<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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.

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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</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Sydney

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A new tender has been announced for the Bennelong, Sydney Opera House restaurant site which was vacated at the end of 2013 by the Paddington-bound chef, Guillaume Brahimi.
“We have scoped potential improvements to the venue and will work with the new operator on those plans, while being careful to respect our obligations as a World Heritage-listed site,” Opera House chief executive Louise Herron said in a statement on the trust website.
It is now more than three months after the Stokehouse plans by the Melbourne-based Van Haandel Group dissolved given their decision opting instead to concentrate on rebuilding their burnt-out Stokehouse premises at St Kilda.
It will be a new, two-part tender commencing late next month.
Chef Matt Moran's Aria Catering will run Bennelong until sometime in 2015 as a premium functions venue while the tender process is being conducted.
Opera House Trust chairman John Symond wants an operator with a concept that embraces Bennelong’s unique qualities and magnificent setting.
Chef Guillaume Brahimi ended his 10-year tenure declining to bid declaring his fine dining style was unsuited to the required seven-day operation. But Ms Herron has affirmed the venue needs to be open day and night, seven days a week. 
The Australian food columnist John Lethlean says those who expressed interest initially have gone "ice-cold" on the idea of an Opera House address where it has been suggested the trust was seeking a base rent of $700,000 to $900,000 a year as well as 5-8% of turnover.
A who's who of restaurant identities were believed to have vied initially for the opportunity including Vue de Monde's Shannon Bennett, <a href="/expert-insights/investing/bills-of-sydney-rides-wave-of-international-success-to-waikiki-hawaii">Bill Granger of Bills</a>, Maurice Terzini of Bondi Icebergs and the operators behind Quay, one of the tender finalists.
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As announced last year, the Opera House is conducting public tenders for all its expiring food and beverage contracts in accordance with NSW Government procurement policy. 
The Opera House received a strong response to the first expressions of Interest stage for the lower concourse bar and restaurant. It has now invited shortlisted applicants to participate in the second stage of the confidential tender process. Their offers will be finalised by late next month. 
The existing long-term contract for the lower concourse venue expires at the end of August. The successful applicant is expected to be operating before the busy summer season later this year. 
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jchancellor-FAypfDUnLy

Fresh Bennelong, Sydney Opera House restaurant site tender 

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Innovative plans are among the five Australian finalists shortlisted from 144 entries in the City of Sydney’s competition to design the Green Square Aquatic Centre and neighbouring Gunyama Park.
The shortlisted entries add green touches to habitats lost during Zetland’s industrial expansion. 
The five finalists are:
Andrew Burns Architect – Sydney Cullinan Ivanov Partnership – Sydney CHROFI &amp; McGregor Coxall – Sydney Andrew Burges Architects – Sydney TYP-TOP Studio (Andrew Daly and Kevin Liu) – Sydney
Scenarios depicted within some of the final designs include  a picket-fence reminder of old cricket fields, a grand central foyer with sprawling views, swimming pools sunken amid revived wetlands, a beach and boardwalk, and connected pools that can be rearranged for fun.
Lord Mayor Clover Moore said the number of high-quality entries was a testament to the City of Sydney’s commitment to design excellence.
“Green Square is Australia’s biggest urban development and one of Sydney’s fastest growing and most exciting new communities,” the Lord Mayor said.
“With 40,000 residents and 22,000 workers on the way, the City is moving ahead with the construction of new community facilities. Our new aquatic centre, parks and library will be at the heart of this growing community.”
Located on Joynton Avenue, opposite the former South Sydney Hospital, the aquatic centre will house an outdoor 50 metre, an indoor 25 metre pool, a leisure pool, a hydrotherapy pool and a gym.
The aquatic centre and park will form part of the commercial, retail and cultural heart of the $8 billion greater Green Square redevelopment on the city’s southern fringe.
An independent jury selected the five finalists in the design competition. The second stage over the next 10 weeks requires the finalists to prepare more detailed designs and carry out cost assessments.
The jury will recommend a winner to Council with an announcement expected later this year.
 The five members of the Aquatic Centre and Gunyama Park Competition Jury are:
Chair: Carey Lyon, architect – Director of Lyons, an award-winning architecture and urban design practice based in Melbourne; acknowledged leader in urban design, sustainability and the design of research/learning environments.
Professor Richard Johnson MBE AO, architect – Director of Johnson Pilton Walker, an award-winning architecture and urban design practice based in Sydney; Life Fellow of the Australian Institute of Architects; RAIA Gold Medalist;
Camilla Block, architect – Director of Durbach Block Jaggers, an award-winning architecture and urban design practice based in Sydney; acknowledged design leader for residential, commercial and civic projects;
Professor Gini Lee, landscape architect – Elisabeth Murdoch Chair of Landscape Architecture, University of Melbourne; registered landscape architect; member of City of Melbourne Parks &amp; Gardens Advisory Committee; and
Greg Holman, architect/aquatic buildability and construction – Principal Architect at Harry Seidler &amp; Associates, in charge of the winning design and construction oversight of the Ian Thorpe Aquatic Centre in Sydney. 
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Five finalists shortlisted for City of Sydney’s Green Square Aquatic Centre designs

