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

Joel Robinson

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

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

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

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

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

Property market

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The top sale for the week ending 8 May was an eight bed, five bathroom house in Dawes Point, according to CoreLogic RP Data.
The home, 9 Lower Fort Street, Dawes Point was sold by McGrath Estate Agents for $6,100,000.
 
Top ten weekly sales
9 Lower Fort Street, Dawes Point, NSW  8 bed, 5 bath house  $6,100,000  McGrath Estate Agents 
6 Sherwin Street,  Henley, NSW  4 bed, 2 bath, 1 car house  $4,550,000  Ray White  Hunters Hill 
24 Wentworth Street, Dover Heights, NSW 5 bed, 3 bath, 2 car house $4,400,000 Raine &amp; Horne Double Bay 
155 Prince Edward Street, Malabar, NSW 5 bed, 2 bath, 3 car house $4,385,000 LJ Hooker Maroubra 
69 Radnor Street, Camberwell, Vic 5 bed, 4 bath, 2 car house $4,250,000 Melbourne Deluxe Property Canterbury 
3 Myee Avenue, Strathfield, NSW 6 bed, 5 bath, 2 car house $4,100,000 Strathfield Partners Strathfield 
13 Lower Fort Street, Dawes Point, NSW 5 bed, 2 bath house $4,000,000 McGrath Estate Agents 
16 Carrington Avenue,  Strathfield, NSW  4 bed, 3 bath, 2 car house  $3,910,000  Strathfield Partners  Strathfield 
35 Lower Fort Street,  Dawes Point, NSW  6 bed, 2 bath house  $3,600,000  McGrath Estate Agents 
16 Vincent Street,  Glen Iris, Vic  4 bed, 2 bath, 2 car house  $3,500,000  Kay &amp; Burton  South Yarra
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Dawes Point sale leads CoreLogic top ten

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After falling away in March, both new listings and the total volume of homes available for sale across Australia have risen in April.
Over the 28 days ending 1 May 2016, the total number of homes available for sale across the nation rose to 241,633, compared to 235,897 over the 28 day period ending 3 April 2016. However, relative to last year, the total volume of stock listed for sale is -1.7 percent lower, despite the number of newly listed properties being 2.5 percent higher than one year ago.
Of the total stock available for sale, 44.4 percent of properties are located within a capital city, where over the 28 days ending 1 May, 107,199 residential properties were available for sale.
Over the same period, 27,073 new listings were added to the market, accounting for almost 62 percent of new listings added nationally. While the total available stock nationally is lower than it was at the same time last year, capital city listing volumes are 5.1 percent higher (while new listings remain comparable to what was seen one year ago, up just 0.9 percent) suggesting a slower rate of absorption is leading to an increase in stock on market.
<a href="/images/2016/05/09/201605-Table.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/09/201605-Table.png" alt="">
In terms of total stock available for sale, across the individual capital cities, Sydney (+22.0 percent), Brisbane (+3.4 percent), Adelaide (+4.7 percent), Perth (+8.6 percent) and Darwin (+12.2 percent) all have more stock available for sale relative to one year ago, while each of the other cities has less stock available for sale.
While Sydney’s listed stock seems much higher than it was one year ago, if we take a look at the same period in 2014, current listings are just 2.7 percent higher. 2015 was a strong year for the Sydney housing market, with annual home value growth peaking at 18.4 percent in July and strong levels of vendor confidence with market metrics such as low levels of vendor discounting, fast selling times, high auction clearance rates and quick stock absorption further demonstrates the strength across the Sydney property market.
Despite current listings being much higher than they were last year, relative to historic levels across the city, total listings in Sydney remain much lower.
To put this into perspective, current listings across the city are -12.5 percent below what they were in 2010, -22.2 percent lower than 2011, and -34.7 per cent lower than 2012. On the other hand, in Darwin and to a lesser extent, Perth, total listings have been trending upwards for some time now, while new listings remain relatively flat.
<a href="/images/2016/05/09/201605-capital-city.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/09/201605-capital-city.png" alt="">
When the regional markets in each state and territory are factored in, Queensland (0.4 per cent), South Australia (7.8 per cent), Western Australia (6.9 per cent) and the Northern Territory (12.8 per cent) are all seeing higher stock volumes than one year ago, while New South Wales (-7.6 per cent), Victoria (-2.9 per cent), Tasmania (-21.0 per cent) and the Australian Capital Territory (-17.4 per cent), all have less residential properties available for sale relative to one year ago.
<a href="/images/2016/05/09/201605-national.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/09/201605-national.png" alt="">
 
