<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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Anzac Day is almost upon us, and it's crucial to pay our respects.
Now 100 years since war broke out, and 99 years since the Gallipoli expedition, many will head to remembrance ceremonies and services tomorrow.
Anzac Bridge was opened to traffic in 1995, before being given its official name on Remembrance Day in 1998.
Those familiar with the bridge, will also be familiar with also note the presence of more recent statues of an Australian digger and a New Zealand solider. 
Many properties around this area have views of the commemorative bridge. We have compiled five beautiful homes, currently on the market, that show the bridge in all its glory.
<a href="https://www.realestate.com.au/property-house-nsw-balmain+east-116564391" target="_blank">106 Darling Street, Balmain East</a>
<img src="/images/2014/04/24/balmain%20east%20april%2024.jpg" alt="">
At $2.45 million plus, and up for auction on 3 May, this four-bedroom, two-bathroom house includes views from Anzac Bridge to the city skyline and is set over three levels.
With large picture windows, a modern kitchen, landscaped garden and patio, and a master bedroom with a terrace and spa bath ensuite, it’s a beauty.
It includes an off-street car space, as well as a lock-up garage and internal access.
 
<a href="https://www.realestate.com.au/property-house-nsw-waverton-116652467" target="_blank">6 Ross Street, Waverton</a>
<a href="https://www.realestate.com.au/property-house-nsw-waverton-116652467" target="_blank"></a><img src="/images/2014/04/24/waverton%20april%2024.jpg" alt="">
This waterside two-bedroom, two-bathroom house overlooks a waterfront reserve, with a view from Balls Head Bay all the way to Anzac Bridge.
The lounge includes a combustion fireplace, and it has a number of beautiful features including French doors to an entertainment courtyard, high ceilings, underfloor heating in the bathrooms and a private beach/reserve area.
The home also comes with a carport and airconditioning, as well as the opportunity to build a second storey.
The price guide is set for $1,950,000 and it will go to auction next month on 10 May.
 
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116696171" target="_blank">26 Grafton Street, Balmain</a>
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116696171" target="_blank"><img src="/images/2014/04/24/balmain%20april%2024.jpg" alt=""></a> Also set for auction on 10 May, this four-bedroom, one-bathroom terrace house, with views of the city skyline and Anzac Bridge, has a number of traditional features, such as high ceilings, and ornate cornices. The main room includes its own study area, and the kitchen has a dine-in area. The garden also has an aviary. Three gas fires, an alarm and rear lane access to security parking are included. The property’s price is undisclosed.
 
<a href="https://www.realestate.com.au/property-house-nsw-balmain-116748455" target="_blank">29 Bradford Street, Balmain</a>
<img src="/images/2014/04/24/balmain%20april%2024%20tewo.jpg" alt=""> Meanwhile, also in Balmain, a single-level three-bedroom one-bathroom property will head to auction on 10 May as well.
Again with city skyline and Anzac Bridge views, it includes a dine-in gas kitchen, a sunroom opening to a courtyard and the suggestion that renovations and additions could add value.
The third bedroom is a study/bedroom situation, and it includes fresh carpets, a brick feature wall, and a single lock-up garage with rear lane access. It has a price guide over $1,050,000.
 
<a href="https://www.realestate.com.au/property-house-nsw-glebe-116779743" target="_blank">5 Talfourd Street, Glebe</a>
<img src="/images/2014/04/24/glebe%20april%2024.jpg" alt="">
This Glebe home is looking for offers over $850,000, and is an open plan two-bedroom, one-bathroom terrace with elevated views of the bridge from its alfresco deck.
It has rear lane access to an off-street car space, a covered balcony from the master bedroom and an internal laundry.
It heads to auction on 17 May.
Feature picture of the Anzac Bridge courtesy of Wikipedia/Creative Commons.
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jduke-EHk3XBmHkn

