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.

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[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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WeWork is set to further expand its Sydney holdings after securing 11,000 sqm of space in a 12 year leasing deal.
The tenancy negotiated by JLL and Knight Frank marks WeWork’s first lease with building owner ARA Australia.  
JLL’s Justin Hayes, Director, Office Leasing – NSW, and Alex Wong, Director, Office Leasing – NSW, managed the deal on behalf of ARA Australia. 
Rohan Neville, Head of Asset Management at ARA Australia, said, “320 Pitt Street provides a unique accommodation solution for WeWork with a dedicated ground-floor entry and exclusive use of the low rise of the building.
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The 32-storey A-grade building has a net lettable area of 29,000 sqm.
Major upgrade works are underway and include an expanded new lobby and end-of-trip facilities. 
Tina Raftopoulos, Director, Office Leasing at Knight Frank, said: "The floor plates at 320 Pitt Street have natural light on all four sides and the column-free, efficient space enhances the options for vertical connectivity throughout the 320 Pitt Street WeWork facility.”
The building is close to Museum station, the new light rail route along George Street and the future Pitt Street Station on the Sydney Metro rail network. 
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j.ballantyne1990-6AQqhLzZaK

WeWork lease further 11,000 square metres of Sydney CBD office space

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EXPERT OBSERVER
The three cities of Sydney, the Harbour City, the River City and the Parkland City will need a vision to have robust growth over the next 20 to 30 years.
With concerns being expressed across Sydney’s suburbs, that medium density could destroy the character of the detached house suburbs, it would seem that major development should occur inSydney’s three cities.
The Urban Taskforce has developed 20 to 30 year visions for the three cities of the Harbour City, the River City and the Parkland City at the Aerotropolis, to give a futuristic feel for how Sydney’s centres could look from 2040 onwards.
We were asked to produce these visions by the Sunday Telegraph and the Daily Telegraph so that their readers could get a glimpse of the future form of the three cities. 
To develop the visions, the Urban Taskforce has worked with Sydney 3D modelling firm Arterra Interactive, Sydney architects LAVA who provided futuristic building forms, and architects Bates Smart who provided a base form for growth aroundCircular Quay.
The Urban Taskforce supports the Greater Sydney Commission’s approach to the three cities, but we are concerned that there seems to be a very suburban approach to Sydney’s character that is beingpromoted particularly in relation to local character. 
The best way to preserve local character is to ensure that most new development occurs in more urban locations in city centres and around railway stations.
 Soour visions for Sydney’s three cities are deliberately robust with significant height and the incorporation of greenery within the urban cores.
It is good to see that the Lord Mayor of Parramatta, Andrew Wilson, is a supporter of a robust city for Parramatta, with building forms that are not just boxes. And that Sam Sangster, the CEO of the Aerotropolis Authority supports the futuristic vision for the Aerotropolis while expressing some concerns about the heights illustrated.
For the Harbour City, Sydney Lord Mayor, Clover Moore, supports more height but is concernedthat her plans are being held up by the state government.
An essential part of the Urban Taskforce vision for the three cities is that they are connected by fast rail and that they work as a connected economic system. 
Cities around the world are now becoming polycentric networks of economic power, where urban centres with quality jobs, retail and urban livingbecome cosmopolitan hubs for local communities.
Here are futuristic and current views of the three major cities for Sydney.
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CHRIS JOHNSON is the Urban Taskforce CEO
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cjohnson-8xfqfuuCSq

Sydney's three city policy needs a vision for robust growth: Chris Johnson

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After an estimated 18% decline in the median house price in Sydney in the two years to June 2019, house price growth is expected to stabilise through 2019/20 as affordability improves and credit conditions ease, a new report said.
A strong supply pipeline will see dwelling completions remaining relatively high in 2019/20 after peaking at record levels in 2018/19, which in turn will dampen price growth, according to the BIS Oxford Economics Residential Property Prospects 2019 to 2022 report.
A total rise of 6% is forecast for Sydney’s median house price in the three years to June 2022.
With investor demand being more negatively impacted by tightened credit, and supply concentrated in the unit sector, the median unit price is forecast to rise by only 1% in this time.
However, with supply falling away sharply from 2020/21, the market is expected to tighten quickly and see price growth accelerate beyond the forecast period.
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%201.jpg" target="_blank">Click here</a> to enlarge:
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<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%202.jpg" target="_blank">Click here</a> to enlarge:
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<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%203.jpg" target="_blank">Click here</a> to enlarge:
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Sydney median house price expected to rise 6% by 2022: BIS Oxford Economics 