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smiller-vwPjRHTkST

Residential listings trend higher in April: CoreLogic RP Data's Shana Miller

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Confidence means a lot to real estate markets. And it’s been a long time since Australian real estate has had such a concerted shot in the arm as on Tuesday this week.
Against the predictions of virtually every economist in the land, proving yet again how little they understand, the RBA dropped its official interest rate to depths not seen before. Most of the major lenders have dropped their mortgage rates accordingly.
The same economists who incorrectly predicted the RBA board’s decision will also tell you that record low interest rates equals a property boom. Goodness knows where that comes from – certainly not from any historical precedent and certainly not from the experience of recent years where only Sydney has had a market worthy of being described as a boom (no, not even Melbourne’s performance warrants the boom tag). 
I note that RBA Governor Glenn Stevens doesn’t see the rate cut reigniting boom scenarios. "In reaching today's decision, the board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate," he said in a statement. "At present, the potential risks of lower interest rates in this area are less than they were a year ago." 
So I don’t expect the rate cut, replicated by three of the four major banks, to generate anything dramatic in the market. But it will generally help the psyche of property consumers. And the next affordability index will likely show a further improvement.
On the same day, Federal Treasurer Scott Morrison delivered his first Budget, which reiterated strongly that negative gearing won't change, nor will investors be slugged more on capital gains tax.
“We will not remove or limit negative gearing,” Morrison said in his Budget speech. “Those earning less than $80,000 make up two-thirds of those who use negative gearing. They are teachers, nurses, police officers, office workers and tradesmen. We do not consider that taxing them more on their investments is a plan for jobs and growth.”
Amen to that. The tragic thing about those who justify their anti-gearing stance on the grounds that it’s all about housing affordability is that scrapping negative gearing won’t make housing cheaper. Even Bill Shorten says it won’t force down the value of homes, therefore affordability won’t improve. Shorten, like so many others, doesn’t understand the affordability issue and is targeting the wrong culprits.
Another event on Tuesday was publication of building approvals data which showed there’s still some life in building approvals, although the monthly bounce may be an aberration because the longer-term trend is down (from record high levels, it must be said).
This closely followed the release of price data for April, which shows that the home value index has risen in the past three months of the year in seven of the eight capital cities.
That includes a 3.9 percent rise in Sydney. That would tend to rubbish claims of a collapse in values and a bursting of the bubble. I say “tend” because this is one set of figures from one source and it’s not uncommon for another major source to publish figures that are largely contradictory.
Based on the CoreLogic numbers, however, Adelaide’s prices rose 4. percent in the past three months and Brisbane was up 2.8 percent. I’ve been predicting good growth in those two cities, but I’m not getting overly excited because of what I said in the previous paragraph.
But, according to these figures, even Perth and Darwin showed glimmers of price growth in the latest quarter.
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

Rate cut gives real estate a shot in the arm: Terry Ryder

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Residential property listings nationally increased 4.1 percent during April 2016 from March according to the latest research from SQM.
Sydney had a yearly listings rise of 37.8 percent from a total of 19,648 to 27,080 with sale listings up 15.1 percent in Canberra for the same time period.
SQM Research managing director Louis Christopher said Hobart recorded the biggest yearly change, with sale listings falling by 5.2 percent.
“Stock on market has materially increased for Sydney, indicating the slowdown is still occurring in the market. Buyers now have much more choice of homes compare to this time last year,” he said.
"Year-on-year results reveal Melbourne median asking prices have risen 14.4 percent for houses and 5.1 percent for units compared to this time last year. 
"Sydney has also experienced yearly changes with median asking prices for houses climbing 5.3 percent and 6.4 percent for units."
 