Five beautiful properties with views of Anzac Bridge

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It appears that the high levels of growth experienced by Sydney last year, and into the December quarter, is slowing down, with new data showing an increasingly moderate March quarter result for this year.
In an APM report commissioned by Fairfax Media it was revealed that the only area of Sydney seeing a higher growth rate than that in the December quarter is the Lower North, now at 8% growth compared to 5.3%.
APM noted a dramatic slowdown of growth from the December quarter 2013, to the March quarter 2014 for every area in Sydney other than the lower north shore. This included a drop from 8.9% to 1.7% growth in the ‘City and East’, and from 9.2% to 4.3% in the Upper North Shore and North West.
This comes as no surprise to observer Pete Wargent, who previously tipped the lower north shore’s growth at the end of last year as the “ones to watch” in an <a href="https://allenwargent.com/wp-content/uploads/2013/12/AW-SYDNEY-BE-SU13.pdf" target="_blank">AllenWargent ‘Buyers Eye’ Sydney - Summer 2013 report</a>. In particular, he pointed to those with “key transport links to the city via Sydney ferries and the north shore train line”.
Just this morning, he took to Twitter to share his jubilation at clients purchasing in his suggested areas.
Previously, Wargent has also expressed his enjoyment, noting “The lower north shore is now absolutely flying!”
He also indicated his expectation for Milsons Point and Waverton to outperform in 2014.
“Next on our hit-list will include three suburbs in particular to the west and south-west, a little further out than the traditional capital growth hotspots, in order to catch the ripple effect of capital growth which is repeated in most property market cycles,” he said.
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Sydney property price growth winding down, but lower north shore surging

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Styled akin to villas on the French Riveria or the Amalfi Coast, a 1,150 square metre oceanfront offering at Whale Beach is sure to attract keen interest. If not just because of its striking terracotta colour!
It has been listed with offers due by May 21 through LJ Hooker agents David Edwards and Amethyst McKee who are quoting $6.5 million plus.
This coastal <a href="https://palmbeach.ljhooker.com.au/2W3F6Z" target="_blank">residence</a> (pictured above), now painted in almost an Uluru ochre, holds a significant place in Northern Beaches folklore.
With prized views down over the beach, out across the ocean, and north to Cape Three Points, this was Lady (Susan) Renouf's pink palace with full length terraces framed in bougainvillea.
Of course it is just along from where the late Dame Joan Sutherland spent her time when not in Switzerland or Potts Point. It had been in the 1970s that Dame Joan Sutherland bought her occasional retreat for just $167,000.
But it was Susan Renouf who brought Rayner Road its prominence from the late 1980s given her many guests at Villa Balena included Sarah Ferguson, Duchess of York who came to stay accompanied by Princesses Beatrice and Eugenie. The society hostess bought the property in 1989 for $1.9 million when it was already known for its cement-rendered pink exterior.
Title Tattle recalls her purchase followed the 1988 sale of her Point Piper matrimonial home, Toison d'Or (also called Paradis sur Mer) for $19.2 million after her estrangement from her husband, New Zealand businessman Sir Frank Renouf. She also sold her Mittagong retreat, Kennerton Green that year to Marilyn Zweck-Abbott.
"I always wanted a house by the beach," Lady Renouf once told me, recalling her holidays at Whale Beach during the 1960s.
But following her London mews purchase in 1991, Susan signalled her desire to sell the home with it ending up in 1993 selling to adman Greg Daniel and Louise McBride, then a tax partner with the law firm Clayton Utz.
They purchased it for $1.85 million in December 1993, selling for $7 million in 2006 to the Allan family, reportedly expats then living in London, who are now the vendors. It seems Donald Allen, a former director of Equigroup, and wife, Margaret are downsizing closer to the city.
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">
It has taken four year but art dealer Roger McIlroy, the former head of Christie's in Australia, has finally sold his <a href="https://webcache.googleusercontent.com/search?q=cache:BcVhkvC0y2wJ:palmbeach.ljhooker.com.au/23YF6Z+&amp;cd=3&amp;hl=en&amp;ct=clnk&amp;gl=au" target="_blank">Palm Beach retreat, Jeeda</a>.
It was initially listed with $5 million hopes, selling at an undisclosed price presumably at around its revised asking indication of $4.5 million. It had been listed through LJ Hooker Palm Beach agents David Edwards and Peter Robinson in conjunction with Christie's agent Ken Jacobs.
The 1,534 square metre Sunrise Road holding with sandstone cottage (pictured below) has been in the family since 1922, when wool broker Eldred Moser bought it for £1,025 from pioneer doctor Lucy Gullett, who had paid £100 to the Barrenjoey Company in 1917.
<img src="/images/2014/04/24/palm%20beach%20apirl%2024.jpg" alt="">
Gullett had just returned from World War I, where she served in a French Red Cross military hospital in Lyon.
Its 2010 listing followed an unsuccessful land tax challenge, which determined Melbourne-based McIlroy lived at Palm Beach only 10 percent of the time and it was therefore not his principal place of residence. 
His family happy snaps, clothes and personal possessions were there, with the Administrative Decisions Tribunal member Robin Handley ruling the evidence established that McIlroy's connection to the Palm Beach property was an enduring, long-term one, rooted in his family and personal history. But the NSW Office of State Revenue fought back hard and won a reversal. He and his sister, Jane Strang, had inherited it in 1972. 
McIlroy, who bought his first surfboard at the age of seven, was billed $161,930 for the period from 2002 until 2006. The 2009 land valuation was at $3.87 million, down on its $3.91 million valuation in 2008.
The former Shore boy McIlroy lived in Melbourne for decades while working for Christie's and was its managing director until the upmarket art auction house closed its doors in Australia in 2006.
McIlroy then went into business in Mayfair with one of the most influential figures in the London art world, the dealer Lady Angela Nevill. 
 
