<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Gold Coast

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The biggest sale across the country last week was in the Gold Coast where a five bedroom home sold for $7.7 million, according to CoreLogic.
The <a href="https://www.realestate.com.au/sold/property-house-qld-surfers+paradise-124029274" target="_blank">Admiralty Drive riverfront</a> (pictured above and below) last traded for $7 million in 2007, sits on 678 sqm and features Juliet balconies and graceful arches.
<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/2017/01/17/Admiralty1.jpg" alt="" width="411" height="250">
There's a home cinema, executive study and an entertaining terrace with teppanyaki bbq that overlooks the infinity pool and the river.
Michael Kollosche at Kollosche Prestige agents secured the sale after over 640 days on the market.
The second most expensive property in Queensland was a three bedroom <a href="https://www.ultraproperties.com.au/properties/4301-71-eagle-street-brisbane-city/" target="_blank">Brisbane sky home</a> that sold for $2,562,000.
A Northbridge home at 52 Coolawin Road topped the New South Wales biggest sellers, going for $4.85 million.
Black Diamondz property agent Tim Le secured the sale of the substantial five bedroom family home (below).
 
<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/2017/01/17/Northbridge.jpg" alt="" width="400" height="251">
The second biggest seller in the state was a 157 sqm Kent Street apartment that sold for $3.05 million.
The three bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-sydney-108425391" target="_blank">2007/183 Kent Street</a> last traded for $892,500 in 2001.
Victoria's biggest sale came from Park Orchards where a four bedroom home built just two years ago. It sold for $3,107,000.
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j.ballantyne1990-6AQqhLzZaK

Mermaid Beach Gold Coast trophy home tops sales with 10 percent growth over 10 years

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Gold Coast superstar Gary Ablett has listed his luxury Ashmore waterfront which is sure to respark the rumours he'll leave the Suns at the end of 2017, having not departed over the 2016 summer break.
The versatile midfielder has two years left on his current $1 million-a-season contract, however there's regular suggestions the 32 year old will finish his career on the Gold Coast.
Ablett paid <a href="https://www.realestate.com.au/property-house-qld-ashmore-124479490" target="_blank">$1.8 million for the home</a> upon his arrival at the Gold Coast in 2011 having left boyhood club Geelong, whom he reportedly asked whether he could be traded to during last year's AFL trade period.
Set on 3342 sqm of landscaped grounds, with mature tropical trees and plants ensuring privacy, the home comprises four en-suited king size bedrooms and a self-contained guest quarters.
<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/2017/01/17/Ablett2.jpg" alt="" width="428" height="310">
There are Bali huts and an outdoor entertaining area accompanying the full size floodlit tennis court and the lagoon style 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/2017/01/17/Ablett3.jpg" alt="" width="429" height="255">
The home offers 65 metres of river frontage with a floating pontoon.
Ray White Surfers Paradise agent Marek Ancypa is seeking expressions of interest.
<a href="https://www.heraldsun.com.au/news/victoria/afl-star-garry-ablett-to-be-dumped-as-gold-coast-suns-skipper-amid-family-drama/news-story/6731c5e3760a985feeccf43c50e6a285" target="_blank"> </a>
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Suns superstar Gary Ablett lists Ashmore home after departure rumours