<a href="/images/2016/05/03/Screen%20Shot%202016-05-03%20at%204.06.59%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/03/Screen%20Shot%202016-05-03%20at%204.06.59%20PM.png" alt="" width="705" height="236">
 
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mick.cee-iDmgDDAmu8

Sydney has yearly listings rise of 37 percent: SQM

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Fringe areas of Perth are showing definite signs of an easing trend as demand has fallen dramatically over the previous 12 months, according to valuation firm Herron Todd White's April property clock, a simple broad brush indicating where property values are and where they are headed to. 
Perth was a declining market, both for houses and units, in the HTW property clock. 
<a href="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%201.34.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%201.34.54%20PM.png" alt="">
 Properties are commonly transacting below their previous sale or valuation amount and negative equity situations remain a serious concern, says the HTW report. 
These areas have typically been driven by high demand from both investors and first home buyers, however, supply appears to be far stronger than current demand due to multiple factors. Part of the issue has been the dramatic increase in land values in these areas which usually begin life targeting first home buyers but experienced a very strong uplift in values during the resource boom on the back of strong net migration figures. This created significant affordability issues and first home buyers were pushed further away from the CBD.
<a href="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%2012.53.43%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/15/Screen%20Shot%202016-04-15%20at%2012.53.43%20PM.png" alt="">
The neighbouring suburbs of Ellenbrook, Aveley, Brabham and Dayton on the north eastern fringe of Perth are very good examples. Ellenbrook and Aveley are very successful, somewhat established master planned communities of some 30,000 residents, while the newly establishing suburbs of Brabham and Dayton are situated slightly to the south. The driver for demand in the area has been the ability to live in a modern community with a reasonable choice of housing. On the negative side, transport throughout the area is limited to bus services and private vehicles as there is no current train service to the area.
The affordability of the area was attractive for investors during the rental squeeze experienced during the resources boom, with strong rental returns on offer. This led to a surge in demand and a subsequent increase in values, which has since subsided. Further, the area is likely to experience significant supply for the foreseeable future and as such we would expect land values to ease in line with current established housing statistics and is therefore unattractive in the short term. The long-term outlook of the area remains strong as much needed infrastructure comes to fruition, however, yields are unlikely to improve dramatically in the short term.
The northern suburb of Butler is another interesting proposition. The suburb is situated adjacent to the coastal suburbs of Jindalee and Alkimos, some 40 kilometres north of the Perth CBD. Growth has been subdued in the area over the previous five years with just a 0.6 percent change in the median house price and more recent reports of a reduction in the median house price by 3 percent in the past 12 months and 0.7 percent over the previous quarter. 
The proposed extension of the Mitchell Freeway will not extend all the way to Butler but it will get it several suburbs closer which is bound to have a positive flow on effect in the future. The area remains attractive due to its affordability and promise of a near to the coast lifestyle. Yields are expected to improve as coastal suburbs are developed and the appeal of the area increases.
The southern suburb of Baldivis is also experiencing subdued performance due to its fringe location, extensive supply of land and a reluctance by local developers to re-price their land estates. Baldivis has long been seen as a haven for first home buyers, with ample parkland, new public facilities including several schools and modern shopping facilities. Similar to many fringe areas, new construction has slowed as demand has waned. 
There is a multitude of newly constructed dwellings on the market for less than replacement cost, hence the short-term outlook is less than positive. It is common for properties not immaculately presented or of a less than desirable quality to battle to attract any interest and it’s a true buyer’s market. Land values require adjusting to re- invigorate the appeal of the area before the effects of oversupply really hit and the suburb begins to stagnate.
Unfortunately the fringe areas of Perth are unlikely to experience any significant increase in demand in the short term unless land pricing is reviewed or construction costs ease. We would expect established properties in these areas to perform better than house and land packages in the short term and yields to stagnate. 
Property Observer looked for recent sales in the fringes of Ellenbrook and Butler. The median house price of houses in Ellenbrook was $427,500, according to CoreLogic RP Data. The data for units wasn't available.
<img src="/images/2016/04/29/700_htw1.jpg" alt="" width="545" height="331">
Recently, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-wa-ellenbrook-122145450">8 Boorara Road Ellenbrook WA 6069</a> sold for $420,000, according to www.realestate.com.au.
In Butler, postcode 6036, the median house price was $433,000, while for units it was $347,500, according to CoreLogic RP Data. 
<img src="/images/2016/04/29/700_htw2.jpg" alt="" width="560" height="340">
Among recent sales around the median price, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-wa-butler-121857558" target="_blank">105 Hollington Boulevard Butler WA 6036</a> sold for $410,000.
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prateek24-ezbwHMbNAk

