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

Sydney

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The Tea Gardens Hotel in Bondi Junction has been sold, reportedly for around $37 million to a private investor.
The pub was sold by Melbourne-based publicans Aussie Leisure Group, brokered by<a href="https://www.raywhite.com/nsw/bondi-junction/1129055/" target="_blank"> Ray White Hotels agent Andrew Jolliffe</a>.
It is set over two levels on its 800 square metre 2-4 Bronte Road with outdoor areas, a highly sought after balcony, large kitchen and 30 gaming machines.
‘‘The annual profit delivered regularly by the Tea Gardens puts it firmly in the A-Grade asset class, irrespective of category, and means that it enjoys similar status to the Coogee Bay Hotel, the Golden Sheaf in Double Bay, the Newport Arms and the recently traded Steyne in Manly and Watsons Bay hotels,’’ Jolliffe advised potential buyers.
Adjacent to Westfields and Myers in Bondi Junction, the heritage listed Tea Gardens hotel is considered a prime asset.
‘‘The latest quarterly Top 200 gaming rankings highlight the hotel’s sizeable jump from 121 in September 2013 to 88 in the state of NSW for the December 2013 quarter,’’ Mr Jolliffe added.
In colonial times, Bondi Junction was known just for its The Waverley Tea Gardens Inn. The hotel was laid out with gardens, summer houses, quoit pitches and other games and was known as "a favourite resort for afternoon teas and fun".
It was served by horse-drawn omnibuses from the city and was "a rendezvous for young people to spend their Saturdays and Sundays".
Its art deco features in the replacement pub were restored in the late 1990s by publican Peter Padsworth. After spending more than $1.5 million, business increased five-fold following the renovations.
Aussie Leisure bought the hotel in mid-2006 for $44.75 million. It had previously sold at $7.5 million in 1998. In 1990 Tooth &amp; Co Ltd sold it to Yau Sun Nominees Pty Ltd for $5 million.
 
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jchancellor-FAypfDUnLy

Tea Gardens Hotel, Bondi Junction sold

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The former National Australia Bank executive Michael Ullmer and his wife, Jennifer secured $6.65 million for their Double Bay residence.
It was sold recently to academic, professor of sleep medicine Ron Grunstein, and his wife, Rose through<a href="https://doublebay.ljhooker.com.au/M15F93" target="_blank"> LJ Hooker Double Bay</a>.
The Ocean Street property, which had traces of being renovated by architect Professor Leslie Wilkinson in the 1950s, last traded in late 2002 for $5.82 million.
It was sold back then by the real estate chain chairman Brian White and his wife, Rosemary in 2002.
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Banker Michael Ullmer sells Double Bay abode

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Melbourne’s 75.6% weekend clearance rate topped Sydney's 74.9% for the first time this year, according to Australian Property Monitors after a slow-down in sales in Sydney’s mid-price range suburbs.
According to Andrew Wilson, senior economist for Australian Property Markets some Sydney suburbs could have hit the “affordability ceiling” especially around Sydney’s inner west. 
At times pre-Easter there was up to a 11% gap in Sydney's advantage over Melbourne, which has been bouyed by a strong inner south.
The last weekend when Melbourne pipped Sydney was December 21, the last busy weekend before Christmas 2013.
Property Observer has noted revised final figures are deteriorating to sit in the low 70% range in Sydney since Easter.
The 10 May weekend was revised down to 70.3%.
Previously Sydney recorded 10 consecutive clearance rates at or above 80%, on the initial preliminary figures, from 1 February which followed 13 consecutive 80% plus weekend clearance rates reported over spring last year.
Belle Property Wollongong - which sold 11 of 16 auctions yesterday - secured NSW's highest sale when <a href="https://www.belleproperty.com/buying/NSW/Wollongong-and-Illawarra/Mangerton/House/35P0905-2-norman-street-mangerton-nsw-2500" target="_blank">2 Norman Street, Mangerton</a> (pictured below) fetched a record $3.6 million. It was a record for a single dwelling non-waterfront, announced by Cooley auctioneer Damien Cooley at $3 million.
<img src="/images/2014/05/19/wollongong%20may%2019%20one.jpg" alt="">
 