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Sussan Ley’s casual use of public money which cost her a ministerial position was a big mistake, but not her biggest.
Her greatest folly in the travel scandal is that she flew to the Gold Coast to buy a high-rise apartment for $800,000.
She declared that she did so because “the Gold Coast is a great place to invest”. She clearly didn’t do any research – there are few investments with worse records on capital growth than high-rise units on the Gold Coast.
The Gold Coast high-rise suburbs feature prominently in the new 2017 edition of my “No Go Zones” report.
They’re there for a range of good reasons: that terrible track record on capital growth, the location’s tendency to lurch from one boom-bust scenario to the next, and the high level of new supply coming into the market. It’s heading for another bout of oversupply, keeping in the mind that the previous glut took around six years to clear up.
It’s worth repeating a point I’ve made before on Property Observer: that the median apartment price for Surfers Paradise today ($370,000, according to both Domain and CoreLogic) is lower than it was 10 years ago. The same can said about nearby Broadbeach. Main Beach and Southport both have higher medians than a decade ago, but only marginally.
How many major, high-profile markets around Australia have a growth record that bad?
I did a social media post on this and had many responses from property-interested people around Australia. Most were like this one: “I thought the same thing – could not pick a worse place for investing” or this one: “Totally agree. However, she has a huge disposable income to use for negative gearing.”
I thought tax benefits would be cold comfort if, as I expect, the property’s value falls over time.
But there were a number of comments that disagreed. The most striking was this one, which scores highly for naivety: “If she is saying she paid $800,000, you can bet it is really worth over $1 million. You don’t just shell out that kind of money if you haven’t done your research …”
But the reality is that people do shell out big money for real estate without doing thorough research. Many investors believe that absorbing media sound-bytes or reading The Australian is research.
Countless investors have lost money diving into resources-related markets, paying top dollar at the peak of inflated price cycles. Some people I’ve heard from or read about bought multiple properties in high-risk markets like Port Hedland or Moranbah.
It’s apparent from their subsequent comments that they had little awareness that these were, in fact, high-risk markets marked by their volatility and dependence on the continuation of a finite resources investment boom.
It’s happened numerous times in the past. It will happen again in the future, precisely because large numbers of investors are willing to pay big money without doing even the most basic research.
In my view, the worst markets to buy in right now are the Melbourne CBD, the Brisbane CBD and Surfers Paradise. In the past 12 months, according to Domain figures, over 3,300 buyers, mostly investors, have bought apartments in those three locations. 
The Melbourne CBD and nearby markets are headed towards the granddaddy of all oversupplies. The warnings from a host of big-name sources – including the major banks, the Reserve Bank and major research firms – have become a deafening roar, but around 1,300 buyers have ignored the advice in the past year.
Melbourne has been through gluts in the recent past, which is why the current median price is lower than three years ago and no higher than five years ago. 
The median price for the Brisbane CBD is only slightly higher than a decade ago and has dropped 5% in the past 12 months, as the reality of high vacancies (currently around 6 percent, according to SQM Research) and too much new product starts to bite in this market. But almost 500 people, mostly distant investors, have bought in the past year.
Over 1,500 bought a Surfers Paradise apartment in 2016. Susan Ley was just one of them.
If you were the average punter buying the average Surfers unit 10 years ago, you would have paid around $390,000. Today, that unit would be worth around $370,000. That sad scenario is all too common in many of our major unit markets, especially those on the Gold Coast.
Yet you’ll still see comments like this one I received earlier in the week: “I’m surprised at seeing so many short-sighted comments in regard to investing on the Gold Coast.”
It sounds like the voice of vested interest.
Or someone whose (short-sighted) vision has not extended beyond next year’s Commonwealth Games.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Sussan Ley's biggest mistake was Gold Coast investment

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Suburbs in Queensland's main cities continue to score on housing affordability, with South Stradbroke from the Gold Coast following Deagon in outer Brisbane on the lowest median value for units, according to latest CoreLogic data about residential properties for 2016.
While Deagon had the lowest median value for a unit at $128,644, South Stradbroke wasn’t far behind at $131,912, according to CoreLogic’s Best of the Best 2016 report which summarises the top suburbs in the country on various housing factors.
South Stradbroke (postcode 4216) had a population of 30,874 people (ABS Census 2011). Units comprised 21.4 percent of dwellings in the area, 3-1/2 times that of Deagon.
There were 39 related transactions in South Stradbroke, much higher than Deagon’s 10.
<img src="https://www.urban.com.au/images/2017/01/11/Brisbane-DeagonTable.png" alt="">
Property Observer found some unit sales in 2016 that give a better picture of the market.
A two-bedroom apartment sold for $135,000 in <a href="https://www.realestate.com.au/sold/property-apartment-qld-south+stradbroke-122753370" target="_blank">South Stradbroke, Qld 4216</a>. The deal was through Harcourts Coastal in May 2016. According to RP Data, the unit was 118/LOT118 Doeblien Drive South Stradbroke, QLD, 4216. Curiously, this unit fell in value from $227,499 from its last sale in 2003. It was also on the market for 771 days prior to the current sale for offers above $150,000, RP Data says.
 <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/2017/01/Stradbroke1.jpg" alt="">
A one-bedroom fully-furnished marina apartment at <a href="https://www.realestate.com.au/sold/property-unit-qld-south+stradbroke-117701499" target="_blank">Lot 157 Cook Street, </a><a href="https://www.realestate.com.au/sold/property-unit-qld-south+stradbroke-117701499" target="_blank">South Stradbroke, Qld 4216</a> exchanged hands for $145,000 early in 2016 through Ray White.
 <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/2017/01/13/Stradbroke2.jpg" alt="">
A one-bedroom waterfront apartment at 146/Island Street South Stradbroke, QLD, 4216 sold for $120,000 in August 2016, according to RP Data. The selling agency was Ray White. The apartment previously sold for $135,000 in 2013, and had exchanged hands for $190,000 in 2007, implying a fall of $70,000 in value in just under 10 years, according to RP Data. 
<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/2017/01/13/Stradbroke3.jpg" alt="">
 