Perth's fringes show easing trend in home prices: HTW

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State and local government taxation revenue from property increased by 10.5 percent for the 2014-2015 according to the Australian Bureau of Statistics. 
The Australian Bureau of Statistics (ABS) has just released government taxation for the 2014-15 financial year which shows that a majority of state and local government taxation revenue comes from property.
Throughout the  2014-15 financial year, state and local government taxation revenue was recorded at $89.278 billion, up 7.0 percent over the year with $45.203 billion or 50.6 percent from property. 
According to the latest Property Pulse report by CoreLogic RP Data, property tax revenue increased by 10.5 percent for the period and said since the 1999-00 financial year, total state and local government taxation revenue has increased by 103% compared to a 150% increase in property taxation. 
"Taxes on property are split into two broad categories, taxes on immovable properties which includes the following sub-categories: land tax, rates and other, and taxes on financial and capital transactions which includes: financial institutions transaction taxes, government borrowing guarantee levies, stamp duty on conveyances and other stamp duties," the report said.
"The chart shows the value of taxation revenue from the two broad categories over time. In 2008-09, taxes on financial and capital transactions fell away dramatically while taxes on immovable property continued to rise. More recently taxes on immovable property have continued to steadily increase while taxes on financial and capital transactions have also ramped up significantly. 
<a href="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%201.09.50%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%201.09.50%20PM.png" alt="">
"The two largest sources of tax are: stamp duties on conveyances and municipal rates which account for 40.8 percent and 35.4 percent of total tax revenue respectively.
"The only other significant source of tax revenue is land tax accounting for 14.8 percent of revenue. Over recent years the value of taxation revenue from municipal rates and stamp duty has increased substantially while land tax increases have been limited. The fact that stamp duty is now the greatest source of tax revenue for state and local governments must be of some concern. This is due to the fact that it is a tax on transactions unlike municipal rates and land tax which are taxes on the property. Transaction taxes are entirely reliant on the market and while they surge when values and transactions are rising, when either or both fall this source of revenue drops significantly (see 2008-09). 
"Over the most recent financial year, stamp duty has been the largest source of tax revenue in NSW, Vic and NT while in all other states municipal rates is the largest source of tax. For NSW and Vic in particular it highlights the strong increases in home values across those states throughout 2014-15. NSW is experiencing the largest surge in stamp duty revenue, up 98 percent over the five years to 2014-15."
<a href="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%201.10.57%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%201.10.57%20PM.png" alt="">
"Property taxes are the most important sources of revenue for state and local governments however, the reliance on volatile stamp duty revenue provides challenges for these governments. This is a good reason to advocate for the replacement of stamp duty with universal land taxes. Although no one likes a new tax, it provides more revenue certainty to local and state government and it doesn’t deter the buying and selling of properties like stamp duty’s impost can."
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Property taxation revenue continues to rise: CoreLogic RP Data