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34">Lawyer Derek Heath and his wife Elizabeth have sold their five-bedroom Palm Beach home, which Christie's Ken Jacobs was seeking a $7.65 million asking price.
Designed by architect Simon Parsons in the mid-1990s, <a href="https://www.kenjacobs.com.au/1098244/" target="_blank">the still contemporary beachhouse</a> (pictured below) sits on the dress circle hilltop strip on a 1,000 square metre block.
They bought the Sunrise Road block in 1994 for $830,000, and it became the couple's permanent home in 2007 after they sold their 1969 Peter Hirst-designed home in Pymble for $2.8 million. It was the modernist house designed by architect Peter Hirst of Harry Seidler &amp; Associates at Pymble on Sydney's upper north shore.
It was built for the Blunt family set on a 2384-square-metre block with a heated swimming pool, level lawns and established gardens. The Pymble Avenue property was renovated in 2006 undertaken for the Heath's by Lesiuk Architects. 
<img src="/images/2014/04/24/palm%20beach%20apirl%2024%20two.jpg" alt="">
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jchancellor-FAypfDUnLy

Former Lady (Susan) Renouf's pink palace home listed at Whale Beach

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No need for the daily surf report. Looking out the window will do.
Australian pro surfer Taj Burrow has spent $2.3 million on a Tamarama investment apartment, which he will move into in a few years.
<a href="https://house.ksou.cn/house_img.php?t=0&amp;sta=nsw&amp;id=60178&amp;seq=0&amp;price=&amp;addr=2%2F22+Gaerloch+Avenue&amp;region=Tamarama&amp;img=7" target="_blank">The three-bedroom 126 square metre Gaerloch Avenue </a>top floor duplex apartment was bought from investment banker David Sutherland.
It sold through McGrath agent Damian Steele.
The Margaret River, West Australia based Burrow, who won the 2007 Rip Curl Pro at Bells, was runner up this week to Mick Fanning.
His acquisition occupies the entire top floor of the 1950s Wairakei duplex overlooking one of the world's most famous coastlines.
The three bedroom, one bathroom flat with garage last traded at $493,000 in 1988 and at $185,000 in early 1986, which Title Tattle suggests graphically highlights the amazing wave of price rises in the property boom of the time. It's a 66 square metre tandem lock up garage.
Sutherland thought about selling it in 2010 but a desired $2.5 million sale didn't eventuate. 
Sharon Marsh at Ray White Randwick and Monica Touma at Mint360 have been seeking $1,500 a week tenants.
Its past known asking rent was $1,250 a week in 2011.
The lower level of the duplex also sold last month. It also sold at $2.3 million when snapped up before its scheduled auction through Belle Bondi Junction agents Matt Douglas and Daniel Gillespie. But Taj didn't buy it, as the locals say it was sold to Midnight Juggernauts band member Daniel Stricker.
<a href="https://www.realestate.com.au/property-apartment-nsw-tamarama-116178135" target="_blank">It had last sold at $198,000</a> in 1986.
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Surfer Taj Burrow spends $2.3 million on top floor Tamarama investment apartment

