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

Joel Robinson

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

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

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

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

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

Property market

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GUEST OBSERVER
High rental returns in a low interest rate environment are driving residential investors to the industrial property market in Sydney.
Based on current market conditions, rental increases of between 35 to 45 per cent are expected over the next three to five years and possibly more due to an under supply of industrial property in Sydney.  
The low interest rate environment is creating perfect conditions to invest in industrial property. The owners of residential property and developers with land banks, who have made strong returns in recent years are cashing in and now moving into industrial property to capitalise on higher returns. The cost of money domestically is falling and driving price growth.
Astute investors are realising you can’t eat capital growth. To build long term wealth through property, cash flow is king which is what is delivered through industrial property. We are witnessing a shift towards investors purchasing industrial property in their self-managed super funds to generate an income for life.
Sydney investors are realising that a small industrial strata unit can be purchased for half the capital outlay compared to a home. There are significant advantages associated with investing in industrial real estate when compared to residential. These include the security bond is usually bigger (three months), leases are longer – typically three to five years,  less capital outlay is required for smaller units and rental yields are generally higher. 
According to the latest statistics from the Property Council/IPD Australia All Property Index, the average annual return of industrial property was 15 per cent in the year to end 31 March.
Property shares returned 9.2 percent, bonds recorded 1.6 percent and balanced share portfolios went backwards by 11.3 percent. The average rent income yield was 6.6 percent, plus 7 percent capital growth, which is the best since 2008.
In a Sydney based example, a private investor purchased a 746 sq m property (total area) in the Seven Hills Industrial Precinct in October, 2010 for $1.117 million. Today the property is worth $1.49 million which is an increase of 33 percent in value since the purchase price. The net rental cash flow from the tenant on the existing lease is $82,399 returning 7.37 percent with total returns exceeding 10 percent per annum.
Sydney’s industrial property market is currently experiencing a major under supply. I don’t expect the market will suffer any significant rental downturn due to supply constraints. With price increases continuing, Sydney offers the potential for very good industrial rental and price return growth well into the future. However the window of opportunity to secure the best returns will be gone after 2017 due to supply constraints today.
Barry Cawthorn is managing director, Bawdens Industrial and can be contacted <a href="https://www.bawdens.com.au" target="_blank">here</a>.
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High rental returns driving residential investors to industrial property: Barry Cawthorn

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Queensland's Whitsundays property market was at the start of recovery cycle for houses while it was approaching the bottom of the market for units, according to valuation firm Herron Todd White's latest property clock.
It occupied the same position in April too, which also covered the fringe areas of Whitsundays.
Whitsundays has a few fringe suburbs and rural townships scattered mostly to the south and west of Whitsundays. The properties in these areas are small residential lifestyle and these continue to show a stable market.
However to the south, the areas of Midge Point and Bloomsbury are showing a downturn in the market and seem to be more affected by the Mackay market as when times were good, people where looking for their beach hut or fishing weekender and most buyers were from Mackay.
Now that the market in Mackay has had a large downturn and with the continuation of job losses there, fewer buyers are heading into this area. Laguna Quays was once a thriving golf course resort with unit and townhouse style accommodation.
"Since the golf course and all the amenities were closed, parts of the complex are now extremely run down with the exception of the units which the body corporate ensures are presented in a good condition," it noted.
These are currently selling at a fraction of the price they once were, however, maybe there is light at the end of the tunnel for this area as there is a new owner so we will wait with interest to see any resulting changes. 
Property Observer went looking for recent sales in the fringe areas of Whitsundays and found two recent ones in Midge Point. There was no recent data for median sales for Midge Point on CoreLogic RP Data.
A three-bedroom holiday home at <a href="https://www.realestate.com.au/property-house-qld-midge+point-120079325">8 Peters Avenue Midge Point Qld 4799</a> traded for $245,500.
 <img src="/images/2016/05/31/Screen%20Shot%202016-06-01%20at%208.07.07%20AM.png" alt="">
 
A one-bedroom house at <a href="https://www.realestate.com.au/property-other-qld-midge+point-118427623">33 Nielsen Pde. Midge Point Qld 4799</a> sold for $270,000, according to RP Data.
 