There were six registered bidders at the auction through Belle Wollongong agents Darren Kay and Nicole Kay. The house has ocean views from above the golf course.
Toorak had the nation's highest sale when buyers' agent David Morrell represented the buyer of a $3,955,000, two-storey house at <a href="https://www.realestate.com.au/property-house-vic-toorak-116772171" target="_blank">22 Cole Street, Toorak</a> (pictured in the top gallery above) at its Marshall White auction.
Bidding opened at $3.5 million and three bidders took the price to $3.8 million before the property was passed in for successful negotiations.
“A market is not flying when there are three or four bidders and the property does not sell under the hammer and the property is passed in,” he told the AFR.
“This is not a market that is running away from itself.” The house, which had been a single family home for about 50 years, is on a 817-square metre block of land is likely to be demolished for apartments.
But Mal James, another buyers' agent noted there was momentum.
"We saw a 76% clearance rate on the 34 auctions we covered.
"More than seven out of 10 auctions had more than two bidders, and a quarter were 'volcanoes' with four or more bidders. APM's reports an unprecedented surge in listings for May with well over 2,000 properties set to go under the hammer.
Auction numbers will surge over the next two weekends leading up to the Queen’s Birthday holiday break with over 1,600 properties scheduled to go under the hammer.
Canterbury Bankstown produced the best regional clearance rate at the weekend with a strong 90% result. Next best was the lower north with 84.4% closely followed by the upper north shore with 83.7%, the city and east with 79.6% and the northern beaches with a clearance rate of 76%.
There were 599 properties listed well up on the prior weekend’s 378. 
Auction numbers in metro Melbourne are also set to surge to high levels over the remainder of May leading up to the Queen’s Birthday weekend with up to 2000 properties set to go under the hammer.
There were 860 properties on the weekend, well up on the prior weekend’s 600 auctions.
The outer east remains Melbourne’s best regional performer recording yet another strong 79.7% result.  Next best was the north east with a 79.5% clearance followed by the inner south with 78.1%, the inner east at 77.6% and the west with a weekend clearance rate of 76.5%.
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Melbourne outperforms Sydney's weekend auction clearance rate as Toorak pips Wollongong