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Prelease opportunities for Sydney’s industrial market are at such a low that infill sites are seeing increased demand, according to CBRE national director, industrial brokerage Jason Edge.
Edge said that englobo sites are highly sought after, but developers and investors are seeking out other opportunities due to supply issues in the market.
“A shortage of new supply entering the market has seen a shift in interest towards infill sites to satisfy the lack of new opportunities,” Edge said. This is despite a recent $55 million purchase by Mirvac in Eastern Creek.
“Furthermore, businesses relying on metropolitan distribution rather than warehouse distribution, as well as a work force reliant on office accommodation, have prompted more and more developers to look at these locations rather than the greenfield sites located at Erskine Park,” he said.
Two properties were recently purchased by Commercial and Industrial Property for $25.9 million – a 5.3 hectare Smithfield site for $14.6 million and a 4.1 hectare Chullora site for $11.3 million.
“Chullora continues to be a location in high demand. Occupiers not only benefit from the surrounding road network, but the Enfield Intermodal Terminal will see this area continue to transform,” said Edge.
Investors are still active in the inner and outer areas of Sydney’s industrial market, explains CBRE Research, with institutional investors and property trusts looking for passive plays. This is often traditional assets with long term leases around the main ring roads of the M4, M5 and M7, explains CBRE senior director of industrial investments Angus Klem.
“There continues to be a strong investment focus on assets within Sydney’s infrastructure-laden areas.”
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jduke-EHk3XBmHkn

Sydney's lack of pre-lease industrial opportunities sees infill demand uptick

pwargent-M4siyDbqQY

Sydney supply problems, investor finance through the roof and "ferry good" Neutral Bay

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Coal mining executive Peter Bond has snappily sold the Watsons Bay harbourfront semis he only bought a year ago for $4.25 million.
The chief executive of Linc Energy bought the adjoining two-bedroom properties with approved plans for one residence from thoroughbred horse breeder Jocelyn May.
But <a href="https://www.mcgrath.com.au/buy/house-watsons-bay-nsw-2030/227280/?searchID=40143361" target="_blank">James Dack of McGrath Estate Agents sold them</a> well ahead of the scheduled 21 June auction where Bond had reported hopes of recouping his purchase price.
No sale price has been given, but prospective buyers were being told they'd need to better $4.7 million.
Title Tattle recalls the pair of semi-detached cottages failed to sell at 2012 auction when listed with $6 million price hopes. 
Owned by the May family for more than 50 years, the properties have DA approval to combine them into one house with a main bedroom suite upstairs.
The properties are on the beachfront strip fronting a boardwalk near the landmark Doyles restaurant.
In 2007, Jocelyn May sold another pair of semi-detached cottages on Marine Parade for $6 million to developer Graham Werry.
Peter Bond has also listed<a href="/expert-insights/investing/linc-energys-peter-bond-lists-redfern-post-office-premises"> the Redfern Post Office office premises</a>.
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Linc's Peter Bond sells beachfront Watsons Bay semis in quick flip

