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]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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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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Sydney's vacancy rates have edged 0.1 percent higher, according to research from the Real Estate Institute of New South Wales.
REINSW President Leanne Pilkington said the October 2018 REINSW Vacancy Rate Survey saw metropolitan Sydney vacancy rates up 0.1 percentage points to 2.9 per cent. 
“There has been a slight slowing in those seeking rental accommodation in Inner and Middle Sydney while the Outer Sydney market saw interest increase,” Pilkington said.  
Click here <a href="https://www.propertyobserver.com.au/images/2018/11/16/Sydney-vacancy.jpg" target="_blank">to enlarge.</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/2018/11/16/Sydney-vacancy.jpg" alt="">
“Inner Sydney rose 0.4 percentage points to 2.8 per cent, Middle Sydney increased 0.1 percentage points to 3.2 per cent and Outer Sydney fell 0.1 percentage points at 2.8 per cent.” 
In the Hunter, vacancy rates slipped 0.3 percentage points at 1.6 per cent, with Newcastle down 1.1 percentage points at 1.8 per cent off the back of a stronger market.
Click here <a href="https://www.propertyobserver.com.au/images/2018/11/16/Vacancy2.jpg" target="_blank">to enlarge.</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/2018/11/16/Vacancy2.jpg" alt="">
The Illawarra fell 0.1 percentage points despite Wollongong being up 0.1 percentage points to 2.2 per cent. 
 
Across regional areas, Albury remained steady at 2.2 per cent, New England rose 0.3 percentage points to 2.5 per cent and the South Coast fell 0.1 percentage points at 1.8 per cent.
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jrobinson-rf4aSBido9

Rental availabilty in Sydney Metro rises 

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A review of housing completions across metropolitan Sydney indicates that many councils are not carrying their fair share of growth.
The Department of Planning’s Housing Monitor lists housing completions across all of Sydney’s councils each month.
The top ten councils are completing more than 2,000 homes each over the last year but the bottom ten councils are only averaging around 200 homes a year.
Leading the development of new homes over the last year are the City of Sydney with 4,351 completions, The City of Parramatta with 4,231, Blacktown with 3,325 and Bayside with 3,073 new homes.
At the other end of the housing supply performance are Willoughby with 201 completions, Randwick with 200, Waverley with 119 and Mosman with only 8 new homes.
The housing completion numbers are taken from September 2017 to August 2018 from the NSW Government’s Housing Monitor for each council across Metropolitan Sydney.
The council areas that should be pulling their weight more are the ones with good rail infrastructure like the North Shore rail line.
It is disappointing to see that Willoughby with its excellent rail connections is in the bottom 10 performers with only 201 housing completions.
Other North Shore councils with rail stations that seem to be not pulling their weight on housing supply include Ku-ring-gai (899), Hornsby (724), North Sydney (638) and Lane Cove (605).
The Eastern Suburbs, admittedly with smaller councils, that are under performing are Randwick (200), Waverley (119), and Woollahra (73).
These suburbs are close to the quality jobs in the CBD and are very desirable places to live.
The best performers are two councils which are the focus of the Greater Sydney Commission’s ‘Metropolis of Three Cities’ concept in the form of Sydney and Parramatta, The City of Sydney topped the list with 4,351 new homes completed over the last year followed by the City of Parramatta with 4,231 new homes.
The Greater Sydney Commission’s Sydney District Plans identify 5-year housing targets to be achieved by 2021 for each council area.
A number of councils are well on track to achieve their targets including Penrith which needs to complete 1,320 new homes a year and exceeded this in the last year with 2,271 completions.
The City of Ryde has a target of 1,520 new homes a year but completed 2,275 new homes over the last year and Bayside Council has a target of 2,030 new homes a year over 5 years and exceeded this with 3,073 in the last year.
A number of councils are performing below the GSC targets including Randwick which has a low target of 450 a year but only achieved 200 over the last year.
Georges River Council has a target of 960 new homes a year but only achieved 495 completions over the last year.
The Urban Taskforce believes part of the concerns related to over development are coming from councils that are carrying the major housing growth on behalf of Greater Sydney.
There needs to be a fairer distribution of growth across the whole of Sydney particularly where good public transport infrastructure exists or is being constructed.
<img src="https://www.urban.com.au/images/2018/11/15/Housing%20Completions%202018.JPG" alt="">
CHRIS JOHNSON is the CEO of Urban Taskforce 
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Sydney’s growth is not being spread evenly across councils: Chris Johnson