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Gold Coast's South Stradbroke ranks second cheapest for units across Australia: CoreLogic

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De Ville is the Main Beach apartment block in the Gold Coast at the centre of the on-going expenses scandal involving Federal Health Minister Sussan Ley.
Ley, who has stood down from her position after being accused of using taxpayer funded travel entitlements, spent $795,000 on a two bedroom apartment in 2015.
It was claimed her trips to and from the Gold Coast were taxpayer funded.
A one bedroom, in the <a href="https://www.realestate.com.au/sold/property-apartment-qld-main+beach-123915546" target="_blank">3645 Main Beach Parade building</a>, (above) sold recently for $410,000.
Last traded for $305,000 in 2013, the apartment went back in price after having sold for $360,000 in 2007.
It went for $193,000 in 2002 and just $80,000 in 1984.
Further recent sales in the apartment block suggest Ley isn't likely to make any immediate gain on her purchase.
The apartment next door to Ley's fetched $739,932 in September last year.
The <a href="https://www.realestate.com.au/sold/property-apartment-qld-main+beach-123281610" target="_blank">8th floor, 131 sqm apartment</a> (below) had been renovated to the highest standards and has two bedrooms and two bathrooms like Ley's, and an ocean facing balcony.
<img src="https://www.urban.com.au/images/2017/01/12/Screen%20Shot%202017-01-12%20at%201.50.46%20PM.png" alt="">
The property has gone backwards in price, having last traded for $742,000 in 2011.
It also traded in 2005 for $648,500, 1999 for $310,000 and in 1985 for $285,000.
Another <a href="https://www.realestate.com.au/sold/property-unit-qld-main+beach-122172174" target="_blank">two bedroom, two bathroom apartment</a>, (below) this one on the 5th floor, also offering an ocean facing balcony sold for $625,000 back in May.
<img src="https://www.urban.com.au/images/2017/01/12/Screen%20Shot%202017-01-12%20at%201.51.54%20PM.png" alt="">
This apartment too has gone back in price the last two times it's traded.
Last traded for $650,000 in 2012, the apartment also went back from its 2007 price of $770,000, which suggests Ley won't be getting her money back were she to sell.
It previously traded for $250,000 in 1996 and $117,000 in 1980.
Neither apartment tops the big $795,000 price that Ley paid.
Ley's apartment too had gone back in price when she bought it, having last traded for $830,000 in 2006.
It sold for $455,000 in 2002 and $205,000 in 1984.
Ley also used taxpayers money to visit the Gold Coast when bidding on another property, this one on the hinterland, however her offer wasn't accepted.
 
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Falling prices inside De Ville apartments at Main Beach on the Gold Coast

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The Herald Sun has revealed the sidelined Federal health minister Sussan Ley used a taxpayer-funded trip to inspect a Gold Coast property nine months before her much reported 2015 purchase.
Ms Ley stood down on Monday from the ministry pending investigations of her taxpayer-funded Gold Coast trips, with the paper suggesting the latest revelations put her future in further doubt.
The Albury-based MP’s troubles worsen after retired couple Adrienne and Stewart McEachran came forward to claim that she and her partner, Graham Johnston, inspected their home in Advancetown (pictured above and below), in the Gold Coast hinterland, in late August and on September 8 in 2014.
<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/2017/01/10/Advance2.jpg" alt="" width="426" height="223">
Government documents reveal that Ms Ley billed taxpayers more than $2,000 in travel costs for a long weekend on the Gold Coast from September 5 to 8, 2014.
Ms Ley declined to answer queries on the latest claims, the paper said.
The selling couple said that in October, Ms Ley made an offer that was about $50,000 below the mid-$700,000 asking price, and they declined.
The Gold Coast hinterland property sold for $760,000 just a few months later.
Prime Minister Malcolm Turnbull asked Ms Ley to stand aside without ministerial pay until her travel claims had been probed by the secretary of the Department of Prime Minister and Cabinet. 
It was a defiant Ms Ley who belatedly faced the media after the Herald Sun revealed last Friday she purchased an oceanview apartment in the De Ville complex during a taxpayer-funded work trip which she said had been unplanned. 
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Federal Minister Sussan Ley's prior Gold Coast purchase offer

