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

Joel Robinson

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

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

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

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

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

Sydney

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Whilst there are obvious fundamentals that appeal to all sectors of the property market, many aspects that appeal to first home buyers may not be as important to upgraders or prestige end buyers, according to the latest Herron Todd White (HTW) residential report. 
The report notes along the coast it may be proximity to the beach or harbour, whereas on the fringes it might be the size of the block of land or the level of accommodation.
Upgraders are generally looking to upsize due to growing family needs or looking to relocate to something more modern or better located to the services and amenities that appeal to them.
Within inner city Sydney, owner-occupiers deciding to upgrade generally spend $1 million to $3 million and are looking for larger apartments or terrace housing within the city fringe areas, preferably with some outdoor space for family or pets. 
Areas such as Paddington, Redfern and Glebe are common choices for this demographic, comprising of professional 30- to 40-something couples often with one or more children.
Aside from the previously mentioned benefits of inner city living, this demographic often looks for properties affording car accommodation for the convenience of occasional car use, however within village settings such as the previously mentioned areas, most local shops, schools and amenities are within walking distance.
The inner west region of Sydney is a large and diverse area which ranges from the inner suburbs of Newtown, Glebe and Balmain and stretches as far as Strathfield which is located approximately 15 kilometres from the CBD.
Some of the middle ring suburbs of the inner west include Annandale, Leichhardt and Lilyfield which comprise a range of property styles and are located approximately five to ten kilometres from the CBD.
"Most upgraders in this area would be looking at either attached style housing or freestanding properties with a price tag of anywhere from $1 million to $2 million depending on the usual property attributes such as location, size of dwelling and land, condition, features, parking provisions, views or aspect and natural light," the valuation firm commented. 
More substantial properties in this region easily exceed the $2 million dollar price point, however there is plenty of choice for upgraders in this range.
This market segment is potentially upgrading from a smaller style unit and needs more space for a growing family, however still wants to be close to the city and have the benefits of transport, parks and the café lifestyle.
In addition to the property attributes already mentioned, these buyers tend to focus on proximity to transport (railway, light rail and bus routes), schools, shopping, cafes and parks.
This particular market segment is generally aged from 30 years old and above.
A terrace at <a href="https://www.realestate.com.au/sold/property-house-nsw-lilyfield-128571350" target="_blank">15 Justin Street, Lilyfield </a>(pictured below) which sold in May for $1.415 million was advertised with the following features highlighted:
"Set on a generous block complete with child- friendly level lawns, it features an abundance of outdoor entertaining space, nestled in a quiet street just 500 metres walk to Lilyfield light rail station.
"Nestled in a quiet yet superbly central location, offering easy access to the CBD only five kilometres away, from here you’re only moments from Rozelle’s cosmopolitan café/dining precinct and harbour foreshore parks."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/27/lilyfield%20.jpg" alt="">
In the Northern Beaches, it is no surprise that upsizers require additional space for their growing families, so the size of their family and their financial situation will ultimately dictate the options.
Location will generally take priority over quality of finishes and land component, as they are generally well established in their local communities and wish to remain as close to their current local facilities as possible.
The upsizer market is typically within the $1.5 million to $3 million range, depending largely on the location, size and quality of accommodation.
"It’s genuinely a good time in the market to upsize, as the discount on the property you are acquiring is generally greater than the discount on your existing property.
"We have seen a few recent examples of young families in the $900,000 to $1.2 million range looking to upgrade from their current two or three bedroom strata properties in Dee Why into larger, family friendly four-bedroom homes in Narraweena and Cromer," the valuation firm said. 
A recent example includes <a href="https://www.realestate.com.au/sold/property-house-nsw-cromer-131153870" target="_blank">42 Carcoola Road, Cromer</a> (pictured below) which sold for $1.69 million.
The property comprises a circa 1980s, renovated, two storey, four-bedroom, three-bedroom dwelling with in ground pool on 610 square metres, marketed and suited towards a growing family.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/27/cromer%20.jpg" alt="">
Another recent example is <a href="https://www.realestate.com.au/sold/property-house-nsw-mona+vale-125000650" target="_blank">9 Siobhan Place, Mona Vale</a> (pictured below). 
The property sold for $2.006 million in June 2019 (previously sold for $2.101 million in April 2017).
The property comprises a renovated, two storey, four-bedroom, two-bathroom home with an outbuilding on 696 square metres of land.
The home is well-proportioned for an extended family and moments from Mona Vale village.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/27/mona%20vale.jpg" alt="">
"We are also seeing an Influx of properties catering for multi-generational living (where more than one generation of adults occupies the same residence), whether that be via an internal self-contained or in-law style retreat or a dual-occupancy style holding.
"These are becoming a popular way to cost- effectively upsize your property by co-living with extended family." 
A recent example is <a href="https://www.realestate.com.au/sold/property-house-nsw-mona+vale-130557266" target="_blank">50 Maxwell Street, Mona Vale</a> (pictured below), having received strong interest from extended families.
The property sold for $2.22 million in June 2019 (slightly above the $2.2 million price guide).
The property comprises a circa 1950s, renovated, four-bedroom, two-bathroom dwelling with a detached two-bedroom, one-bathroom granny flat.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/27/mona%20vale%202.jpg" alt="">
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j.ballantyne1990-6AQqhLzZaK