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Two new giant gangways have arrived at the Overseas Passenger Terminal. 
The custom-built walkways have been designed to better support visits from larger cruise ships, some which carry over 5,000 passengers.
Arriving fully assembled, the gangways were unloaded by crane and installed on the wharf over two days. 
Minister for Transport and Roads Andrew Constance said the two new gangways will improve the terminal’s efficiency. 
“These new passenger bridges will move over 1,200 people every 30 minutes. The great thing is they increase capacity and speed up boarding and disembarking, making it a much more enjoyable experience for the hundreds of thousands of passengers welcomed at the Overseas Passenger Terminal every year,” Mr Constance said.
Following a period of testing and commissioning, the new gangways will be operational in time for the 2019/20 cruise season.
The installation of the new gangways builds on the NSW Government’s significant investments in Sydney’s cruise terminal facilities to ensure the city is the leading cruise tourism destination in Australia.
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Over 1.6 million cruise passengers transit through Sydney’s two cruise terminals: the Overseas Passenger Terminal and White Bay Cruise Terminal, making New South Wales the home of cruise in Australia.
The 300-plus cruise ships visiting New South Wales each year generate $2.75 billion for the state’s economy, support almost 10,000 jobs and generate $800 million in wages.
New vision: <a id="LPlnk419060" href="https://www.propertyobserver.com.au/https://vimeo.com/348085583" target="_blank" data-auth="NotApplicable">https://vimeo.com/348085583</a>
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Major upgrade for Sydney's cruise terminal

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Over the month of June, house prices in both Sydney and Melbourne didn't record losses for the first time in nearly two years, according to CoreLogic.
The end of the housing downturn in the two major capital city markets has been forecasted since the Coalition won parliamentary honours over Labor in May.
The declines slowed down drastically since.
The month of May saw Sydney houses dropping just 0.4 percent and Melbourne 0.6 percent.
The latest figures from CoreLogic, who analyse the housing markets every month, saw Sydney house prices unmoved in June, with Melbourne scoring a 0.1% increase.
Nationally dwelling values are down just 0.2%, with house values down 0.1% and unit values up 0.2%.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/7/1/Capital%20City%20markets%20June%20CoreLogic.jpg" target="_blank">click here</a>.
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Hobart's cooling off period only lasted a few months, with house values increasing by 0.1% in June.
The biggest house value declines were felt in Darwin (-1.7%) and Canberra (-0.9%).
Perth saw its house values drop 0.7%, followed by Brisbane 0.6% decline and Adelaide at 0.5%
CoreLogic head of research Tim Lawless believes that the June housing market results provide further evidence that the downturn is running out of steam.
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“The improvement in housing market conditions over the first five months of the year has largely been organic, however since mid-May there has been a raft of announcements that should provide a further positive flow through to housing demand", Lawless said. 
“Stability within the federal government, along with the removal of uncertainty surrounding changes to negative gearing and capital gains tax discounts, has brought about increased certainty and boosted confidence in the housing market.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/7/1/CoreLogic%20June%2030%20Capital%20City.jpg" target="_blank">click here</a>.
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“Aided by the housing downturn, we have also seen an improvement around housing affordability, although dwelling values remain high relative to household incomes in Sydney and Melbourne.
"Add to this lower mortgage rates and the high likelihood that interest rate serviceability tests are set to improve.”
The last time Sydney and Melbourne houses didn't record losses in the same month was August 2017 when Sydney's housing downturn began, some six months before Melbourne started declining.
 