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Demolition has begun on the Wolseley Road, Point Piper mansion owned by the son of a former vice-president of China.
Craig-y-Mor, the Point Piper non-waterfront residence owned by Zeng Wei and his wife, Jiang Mei, no longer sits proudly intact, high on the hill overlooking Sydney Harbour with picture postcard-perfect views of the Sydney Harbour Bridge and Opera House.
The grand 1920s house (pictured this morning) with renovations by Professor Leslie Wilkinson was initially bought just in his wife's name, as was an earlier acquisition - a $1 million apartment in the World Tower block in Liverpool Street in the CBD in 2005.
The house cost $32.4 million in 2008 making it Sydney's most expensive demolition. It will be replaced by a $5 million Gergely &amp; Pinter designed house.
The 2008 purchase, which ranked as the third highest in Sydney at the time and the priciest non-waterfront holder, was made just in the name of Jiang Mei. Quietly during 2009, the name of the Wei Zeng was subsequently added to the title. The knowledge of that coupling created subsequent intrigue and speculation, then confirmation of the unknown prominence back home of the owners.
<img src="/images/stories/wolesleyarchitect.jpg">
Architect's impression: Gergely &amp; Pinter Architects
It all came to the fore in late 2009 when the couple were seeking its demolition, to be replaced by a $5 million new home (architect's impression above), so they were both named for the first time in the then much anticipated end-of-year Sydney Morning Herald Title Deeds Christmas party column.
It quickly sparked speculation in Chinese internet chatrooms - despite their names being published in an incorrect order and the restrictions on Baidu, the Chinese internet search engine.
The web was soon alive with chatter linking Wei to his father, Zeng Qinghong, the former vice-president of the People's Republic of China between 2003 and 2008, and once one of the most powerful men in the Chinese Communist Party.
The elder Zeng, long the right-hand man to former President Jiang Zemin, was a member of China's peak political body, the Politburo Standing Committee, for five years and before that headed the powerful Organisation Department, which is responsible for deciding who gets which political posts.
The couple won planning approval on Christmas Eve 2010.
<img class="img-responsive" src="/images/stories/flexicontent/l_craigymor.jpg" alt="Point Piper on the Chinese tourist route for insight into the privileged lives of Communist Party princelings ">
<a href="/expert-insights/investing/point-piper-on-the-chinese-tourist-route-for-insight-into-the-privileged-lives-of-communist-party-princelings">Property Observer wrote in late 2011</a> there was a new addition for sightseeing Chinese tourists when they visit Sydney.
Not just cuddly koalas and the Opera House – they have added driving along Wolseley Road, Point Piper for a glimpse of the $32.4 million property owned by a son of a former vice-president of China, according to a Wall Street Journal report.
The Chinese couple bought the Point Piper non-waterfront residence for a then Australian record of $32.4 million from the businessman Ben Tilley, who bought the Wolseley Road house for $16.15 million in 2004 from the stockbroker Rene Rivkin and his wife, Gayle. 
The Chinese couple had been keen to buy Villa de Mare, also on the Point Piper hillside, but negotiations with the recruitment entrepreneur Julia Ross failed to proceed to exchange in 2007.
Craig-y-mor is on a 1,100-square-metre block.
The Rivkins bought Craig-y-mor from the former Patrick stevedores chief, Chris Corrigan, and his wife, Valerie, for $10.7 million in 2001.
The Corrigans bought it in 1991 for $7.14 million from the developer Gary Rothwell who had subdivided the then 2600-square-metre estate which had been the home of the mining tycoon Roy Hudson who left his estate to his stepson, the London-based venture capitalist David Archer and wife Vicki.
<div>Wilkinson was commissioned in 1962, to undertake additions and alterations costing 16,800 pounds for Roy Hudson who bought in 1960 from the Davies/Jackaman family who had it built in 1910.</div>
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Chinese leadership princeling demolishes Point Piper's Craig-y-Mor mansion

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It's being called NSW’s great land bank rush. New data from Savills Australia showed that since 2009, more than 300 hectares of industrial land in Sydney's western precinct has been snapped up by developers and real estate investment trusts (REITs).
The great rush has seen Sydney’s industrial land banks total an estimated 1,100 hectares, the bulk of which (75%) is held in the western precinct. 
By Savills calculations the land take up in the western precinct (Eastern Creek, Erskine Park, Arndell Park, Wetherill Park, Smithfield, Yennora and Girraween) has been at over 63 hectares per year since 2009.
Pre-lease activity has accounted for about 40 hectares of land take up per year, with over 1,000,000 square metres of gross lettable area secured by tenants seeking new logistics style accommodation within this corridor. 
Houssam Yakzan of Savills Research said: “there is strong demand from all the current land bank owners in the western precinct to further increase their land holdings and for REITs that don’t have any land banks they will be aggressively seeking to purchase land to grow their development pipeline.”
“As land reserves diminish with each new development, industrial land is being hotly contested".
He also noted that there was an enormous weight of money for industrial property right now and if a fund wanted to grow, more than likely it would need to grow from organic origins – either develop speculatively or play the pre lease market on their large land banks.
With the current demand for sites in excess of 10 hectares, Yakzan believes land values will be enhanced in the short term and throughout 2014.
Values in late 2012 to early 2013, he said, sat at a rate of $200-$225 per square metre for these large sites which were serviced and benched lots.
It is now tipping rates to be revised to between $250-$275 per square metre.
Smaller sites of one hectare have already experienced an increase in value - from just under $300 in March 2013 to now averaging $325 per square metre. 
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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kjiminez-eaYKfU7qd2