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The Cotton On model Lara Bingle's Darling Point apartment offering failed to find a buyer at its damp Sydney auction.
And with the vendor uncontactable overseas, there was no chance for immediate price negotiations around the undisclosed written reserve.
Bingle, spotted this week holidaying in Capri, Italy with partner Sam Worthington, subsequently accepted a post-auction offer Saturday evening, but too late to be included in <a href="https://domainmastheads.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank">the Fairfax Media auction results</a>.
Property Observer gathers $875,000 was secured, slightly less than its $882,000 sale in 2010.
The top auction bid was $855,000 from one of the two bidders at the crowded 10.30am auction in the 65 square metre one bedroom apartment. The onsite bidding opened at $825,000 with a vendor bid subsequently placed by the McGrath auctioneer Scott Kennedy-Green at $850,000. Property Observer counted around 25 at the auction. There appeared to be three interested buying parties.
<img src="/images/2014/06/16/bingle-june-16-one.jpg" alt="">
The weekend Sydney auction clearance rate weakened slightly from the late May fillip to 75.6% on higher than normal winter volumes, according to Australian Property Monitors, with sales between $180,000 in Blacktown and $5.25 million in Mosman. 
McGrath Estate Agents had, in the lead up to the Bingle auction, revised its price expectations to more than $850,000 for the Darling Point apartment.
The agency initially was quoting more than $825,000 for the stylish one-bedroom, with one car space that was listed<a href="https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/225301/?searchID=39312079" target="_blank"> through Richard Bonouvrie</a>. 
The marketing campaign was not assisted when <a href="/news/fairfaxs-domain-tips-lara-bingle-will-secure-1-million-plus">Fairfax Domain</a> speculated, seemingly of its own volition, that it could fetch $1 million plus.
The model bought it from interior designer Blainey North for $882,000 in 2010, soon after Bingle's break-up with Test cricket captain Michael Clarke.
Blainey North moved into a $2.2 million Potts Point apartment.
The Bingle apartment is the Goomerah Court company title art deco apartment apartment with city and harbour views from most of its 65 square metre space.
<img src="/images/2014/06/16/bingle-june-16-two.jpg" alt="">
It came with American oak parquetry floors, DeGourney silk wall panelling, Kreon lighting and Vola tap ware. Its quarterly levy was $2000.
There had been two other McGrath sales in the cul de sac block when $925,000 was secured for <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/76865" target="_blank">a two bedroom unrenovated listing</a> and then a <a href="https://www.mcgrath.com.au/buy/apartment-darling-point-nsw-2027/193910/?searchID=38820498" target="_blank">renovated two bedroom sale last October</a> at around $800,000 which explained the initial pricing estimate.
It was Bingle’s brother, and former reality show co-star, Josh Bingle who endeavoured to represent his sister at the auction. The listing had $850,000 plus price guidance on the McGrath website immediately after the onsite auction, and the McGrath weekend sales advisory did not give any update at close of business Saturday afternoon. However it was sold Saturday evening with the price undisclosed.
Of course the building is best known for its long association with Jean Wright, regarded as the doyenne of magazine stylists.
She was responsible for many of the upmarket glossy pages in local and international magazines and books with her trademark look, contemporary classicism, all the time operating out of a small, modern, all-white apartment there in Darling Point after her move from Melbourne. 
The Melbourne weekend auction clearance rate, according to APM, was 73.8%, with prices between $262,000 at Seaford and $4.65 million at Hawthorn East.
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Buyer secures slight discount on fashionista model Lara Bingle's Darling Point apartment

