are pleased that our two towers will ensure more people get the chance to live in such a vibrant precinct,” she added.
Due for completion in late 2019, the $75 million Vue Broadbeach at 10-12 First Avenue, Broadbeach (pictured in title) features 71 apartments across 25 levels, with its penthouse having already fetched $5 million.
<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/2019/9/9/encore%20.jpg" alt="">
Meanwhile, Encore Broadbeach, which is located at 36-38 Britannia Avenue (pictured above), will feature 84 apartments with ocean and city skyline views.
Floor-to-ceiling double-glazed windows will wrap the entire building.
Due for completion in late 2020/early 2021, two and three-bedroom ocean view apartments are now selling from $599,000.
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NSW buyers trigger spike in Broadbeach apartment values

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The bakery Parkwood Hotbread is set to open a new shopfront at the Hope Island Shopping Centre on the Gold Coast.
The business, which has been operating locally for over a decade, has committed to a 60 sqm tenancy in the 10 Santa Barbara Road complex.
Hope Island Hotbread have signed a 5-year contract with the shopping centre, occupying a space formally owned by another bakery.
Tanaka Jabangwe, from real estate agency Knight Frank who negotiated the lease, said, "The operators had been looking for the right opportunity to open a second store...after reviewing multiple sites the opportunity at Hope Island Shopping Centre became available at the perfect time."
Hope Island Hot Bread is scheduled to be operational by August 5, 2019.
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Gold Coast bakery expands into Hope Island Shopping Centre

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Serenity Cove, in the Hope Island and Helensvale precinct on the Gold Coast, has been listed for sale.

The 65 hectare waterfront estate is approved for a multi-staged masterplanned community.

Considered the final puzzle piece of the Hope Island masterplan, Serenity Cove has approval for 235 lots and dwellings in addition to balance land for future development.

There are plans for a 3,800 sqm retal and dining precinct.

A soft launch in 2017 saw 15 buyers of waterfront land spend a combined $10 million on their slice of Serenity Cove.

The first release of land included 48 waterfront lots along Saltwater Creek and on Lake Serenity – some with marina berths.

Located in the Hope Island/Helensvale precinct and some 10 minutes from the world-renowned 5-star resort and golf course of Sanctuary Cove, the subject site has extensive water frontage and is offered for sale via a two-stage tender process through Mark Witheriff and James Branch of Knight Frank in conjunction with Brendan Hogan and James Holland of Colliers International.

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“This is one of the last large-scale waterfront approved development sites within South East Queensland,” said Witheriff. 

“There are very limited comparable sites of this scale remaining on the Gold Coast, let alone those with extensive water frontage to cater for an up-market masterplanned residential estate.”

Colliers James Holland said the Helensvale and Hope Island precinct is currently seeing strong sales of waterfront land and homes.

"Due to diminishing land supply in Hope Island, the suburb is currently seeing a resurgence in high density living,” said Mr Holland.

Knight Frank and Colliers International recently transacted the former Village Square Market Place site nearby on Hope Island for $17.025 million. 

The purchaser has since lodged plans for 348 retirement apartments across five x eight level buildings which further underpins and supports the sustainable population growth within the region. 

<h2>Queensland properties selling now:</h2>

[smartcode_project:default project_id=27575]

[smartcode_project:default project_id=22057]

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Serenity Cove, one of the Gold Coast's last masterplanned communities, hits the market