<img src="/images/2016/05/31/Screen%20Shot%202016-06-01%20at%208.19.47%20AM.png" alt=""> 
 
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Fringes of Queensland's Whitsundays impacted by Mackay, in downturn: HTW

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The Wombarra home central to an ongoing saga concerning disgraced trade unionist leader Kathy Jackson and her partner Michael Lawler, the former Fair Work vice-president, has been sold.
The house at <a href="https://www.raywhite.com/nsw/wombarra/1455507/" target="_blank">30 Dam Road</a> was owned by the Sydney barrister suffering from dementia, David Rofe. It fetched $1.2 million pre-auction. The cul-de-sac home was bought in 2014 for $1.35 million by Rofe.
The somewhat neglacted house sits adjacent to the home of Jackson. Its price fell short of its price guide of between $1.4 million and $1.5 million through Ray White’s Mattias Samuelsson.
This article was first published in the Weekend Australian Mansion Australia property section.
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Wombarra sale in the Kathy Jackson saga

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New listings for combined capital cities are up 1.3 percent year on year with a total of 26,093 according to CoreLogic RP Data.
This time last year total listings were 10.4 percent lower than today's figure of 107,467.
<a href="/images/2016/05/30/Screen%20Shot%202016-05-30%20at%204.40.21%20PM.png" target="_blank">Click top enlarge</a>
<img src="/images/2016/05/30/Screen%20Shot%202016-05-30%20at%204.40.21%20PM.png" alt="">
 
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New listings for combined capital cities up 1.3 percent: CoreLogic RP Data

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A property where some tragic or traumatic event, such as murder, rape, suicide, violent crime or other horrific event has occurred is referred to as a "psychologically stigmatised property".
Such a characterization does not involve a defect as to title or the physical features of the land. The stigma in such cases is said to emanate from some non-physical defect that causes religious, moral, emotional or psychological discomfort to a buyer. Is there a duty of disclosure?
Silence as to the history of a property may constitute misleading and deceptive conduct, particularly where the silence is coupled with the failure to correct or qualify statements that lead a purchaser into error. If a horrific event occurred in a dwelling, there is likely to be a "reasonable expectation" that it will be disclosed to purchasers. It is an offence under state and federal law for an estate agent or representative to mislead or deceive a client (seller or landlord) or a consumer (buyer or tenant) by their conduct or representations. While agents around the country have ethical responsibilities under their codes of conduct, the laws surrounding these issues vary from state to state and none of them is uniform. Concealment and silence Misrepresentation can be about what is not said as well as what is said.  Schedule 1 (3) of the Property, Stock and Business Agents Regulation 2003 states that: "You must be fair and reasonable to all parties, and must not mislead or deceive any parties in negotiations or a transaction."  
There is no stand alone duty of disclosure, but silence can be misleading in certain contexts, and this should be avoided. There is a need to consider the background of other facts against which the silence occurs. Agents need to consider whether silence in that context can lead reasonable people to believe that a particular state of affairs exists where it does not. Remaining silent or only telling half the story where there is a reasonable expectation of disclosure means you are breaking the law. Licensees and certificate holders must be open and honest with clients and customers.  
If information is known to the agent they must not conceal or suppress information about a property if there is a reasonable expectation that the information will be of concern to a buyer or seller and is not readily apparent. Refer to Fair Trading NSW website <a href="https://www.fairtrading.nsw.gov.au/ftw/Property_agents_and_managers/Agency_responsibilities/Misrepresentation_guidelines.page" target="_blank">here</a>. 
Garth Brown from from conveyancers Brown and Brown said there has been considerable debate over the years since the issue of stigmatised properties came to the fore in 2004 when a real estate agent in New South Wales was successfully prosecuted by the Commissioner of Fair Trading for marketing a home in North Ryde without revealing to prospective purchasers that a tragic triple murder had occurred in the house, the media had dubbed this case "the Gonzales murders". 
"The law in Australia is not yet settled on this issue but as in the Gonzales case the onus of responsibility may come down to the selling agent who has a moral obligation and a duty of care to inform prospective buyers that the events that occurred in the property may affect its value now and in the future," he said.
"Since the Gonzales case there have been a number of similar cases and the debate has been kept alive how to handle the issue, it has even been suggested in the industry that this type of disclosure could be captured in the contract for sale of land and is part of the conveyancing process with the prospective buyer's conveyancer or lawyer making the enquiries to ensure the land/property doesn't have a stigmatized history.
For more information, contact Brown and Brown Conveyancers <a href="https://www.conveyancers.net.au" target="_blank">here</a>. 
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Property 101: Psychologically stigmatised property