What upgraders are looking for in Sydney: HTW residential

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Buyers in the prestige end of the market are generally looking at high-end finishes, views and proximity or frontage to the harbour, rivers or beaches, according to the latest Herron Todd White (HTW) residential report. 
The report said the rise of prestige units is also becoming popular amongst older prestige buyers looking to downsize out of the family home.
Within inner city Sydney, owner-occupiers in the prestige market segment generally spend in excess of $3 million and are looking for premium apartments and terraced or detached dwellings within the city or city fringe areas.
This demographic largely comprises of high income 30 plus year olds and high net worth individuals.
The range of factors impacting purchasing decisions within this market is large and varied.
"Generally, the more resilient properties incorporate some combination of an above average sized land component, views, car accommodation and period appeal," the valuation firm stated. 
"This demographic is particularly prominent in the inner eastern corridor of the city fringe (such as units around Hyde Park, Macquarie Street, Potts Point and along the harbour) as well as in terraced and detached houses in the suburbs of Paddington and Woollahra."
Buying a property with these factors in mind would ensure resilient pricing in calmer market conditions and premium results in stronger markets, HTW said. 
"When it comes to the prestige sector of the market on the Lower North Shore of Sydney, the list of must-haves can become very long and understandably so considering you are paying $5 million-plus for such a property.
"In saying that, like every price point in the market, there are limitations to what you can expect and sacrifices to make depending on price point."
There has been a good amount of recent sales activity in the prestige sector of the market in Northbridge on the Lower North Shore.
This is popular due to its central although secluded positioning and proximity to multiple highly-regarded schools.
The majority of purchasers in this area are families and therefore their property demands are very specific.
Fundamental must-haves for purchasing a prestige style home in Northbridge include a large quality family home comprising four to five bedrooms, multiple bathrooms and en suites and a high level of fit-outor recent renovation works for older, period style homes.
In addition to the must-haves of the residence, ancillary improvements are also very important, with a swimming pool and landscaped grounds highly sought after at this end of the market.
The consequence of the above mentioned must-haves is the need for an adequate amount of land to incorporate the improvements and this is usually in excess of 600 square metres.
An example of such a home is the recent sale of<a href="https://www.realestate.com.au/sold/property-house-nsw-northbridge-130696202" target="_blank"> 2 Dorest Road, Northbridge</a> (pictured below) which sold in April of this year for $5.12 million.
This is a completely renovated, high quality circa 1940 residence comprising five bedrooms and three bathrooms with an in ground swimming pool surrounded by landscaped grounds and situated on 746 square metres of land.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/27/northbridge.jpg" alt="">
"This type of property ticks all the boxes for this sector of the market and provides an excellent example of the type of property demanded by these purchasers," HTW said. 
"In addition to the must-haves discussed above, there are always the would-like-to-haves which every potential purchaser desires and hopes to obtain at their price point."
In the suburb of Northbridge, the two attributes potentially available are water views and, less common, waterfront allotments.
The report suggests waterfront properties usually come at a significantly higher price point, although some steeply sloping sites with limited direct waterfront access may be available.
More common would-like-to-have attributes are water views, always dependent on the aspect and elevation of the property which can vary greatly.
Although expansive Middle Harbour and bay views are scarce, restricted and filtered water views are rather common and can be an added bonus and selling point for a prestige property in the area.
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Lower North Shore prestige buyers looking for family homes: HTW residential