 
 
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jrobinson-rf4aSBido9

Sydney and Melbourne housing downturn weakening to a halt

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Office rents in Sydney and Melbourne will continue to grow over the next three years despite rising vacancy on the back of strong net supply, according to independent valuer and advisor m3property’s latest national office market report. 
Adelaide and Brisbane will see some welcome tightening of vacancy and Perth will remain stubbornly high, the firm said. 
The Australian Office Insight: Winter 2019  report forecasts a vacancy rate of 6.3% for Sydney by December 2021 with an average annual net supply of circa 74,000 square metres, while Melbourne’s vacancy will rise to just under 5% with average annual net supply of circa 125,000 square metres. 
National Director Research, Jennifer Williams, said while challenging economic conditions threatened white collar employment levels, massive infrastructure spending and a resurgence in the mining sector would help to stabilise vacancy rates nationally.  
“Generally most markets are in the upward phase and performing well with Sydney and Melbourne heading towards a peak, Adelaide in a stable growth phase, Brisbane and Canberra in early upturn and Perth at the nadir of its cycle,’’ Williams said. 
“Over the outlook period to December 2021 there are risks associated with the adoption of new technology and the impact on white-collar employment, falling domestic consumption and dwelling construction, global trade issues, and supply cycles gaining momentum, particularly in Sydney and Melbourne. 
“On the positive side any further interest rate cuts should provide some economic stimulus along with proposed tax cuts, as should infrastructure projects and an uptick in the mining sector, particularly for the Perth and Brisbane markets.’’
Williams said government policies, particularly federally, would be critical to addressing the weakness in household consumption.  
“Household consumption, which accounts for nearly 60% of GDP, is critical to overall economic health.
“While employment is reasonably low at around 5%, it has not translated into the sort of wages growth required to drive an increase in consumption, stimulate the economy and underpin ongoing employment growth, especially at a time when consumers are also faced with falling dwelling values.’’
<a href="https://www.propertyobserver.com.au/images/2019/6/25/m3property.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/6/25/m3property.jpg" alt="">
National Director Office, Andrew Duguid, said while rents continued to rise in Melbourne and Sydney, tenants were getting more for their money. 
“New generation buildings, the evolving nature of landlord services, and improved infrastructure and connectivity have very much added to tenant amenity and are driving growth in most markets,’’ Duguid said. 
He said while Sydney’s prime office vacancy would soften, secondary grade buildings would likely see a greater rise in vacancy with the result that landlords would come under pressure to maintain rents. 
“New supply will continue to drive mobility of tenants to new and refurbished buildings, resulting in increased demand and growth in prime stock and retraction in demand for secondary buildings. We expect this trend to continue as the supply cycle unfolds over the next few years,’’ Duguid said.  
He said the outlook for Melbourne was very positive as the limited availability of key development sites would keep a lid on any rise in vacancy. 
“Delivery of new buildings during the current construction cycle will partly alleviate availability pressures but forecast strong tenant demand will ensure vacancy remains low and rents continue to grow.’’
The report found that, with the exception of Melbourne, which has seen 6.5% growth, prime face rents had only risen marginally over the year to March 2019 and were forecast to continue that trend in the short-term.
High vacancy levels in Brisbane, Adelaide and Perth were expected to keep rent growth low in those markets.  
On the investment front, Duguid said demand was strong across all markets, from listed and unlisted funds as well as foreign investors.
He said strong pricing in core CBD markets in Sydney and Melbourne had created opportunities in other locations including Canberra, Adelaide and the metropolitan markets while yields were set to stabilise in most CBDs with Perth and Melbourne the exceptions with a slight firming expected in those markets.
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Sydney office vacancy to top 6% by 2021: m3property