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EXPERT OBSERVER
The recent Greater Sydney Commission policy on industrial and urban services land across Sydney is too narrow in its scope.
An ‘Information Note’ and a policy document from the Greater Sydney Commission’s (GSC) ‘Thought Leadership Series’ titled A Metropolis that works outlines the GSC’s policy on employments lands and advises planning authorities to take a very narrow view of land use across metropolitan Sydney.
The advice is issued in a pre-election environment where concerns have been expressed by some community groups about the extent of apartment development in Sydney.
While the GSC’s policy picks up on the Greater Sydney Region Plan objective on industrial and urban services land it does not refer to the exception to the objective for the Parramatta Road area as outlined on page 133 of the Region Plan.
This leaves land owners in an uncertain position on the relevance of the Parramatta Road Corridor Urban Transformation Strategy which gave clear envelopes and new uses for current industrial land in the corridor.
The GSC document implies that there is a significant shortage of industrial land across Sydney but major areas are planned for industrial use south west of the Western Sydney Aerotropolis, the extension to the Western Sydney Employment Hub and areas of proposed industrial land in the North West and South West of Sydney.These land areas need to be released.
The Urban Taskforce believes that the proposed ‘retain and manage’ approach to industrial land in the Eastern City is too restrictive and will eliminate many sites that could provide large precinct developments that incorporated jobs, infrastructure including parks, child care, health and community centres and residential development.
Community concerns about the extent of apartment development in Sydney can be partly resolved by incorporating infrastructure, parks and community services for education and health within a mixed use development.
An example is East Village in Zetland that incorporates a car service centre, a medical centre, a Montessori Academy and a supermarket as well as a sky park and 206 apartments.
Another example is Central Park on Broadway where child care, health centres, parks and community facilities are provided along with the apartments.”
The Urban Taskforce proposes a new approach to balancing Sydney’s growth along with the need for urban services and industrial uses as outlined in our 6 point plan:
1. Ensure that at least 10,000 hectares of industrial land is zoned in North West and South West Sydney and around the Aerotropolis.
2. Release fifty percent of the Retain and Manage industrial land in the Eastern City and the Central City for mixed use development that includes urban service uses.
3. Identify industrial land in the Eastern City and the Central City that is economically unviable but would provide sites for mixed use precincts with significant housing as well as jobs.
4. Develop a more detailed analysis of urban service uses that are compatible with mixed use development and define the percentage of job producing areas within mixed use zoning.
5. Develop a more detailed analysis of industrial uses and their preferred location in the city including freight and logistics.
6. Establish a high level assessment body to give guidance to land owners and developers on which lands are appropriate for mixed use development that includes urban services.
The Urban Taskforce is developing its own Thought Leadership Report on the changing nature of jobs in metropolitan Sydney and where industrial and urban service jobs are best located.
The report will also look at ways to diffuse the current concerns about new apartment development by proposing an approach that can provide infrastructure and community uses with a mixed use development that also includes jobs.
Chris Johnson is the Urban Taskforce CEO 
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Greater Sydney Commission approach to industrial land is too narrow: Chris Johnson

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The combined national capital cities returned a final auction clearance rate of just 46 percent over the last week.
It was weighed down by a particularly weak performance from Sydney of 44 percent.
The initial clearance rate advisory from CoreLogic last weekend was 52 percent.
It marked the fourth consecutive week where the combined capital city auction clearance rate fell below 50 per cent.
In Sydney, the final auction clearance rate fell slightly to 44.6 per cent last week, down from 45.1 per cent the previous week.
<img src="https://www.urban.com.au/images/2018/10/25/CL%2021%20OCT%20Clearanct%20Rates%202.JPG" alt="">
There were 675 Sydney auctions held last week, increasing from the 647 the previous week, however lower than the 823 last year when a higher 61.3 per cent sold.
Geelong was the best performing non-capital city region last week, with 48.2 per cent of the 34 auctions successful. However, the Hunter region was host to the highest number of auctions (59).
There were 2,139 total homes taken to auction, having increased on the 1,851 auctions held over the week prior when a higher 47 per cent cleared. This week last year, 2,519 homes were taken to auction across the combined capitals returning a final auction clearance rate of 64.7 per cent.
<img src="https://www.urban.com.au/images/2018/10/25/CL%2021%20OCT%20Clearanct%20Rates%201.JPG" alt="">
The region with the lowest clearance rate was also in Sydney, it was Sutherland.
Sutherland had a clearance rate of just 29.2 percent on 24 homes.
Indicative of Sutherland's low clearance rate is <a href="https://www.realestate.com.au/property-house-nsw-gymea+bay-129415314" target="_blank">222 Ellesmere Road, Gymea Bay </a> (pictured above).
With an asking price of $1,250,000 the three bedroom one bathroom home was passed in.
The home is set on 556 sqm and features a one car garage.
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j.ballantyne1990-6AQqhLzZaK

Sydney at 44% in updated weekend auction clearance rates

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An 88 sqm office suite located within the Sydney CBD has been sold.
It was offered by Yosh Mendis for Cushman &amp; Wakefield Sydney. 
The office situated at <a href="https://www.commercialrealestate.com.au/property/302-67-castlereagh-sydney-nsw-2000-2014581145" target="_blank">302/67 Castlereagh Street</a> features high ceilings, the abundance of natural light, and back-to-base security system.
It is surrounded by occupiers including Dior, Chanel, Bvlgari and Prada.
It is within walking distance to MLC Centre, Law Courts, Martin Palace, Hyde Park, Wynyard, Sydney Towner, Westfield and Pitt Street Mall.
This boutique strata office was offered for the first time in 40 years. 
 