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The Sydney CBD office market has seen several big transactions so far in 2019 in both strata and freehold spaces plus it still has room to grow, according to the latest report from property valuation firm Herron Todd White.
The most significant transaction, at $800 million, was Dexus and its unlisted Dexus Wholesale Property Fund’s purchase of GPT Group’s halfshare in the MLC Centre at 19-29 Martin Place.
Dexus already owned fifty per cent of the property prior to this transaction and now with full control of the property, the transaction cements them as the largest office landlord in Australia.
At 67 storeys, the MLC Centre was for many years the tallest office building in the country and the site remains one of the largest freehold sites within the Sydney CBD.
The valuation firm found, On a much smaller scale, the strata office market has seen a number of strong results, continuing to push square metre rates to unprecedented levels.
One such example is Noonan Property’s sale of Level 10 (398 square metres) of Heritage listed Culwalla Chambers, at 67-69 Castlereagh Street, achieved $6.395 million at auction, reflecting $16,068 per square metre of lettable area.
The report stated, "a result such as this shows the continued strength of the office strata market, however the number of transactions does appear to have slowed."
"On the leasing side, while there have been a number of large leases across the CBD, it is particularly worth noting the continued and growing presence of WeWork, who have recently signed a 12-year lease agreement over 11,000 square metres of office space across ten floors at 320 Pitt Street."
"It’s unclear what the impact of co-working space will have on the wider market, however it does present new options for tenants looking for more flexible options," the report noted
Vacancy rates remain very low across the CBD, reported at 3.7% as at July 2019 (PCA), down from 4.1% in January.
Low vacancy is driven by low supply which in turn causes above average rental growth.
The valuers said, "supply was particularly hampered during the first half of 2019 by withdrawals outweighing supply, reflecting -23,400 square metres of net supply (PCA)."
"A total of 32,039 square metres of office accommodation across eight sites was taken offline in the first half of 2019. Five of these sites are situated in the city core precinct."
"New approvals for office accommodation are low across the CBD, with approvals being generally focused on residential and hotel redevelopment rather than traditional office space."
"As an example, there are currently more than 20 hotels either under construction or approved for redevelopment."
"That said, there is new office supply on the horizon, however the majority of this will not come online until 2020 or 2021.
"For the time being, CBD rents are anticipated to remain strong, although will likely moderate, until supply catches up to demand and values are likely to remain strong for good quality stock," the valuers concluded.
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Sydney office market still hasn't peaked: HTW Commercial

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The latest figures from the Australian Bureau of Statistics show the value of new loans to investors (excluding refinancing) across Australia jumped by 4.7% in July – the highest monthly gain since September 2016.
On the east side of the country, Canberra led the way with a 22% spike in the value of loans from June to July, followed by Queensland at 8.1%, Victoria at 5.7% and NSW at 2.0%. 
<a href="http://www.switzer.com.au/the-experts/john-mcgrath-property-expert/" target="_blank">John McGrath told Switzer readers</a>, "My best piece of advice for property investors is to buy quality and focus on location and aspect."
"Go for a quality property in a great street, in a desirable neighbourhood, with plenty of amenities such as cafes, shops and public transport. These properties might cost a bit more, but you’ll get better capital gains."
"In terms of locations, I think a good strategy is buying close to new infrastructure. There is so much building going on and this is creating opportunities for investors to capitalise, especially in areas where prices have fallen during the downturn," he added.
He analysed the impact and reasons that investing near the Sydney Metro North West may have potential.
Impact: A game changer for the Hills District, where residents have had to endure long trips on packed buses to the CBD for many years
Opportunity: Fantastic time to buy in suburbs along the line within a 10-minute walk of stations. Hills prices dipped 10-15% in line with Sydney throughout the downturn. For example, Castle Hill’s median house price in 2017 was $1,620,000 and today it is $1,347,500. The median apartment price in 2017 was $890,000 and today it is $815,000. 
Prediction: CoreLogic-Moody’s Analytics predicts 15.3% house price growth in Baulkham Hills/Hawkesbury, which encompasses the Hills; and 9.5% for apartments over CY20 and CY21. 
He also looked at the latest <a href="/expert-insights/investing/melbournes-16-billion-north-east-link-freeway-is-an-investor-opportunity-john-mcgrath">Melbourne</a>, <a href="/news/act/canberra-investors-lead-in-loans-where-should-they-buy-john-mcgrath">Canberra</a> and <a href="/expert-insights/investing/residential-property-near-brisbanes-cross-river-rail-pinpointed-as-investor-opportunity-john-mcgrath">Brisbane</a> infrastructure developments and the impact they have had and will continue to have.
JOHN MCGRATH is the Founder &amp; Executive Director of McGrath
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John McGrath suggests investors buy within 10 minutes of Sydney Metro North West train stations