REITs snap up over 300 hectares of western Sydney industrial land

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A private speculator has purchased a development site in Meadowbank, in Sydney's west from McClintock Properties for $3.55 million.
The 115 Bowden Street development site has an area of about 1,075 square metres and is zoned mixed use. 
The selling agent, Knight Frank's Michael Wydeman, said: “The site is located approximately 15 kilometres west of Sydney, and walking distance to ferry, bus and train, the development site appealed to a market starved of mixed use sites in this size and price range.”
The co-selling agent was Michael Boom of Knight Frank. 
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Development site in Sydney's Meadowbank sold for $3.5 million

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Dual Olympian and Commonwealth Games gold medallist Jane Flemming is selling her mixed-use three-level freehold property in Sydney's Balmain. 
The 6 Montague St property is set to go under the hammer next month, with price expectations of $3 million plus.
Agents Miron Solomons &amp; Henry Burke of Colliers International have been appointed selling agents.
The property is described as a mixed-use three-level freehold property which "presents a range of owner occupier opportunities or alternative uses such as a multi-unit residential development, hostel or restaurant conversion."
Currently the ground and first floors offer a space suitable for commercial/office use with high ceilings and polished floor boards and given the heritage of the building would present an ideal opportunity for a creative office headquarters, said the agents.
The top floor provides separately accessed New York loft style residential accommodation with Harbour Bridge and City skyline views and on-site parking for four cars is included.
The property is being offered with vacant possession but has potential for multiple income streams with four separate tenancies. It goes to auction on 18 June.
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Jane Flemming's mixed-use Balmain property to go under the hammer

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OK, let's see how short I can keep this post, rather than duplicate some excellent summaries of last night's budget which have already been well covered elsewhere.
In short, what I was expecting to see was tax levies to fund some hefty infrastructure spending, and that didn't prove to be wildly wide of the mark.
The budget now forecasts the deficit to be shifted back to surplus over the coming few years ahead, ongoing steady economic growth and a moderate rise in unemployment.
One of the big reasons for the expected infrastructure spend is explained by this chart of actual versus expected mining capital expenditure from the ABS:
<div><img src="https://www.abs.gov.au/ausstats/abs@.nsf/be4aa82cd8cf7f07ca2570d60018da27/1ecf42b5ec12e8bcca2573460014f2df/Body/1.3B92!OpenElement&amp;FieldElemFormat=gif" alt="Chart: Financial year actual and expected expenditure- Mining Capital Expenditure" width="400" height="155"></div>
<div>Source: ABS</div>
Note how mining investment is expected to fall by a punchy 25% this year from around $100 billion to $75 billion, a fall of about $25 billion in just one financial year.
That's a fairly hefty hole in economic activity which needs to be plugged.
And Hockey's budget has delivered, creating an $11.6 billion infrastructure growth package  to boost total infrastructure investment by Commonwealth, state and local governments as well as the private sector, to over $125 billion by 2019-20.
This is expected to see trucks moving in a matter of months.
<a href="https://www.macrobusiness.com.au/wp-content/uploads/2014/05/M140513AA.pdf" target="_blank">Commsec</a>:
"The Infrastructure Growth Package provides an additional $11.6 billion for infrastructure. This will bring the government’s investment to $50 billion by 2019-20 which, combined with State and private sector funding, will catalyse over $125 billion of additional infrastructure investment nationwide. 
"The government has committed an additional $3.7 billion to upgrade national highways and other key roads and is delivering vital infrastructure through the Western Sydney. 
"The Badgerys Creek airport development is expected to create 35,000 jobs by 2035, increasing to 60,000 jobs over time. By 2060, the new airport has the potential to drive an increase in Australia’s economic output to almost $24 billion."
There's some big stuff in here for roads, rail and ports, so transport and construction stocks are some to look at in the month ahead (particularly for me, since I am entering the infamous Sydney Morning Herald shares race later today).
Western Sydney will be a huge beneficiary of the budget with the Connex project, a second airport and a huge expenditure on road upgrades.
As to how it will all be paid for, there are plenty of cutbacks to welfare which will be unpopular, to foreign aid which will be ignored and to medical benefits (possible a negative for some healthcare stocks, particularly PRY which benefits from government revenue streams).
Most notably tax payers who earn $180,000 will now pay an extra two cents in the dollar on their top marginal rate bringing the top rate to an eye-watering 48.5%.
I doubt this will do much to discourage top-bracket taxpayers from looking towards negatively gearing investment property as a means of reducing their tax bill, the negative gearing rules of course once again remaining utterly unmentioned in the budget.
You can visit <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) or Pete's <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blog</a>.
His new book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
An original version of this article stated the mining investment figures in millions instead of billions.
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pwargent-M4siyDbqQY