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Many businesses with high overheads, in particularly franchises, may close down due to an uncertain property market, according to the chief executive officer of One Agency Real Estate Group.
Speaking at the group's head office in Sydney, Paul Davies predicted that high overhead businesses will struggle in a slowing property market, where the rate of price growth for residential properties has declined in recent months, there is less turnover of properties, and pressure mounts on maintaining agents fee levels as competition to survive increases.
“Franchise offices in particular have added overheads, and may have difficulty maintaining the narrow profit margins, creating added stress to meet their high overheads” he said.
“I believe that many offices will close. The first will be ones with the slimmest profit margins, gradually followed by many others. I would go as far as to suggest, some franchises groups, that struggle to provide a fair exchange for fees, where their franchisees cannot justify the costs, will become irrelevant and cease to exist.”
He said the global trend is for better and cheaper products and services, and this applies to the real estate franchise environment as well.
One Agency helps real estate agents to establish their own agency for an establishment fee and a monthly fee. It claims it's not a franchise operation.
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Real estate franchises with high overheads may close as market slows: One Agency CEO

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Parts of Sydney's booming apartment market such as Mascot, Zetland and Waterloo could be in for a price correction next year due to oversupply, according to a property consulting firm Opteon Property Group.
With nearly 20,800 apartments this year and a further 26,000 expected to settle in Sydney next calendar year, the tide is turning for landlords and developers as price growth slows and buyers of off-plan apartments sell for less into an oversupplied secondary market, said a report in The Australian Financial Review based on valuation firm's research.
Sydney is constrained by a lack of sites in the city centre, unlike Melbourne and Brisbane, and new projects have spread out to the metropolitan area. 
"There are numerous new developments in some areas and there is a risk of an oversupply issue which looks to bite around 2017-2018," Opteon said in the analysis. 
"Suburbs to watch are Mascot, Zetland, Waterloo and Alexandria which are considered high density suburbs, with high rates of new off-the-plan apartments and potential over supply," it said. 
The oversupply - and pain - will not be uniform, it says. Sydney doesn't face the widespread price apartments expected to result from the wave of looming settlements in Melbourne and Brisbane, as it still suffers a shortage of homes and unaffordable prices of detached homes mean many buyers have no choice but to go for an apartment. 
But the analysis is the strongest sign to date that even Sydney is hitting the ceiling of housing construction this cycle, the AFR report said.
NSW has approved more new apartments than Victoria every month on an annualised basis every month since June 2013. Data from the Australian Bureau of Statistics show that in the year to March, NSW gave the green light to 40,770 new apartments, townhouses and semi-detached homes, while Victorian planners approved 32,679. 
Other observers think parts of Sydney's apartment markets are in for a correction. Development in the Northern Districts is surging ahead of the planned North West Rail Link but it could prove too much, said Angie Zigomanis, forecaster BIS Shrapnel's senior manager for residential property. Parramatta in the west could also find itself with too many apartments, he said. 
"In general, it will only be localised pockets if there is oversupply," Zigomanis said. 
Any correction will not be immediate. Buyers of recently completed off-the-plan apartments - those purchased around 2013/14 - are generally in the black because the subsequent surge in prices has already pushed market prices above what they paid, Opteon said. 
But apartments sold since last year - "in large numbers to overseas investors at a premium" - are the ones at risk as they will not see the capital growth earlier purchasers have enjoyed, Opteon said. 
"As we head into a more steady market, a concerning factor will be 2016 purchasers paying a premium for new product, and not seeing growth in the market towards completion of the complex two to three years down the line, with potential valuations lower than the purchase price," it said. 
Sydney's residential property market has defied expectations of a slowdown, with an auctions market that is strong. But price growth is slowing on the supercharged figures of last year and property in Australia's largest city will be part of a national fall in prices that will come in 2019 and 2020, consultancy Capital Economics said this week.
While Sydney's eastern suburbs were at no risk of oversupply, some southern suburbs were, Opteon said.
Opteon also singled out the suburbs of Asquith and Mount Colah, a recently rezoned growth corridor on the Pacific Highway near Hornsby. 
"Currently there is an oversupply of off the plan development stock currently listed for sale with some of these developments being sold with incentives that are outside of the norm," Opteon said.
"It appears that this market segment may be heading into a period of over supply by late 2016/early 2017 which is likely to have a negative impact on both value levels and rental returns."
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Sydney apartment market could see price correction: research