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EXPERT OBSERVER
The long delayed plans for a 55 storey hotel in Bligh Street have now progressed to State Significant Development stage. 
It is amazing that the Minister for Planning, Rob Stokes, in announcing that the Bligh Street project can now be submitted as a State Significant Development, said it had been in "planning purgatory for too long".
It is good news that the project is now more connected to the planning system and hopefully will get planning approval before too long.
The design of the building looks impressive and the sleek 55 storey tower will be a good addition to the Sydney skyline.
On the same day that the Bligh Street hotel moves forward, the plans for the proposed Ritz Carlton Hotel in Pyrmont were being discussed at a public meeting held by the Independent Planning Commission (IPC), where the NSW Department of Planning, Industry and Environment argued against the 62 storey hotel project proceeding because it was different to the existing character of Pyrmont.
The Urban Taskforce is concerned that since the publication of the Local Character and Place Guideline in February 2019 the Department of Planning seem to be preferring the preservation of existing local character over bold new visions for the future.
Pyrmont needs to be "taken to the next level" as the Premier, Gladys Berejiklian has recently stated.
The Urban Taskforce presented at the meeting and proposed that the Ritz Carlton Hotel and its associated functions were an ideal project to be the catalyst for a renewal of development in Pyrmont.
With the proposed new fish markets opening up the redevelopment options for the old site will come higher rise development on the peninsula. The Urban Taskforce presentation to the IPC an optimistic future for Pyrmont with significant new development.
Sydney needs more quality hotels and the small planning step forward for the proposed hotel at Bligh Street is good news. This needs to be supported by the IPC approving the Ritz Carlton Hotel in Pyrmont.
CHRIS JOHNSON is the Urban Taskforce CEO.
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Delayed Bligh Street, Sydney hotel plans moving forward: Chris Johnson