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Estimating the number of properties that need to be built in any city to cater for a forecasted population change can be a tricky job.
Particularly when forecasts are prone to change.
Urban Taskforce CEO Chris Johnson notes that the projections over 20 years have changed – from 1.3 million people from the 2013 Metropolitan Strategy for Sydney to 1.575 million in the 2014 projections.
“If the robust population growth continues over 50 years we will need to double the number of houses or apartments in Sydney from the current 1,673,800. Clearly this is a big task and this will require a pro-growth attitude from community groups and councils and strong leadership from the state government. The stalled planning reforms will need to be reactivated to help drive housing supply.” This works out to around 90 dwellings a day.
Property Observer has made the supply situation, from the Urban Taskforce statistics, a little more digestible below (click to open in new window):
<a href="/images/2014/06/12/infographic%20june%2012%20one.png" target="_blank"><img src="/images/2014/06/12/infographic%20june%2012%20one.png" alt=""></a>
Sydney’s future will be one of density, Johnson more recently noted.
“Sydney will become more dense through the trend towards apartment living in urban areas and this will need an efficient rapid transit rail service with an under harbour crossing. By aligning the areas of future growth with new infrastructure Sydney can move from being a provincial city to a real global city rivalling the economic centres of London, New York and Shanghai. We must aspire to a bold future for Sydney but this needs good infrastructure,” he said.
Urban Taskforce predicts that the majority of these new dwellings will be in urban centres and along transport nodes.
Stand out LGA Population Predictions for 2031 (figure stated is total people in LGA for 2031)
<ol>
<li>Penrith: 261,450 Due to: Overseas migration (some internal migration loss noted) 
</li>
<li>Blacktown: 473,300 Due to: Overseas migration and fertility rate 
</li>
<li>Auburn: 130,600 Due to: Overseas migration and fertility rate (some internal migration loss noted) 
</li>
<li>Parramatta: 253,900 Due to: Overseas migration (some internal migration loss noted) 
</li>
<li>The Hills: 280,900 Due to: Overseas migration 
</li>
<li>Liverpool: 288,950 Due to: Overseas migration and fertility rate 
</li>
<li>Camden: 162,350 Due to: Internal migration gain and fertility rate</li>
</ol>
Source: NSW government 'Your Future NSW'
Click here to see the <a href="https://www.planning.nsw.gov.au/en-au/deliveringhomes/populationandhouseholdprojections/yourarea.aspx" target="_blank">projections for your LGA</a>.
Photo courtesy of Duncan Hill/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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Sydney's population density increasing, here are the top growth areas: Urban Taskforce

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Land developers in Sydney have been producing large numbers of new lots and charging more for land, but data from a specialist residential property researcher shows sales are now declining and could fall rapidly if pricing is not reduced.
Sales activity volumes in Sydney fell by 7% in the March quarter compared with the December quarter, Research4’s National Land Survey Program found. It was the first fall in activity levels since December 2012.
“We think the Sydney [land] market is going to moderate ... Where it goes from here will depend on how [developers] manage pricing,” Research4 director of strategic research Colin Keane told Property Observer.
“It’s either going to stabilise and fall away quietly, or drop quickly if they keep pushing prices up.”
On average across the Sydney market median lot pricing rose by 1.8% in the March quarter, Research4’s data shows.
In the city’s west and south west, median prices rose by 17% during the quarter.
Keane said the sizable jump in prices in those regions was mainly due to price rises at a development by Landcom and Greenfields Development Company at Oran Park, and at Stockland’s Willowdale.
Research4’s figures show median lot prices in Sydney’s North West rose by 7% in the March quarter, while median lot prices in the Lower Hunter fell by around 4%.
The median price for land across the Sydney region was $283,000 for a 516 square metre block, Keane said.
“We think the pricing is problematic in the Sydney market now,” he said. “I don’t think developers can push prices any further. The might have to take a hit and reduce their prices over the coming months.”
Land prices last fell in Sydney in September 2013, according to Research4’s data.
While prices have been rising, lot sizes have been falling so cost per square metre is at a record high, Keane said. In 2010, the median lot size was 600 square metres. In 2012 it was 550 square metres and now is it around 510 square metres.
Keane said land developers may not be aware that a problem was emerging, as the market was still good and customer cancellation rates were still very low.
“The market is still really good but I think now is a good time to start thinking about the next 12 months and the next 12 months is going to be tighter in terms of demand and [customers] are going to be looking at saving in pricing,” he said.
The Sydney land market has historically suffered from significant supply shortages, but Keane said since June 2013 the land market had been fully meeting underlying demand and exceeding demand in some locations.
“It used to be an issue five years ago but with the South West market coming online we have seen lots of land coming on the market,” he said.
Demand would also fall as net overseas migration into NSW and visa applications had moderated, while the number of loans issued to second home buyers was falling, Keane said.
Australian Bureau of Statistics housing finance figures for the month of March will be released on Tuesday May 13, but the February result showed the number of finance commitments for the purchase of new dwellings around Australia fell by 5% in seasonally adjusted terms compared with January.
On approvals for new dwellings, Housing Industry Association chief economist, Harley Dale said: “Building approvals for the month of March 2014 were consistent with healthy growth in new home building activity this year, although the approvals cycle itself may well have peaked.”
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Sydney land sales could rapidly decline if prices not reduced warns researcher