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The first half of 2019 confronted a unique set of circumstances in that both a state and federal election were held, according to the latest Herron Todd White (HTW) residential report. 
This has provided a further brake on the Sydney property market, particularly in the case of the federal election with property at the forefront of the campaign given the negative gearing and capital gains tax changes proposed, the report noted.
In general, auction rates have improved on the back of vendor expectations meeting the market, the number of property transactions is down compared to 2018 and price declines have been slowing but are still down 4.3% from the start of the year to mid-May, with an 11.2% decline over the past 12 months, according to Corelogic. 
"There have been mixed results across Sydney however with different areas performing better than others," the valuation firm said. 
The tables below show the five best and five worst performing Sydney regions in regard to change in dwelling values.
Median prices in the Blue Mountains and upper northern beaches showed greater resilience over the past 12 months while Epping and southern Sydney appear to have experienced the greatest falls.
Capital city SA2 regions with greatest annual change in dwelling values, 12 months to Apr-19
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
SA2 Region 
</td>
<td valign="top">
Capital city region
</td>
<td valign="top">
Change 12 mths to April-19
</td>
</tr>
<tr>
<td valign="top">
Blue Mountains -North
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
1.1%
</td>
</tr>
<tr>
<td valign="top">
Wentworth Falls
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
0.1%
</td>
</tr>
<tr>
<td valign="top">
Bayview - Elanora Heights 
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-1.8%
</td>
</tr>
<tr>
<td valign="top">
Lawson - Hazelbrook Linden
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-2.1%
</td>
</tr>
<tr>
<td valign="top">
Newport - Bilgla
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-2.6%
</td>
</tr>
</tbody></table>
A three bedroom house with original features at Katoomba has been sold for $515,000 (pictured below).
The elevated character home at<a href="https://www.realestate.com.au/sold/property-house-nsw-katoomba-131222054" target="_blank"> 34 Freelander Avenue </a>comprises formal lounge room, open plan kitchen, large living area, three bedrooms, sunroom and established garden.
It's close to local schools, park and bus stop.
<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/2019/6/13/katoomba%20.jpg" alt="">
Capital city SA2 regions with largest annual fall in dwelling values, 12 months to Apr-19
<table cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top">
SA2 Region 
</td>
<td valign="top">
Capital city region
</td>
<td valign="top">
Change 12 mths to April-19
</td>
</tr>
<tr>
<td valign="top">
Bass Hill - Georges Hall
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-19.4%
</td>
</tr>
<tr>
<td valign="top">
Epping - North Epping
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-19.1%
</td>
</tr>
<tr>
<td valign="top">
Panania - Milperra - Picnic point
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-18.9%
</td>
</tr>
<tr>
<td valign="top">
Revesby
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-18.5%
</td>
</tr>
<tr>
<td valign="top">
Miranda - Yowie Bay
</td>
<td valign="top">
Sydney
</td>
<td valign="top">
-17.8%
</td>
</tr>
</tbody></table>
A five bedroom house at Bass Hill recently sold for $1.03 million (pictured below).
Set on a 645 square metre block, the family home at<a href="https://www.realestate.com.au/sold/property-house-nsw-bass+hill-131175086" target="_blank"> 41 Broad Street</a> comes with multiple living areas, five bedrooms, timber kitchen and outdoor entertainment area.
Other features include security alarm system, air conditioning, video intercom, and wood fireplace.
<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/2019/6/13/bass%20hill.jpg" alt="">
The report suggest house prices still appear to be falling at a faster rate than units, with the Sydney median house price down 3.1% in the March quarter to $1,027,962.
This compares to the Sydney median unit price which is down 2% in the March quarter to $696,935 (source: Domain).
"A likely interest rate cut, an increased appetite for new loans by major lenders and more certainty after the elections are likely to see market conditions continuing to improve in the second half of the year, with prices beginning to stabilise," the report said. 
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Sydney house prices falling faster than units: HTW residential 

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Developed by Investa for Oxford Investa Property Partners (OIPP), Barrack Place at 151 Clarence Street in Sydney, has been awarded the Urban Land Insitute (ULI) Asia Pacific 2019 Award for Excellence.
The full development process of a project is reviewed as part of the award criteria, in particular the architecture and design of the building is considered along with its community impact, level of innovation and environmental protection and enhancement.
Mark Tait, Group Executive &amp; Head of Commercial Development at Investa said, “Investa is extremely proud of the excellent achievements and continued recognition received by Barrack Place. We would like to convey our appreciation to all of our consultants, contractors and stakeholders on the project, for their contribution and shared vision in bringing Barrack Place to life.”
Nicholas Brooke, ULI Asia Pacific Chairman said “Asia Pacific is home to many exemplary projects and all the winners of this year’s award demonstrate best practice in land use and continue to push the industry forward, while putting people first.”
<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/2019/6/18/Barrack%20Place%202.jpg" alt="">
The award ceremony took place in Shanghai, as part of the ULI’s 2019 ULI Asia Pacific Summit.
Representatives of both Investa and Architectus attended the Summit to accept the award on behalf of Barrack Place.
Architectus’ Managing Principal, Colin Odbert, said “it is an honour to receive this ULI Asia Pacific Award for Excellence for Barrack Place. The award represents both Architectus’ and Investa’s commitment to delivering developments that exceed expectations and showcase superior quality in design and architecture. Drawing inspiration from the heritage of the precinct, our focus was on creating a contemporary, commercial space that creatively reflects the history of the area, while providing a design solution that meets the needs of modern workers.”
The ULI Asia Pacific Awards for Excellence is the latest recognition received by Barrack Place, having recently been awarded the WELL Certified Platinum Rating.
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Barrack Place wins Urban Land Institute Asia Pacific Award for Excellence 2019