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Health Minister Sussan Ley has stood down from the frontbench while the secretary of the Department of Prime Minister and Cabinet, Martin Parkinson, investigates her use of taxpayer funded travel entitlements. 
Prime Minister Malcolm Turnbull announced she was standing aside without ministerial pay in a statement on Monday morning. 
It has been revealed that she has taken 27 flights in and out of the Gold Coast over recent years - many more than her ministerial colleagues - and spent two New Year's Eve at the popular destination.
It was the emergence of details relating to a 2015 purchase of a Gold Coast apartment that became a political issue last Friday as the minister Sussan Ley charged taxpayers thousands of dollars for a trip to Queensland with her husband during which she bought a $795,000 Gold Coast investment property.
Annika Smethurst, the national politics reporter at the Herald Sun, wrote that Sussan Ley charged taxpayers thousands of dollars for a trip to Queensland with her husband during which she bought a $795,000 Gold Coast investment property wrote that government documents reveal in May 2015.
It was after attending Brisbane’s Wesley Hospital to announce $1.3 billion in funding to list new medicines and vaccines being added to the Pharmaceutical Benefits Scheme, that Ms Ley went to Main Beach on May 9.
She billed taxpayers $370 on her travel allowance to stay the night on the Gold Coast with her partner, on the same day she bought the ocean-view apartment which had previously traded at $830,000 in 2006 when bought by an Ipswich investor, Martin Corkery.
It was bought in her name on May 9. Her partner reportedly has a Gold Coast business business.
The two bedroom, two bathroom apartment is a 149 sqm apartment on the eighth floor in the 31 storey early 1980s complex De Ville.
It had been listed for Ray White auction by estate agent Anna Jones.
The apartment had gone back in price when Ley bought it, having last traded for $830,000 in 2006.
It sold for $455,000 in 2002 and $205,000 in 1984.
Ms Ley confirmed to the Herald Sun the property was bought during the trip, which she declared was for “official business”.
She said the apartment purchase “was not planned nor anticipated”.
“All travel undertaken was in accordance with the rules,” a spokeswoman for Ms Ley said.
Ms Ley’s spokeswoman said the couple had travelled to the Gold Coast because the minister had “stakeholders to meet with” although Ms Ley’s office would not provide the Herald Sun with a list of these people. 
Ms Ley’s spokeswoman said the minister’s partner had been invited to accompany her to a function in Sydney the ­previous evening.
“He then travelled with the minister to Queensland under family travel arrangements.
“The EMB (Entitlements Management Branch) was consulted at the time to confirm Ms Ley’s partner’s travel was within the rules,” she said.
In total, the couple claimed $3949 in flights for the 48-hour trip from her Glenroy, regional NSW base.
The paper noted Ms Ley’s office would not confirm whether the investment property had been negatively geared.
The Opposition health spokeswoman Catherine King says Ms Ley owes taxpayers a better explanation.
“Sussan Ley needs to front up today and explain to Australians how purchasing a luxury apartment is considered to be official business,” Ms King said in a statement.
“If she cannot do this, she has no choice but to resign, or Malcolm Turnbull must move her off his front bench.” Ms Ley must reveal which stakeholders she met with on the Gold Coast, if a government car was used to facilitate the real estate deal, and how an opportunity to spontaneously buy property arose during a work trip, Ms King said.
There were more than 750 comments by readers by late morning on the <a href="https://www.heraldsun.com.au/" target="_blank">Herald Sun website</a>.
Two bedders with ocean views rent at $300 plus a night over summer. The block does not welcome schoolies.
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Sussan Ley's Gold Coast goodtimes triggers her frontbench exodus