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GUEST OBSERVER
Inter-generational arguments over affordability have again become salient in the media. Characterisations of moaning millennials were made by economist Stephen Koukoulas, prompting a response from young writer Osman Faruqi that baby boomers should choke on my soy flat white.
Confusion around the severity of housing affordability arises because dwelling prices change daily, yet the institutional papers and ABS data we look to are retrospective.
The Submission to the Inquiry into Home Ownership by the Reserve Bank of Australia in June 2015 explored ownership rates as a possible proxy for understanding the severity of housing affordability, and whether expensive housing was keeping young people out of the market. However, the home ownership rates referenced are only measured to 2012 – before the enormous housing boom of 2013 – and therefore the submission paper does not take into account the largest and longest housing boom we have seen in over 30 years.
Graph 2 shows the House Price Index for Australia’s eastern metropolitan markets over time. The increase in the HPI from 2013 (particularly in Sydney and other east coast markets) marks an unprecedented rate of growth in dwelling values.
Graph 2: House Price Index
<a href="/images/2016/04/28/Graph_2_HPI.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Graph_2_HPI.jpg" alt="">
Source: Residex
Housing affordability is an undeniable problem in Australia today. It is measured using the ‘median multiple’, which is a measure employed by the World Bank. It is found by dividing median dwelling prices by gross annual median household income. An indicator of 5.1 or more is considered to be highly unaffordable.
We only have median household income data at a capital city level, up to 2012. To get a more accurate figure, I have indexed income by changes in average weekly earnings so I could work out the median multiples for each capital city. With the exception of Canberra, the median multiple is well above 5.1. In Sydney it is currently about 13.
<h1>The Interest Rate Debate</h1>
One of Koukoulas’ main arguments was that low interest rates have made it easier for young people to take out money to afford a home. He argues that baby boomers struggled with interest rates of over 17% in the 1980s.
While I don’t deny Koukoulas’ latter statement, it is important to get a better understanding of what low interest rates actually do to affordability.
Economics literature shows Australian’s have a high elasticity of demand for houses. This means that the more money people have access to, the more likely they are to buy houses. Low interest rates make the cost of borrowing money cheaper and access to money easier.
When interest rates are low, the cost of housing is bid up higher because more people are competing for housing. Graph 3 demonstrates the inverse relationship between interest rates and Australian median house values.
Graph 3: Interest Rates and Median House Values in Australia
<a href="/images/2016/04/28/Graph_3_Interest_Rates_Median_House_Values.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Graph_3_Interest_Rates_Median_House_Values.jpg" alt="">
Source: Onthehouse.com.au &amp; ABS
Low interest rates have not worked in the favour of first home buyers. In fact, in 2014, for the first time in recorded history and while the cash rate was at historic lows, more money was lent to people who were buying investment housing compared to people who were buying something to live in (see Graph 4). This unusual phenomenon eased shortly after APRA placed higher risk weights and investment lending restrictions on banks, however it does show that owner occupiers, some of which are first home buyers, do not necessarily benefit from low interest rates.
Graph 4: Loans to Investors vs. Owner Occupiers
<a href="/images/2016/04/28/Graph_4_Investors_v_Owner_Occupiers-1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Graph_4_Investors_v_Owner_Occupiers-1.jpg" alt="">
 