 
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Sydney CBD strata office sold after four decades

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Median weekly house rents in Sydney remained steady over the September quarter and year at $550 per week, according to the latest rental report from Domain
The report found, house rents have now flatlined for a year and a half while unit rents declined by 0.9% over the quarter and year - this is the first time unit rents have declined annually since records began in 2004. 
Although gross rental yields in Sydney remain low relative to the other capitals, declining property prices have seen house and unit yields experience the strongest annual improvement since 2012.
Sydney unit rents have now declined from an all time high in response to an increase in rental supply.
Domain Senior Research Analyst, Dr Nicola Powell said: "Advertised rental stock is currently at a new record high, with the growth in unit rentals hitting a pace not seen in six years. Tenants will find they have considerably more houses and units to choose from than this time last year."
<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/2018/10/10/domain%20sydney%20.jpg" alt=""> If advertised stock levels continue to track higher, it should put downward pressure on rents.
Although strong levels of migration, combined with the barrier of high house prices, may help to counterbalance this. "Current conditions however, will make landlords think twice when deciding to raise rents. It is highly likely we will see more incentives at play, with landlords keen to attract and retain good tenants," said Powell.
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Sydney unit rents decline for the first time in 14 years: Domain

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Sydney has been a hot spot for renovators over the past several years which is largely due to high demand levels, low interest rates and record capital growth in underlying value levels, according to the latest Herron Todd White (HTW) residential report. 
"While we have seen this renovation trend booming across most property types and locations throughout Sydney, we are now starting to see some property types, price points and locations reacting differently to the changing markets and property cycle," HTW suggested. 
It appears that renovation and construction have been on the rise over the past year or two within inner Sydney. Generally additions or extensive renovations are more popular on the inner eastern side of town (Darlinghurst, Paddington, Surry Hills), often with significant architectural prowess.
"As inner Sydney is an expensive area, renovations or additions would be more appealing to some than the costs and hassle of moving," the report suggested. 
On the inner western side of town, whilst renovations and additions are still common around the very inner areas (Newtown, Camperdown, Glebe, Chippendale) as you get further out to Leichhardt, Lilyfield and Strathfield, knockdown and rebuilds are more common due to larger blocks, fewer heritage restrictions and better accessibility (from a materials perspective).
HTW noted that Darlinghurst has seen quite a few well renovated homes sell recently. Darlinghurst neighbours the superior suburbs of Paddington to the east and Potts Point to the north, with inferior Woolloomooloo to the north-west and slightly inferior Surry Hills to the south.
A recent example of a well renovated home is<a href="https://www.realestate.com.au/property/4-thomson-st-darlinghurst-nsw-2010" target="_blank"> 4 Thomson Street, Darlinghurst</a> (pictured below) which sold in original condition for $1.4 million in July 2015 and after being fully renovated, sold again for more than double in June 2018 for $2.9 million. While this represents a very strong increase, it needs to be noted that this time period also had the benefit of record capital growth regardless of renovations.
<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/2018/10/2/darlinghurst%20before.jpg" alt="">
 4 Thomson Street, Darlinghurst (before)
<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/2018/10/2/darlinghurt%20after.jpg" alt="">
 4 Thomson Street, Darlinghurst (after)
In the inner city, some of the easiest ways to add value would be to utilise rear lane access for parking or add an attic level bedroom or en-suite. Wide terraces or detached dwellings (where available) are preferred. Given that these areas are quite expensive, a typical buy-in price point could be something similar to<a href="https://www.realestate.com.au/sold/property-terrace-nsw-darlinghurst-127936406" target="_blank"> 43 Craigend Street, Darlinghurst </a>(pictured below)<a href="https://www.realestate.com.au/sold/property-terrace-nsw-darlinghurst-127936406" target="_blank"> </a>which sold for $1.85 million in May 2018.
<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/2018/10/2/43%20craigend%20st%201.jpg" alt="">
This is an original terrace in close proximity to a busy road. Many areas of inner city Sydney are heritage conservation precincts, meaning that the façade is not able to be altered and most additions are required to be unobtrusive.
Some of the suburban community facilities and infrastructure helping drive construction in these established areas include the light rail construction in the CBD/Surry Hills, gentrification of Kings Cross and surrounding areas and proximity to the CBD which generally facilitates good work and family life balance.
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Inner Sydney renovations on the rise: HTW