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GUEST OBSERVATION
The performance of Sydney’s property market over the past 12-18 months is as concerning as it is spectacular.
Double-digit price growth isn’t consistent with Sydney’s property market fundamentals. While I’ll stop short of predicting that a downturn is on the horizon, the drivers of Sydney’s market are as fragile as a house of cards. With over 9.3 million properties to choose from in this country, one begs the question, “Why Sydney?”
First, The Fundamentals
Contrary to tabloid rhetoric, Australia is not having a property boom. Outside of Sydney, property markets are experiencing a predictable post-GFC recovery phase with normal rates of growth (0 to 6%) over the past 12 months.
The state of New South Wales is home to 7.4 million people (a third of Australia’s total population) and 4.3 million (18.7%) of these are in Sydney
Greater Sydney can be broken in to ‘Metropolitan’ and ‘Western Sydney’. With a population of 2.06 million people (8.9% of Australia), Western Sydney on its own is bigger than the combined populations of South Australia, Tasmania, ACT, and Northern Territory.
 <img src="/images/2014/06/10/pressley%20june%2010%20one.png" alt="">
With a median house price of $802,000 Sydney is the least affordable location in Australia (miles above the capital city average of $580,000).
For the same price that you can buy a Sydney apartment (median value $576,000) you can buy a house in every other location in Australia with the exception of Melbourne.
Sydney’s population growth rate has been below the national average over the past 10 years, and only ahead of economic minnows South Australia and Hobart. Rate of growth is completely different to size.
 <img src="/images/2014/06/10/pressley%20june%2010%20two.jpg" alt="">
New South Wales has a long history of people immigrating away from Sydney to alternative locations
 <img src="/images/2014/06/10/pressley%20june%2010%20three.png" alt="">
Sydney has been Australia's worst performing capital city market since the 2000 Olympic Games (it’s not a typo).
<img src="/images/2014/06/10/pressley%20june%2010%20four.jpg" alt="">
Through 2000 to 2010, the NSW unemployment rate was regularly above the national average. After finding its way back to parity it improved further to fall below the national average this January and currently sits 0.5% below. It is no coincidence that Sydney’s property market has improved with its employment record.
Metropolitan Sydney is Australia’s white-collar capital and unemployment rates are currently up to 50% better than the national average. It’s just a shame that few people can afford to buy a metropolitan home.
Large parts of Western Sydney, on the other hand, have significantly fewer job opportunities. Manufacturing accounts for 16% of jobs (not ideal with a high Australian dollar) while a fifth of all businesses are in the construction industry. Australia’s highest crime rates are in western Sydney
 <img src="/images/2014/06/10/pressley%20june%2010%20five.png" alt="">
To overcome a reported 182,000 job shortfall, tens of thousands of people have to commute from the more affordable western suburbs to work in metro Sydney each day.
Transport infrastructure has not kept pace with population growth. The rail network has not been significantly expanded since the 1930s, yet the region’s population is now five times greater. The heavy reliance on passenger cars results in horrendous traffic congestion, loss of productivity, and high fuel costs. Remember that earlier Interstate Immigration graph?
15 years of babble about Sydney having run out of land and therefore having an under-supplied property market is not totally correct. Metro Sydney’s land shortage has been compensated by higher density construction while sprawl has occurred to the west. Overall, dwelling construction was greater than required until the GFC handbrake was applied. The tightening of supply is another reason for the more recent pressure on Sydney property prices.
 <img src="/images/2014/06/10/pressley%20june%2010%20six.png" alt="">
Article continues on next page. Please click below. 
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The Foreign Investor Phenomena
Structural changes resulting from the revolution known as the ‘Asian Century’ has directly resulted in unprecedented volumes of properties being purchased in Australia by Asian investors.
With Sydney and Melbourne having Australia’s biggest profiles internationally, they have been the centre of attention for the construction industry’s marketing teams.
In a majority of cases, Asian investors are buying brand new properties – only Australian residents are permitted to buy established properties.
According to the latest report from Australia’s Foreign Investment Review Board (FIRB), there were 12,647 applications approved in the 2012-13 financial year. A total of 12,025 of these approvals were for Australian real estate transactions (289 were for mining).
The number of FIRB approvals for Australian (residential) real estate has grown from 3,723 in 1999-10 to 11,668 in 2012-13. I’d be staggered if the numbers aren’t even bigger this year. The tsunami is coming! Victoria (38%) and NSW (30%) account for the lion share.
<img src="/images/2014/06/10/pressley%20june%2010%20seven.jpg" alt="">
The House Of Cards Concern
While I think that Sydney’s employment will follow current trends, its property market will ease (refer lack of affordability and a significant supply of new dwelling stock in the pipeline).
 <img src="/images/2014/06/10/pressley%20june%2010%20eight.png" alt="">
An unhealthily high ratio of investor-owned properties is already occurring with recent ABS data confirming that 53% of NSW home loan approvals (refer Sydney) were for investors. Melbourne is concerning high at 45%, 30% is about normal. Yields will reduce!
In light of the fundamentals outlined, the only thing that can sustain Sydney’s market strength is continued high rates of Asian investment. This is where there are two jokers in the pack which I feel make Sydney’s house-of-cards very fragile.
With the boom being isolated to Sydney and pressure still on the Australian dollar, the Reserve Bank is unlikely to pull the trigger on a few interest rate rises as they would normally do. But, what if the FIRB passed legislation to restrict Asian investment in Australian real estate? Joker number one!
The other possibility lies in China. There are recent reports of China’s residential market declining by 15% over the last 12 months. Chinese banking executives and economists say that a severe housing downturn could cause a considerable increase in non-performing loans at the country’s banks. We know that when times get tough investment properties are often one of the first assets disposed of in order to bring the household budget back in to order. Further instability in China’s market could result in high levels of resale stock in Sydney. Joker number two!
In so far as a medium term outlook, my money is on Sydney performing similar to the last 15 years – below the Australian average.
Simon Pressley is managing director of <a href="https://www.propertyology.com.au/" target="_blank">Propertyology</a>, a full-time property market analyst, accredited property investment adviser, and REIA / REIQ Buyer’s Agent of the Year (2012, 2013, 2014).
Photo courtesy of Peter Roberts/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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Sydney’s property market is a house of cards