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I must be missing something here.  I have been told that I am slow.
But for the life of me I cannot see how the recent price growth in Sydney and Melbourne (up 15% and 12% respectively over the last 12 months) is anywhere near sustainable.
Nor can I see how the median Australian house price (which apparently is $535,000) is just over four times the disposable average family household income.  That would mean that on a gross basis, the average Aussie family earns about $175,000 each year.
Hmmm, something must be amiss.
Experiment
Each article i write is kind of like an experiment.  Topics are chosen often because the common rhetoric doesn’t seem to add up.  Sometimes they get picked because I like to disagree.  Many more are actually written than published.
In most cases we go back to basics – “explain it to me like I was a five year old” – it worked for Denzel Washington in the movie, Philadelphia, and it works for us too.
So in this regard we did the following:
<ul>
<li>Went to the 2011 Census for each capital city and found the median family household income 
</li>
<li>Worked out – via average weekly earnings – which are updated by state/territory twice each year –how much, by proxy, family incomes may have risen since the last census.  There was a big variation between each city. 
</li>
<li>Determined disposable income (gross wages minus tax) using an up-to-date (2013/14) online calculator. 
</li>
<li>Recorded dwelling prices by capital for all dwellings; houses and attached product according to the latest release from RP Data. 
</li>
<li>Used AFG’s mortgage index to determine the average loan to value ratio for each state/territory.  Overall, the average equity is 32% on recent home loans according to AFG. 
</li>
<li>Applied a basic online mortgage calculator using a principal and interest loan; 30 year time frame and 5.95% variable interest rate (the average rate, according to the RBA). </li>
</ul>
Our aim here is to find out two things:
<ul>
<li>The current dwelling price to income ratio for each capital, and 
</li>
<li>The proportion of disposable family income needed to pay the average mortgage in each city today. </li>
</ul>
Now that sounds pretty logical, right?  No silly things like prices versus nominal GPD; nor is income determined by national accounts.  Just a simple comparison between what we say we earn; what we have left over, in theory at least (as day to day expenses just seem to be escalating far beyond CPI), after tax; and how much a dwelling costs to buy.  Importantly, it is measured on a city by city basis.
So here are the results – all for March 2014.
Sydney 
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$762,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$818,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$585,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$97,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$72,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
10.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
11.4
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
8.1
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
54%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
38%
</td>
</tr>
</tbody></table>
Houses are very overpriced; attached property is heading that way.
Melbourne
<table style="width: 523px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="433">
Median dwelling price
</td>
<td width="90">
$669,000
</td>
</tr>
<tr>
<td>
Median detached house price
</td>
<td>
$699,000
</td>
</tr>
<tr>
<td>
Median attached dwelling price
</td>
<td>
$498,000
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Median family household income
</td>
<td>
$93,500
</td>
</tr>
<tr>
<td>
Median disposable household income
</td>
<td>
$69,500
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
Ratio - dwelling price to disposable income
</td>
<td>
9.6
</td>
</tr>
<tr>
<td>
Ratio - house price to dis. income
</td>
<td>
10.1
</td>
</tr>
<tr>
<td>
Ratio – attached price to dis. income
</td>
<td>
7.2
</td>
</tr>
<tr>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
% dis, income needed to buy dwelling
</td>
<td>
50%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy house
</td>
<td>
52%
</td>
</tr>
<tr>
<td>
% dis, income needed to buy attached
</td>
<td>
37%
</td>
</tr>
</tbody></table>
Like Sydney, Melbourne’s houses are very expensive and attached property is heading the same way.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

Price growth in Melbourne and Sydney is not sustainable

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Industrial raw material supplier Bisley &amp; Company Pty Ltd has leased an office suite in Sydney's northern suburb of Chatswood.  
The company secured 529 square metres of space, at suite 12.01,799 Pacific Highway on a five-year term. The lease was struck at an initial rental of $538 gross per square metre.
CBRE’s Stefan Perkowski negotiated the lease on behalf of lessor Tackelly Pty Limited.
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kjiminez-eaYKfU7qd2