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EXPERT OBSERVER
Real estate is buzzing with questions about the so-called recovery in property markets. Is it real? Does it have legs? Is it a dead cat bounce?
Before providing answers, we need to understand the questions, some of which show a chronic lack of understanding about real estate markets.
The questions assume that what’s happening in Sydney and Melbourne reflects the nation. It doesn’t.
Generalisation is the blight of real estate consumers. We’re afflicted with writers and commentators who discuss Australia as a single market, quoting economists whose knowledge of the intricacies of residential real estate could be written on the back of a postage stamp in crayon.
The overriding assumption is that events in the two biggest cities describe the entire nation. If they’re booming, the “Australian property market” is booming. If Sydney and Melbourne prices are falling, then prices are falling across the nation.
Journalists who parrot this nonsense - in the process of re-cycling press releases from lazy research firms and ignorant economists – are treating their customers shabbily. Misinformation proliferates.
So, are property prices recovering in Hobart? Well no, they’re not, because they didn’t fall. Hobart prices remain comfortably higher than last year, having been rising for the past three years.
Are property prices recovering in Canberra? Also no, because Canberra didn’t have the Sydney boom and it didn’t suffer Sydney’s post-boom correction. It’s just been chugging along happily, as Canberra tends to do. It’s the perennial Goldilocks of Australian real estate – not too hot, not too cold, just right.
Price recovery is also a foreign concept in Regional Victoria because prices have been rising strongly in many towns and cities outside of Melbourne for the past two years, and continue to do. Dozens the regional centres across Victoria have recorded double-digit growth in their median house prices in the past year.
So when media talks about the possibility of recovery in Australian house prices, people who live in Ballarat, Bendigo, Pakenham, Warragul, Bright, Mildura, Wangaratta, Seymour, Moe, Kyneton and many other Victorian centres wonder what on earth they mean.
There are similar scenarios is many regional locations across New South Wales, Tasmania and Queensland.
When media discusses recovery in real estate prices, they’re essentially referring to Sydney and Melbourne, which dominate coverage in big media, to the exclusion of all other locations.
That’s where the question of market recovery and the realness of price increases is focused.
What we’re witnessing is an end to the post-boom downturn and price correction in Sydney and Melbourne. The evidence is strong and real. Looking across price data from multiple sources, we first saw an easing of the rate of decline, then a bottoming of the downturn - and then, increasingly, signs of a return to growth.
This was accompanied by an improvement in auction clearance rates – which, as I commented last week, are a rather blunt instrument by which to measure markets but, taken alongside other data, can add some weight to overall conclusions.
Often anecdotal evidence is more telling than the statistics, and this also is increasingly positive. All kinds of property professionals have been feeling the upturn in demand and the growing pressure on prices, in an environment where stock on the market is generally low.
None of this is terribly surprising. The perfect storm of negatives that impacted the big city markets in the first half of the year has blown over – and has been replaced by a series of fortunate events, starting with the Federal Election result.
Too much has been made (as usual) of the impact of interest rate reductions. These don’t hurt, but interest rate levels are never the prime motivator of events in real estate.
Far more important are the improvement in overall sentiment, the end of the fear created by Labor policies, the greater ease in obtaining finance and the state of economies at a local level.
So what we have in Sydney and Melbourne is a fairly normal post-boom market. The correction phase that usually happens after a prolonged up-cycle has happened and now we’re back into situation normal – healthy activity and some pressure on prices, but with little likelihood of a return to boom conditions.
We’re more likely to see booms in other places – Brisbane, where conditions are improving and prices are attractive; Adelaide, which has an emerging economy likely to underpin an upsurge in real estate demand, helped by great value-for-money real estate; Perth, which is fighting back after a long downturn in the underlying WA economy; and many parts of regional Australia, such as regional Queensland, where a growing number of regional centres have improving economies, lower vacancies and attractive price/yield scenarios.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> twitter.com/hotspotting
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Brisbane is more likely to see a property boom: Terry Ryder

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KYKO Group managing ­director Mary Wong-Jenkings has secured the $5,165,000 sale of her unit in the Renzo Piano-designed Macquarie Apartments.
Her Macquarie Street, Sydney apartment had been listed with $4.6 million hopes.
She paid $3.75 million for the three-bedroom, 198 square metres unit in the complex overlooking the Botanic Garden in 2016.
Sydney Sotheby’s agents Harriet France and Tony ­Barron had the listing.
The auction saw just the two bidders once bidding went beyond $4.8 million.
With its distinctive terracotta panels and glass louvres, the Italian designer’s Macquarie Apartments won the Australian Institute of Architects’ Wilkinson Award for ­residential housing in 2004.
His most notable buildings include the Centre Georges Pompidou in Paris (with ­Richard Rogers), The Shard in London, and the Whitney Museum of American Art in New York City.
Wong-Jenkings has bought a five-bedroom home at ­Watsons Bay for more than $4.5 million.
Its views take in the top of the Harbour Bridge.
Last year Wong-Jenkings sold The Drawing Rooms of Berry in Woodhill for $3.8 million.
This article was first published in the Sunday Telegraph. 
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Mary Wong-Jenkings sells Sydney apartment for $5,165,000 