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A consortium led by a Macau casino boss Loi Keong Kuong-led has emerged as paying $56.5 million for Gold Coast site recently offloaded by the Hong Kong-based Forise.
Forise had paid $65 million for the 3,494 sqm site in 2015 with plans to build the Southern Hemisphere’s tallest tower.
It then spent a reported $40 million plus on construction of a six-level basement.
Roland Evans, at Canford Estate Agents, said the new owners intended to develop the planned 89-floor tower but changing the interior design and layout to incorporate a luxury-brand hotel.
The consortium members are operating through trustee company 3 Trickett Street.
The ownership of company 3 Trickett Street is primarily held by the Loi family and, according to company records, includes Chinese billionaire Riyu Li, one-time investor in the three-tower Jewel beachfront project south of Surfers Paradise, with 10 per cent.
Loi, who owns Macau’s Rio casino, also paid $90 million in early 2018 for the Soul Boardwalk retail area north of the Spirit site.
The local paper The Gold Coast Bulletin reported Forise’s disastrous Gold Coast foray saw it locked out of a $3 million sales display suite close to the Spirit site.
Yun Wei “Fenix” Dong, was the CEO of Forise Investment Australia, the company behind the abandoned Spirit development.
Creditors were taking legal action over unpaid debts, including WorkCover Queensland, which sought an application to wind up the company to recoup $19,000.
Parties connected to the development have now been paid and the few buyers have had their deposits refunded.
Forise had engaged The Agency projects team to exclusively sell and market Spirit, the $1.3 billion Gold Coast residential tower.
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The collapse of Forise impacted on The Agency projects team, since it was the biggest deal signed by the division headed by Steven Chen.
Spirit had 479 DBI designed apartments to sell, including an entire floor penthouse, boasting over 1000 sqms that Chen expected to sell for in excess of $30 million.
As its building base works commenced in the first quarter of 2017 The Agency was expecting commission to flow following its 2020 completion.
During the company’s embarassing exit, chairman Xin Wang sold his $3.6 million 68th floor sub-penthouse in Soul, with Paul Ledgerwood at The Agency securing the sale, in conjunction with Laura Langford at Canford Property Group.
It had been bought for $3.5 million in 2013 from Juniper, the developer.
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jchancellor-FAypfDUnLy

Macau casino boss boosts Gold Coast market with Forise acquisition

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Ashmore City Medical Centre, has taken up a new lease in an Ashmore City space undergoing a multimillion-dollar makeover.
The medical centre has taken a 10-year lease on the space and it is moving into the tenancy formerly occupied by Chempro. 
Angelo Efstathis, the managing director of centre manager First Asset Management, said the move was aimed at reactivating the middle of the centre and further improve customer convenience. 
Ashmore City Medical Centre is planning a $350,000 fit-out for the new premises, which comes on the heels of the $2.5 million upgrade currently under way by the centre owner and a $750,000 refurbishment by ANZ Bank.
Ashmore City Medical Centre is expected to start operating from its new location in early October. 
As part of the Ashmore City masterplan, the existing medical centre building will be converted into a professional services centre to complement established tenancies. 
Meanwhile, the $2.5 million upgrade currently under way at Ashmore City is expected to be completed well before Christmas. 
The capital works include a complete exterior facelift, as well as improved amenities including a new parents’ room and upgraded accessible amenities for shoppers. 
Ashmore City has 40 tenancies and is anchored by Drakes Supermarket, Chempro, Stacks Variety, Liquorland and Australia Post.
It is also home to five major banks, including ANZ, Commonwealth Bank, NAB, Westpac and Bank of Queensland.
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Ashmore City Medical centre set for relocation

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New house and land packages on suburban lots in developing estates around Beaudesert have been dominated by investors in recent years, according to the latest Herron Todd White (HTW) report. 
The report notes that this sector of the market on the Scenic Rim has slowed in contrast to the owner-occupier market.
Resales of houses in these estates are lower than the cost of the new house and land package indicating a price difference between new and second hand in these localities and a difference between what investors and owner-occupiers are prepared to pay for the same product.
"In contrast, locations in the Scenic Rim and Gold Coast hinterland that are dominated by owner-occupiers are proving very resilient in the face of negative media reports about the property market," the valuation firm said. 
A recent sale in Beaudesert is a four bedroom house located within the Kerry Hill Estate.
It was sold for $580,000. 
Built in 2012, the house at<a href="https://www.realestate.com.au/sold/property-house-qld-beaudesert-130081698" target="_blank"> 70 Panorama Drive</a> (pictured below) features open plan kitchen/living/dining with adjoining games room, four bedrooms, office or fifth bedroom and covered entertaining area. 
The home was sold at $197,000 in 2012 and $184 in 2008. 
<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/2019/6/27/beaudesert%201.jpg" alt="">
Rural residential housing and housing in some village locations such as Canungra and Tamborine Mountain remain in demand from buyers.
Felton (pictured below), a four bedroom historic home on two lush acres in Tamborine Mountain has been sold for $835,000.
It is believed to be designed and built for renowned architect George Henry Male Addition in 1887.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-tamborine+mountain-129827558" target="_blank">75-77 Benowa Street</a>, the home comes with four bedrooms, study or fifth bedroom, four bathrooms, two large living area, kitchen, verandas and inground pool.  <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/2019/6/27/tamborine%20mountain.jpg" alt="">
According to the HTW report, selling periods are relatively short and many properties are still selling at or around asking price.
Some of these areas are commuting distance from Brisbane and Gold Coast and buyers get more bang for their buck in these areas compared to their city neighbours as well as offering certain lifestyle features.
"Overall, buyers, sellers and agents appear to be keeping a cool head and while now is not the time to panic, it would be prudent to fully research the market in these localities prior to committing to a property," the report said. 
"Unlike the heated market of previous years, there are no time pressures about making a decision to buy, no fear of missing out eating away at people’s thoughts, so as we move toward a buyer’s market, purchasers are able to take the time to thoroughly inspect properties, do the research and shop around." 
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Gold Coast hinterland and Scenic Rim owner-occupier market proves resilient: HTW residential 