Bisley & Company Pty Ltd lease Chatswood office suite

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The longest standing prerequisite for being a politician in Australia is to turn a question into a rhetorical question – cue Sydney’s political self-preservation argument for a second airport.
This particular debate goes way back to the 1970s where nearly five decades after the initial announcement reality has now come to the fore. The only reason for this five decade delay was the concern of politicians losing office should they back such a controversial recommendation.
The Sydney to Melbourne route in 2011 was declared as the fifth busiest in the world. Sydney airport is by far the busiest in Australia with approximately 36 million passenger movements and 320,000 aircraft movements annually. By 2035, projections have passenger movements at 80 million and aircraft movements at nearly 430,000.
For too long Sydney has fictitiously survived under the falsehood that everything happens within just a 15 kilometre radius of the Sydney CBD. This myth was exposed further in 2014 when the state government moved that 24 hour a day, seven day a week clearways would come into force. Sydney was suffocating and the only solution was to move west – the embarrassing part of this entire debate is why has it taken so long?
<blockquote>
For too long Sydney has fictitiously survived under the falsehood that everything happens within just a 15 kilometre radius of the Sydney CBD.
</blockquote>
Look no further than the fact that Sydney does not have a plan to cope with the fastest growing population in Australia – which has resulted in residents moving elsewhere for a better lifestyle.
Kudos to Parramatta which has fast-tracked itself as Australia’s boomtown over the next five years with a record $8 billion designated with 33 major projects on the drawing board – when completed this will make it Australia’s fifth biggest CBD. An extra 838,000 square metres of commercial space and more than 3,700 apartments and townhouses have been approved.
This week’s announcement for a second Sydney airport at Badgerys Creek will add the largest construction growth spurt that NSW has ever seen – not surprisingly this will have a flow on effect to north and south coastal areas which will be watching the Sydney expansion with enormous interest – cue Newcastle and Wollongong.
Three graphs that will be of great interest not only to NSW but for every capital city in Australia will be:
<img class="aligncenter size-full wp-image-8505" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-17-08-AM.jpg" alt="17-04-2014 11-17-08 AM" width="599" height="401">
<img class="aligncenter size-full wp-image-8506" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-12-09-AM.jpg" alt="17-04-2014 11-12-09 AM" width="518" height="465">
<img class="aligncenter size-full wp-image-8507" src="https://www.rwm.com.au/files/2014/04/17-04-2014-11-15-26-AM.jpg" alt="17-04-2014 11-15-26 AM" width="525" height="453">
NSW has been stymied by a lack of direction which has been highlighted by elected politicians preferring their own vote protection over making crucial decisions that will guarantee growth, jobs and prosperity for NSW. Comparing the Olympic Games in Sydney in 2000 to the second airport announcement is like comparing a skateboard to a train. It is interesting to note that over the last 40 years Melbourne has increased its population by two thirds while Sydney has managed just a little over half.
So what will these announcements do to property prices? Well that’s pretty easy to answer as property prices are determined by supply v demand. For too long properties within a 15 kilometre radius of the Sydney CBD have attracted all the interest – this will now change significantly with the move by businesses in a westerly direction given that is where the workforces are (or will be). <a href="/news">Parramatta</a> and surrounding areas will flourish given that such infrastructure spending is unprecedented in an area outside the Sydney CBD region. Another bonus is that this construction boom will (in time) significantly bring down rents.
Australia is right in the middle of a housing affordability crisis which also has been conveniently ignored by politicians given this too is placed in the too hard basket. So it was interesting to note this week that New Zealand’s Housing Minister (yes, they have one and Australia does not) Nick Smith announced that he set an ambitious target to reduce housing affordability in NZ back to the long-run average of four times. Australia and NZ both share a median market of around 5.5%. Although this grand scheme lacks detail at least it has been tabled which is not the case in Australia given it’s not spoken about, and we don’t even have a designated minister.
Premier Barry O’Farrell fell on his sword last week and there is no denying he had to go. Brace yourself for plenty more revelations from ICAC and the Royal Commission into unions where I predict a record number of by-elections across Australia.
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The announcement that finally had Sydney smiling

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Cronulla Sharks coach Shane Flanagan has listed his longtime Bangor home having spent $2.3 million on a contemporary five-bedroom house in Caringbah South.
It has been listed for 30 April auction <a href="https://raywhitemenai.com.au/nsw/bangor/1122210/" target="_blank">through Ray White Menai agent Matt Debreczen</a> who expects about $1 million.
The two level 1980s built house was bought for $330,000 in 1994 with wife, Cathie.
<a href="/news/cronulla-sharks-coach-shane-flanagan-spends-2-3-million-in-caringbah-south">His next architecturally designed property</a> overlooking Burraneer Bay was recently sold through John Schwarzer, of Highland Property Agents.
Flanagan, who also signed on with the club last month for another three years, has been suspended by the NRL following the ASADA investigation for its part in the 2011 supplements scandal.
Flanagan took over the lead coaching role from Ricky Stuart, who after quitting the Parramatta Eels is now with the Canberra Raiders.
The former plumber, Flanagan, a Sutherland Shire resident for the past 29 years, had been Stuart's right-hand man for six years previously at the Roosters and the Sharks.
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Cronulla Sharks coach Shane Flanagan auctioning longtime Bangor house