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Peter Bond, the chief executive of gas company Linc Energy, has listed the Redfern post office premises.
The Business Review Weekly rich lister <a href="/news/nsw/redfern-proving-magnetic-for-coal-executives">bought it in mid-2011</a> when the former post office commercial premises at <a href="https://www.propertyobserver.com.au/new-south-wales/redfern-proving-magnetic-for-coal-execs/2011062250564" target="_blank" style="line-height: 1.3em;">113-119 Redfern Street were sold by spruiker Max Markson</a> for $2,125,000.
The building, which has a clock tower and bell, last sold through agents Paul Ephron and Ben Forsyth. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million.
The former Redfern Post Office, in Redfern, NSW, was built in 1882. It has a two-storey Victorian Italianate building plus a dominant four-and-half-storey corner clock tower. The post office included a telegraph office, parlour, drawing room, three bedrooms, kitchen, a servant’s room, bathroom, scullery, washhouse, fuel shed and two stall stables. 
In 1880, £3000 was provided for the erection of the Redfern post office, and then the Public Works added a clock tower for an estimated extra £700.
The building has 480 square metres of internal space on its 330-square-metre Redfern Street block. 
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-redfern-nsw-2016/227755" target="_blank">It has been listed for June 26 auction</a> through McGrath agents James Dack and Chris Chung who don't give any leasing details in the marketing.
One of the largest property sales since was an 1891 heritage building, the Redfern Electric Light Station with 1042 square metres of space.
The grand neoclassical Renwick Street building, the former home of Rolling Stone magazine was briefly converted into the chic showrooms of antiques dealer Martyn Cook and the interior designer Thomas Hamel.
They sold in mid-2013 to publicist Sue Cato of Cato Counsel for $4.5 million having bought it unrenovated for $2.865 million in 2010.
 
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