Home owners also faced high unaffordability in the late 1980s when interest rates increased sharply and average home loans peaked at 17%. The cost of loans became extremely high and some were forced to sell their home or take on multiple jobs in an attempt to pay off their rapidly growing debt. On top of this, house prices fell, which left some people with mortgage debt even after they lost their home.
ABS data shows that the average loan size of owner occupiers in NSW over the 1980s was approximately $80,000, while the average interest rate increased to 17% in 1989. Assuming a 30 year mortgage on $80,000 taken out in 1989, the total repayments work out to be around $263 per week, at a time when the average person across NSW was earning between $359 and $620 a week depending on their job status and sex . The $263 home loan assumption represents between 73% and 42% of average weekly earnings at the time.
Today, standard home loan rates are at approximately 5.35%. In February 2016, the average loan size taken out by owner occupiers in NSW was $416,000 . With the same loan assumptions as above, weekly repayments work out at approximately $536 per week. In November 2015, the average weekly earnings across NSW ranged between $951 and $1,712, depending on labour force status and sex, making repayments between 56% and 31% of average weekly earnings.
This analysis is fairly ‘back of the envelope’, but looking at these numbers suggests that few owner occupiers today, nor many owner occupiers in 1989, could enjoy stress free and affordable weekly mortgage repayments – which is considered to be no more that 30% of income. Exorbitant home loan repayments persist 25 years on, but for different reasons. A surge in interest rates overwhelmed young home owners in 1989, whereas today many young people are lucky to overcome the deposit hurdle due to enormous dwelling prices. In the case of owner occupiers today, this is with the ‘benefit’ of low interest rates.
Ambiguity still exists in this comparison, for many reasons. For example, average weekly earnings is looking at individuals rather than households. Young people in the 1980s were more likely to have formed double income households than young people today. 1989 was a different world to 2016, particularly in terms of the nature of the economy, technology, job vacancies and the terms of employment.
However, a lack of affordability is not so much a generational problem as it is a socio-economic problem. Years of analysis could be done trying to understand ‘who had it tougher’, but this seems like a waste of energy. Low income households and single parent families will face tougher challenges than members of Generation Y who are in high income brackets.
 Eliza Owen is the market analyst for Onthehouse.com.au. She can be contacted <a href="https://www.onthehouse.com.au/" target="_blank">here.</a>
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jchancellor-FAypfDUnLy

Baby Boomers vs. Gen Y on housing affordability: Eliza Owen

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SPONSORED POST
Charming low-rise façades and neighbourhood-style communities are luring buyers searching for the Australian dream.
Buyers at TOGA’s low-rise Macquarie Green project can fulfil high expectations with the Australian property developer’s neighbourhood-style development set to deliver residences with generous shared amenities and spacious green zones apt for both life’s busy agenda and leisure.
A private road with access from either Whiteside Street or David Avenue provides entry to Macquarie Green - a 164-residence community set securely in Sydney’s bourgeoning Macquarie Park.
<img src="/images/2016/04/28/700_toga2.jpg" alt="">
Macquarie Green features boutique-style one, two and three-bedroom apartments housed within two buildings between three and five storeys high as well as a selection of premium townhouses set within two duplex-style buildings.
The Marchese Partners-designed development boasts a low-key atmosphere complemented by serene alfresco spaces including impressive landscaped gardens. 
TOGA General Manager of Sales &amp; Marketing Alex Adams said Macquarie Green provided an exceptional opportunity for buyers to secure low-maintenance apartment living with a liberating sense of space.
Ground-floor apartments at Macquarie Green transition to private open-air courtyards where residents can look out to level-lawns fringed by native and exotic foliage and manicured hedges.  
“Macquarie Green will offer buyers casual privacy and a unique sense of neighbourhood centred by attractive gardens and functional amenities,” Mr Adams said.
“Macquarie Green’s picturesque setting is only a short amble from all the convenience of Macquarie Park’s urban nucleus which is anchored by a business park, world-class shopping centre, university and hospital,” he said.
Shared amenities on offer include the development’s contained landscaped gardens, barbecue facilities protected by a pergola and a vegetable patch for residents to enjoy.
“Macquarie Green is about pressing the pause button and creating meaningful memories with friends, family and loved ones,” Mr Adams said.
“We wanted to redefine the suburban neighbourhood to offer both sanctuary and security,” he added.
<img src="/images/2016/04/28/700_toga3.jpg" alt="">
Above ground-level residents will enjoy louvered balconies designed to maximise both natural light and privacy creating a seamless connection between indoor and outdoor living.
Macquarie Green is a joint venture between Australian property developer TOGA and leading independent investment and advisory house Gresham.
Macquarie Park is located 16 kilometres from the Sydney CBD and a short walk from Macquarie University, Macquarie Shopping Centre and the train station. 
Two architecturally-designed finishes schemes ‘Sanctuary’ and ‘Oasis’ highlight timber floors in living spaces and add depth to balance contemporary-coloured joinery.
Construction at Macquarie Green commenced in late-2015 with a complete date of mid-2017.
Macquarie Green is located at 5 Whiteside Avenue, North Ryde.
Prices start from $650,000.
A styled display suite is available to view from Thursday through to Sunday (10am to 2pm) at 78 Waterloo Road, Macquarie Park (entry via Byfield Street).
For all sales enquiries visit <a href="https://www.macquariegreen.com.au" target="_blank">www.macquariegreen.com.au</a> or call 1800 787 731.
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The rise of low rise