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Seven years ago a real estate professional in Tasmania sent me a bottle of whiskey because he liked what I wrote about his area.
I don’t particularly like whiskey and I don’t want gifts for writing positive things about a location, because it carries a whiff of corruption. But it was an expensive brand of liquor and I do remember receiving it, the name of the person who sent it, who he worked for and the fact that I sent him a thank-you note – although it was seven years ago.
I’m certain that if someone sent me a $3,000 bottle of wine and I sent that someone a hand-written thank you note, I would remember it.
So I’m incredulous that some sections of the media are painting NSW Premier Barry O’Farrell as a noble statesman who sacrificed himself at the altar of ethics in politics after a memory lapse. Give me a break; he is merely the latest politician to be mired in the cesspool that is the Australian Water Holdings, which is shaping up as Australia’s Watergate. More big names will fall before this one has played out.
Favours to businesses and property developers, in return for gifts or party donations, are all too common in Australian politics. It’s the single most likely explanation for the unnatural enthusiasm of the Victoria state government for approving more and more apartment towers in a vastly oversupplied market, often over the top of local councillors who said ‘no’ to the project.
If you want to understand how the politics of property development work in Melbourne, read the novels of Peter Temple, which have been turned into a series of television movies starring Guy Pearce and currently running on ABC TV.
But back to New South Wales, which now has a new Premier. Whatever the reality of the Barry O’Farrell situation, there’s no doubt that the state economy and the Sydney property market have benefited from his governance.
For almost 10 years, most of it under an ALP government that gets my vote as the worst in my lifetime, the Sydney market went nowhere and was the chronic under-achiever of capital city Australia. Then last year it sparked to life and showed the first meaningful growth since 2003.
<blockquote>
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
</blockquote>
The single biggest difference is that money is being spent on infrastructure. As I have often remarked, infrastructure spending is the number one game-changer in residential real estate.
Until recently Adelaide, a city a quarter the size of Sydney, had more new infrastructure happening than did the nation’s biggest city. But now Sydney is receiving belated impetus from long-overdue spending on infrastructure, included rail links, motorway upgrades and hospital expansions.
Many investors are asking whether they’ve missed the boat in Sydney. The short answer is that they should have been buying in 2012, when prices were down and competition was scarce. The 2013 upturn was highly predictable – and now many areas have had double-digit annual growth. I would be focusing on regional areas of NSW with strong growth prospects and a much higher degree of affordability, including <a href="/news">Wollongong</a> and <a href="/news">Dubbo</a>.
The longer answer is that there is still more growth to come to Sydney and the key to finding it is to follow the infrastructure trail.
There will a considerable boost to locations out towards <a href="/news">Rouse Hill</a> as completion of the North West Rail Link draws closer. Plans to build the missing link motorway in the north of Sydney will impact suburbs in that area. And now a whole new series of impacts have been introduced with the possibility that the Badgerys Creek Airport may actually happen.
Don’t be in too much of a rush to exploit the airport plan, because the best clues about where to buy are yet to be revealed. The most influential aspect about that facility will be the transport infrastructure to be built around it – the road and rail links feeding into it.
Suburbs will rise not so much because they’re near the airport, but because they have rail or motorway links that previously did not exist.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

Follow the infrastructure trail to find future growth suburbs

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Manly-Warringah fullback Brett Stewart has listed his Balgowlah house with hopes of $1.35 million-plus.
The four-bedroom townhouse, with water glimpses, comes with a pool. It cost $1.33 million in late 2011.
It is scheduled for 4 May auction through Anthony Calacoci of Belle Property Manly.
<a href="https://www.belleproperty.com/12P4661" target="_blank">The three storey Nield Avenue townhouse duplex</a> was built five years ago.
The News Ltd local paper, The Manly Daily reported it was a move that would prompt further speculation surrounding his future at the Sea Eagles.
However, Stewart said the sale was about downsizing, as he was tired of cleaning and maintaining such a big home.
He said he would be remaining in Balgowlah.
 
 
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