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Entering the property market is a tough gig for first home buyers, especially when faced with competition from buyers who hold larger buying budgets, some of which has been accrued from property equity earned as a result of recent strong capital gains.  
While home value rises have been moderate over recent years outside of Sydney and Melbourne, it provides little comfort for first home buyers in the two largest cities who struggle to compete with those that already own homes.
In 2008, combined capital city home values fell by -6.1 percent in the space of 9 months. By the end of the year, home values had reached and began to climb further thereafter. 
<a href="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%203.35.10%20PM.png" target="_blank">Click to enlarge</a>
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The growth drivers largely came from two forms of stimulus: aggressive interest rate cuts and a boost to the First Home Owners Grant (FHOG). Since the removal of the FHOG boost and scaling back and complete removal of others, first home buyers have continued to languish at near record-low levels.
The increase in home values across each capital city from December 2008 to April 2016 can be seen in the first of the adjacent charts. Another way to think about this is that if in December 2008 you owned a home worth $500,000 it is now worth $758,418 which is $258,418 more than in December 2008. Looking at this same calculation across each capital city, the increases in value over that time based on a $500,000 home owned in December 2008 are: Sydney ($400,825), Melbourne ($338,866), Brisbane ($73,417), Adelaide ($81,029), Perth ($64,096), Hobart ($11,263), Darwin ($109,293) and Canberra ($126,262).
The data clearly shows that the value property for home owners has undergone some massive rises, the increase in inflation and wages has been comparatively more sedate. 
Although combined capital city home values have increased by 51.7 percent between December 2008 and April 2016, inflation has increased by a significantly lower 17.1 percent over the period. CPI has increased by a greater amount than values in Brisbane, Adelaide, Perth and Hobart indicating ‘real’ home values have fallen. Meanwhile in Sydney, Melbourne, Darwin and Canberra CPI growth has lagged that of home value growth. 
Looking at wages growth between December 2008 and March 2016, the data shows that nationally, and in New South Wales, Victoria and the ACT, it has lagged value growth across the capital cities; wages are now growing at their slowest pace in at least 18 years. 
While the increases highlighted include strong wage increases in the latter part of the mining boom, nonetheless, it shows that in NSW and Vic wages are increasing at a much slower pace than home values in Sydney and Melbourne are. 
The last chart shows the change in the value of new lending (excluding refinances) to investors, owner occupier first home buyers and subsequent buyers between December 2008 and March 2016, and highlights how the value of lending to owner occupier first home buyers is now lower than it was in December 2008 across each state and territory. 
This has occurred despite the increase in home values over the timeframe.
While lending to owner occupier first home buyers has fallen, lending to investors and subsequent buyers has increased in most states and territories with substantial rises in NSW and Vic.
Outside of Sydney and Melbourne home values have increased below or at a similar pace to inflation and wages, however, it is a very different story in the two largest capital cities where existing Sydney and Melbourne home owners have seen significant increases in the ‘real’ value of their home.
Those that do not yet own a property will struggle to compete with investors and upgraders who have been active in the market and where significant equity has been acquired.
<a href="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%203.36.10%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%203.36.10%20PM.png" alt="">
The simple answer for first home buyers, particularly in Sydney and Melbourne, is to look to buy properties outside of these cities however, that may seem a little simplistic given jobs creation has not been as strong outside of Sydney and Melbourne and for many moving interstate, employment opportunities are generally a big decision.
Even buying outside of Sydney in nearby regional cities may not be attractive because transport infrastructure does not provide quick and efficient access to Sydney and Melbourne from nearby regional cities. 
Whatever the outcome, we certainly don’t advocate for the return of grants for first home buyers as they have tended to just push up the cost of housing.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Investors and owner occupiers keeping first home buyers out of market: CoreLogic RP Data's Cameron Kusher