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The housing market in the Gold Coast is starting to decline, according to valuation firm Herron Todd White (HTW).
The Gold Coast housing market started to decline just over 12 months ago.
Last month Herron Todd White called the Gold Coast housing market a declining market, however have moved it to further back in the cycle, suggesting there is further to go in the downturn.
To enlarge Herron Todd White's national property clock for houses, <a href="https://www.propertyobserver.com.au/images/2019/7/2/HTW%20July%20Clock.jpg" target="_blank">click here</a>.
<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/2019/7/2/HTW%20July%20Clock.jpg" alt="">
Herron Todd White says it seems to be a mixed market.
"The feedback from agents and volume of sales paints different pictures depending on the locality and looking at the various regions, it is evident that each locality offers something different.
"Overall, the underlying theme is that the market was cooling its heels in the lead up to the election and will more than likely continue to do so in the coming months. 
"Most agents are reporting a softening in buyer enquiry and demand across the board throughout this locality, with all reporting some softening in value levels and longer sale periods often required to achieve a sale.
"It is definitely a buyer’s market and they are more discerning with their choices and in no rush to sign up to buy.
Herron Todd White's report noted that a leading agent said there has been a drop of around 10% for Bundall and Sorrento from the generally accepted top of the market in late 2017.
"This was evidenced in a top end sale where the purchasers had submitted an offer at $4.5 million less than eight months ago and have just gone to contract at $4.1 million on the same property.
"The local market is well aware of the downward trend in the southern cousins of Melbourne and Sydney, however there appears to be a general consensus that local value levels here didn’t sky rocket like our southern counterparts and as such any market correction here is likely to be much more gradual and gentle in nature."
There were plenty of moves across the country in July as 2019 ticks into the second half of the year.
Sydney, the Illawarra and Southern Highlands region are approaching the end of their downturn cycle.
Herron Todd White now believe they are approaching the bottom of the market.
 
 
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jonathanchancellor-7SQnKwU6yx