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The south west residential market in the Australian Capital Territory leads the latest National Top 20 Building and Population Hotspots from the Housing Industry Association with an annual population growth rate of 127.3 percent and 216,488,000 residential building approvals in 2014/15.
HIA Economist Diwa Hopkins said total of more than 220,000 new dwellings were commenced last year with a strong performance among housing Hotspots across Australia. 
“The report identifies a total of 602 Hotspots spread right across Australia’s eight states and territories. Nearly all jurisdictions were represented amongst the National Top 20 Hotspots,” she said. 
<a href="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%209.19.24%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%209.19.24%20AM.png" alt="">
The report found six top 20 hotspots in Victoria, five in Western Australia , four in NSW two each in QLD and the ACT and one in the Northern Territory. 
A hotspot is defined as a local area where population growth exceeds the national average and where the value of residential building work approved is in excess of $100 million, according to the HIA.
The report found the ACT’s South West area was the country’s top hotspot yet again, with $216.5 million worth of new residential building approved and its population more than doubling.
"In second place was Cranbourne East in Melbourne’s southeast, where the population increased by 32.0 per cent and some $328.7 million worth of new residential building was approved. Rounding off the national Top 3 was Cobbitty-Leppington in the southwest of Sydney," Diwa Hopkins said. 
“In the final analysis, the fact that ten of the Top 20 Hotspots are located in NSW and Victoria speaks volumes. These two states have been the engines of the strong upturn in new home building over the last few years. It is also encouraging to see WA still perform strongly this time at the national level, considering the difficulties arising from the natural resources downturn.".
 
<a href="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%209.14.11%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/27/Screen%20Shot%202016-04-27%20at%209.14.11%20AM.png" alt="">
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Where are the hottest markets for housing? HIA

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The top sale of the week was a four bedroom home at Brighton, Victoria, according to CoreLogic RP Data. 
The property, 34 Middle Crescent Brighton, (above) sold for $4,375,000 through Hocking Stuart Brighton.
 
Top ten sales
34 Middle Crescent, Brighton, Vic 4 bed, 2 bath, 2 car house  $4,375,000  Hocking Stuart  Brighton 
4 Ardene Court, Hawthorn, Vic 5 bed, 2 bath, 3 car house  $3,950,000  Jellis Craig  Hawthorn 
145 Arden Street, Coogee, NSW  5 bed, 3 bath, 2 car house  $3,570,000  McGrath Estate Agents 
97 Carrington Road, Wahroonga, NSW 5 bed, 4 bath, 2 car house  $3,530,000  Di Jones  Wahroonga 
17 Stephens Street, Balwyn North, Vic  4 bed, 3 bath, 6 car house  $3,360,000  Assisi Real Estate  Doncaster 
47/3510 Main Beach Parade, Main Beach, Qld  4 bed, 4 bath, 2 car unit  $3,350,000  Ray White Prestige  Gold Coast 
31 Grove Road, Hawthorn, Vic 4 bed, 2 bath house  $3,255,000  Marshall White  Hawthorn 
109 The Boulevarde, Strathfield, NSW 5 bed, 2 bath, 4 car house  $3,200,000  Strathfield Partners  Strathfield 
44/80 Upper Pitt Street, Kirribilli, NSW 3 bed, 2 bath, 1 car unit  $3,120,000  Belle Property  Neutral Bay 
9 Gilligans Road, Dural, NSW 6 bed, 3 bath, 4 car house  $3,030,000  Century 21 Prime Property  Dural
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