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Sydney rental yields saw a slight loosening over the year rising from 3.2% to 3.3% and retaining the tightest rental yield crown for another year, according to the latest data from CoreLogic.
Melbourne was a close second at 3.6% but rental yields in Melbourne loosed 0.3% compared to Sydney's 0.1%.
Rents softened over the past month and rental rates increased in all capital cities other than in Sydney and Perth over the past year
Unit rental yields in Sydney have reach 3.9% with the median value of an apartment being just under $700,000, significantly higher than Melbourne where the median value for an apartment is $540,000.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/9/4/National%20Yields.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/4/National%20Yields.jpg" alt="">
Regional NSW followed the trend of loosening rental yields as well rising from 4.5% in 2018 to 4.7% this year.
While Sydney and Melbourne are leading the increases in dwelling values, equally they are the two cities leading the recent softening of rental yields.
Tim Lawless noted it was the third successive month of capital gain in Sydney, Melbourne and Hobart and the second successive month of increases in Brisbane.
“While the ‘recovery trend’ is still early, it does appear that growth trends are gathering some pace, particularly in the largest capital cities,” Lawless said.
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Sydney's rental yields remain the tightest in Australia

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The priciest residential car parking space in Potts Point is again up for auction next month.
It is the parking spot in the 1960s-built Macleay Street block The Chimes which fetched $264,000 under the hammer in 2015.
The space, larger than normal at 26 square metres but only enough to fit one car, was secured by erection dysfunction medico Joseph Pollak.
The underbidder was Waterloo property developer Phillip Bartlett, who subsequently secured it as an $80 a week rental as he lives in the neighbourhood.
The car parking space has been at the forefront of strata committee deliberations.
A problem regarding it arose because comfortable access to the space requires passage over the neighbouring common property.
The strata dispute escalated when the body corporate installed a chain along the boundary which Dr Pollak argued needed loosening.
The matter went to the NSW Court of Appeal.
Richardson &amp; Wrench agent Geoff Cox has scheduled a September 5 auction.
After the last sale, its selling agent Greg McKinley said it was something of a one-off.
The price easily exceeded his guidance given the egos involved.
There were still five of the 10 local buyers in the contest as bidding approached $200,000.
Prices have since gone as high as $295,000 in Elizabeth Bay.
This article was first published in the Sunday Telegraph.
 
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Potts Point's priciest parking spot set for auction

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Sydney has ranked sixth on the Savills World Cities Prime Residential Rental Index for H1 2019.
Prime residential rental growth across leading world cities slightly picked up pace during the first half of 2019, rising 0.9% to take average year on year growth to 1.3%.
Continuing a four-year long pattern of low level, but steady increases, resulting in the first uptick in average yields since late 2014 as capital value growth stalled, according to the Savills World Cities Prime Residential Rental Index.
In the year to the end of June 2019, capital values across the Savills index slowed to 0.7% annually, pushing yields up to 3.2%.
"While there are variations at an individual city level, the trend across both prime rents and capital values in leading world cities is broadly stable," says Sophie Chick, head of Savills World Research.
"Very few cities are seeing annual rental growth above 2%, a trend we expect to persist, given prevailing global political and economic headwinds.
"In the sales market, these forces translate into weakened sentiment and delayed decision-making, which has caused price growth to stall.
"But at the same time, although this pushes some demand into the rental markets, squeezed corporate relocation budgets continue to put pressure on rents.
"This means that while rents are outperforming capital values, we expect both markets to stabilise rather than continue to move apart, thus limiting the scope for yields to push out further."
<img src="https://www.urban.com.au/images/2019/8/16/Savills%20Prime%20Residential%20Rental%20Index%20-%20H1%202019.JPG" alt="">
The latest data from the Savills World Cities Prime Residential Rental Index of 21 cities shows that only seven cities – Los Angeles, Barcelona, Berlin, Tokyo, Hong Kong, Beijing and Shanghai - saw annual rental growth above 3%.
"Leading world cities will continue to be magnets for an increasingly global young, affluent workforce and this will support demand for prime rental properties," says Chick. 
Los Angeles was the standout city in the first half of the year, with rental growth of 4%, taking yields to 5.2%, the highest in the index. Similarly, Berlin saw rental growth pick up pace in H1 2019, but strong capital price growth kept yields close to the index average at 3.1%.
Sydney has seen an influx of new stock, but affordability constraints in the sales market has kept rental demand high, allowing rents to tick up 1.4% year on year. Dubai, by contrast, which has also seen high levels of new stock, but a slowdown in global trade and financial markets continued to suppress rents in the first half of 2019, continuing the trend seen since 2014.
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