Gold Coast houses in decline: HTW

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The Star Gold Coast, located on Broadbeach Island, is expanding with developers fast-tracking the residential sales launch of its second mixed-use tower.  
The 63-storey, $500 million development will feature 457 residential apartments, 210 five-star hotel rooms and an array of world-class amenities. 
The second tower is the highly anticipated next stage of The Star Gold Coast’s multi-billion-dollar transformation of Broadbeach Island, following the start of construction on the first mixed-use tower, featuring the Dorsett hotel and a residential component known as ‘The Star Residences Gold Coast’. 
The first tower, which began construction in November 2018, comprises 423 residential apartments and is now 92% sold out – making it the fastest-selling residential project in Queensland since launching 19 months ago.  
The two mixed-use towers are being delivered by the same partners building the $3.6 billion Queen’s Wharf Brisbane integrated resort development in Brisbane’s CBD. 
This consortium – comprised of The Star Entertainment Group, Far East Consortium, and Chow Tai Fook Enterprises Limited – has a combined portfolio of more than $6 billion in projects currently planned or underway within Australia. 
Far East Consortium is also spearheading the $2.4 billion West Side Place mixed-use development in Melbourne, delivering 2600 apartments across four towers with the first two towers almost sold out.
Construction of its first tower is underway with the second set to commence next month, following the recent award of its $660 million construction contract.  
Far East Consortium National Sales and Marketing Manager Lauren Sheldon said the decision to fast-track the sales launch of tower two is testament to the demand for real estate on Broadbeach Island, and a vote of confidence in the Gold Coast market. 
"Our consortium aims to invest – through The Star Gold Coast masterplan – an additional $2 billion-plus into embedding the complex and Broadbeach Island as one of the southern hemisphere's largest tourism, entertainment, and lifestyle precinct, and it is clear from the residential sales success of the first tower that buyers are on board with this vision," Sheldon said. 
"The Gold Coast is ripe for this type of development activity, supported by $13 billion in major infrastructure projects recently completed, planned, or underway in the city.  
"We're releasing the second tower to the market, with construction expected to commence in mid-2020 and completion anticipated about 2024.  
"We are confident its high-end residential appeal, premium amenity, and enviable location within the integrated resort development will be extremely attractive to prospective purchasers." 
The latest tower will feature one, two, and three-bedroom residential apartments across the upper 43 levels including an exclusive two-level resident-only recreation deck boasting a sun lounge and yoga deck; a 23.5 metre lap pool; barbeque areas; sauna and steam room; space for a kids’ club; a gymnasium; and private dining rooms. 
One-bedroom apartments, ranging in size from 55 square metres to 64 square metres, will be priced from $486,000.
Two-bedroom apartments, ranging from 71 square metres to 106 square metres, will be priced from $692,000.
Three-bedroom apartments, ranging from 112 square metres to 168 square metres, will be priced from $1,295,000.
Residents will be able to choose from two different apartment colour schemes and each residence is designed to maximise views and coastal breezes.  
The Star Entertainment Group Managing Director and CEO Matt Bekier said the new tower’s hotel and lifestyle offering will further underpin Broadbeach Island as a world-class tourism, leisure, and entertainment destination for visitors to the Gold Coast. 
"Through the latest tower, The Star Gold Coast will offer four hotels on Broadbeach Island – more hotels than any other integrated resort in Australia,” Bekier said. 
“The new five-star hotel will feature 210 rooms and will take the overall hotel accommodation supply on Broadbeach Island to almost 1200 rooms and suites across the four hotels.  
"Starting from level seven and spanning 12 levels, the new hotel will sit above a six-level podium featuring an active retail concourse, and will provide direct connectivity to The Star Gold Coast's other hotel and residential offerings. 
"The second tower’s retail offerings, when combined with tower one, will feature more than 12,050 square metres of retail and resort amenities.  
"These amenities include one of the southern hemisphere's most luxurious day spas and wellness centres; a cafe and wine bar with views to Broadbeach and Coolangatta; an exciting nightlife venue; and speciality lifestyle services including a boutique hair and nail salon, floral services, and a fine food market.”  
An additional sub-tropical recreation deck for use by residents and visitors will connect to The Star Gold Coast, and is designed to create a world-class rooftop experience. 
A large lagoon pool, sundecks, private cabanas, alfresco dining areas, plazas, waterplay, subtropical gardens, function lawns, and outdoor spaces will bring the iconic landmark to life. 
<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/2019/5/30/FAR1476_StarIRDGoldCoast_S010_EXT_Hero_Final.jpg" alt="">
Sheldon said while residents will be able to enjoy living within an integrated resort, the apartments are designed for privacy and seclusion. 
"Residents can choose to immerse themselves in the plentiful opportunities that come with living in an iconic lifestyle destination – or they can enjoy the quiet, private, and secluded environment also on offer. They really do get the best of both worlds," Sheldon said.  
"The residents-only recreation area has been carefully designed to provide seclusion, comfort, and functionality by combining intimate spaces within a lush, subtropical garden setting that offers 360-degree views of the Gold Coast skyline. The dedicated lobby and lifts will allow residents to feel like they have own private retreat in the sky. 
"The latest tower will be the pinnacle of luxury integrated resort living on the Gold Coast. With its enviable location and connectivity to the G:Link Light Rail, designer shopping at Pacific Fair, and proximity to all the action and major events at the adjacent Gold Coast Convention and Exhibition Centre, we are expecting solid interest from owner-occupiers and investors from the Gold Coast, interstate, and internationally."
The latest tower will be positioned south of the Dorsett hotel and The Star Residences Gold Coast apartments tower currently under construction, and will provide hundreds of car parks. Dedicated bicycle spaces will also be available for residents. 
In addition to the construction of the Dorsett hotel and The Star Residences Gold Coast apartments tower, The Star Gold Coast’s transformation to date includes a refurbishment of The Star Grand’s 596 hotel rooms; the opening of a new luxury 56-suite hotel, The Darling; 12 new food and beverage experiences; a new day spa and fitness centre, Azure Spa &amp; Fitness; and additional meeting room space and refreshed conference facilities in the Event Centre.  
A further three towers are planned as part of The Star Gold Coast’s approved $2-billion-plus masterplan for Broadbeach Island.
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The Star Gold Coast launches second residential tower