Infrastructure budget delivers for Western Sydney

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Reeler House, the Turramurra house designed by Ian Reeler of Reeler + Partridge and completed in 1985, has been listed for sale.
Set on a sloping, timbered site, it is a vertical house that has a central pinwheel design, with a central stair the main axis of the design. 
It rises a metre to each level and on each corner is a landing which leads to the rooms on that level.
Using the principles of triangular geometry, the result is a expansive house having 16 rooms over 10 levels at <a href="https://www.modernhouse.co/listings/reeler-house/" target="_blank">34 Finlay Road</a>.
There is 380 square metres of internal living space on the 1,721 square metre block.
The origins of the Reeler House had begun in 1975 when the architect builder, Ian and his wife, Patricia acquired a vacant lot and built a home on Holmes Avenue overlooking the picturesque bushland where the Reeler House is sited.
Their Holmes Avenue house won the Sun-Herald House of the Year in its category for a multiple-level gabled and skillion-roofed house with fawn-coloured brick and timber construction palette. 
Unseen from the street, the Finlay Road house which overlooks a gully was built with the assistance of engineer, John Connell &amp; Associates and consulting surveyors, Proust &amp; Gardner.
It featured as House of the Year in the Home Beautiful magazine in 1986.
 It has also featured in House and Garden, Architecture Australia and Wood One, a Japanese publication.
"The result today is a house that is highly crafted, beautifully built and offers a flexible use of space for a family today, just as the architect originally intended for his family almost 30 years ago," Marcus Lloyd-Jones, the Modern House listing agent said.
No public price guidance has been given.
Modern House is a specialist estate agency for architect-designed residences.
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Reeler House, the 1986 Home Beautiful house of the year, listed

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Sydney now has 170 suburbs with a $1 million median house price, according to Australian Property Monitors.
The figure comes from sales data over the six months to March.
<a href="/news/sydneys-million-plus-median-suburbs-pass-the-century-as-michael-slater-cements-avalons-place">In a similar survey</a> covering the six months to September it was 123 suburbs.
There are around 600 suburbs across Sydney.
APM senior economist Dr Andrew Wilson told 2UE that the some of newest entrants were from Sydney's upper north shore.
He said the UNS region was the fifth of eight regions that now sat within the $1 million plus median house price range.
The other regions already with $1 million medians include the city and east, the lower north shore, the northern beaches, and the inner west which was included last year.
There had been growth of 23% over the past year on the upper north shore with middle-market changeover buyers seen as the driving force behind the strong result.
The Ku-ring-gai municipality median sits at $1.3 million after strong growth in the past year.
The new entrants include West Pymble where the house median now sits at $1.07 million with 19% annual growth.
North Turramurra sits at $1.06 million with 13% annual growth.
APM includes the Hills district within the UNS regional count, though Dr Wilson indicated it was the intention of the data group to separate the data at some point in the future.
"These are geographical descriptors we have used for 30 years.
"We are redefining the areas," he said.
"And we are changing the data going back in the house price time series."
Chatswood to Hornsby would be the typical upper north shore reference.
West of Epping could be possibly deemed to be the start of the north-west corridor.
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