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Billionaire investor Robert Millner has completed his upgrade within Sydney’s Observatory Tower.
His longtime two-bedroom-plus-study apartment, which had a $2.65 million price guide through Vanguarde Sydney agent Tim Breckell, has been sold.
The garden apartment cost $530,000 in 1998.
The Washington H Soul Pattinson chairman has bought on the 25th floor for $5.2 million from Elsa Morgan, widow of hotelier Maurice Morgan.
Miller retains links with Cowra, where his family has farmed for about 60 years.
He joined the family business in 1984.
This article was first published in the Saturday Daily Telegraph. 
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firstname1-iYD4UYzvBa

Billionaire Robert Millner sells Millers Point apartment

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EXPERT OBSERVATION
Newspapers and other forms of mainstream media add to the great seething mass of misinformation when they publish a single figure to describe price trends in a major capital city.
When they declare that Sydney prices have dropped 10% or 12% in the past 12 months, it paints a picture of a market where there is universal decline in prices right across the Sydney metropolitan area - which includes hundreds of suburbs as diverse as Bondi v Penrith or Manly v Campbelltown.
The proposition that a city so big, with all its diverse elements and situations, can be described with one figure depicting a single homogeneous market, is quite ludicrous. And when we dig a little deeper, we finds all kinds of different scenarios in play.
Our suburb-by-suburb analysis shows that there are close to 100 Sydney markets where median prices are higher than a year ago.
Many of the markets where prices have continued to grow are apartment precincts – it’s not happening across the board, but it’s a significant sub-plot in the Sydney market.
A feature of this scenario is the number of suburbs where the unit market is out-performing the house market.
Suburbs where the median house price has dropped in the past 12 months, but the median unit market has risen, include Lindfield, Annandale, Jannali, Matraville, North Bondi, Peakhurst, Roseville, Rozelle, Turramurra, Bondi Junction, Burwood, Dulwich Hill, Hurstville, Manly, Naremburn, Newport, Seaforth and Stanmore, among others.
In North Bondi, the median house price has dropped 18% but the median apartment price has increased 19%.
In Peakhurst, the median house price is down 16% but the median price for apartments is up 8%.
In Jannali, the median house price has dropped 10% over 12 months, but the median apartment price has risen 22%.
We believe this reflects buyers seeking affordability in an expensive market.
Sydney’s prolonged boom peaked in terms of buyer activity in 2015-16 and sales volumes started to reduce from that point – but it wasn’t until 2017 that it started to show up noticeably in the published price data.
After several years of strong growth, buyers in all market sectors began to resist the high pricing levels. Essentially, the Sydney market hit an affordability wall.
Since then, demand for the cheaper unit product has helped to boost price levels in some suburbs, while demand for houses in the same suburb has declined.
In Hurstville, the median price differential is $1.43 million for houses and $730,000 for units - i.e. the typical apartment is half the price of the average house.
There’s an even greater variance in Annandale, where the median house price of $1.6 million is more than double the apartment median of $755,000.
In upmarket Roseville, the median comparison is $2.85 million for houses and $1.08 million for units.
Those numbers help to explain why unit prices are defying the house price trend, in some areas.
Another part of the equation is the preference among younger buyers for the apartment lifestyle, rejecting the house-on-land in the 'burbs choice made by their parents and grandparents.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au" target="_blank">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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