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House values in the Gold Coast are declining, but the nearby houses Sunshine Coast are going in the opposite direction, according to valuation firm Herron Todd White.
The Sunshine Coast housing market is currently peaking, whereas the Gold Coast has been classed as a declining market.
Last month the Gold Coast housing market was in the starting to decline phase, where it had been since June 2018.
The Sunshine Coast housing market has continued its steady rise having been approaching the peak of the market since October 2017.
Before then it was a rising market. 
To enlarge the June National Property Clock: Houses, <a href="https://www.propertyobserver.com.au/images/2019/6/13/June-Clock.jpg" target="_blank">click here</a>.
<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/2019/6/13/June-Clock.jpg" alt="">
 
"Most agents are reporting a softening in buyer enquiry [in the Central Gold Coast] and demand across the board throughout this locality, with all reporting some softening in value levels and longer sale periods often required to achieve a sale," the report noted.
"It is definitely a buyer’s market and they are more discerning with their choices and in no rush to sign up to buy.
"One leading agent has just this week reported a general drop of circa 10% for Bundall and Sorrento from the generally accepted top of the market in late 2017.
"This was evidenced in a top end sale where the purchasers had submitted an offer at $4.5 million less than eight months ago and have just gone to contract at $4.1 million on the same property.
Adelaide hoteliers Peter and Jenny Hurley were caught up in the Gold Coast house price decline.
Their Commodore Drive, Paradise Waters home (below) <a href="/news/hoteliers-sell-surfers-paradise-holiday-home-for-loss">sold for $3.55 million</a>, less than the $4 million they paid in 2003.
<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/2019/6/14/Commodore.jpg" alt="">
They had been asking $4.75 million.
There was better news from the Sunshine Coast market.
While Herron Todd White reported the market has slowed, there are still sales.
"A significant number of agents have indicated that general enquiry has fallen which has effectively led to a lack of urgency in the market," the valuation firm said.
"On the back of this, stock levels have increased in some areas as well as the number of days on market.
'Whilst there has been a general softening in the market, there are still sales being made.
"Property that is well located with a good offering and is priced at the right level are selling. It’s just that instead of selling in the first week or two, it’s more like six to ten weeks - what would appear to be more like a normal market. 
"One thing that is certain is there are a lot more people around the coast. It used to be in holiday periods but now it seems to be all the time. This can’t be a bad thing to help support the market."
 
 
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jrobinson-rf4aSBido9

Gold Coast houses in decline, but Sunshine Coast peaking: HTW

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Gold Coast Airport has completed laying the concrete foundations for a new hotel at the site.
It involved the pouring of 2,050 cubic metres of concrete.
Queensland Airports Limited executive general manager, property and infrastructure Carl Bruhn said the 3,000 square metre concrete slab forms the foundations for a $50 million seven-storey, 192-room hotel.
The Rydges hotel will have a rooftop bar and views over Kirra Beach and across the runway.
It was expected to open in mid-2020.
It is being built by locally-based construction company, Condev, on behalf of developer, Trepang, a company associated with John Robinson and Nick Paspaley, who have developed hotels in Darwin, including two airport hotels.
Queensland Airport is the owner and operator of Gold Coast, Longreach, Mount Isa and Townsville airports.
Gold Coast Airport handled 6.52 million passengers in 2018, down from 6.5 million in 2017.
The airport’s master plan has forecast annual passenger numbers rising to 16.6 million by 2037.
In March, the airport appointed Lend Lease to build a new three-level terminal expected to be completed by mid-2021.
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