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Houses in Perth are taking an average of 79 days to sell with units at 86 days according to CoreLogic RP Data.
Darwin houses are taking an average of 74 days to sell and units 116 days.
Houses in Sydney are taking 32 days, units 30 and in Melbourne 31 days for houses and 35 for units.
Brisbane homes take an average of 63 days and units 75 days.
<a href="/images/2016/05/25/Screen%20Shot%202016-05-26%20at%201.44.16%20PM.png" target="_blank">Click to enlarge</a>
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Perth houses taking an average of 79 days to sell: CoreLogic RP Data

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Australian residents buying or selling real property with a market value of $2 million or more need to be aware of new rules which come into effect on 1 July 2016.
Assistant Commissioner Malcolm Allen said Australian residents who are selling a taxable Australian property with a market value of $2 million or more need to obtain a clearance certificate from the ATO, to confirm a 10 per cent withholding amount does not need to be withheld from the transaction.
“The seller needs to provide a clearance certificate to the buyer by settlement, or the buyer will be required to withhold 10% of the sales price and pay this to the ATO,” Mr Allen said.
“We encourage all Australian residents who are looking to sell property with a value of $2 million or more to apply for a clearance certificate as early as possible.
“It is easy to obtain a clearance certificate. The form is available to download through our website, and there is no fee for clearance certificate applications.”
Clearance certificates are valid for 12 months from issue, and must be valid at the time it is made available to the buyer.
Penalties apply where sellers make false or misleading declarations to the ATO, or where the buyer fails to withhold when they should.
The ATO has been working with real estate agents, conveyancers and legal practitioners to ensure the industry is aware of how to help their clients meet their withholding obligations.
The new rules have been introduced to ensure foreign residents meet their capital gains tax liabilities. Amounts withheld will be credited against their final income tax liability assessed on foreign residents’ income tax returns.
The foreign resident capital gains withholding clearance certificate application form is used by Australian resident vendors to notify us that the foreign resident capital gains withholding does not need to be withheld from the sale of taxable Australian real property (the asset). It provides the details of vendors so we can establish their tax residency status.
The entity that has legal title to the asset is the entity that is required to obtain a clearance certificate for foreign resident capital gains withholding purposes. If the legal title of the property is in the name of the trustee who is holding the property on behalf of the trust or superannuation fund then it is the trustee who should apply for the clearance certificate, not the trust or superannuation fund.
The form needs to be completed and lodged with us as early as practical. The vendor will have to provide the purchaser with an ATO issued clearance certificate on or before the day of settlement of the sale of the asset to ensure no withholding occurs.
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