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<div>The 2015 purchase of a Gold Coast apartment has become a political issue overnight since the minister Sussan Ley charged taxpayers thousands of dollars for a trip to Queensland with her husband during which she bought a $795,000 Gold Coast investment property.</div>
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<div>Annika Smethurst, the national politics reporter at the Herald Sun, wrote that Sussan Ley charged taxpayers thousands of dollars for a trip to Queensland with her husband during which she bought a $795,000 Gold Coast investment property wrote that government documents reveal in May 2015.</div>
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<div>It was after attending Brisbane’s Wesley Hospital to announce $1.3 billion in funding to list new medicines and vaccines being added to the Pharmaceutical Benefits Scheme, that Ms Ley went to Main Beach on May 9.</div>
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She billed taxpayers $370 on her travel allowance to stay the night on the Gold Coast with her partner, on the same day she bought the ocean-view apartment which had previously traded at $830,000 in 2006 when bought by an Ipswich investor, Martin Corkery.
It was bought in her name on May 9.
The two bedroom, two bathroom apartment is a 149 sqm apartment on the eighth floor in the 31 storey early 1980s complex De Ville.
It had been listed for Ray White auction by estate agent Anna Jones.
Ms Ley confirmed to the Herald Sun the property was bought during the trip, which she declared was for “official business”.
She said the apartment purchase “was not planned nor anticipated”.
“All travel undertaken was in accordance with the rules,” a spokeswoman for Ms Ley said.
Ms Ley’s spokeswoman said the couple had travelled to the Gold Coast because the minister had “stakeholders to meet with” although Ms Ley’s office would not provide the Herald Sun with a list of these people. 
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Ms Ley’s spokeswoman said the minister’s partner had been invited to accompany her to a function in Sydney the ­previous evening.
<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/2017/01/06/deville-6-380x260c.jpg" alt="">
“He then travelled with the minister to Queensland under family travel arrangements.
“The EMB (Entitlements Management Branch) was consulted at the time to confirm Ms Ley’s partner’s travel was within the rules,” she said.
In total, the couple claimed $3949 in flights for the 48-hour trip from her Glenroy, regional NSW base.
The paper noted Ms Ley’s office would not confirm whether the investment property had been negatively geared.
The Opposition health spokeswoman Catherine King says Ms Ley owes taxpayers a better explanation.
“Sussan Ley needs to front up today and explain to Australians how purchasing a luxury apartment is considered to be official business,” Ms King said in a statement.
“If she cannot do this, she has no choice but to resign, or Malcolm Turnbull must move her off his front bench.” Ms Ley must reveal which stakeholders she met with on the Gold Coast, if a government car was used to facilitate the real estate deal, and how an opportunity to spontaneously buy property arose during a work trip, Ms King said.
There were more than 750 comments by readers by late morning on the <a href="https://www.heraldsun.com.au/" target="_blank">Herald Sun website</a>.
Two bedders with ocean views rent at $300 plus a night over summer. The block does not welcome schoolies.
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Federal Minister buys Main Beach, Gold Coast apartment while on official business

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The Federal Court has found that Peter Charles Drake, Francene Maree Mulder and Eghard van der Hoven did not breach their duties as directors of LM Investment Management Ltd (LMIM).
ASIC had alleged that Drake used his position to gain an advantage for himself and that each of the former directors of LMIM breached their director’s duties by failing to act with the proper degree of care and diligence regarding transactions involving the LM Managed Performance Fund (MPF), an unregistered managed investment scheme with about 4,500 investors.
The MPF loaned funds to Maddison Estate Pty Ltd, to complete a property development on the Gold Coast known as Maddison Estate. ASIC's case focused on a decision of the directors to extend the loan in 2012.
ASIC is reviewing the court's decision and deciding whether it wishes to appeal.
LMIM was the responsible entity for seven registered managed investment schemes as well as the trustee for MPF. More than $400 million was invested in MPF. In total, LMIM was responsible for managing at least $800 million on behalf of approximately 12,000 investors in Australia and overseas.
ASIC's claim against Simon Ticker and Lisa Darcy was dismissed by consent on 12 September 2016.
ASIC has taken other action and has been involved in other court proceedings arising out of the collapse of LMIM.
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ASIC loses Federal Court case against LM's Peter Drake on Maddison Estate

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The former Coles boss John Fletcher and wife Noela have sold their luxury Mermaid Beach penthouse.
It sold at almost a $2 million loss as the Fletchers bought on Hedges Ave in 2007 for $6.7 million, just before the global financial crisis.
It sold last week to a Sydney buyer for $4.8 million through Tolemy Stevens, of Harcourts Coastal, who told the local newspaper, The Gold Coast Bulletin that it was "only 27 per cent away from the peak of the market in 2007.”
With sweeping views of the Coast, the two-level 758sq m four-bedroom skyhome at 701/252 has a rooftop terrace with a 15 metre lap pool and spa.
Mr Fletcher ran the supermarket giant from 2001 to 2007 before it was acquired by Wesfarmers.
He was appointed chairman of ports operator DP World Australia earlier this year.
<img src="/images/2016/12/12/702_252%20Hedges%20Avenue.jpg" alt="">
The block’s neighbouring 701/252 apartment sold in October for $5.4 million through Michael Kollosche, of Kollosche Prestige Agents.
Spanning across 743sq m, vendor Sandy Cowell had it listed for sale at $5.95 million in July.
It had traded at $4,485,000 in 2005.
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