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Sydney accounted for 32% of all resales at a profit nationally over the June 2018 quarter.
Sydney accounted for 11.2% of the total value of resale losses, according to the latest CoreLogic Pain and Gain report. 
The report noted that, throughout the second quarter of 2018, the total value of resales for a profit in Sydney was $5.023 billion.
The total value of resales at a loss was $52.7 million.
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20SYD%201.JPG" alt="">
Hunters Hill, Mosman and Strathfiled all recorded no resales at a loss over the quarter while Canterbury, Auburn and Hurstville had the highest proportion of resales at a loss throughout the city.
With dwelling values in Sydney declining, the instances of resales at a loss has edged higher; a trend that is likely to continue as prices trend lower.
<a href="https://www.propertyobserver.com.au/images/2018/9/18/CL%20PG%20SYD%202.JPG" target="_blank">Click here to enlarge.</a>
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20SYD%202.JPG" alt="">
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Every Hunters Hill and Strathfield resale achieved profit in June quarter: CoreLogic

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Macquarie Bank has finalised negotiations with the NSW Government for air rights above a new Metro station at Martin Place, clearing the way for the bank’s ambitious commercial proposal over the station to proceed. The proposal was previously approved as part of the Department of Premier &amp; Cabinet’s unsolicited proposals process but required the negotiation of these air rights.

The agreement marks a new era in the delivery of mass transit infrastructure in Sydney, demonstrating a form of value capture. It also puts on show the focus of Sydney Metro Corporation in strategically matching new metro stations with the leveraging of land use potential. This is part of a broader trend in Sydney and other global cities; London’s Crossrail project - a suburban-rail, rapid-transit line which alleviates constraints on the Tube Metro network - employs a similar commercial arrangement to construct some of its new city centre stations, most prominently at the financial district at Canary Wharf. 

Macquarie Bank has agreed to pay $355 million for the Martin Place station air rights and will proceed to build the metro station and two commercial towers, in partnership with Lend Lease.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/buildings_cut_thru_-_metro_martin_place.png" rel="gallery-all" title="A section diagram of the proposed integrated development. "><img alt="" class="image-article-full-width-580px" height="466" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/buildings_cut_thru_-_metro_martin_place.png?itok=R_I01QPf" title="A section diagram of the proposed integrated development. " width="580"></a>

<figcaption>A section of the proposed integrated development showing the complexity of the site. Source: Metro Martin Place</figcaption></figure>The distinctive northern tower design responds to the challenges of protecting sunlight access to Martin Place - in fact, both towers are fully compliant with City of Sydney solar access planes which protect sunlight access to Martin Place and Hyde Park.

The north tower is approximately 170 metres tall (38 floors) with almost 80,000 sqm of premium office space. The smaller south tower, amended to provide commercially viable floor plates of 1,100 sqm, offers 39,000 sqm of premium grade office space over 28 floors. 

As a result of the deal, the Government will foot little of the $378 million cost to build the new station and its associated connecting passages.

The new station is being compared in style to New York’s WTC and Hong Kong’s IFC stations; the station will become part of a new retail and social precinct that is envisioned to be an embedded, seamless part of its locality.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/atrium_look_down_-_source_macquarie_bank.png" rel="gallery-all" title=" Macquarie Bank"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/atrium_look_down_-_source_macquarie_bank.png?itok=nMrSXMJ5" title=" Macquarie Bank" width="580"></a>

<figcaption>The sunlight-filled atrium below the north tower, providing access to the station concourses and platforms. Source: Macquarie Bank</figcaption></figure> ​​​​​The scale of the precinct is impressive, and it should be noted the level of attention afforded to the quality, legibility and experience of the pedestrian environments, both in the underground concourses and at street level. 

Grimshaw in partnership with Johnson Pilton Walker and Tzannes, are the architects responsible for the design of the station and its commercial and social precincts. The firms have a long experience in crafting quality human-scale environments.

The station connects to the T4 Bondi Junction &amp; Illawarra suburban station; it is likely to also connect to a new CBD station as part of the mooted West Metro line. Collectively, this anticipates a northern CBD mass transit interchange, relieving overcrowding at Central, Town Hall, and Wynyard stations.

<blockquote>
Acknowledging the special role Martin Place Metro Station will play in Sydney’s transport system, and the nature and exceptional prominence of its location, Macquarie Chief Executive Nicholas Moore affirms; “We recognise that we have been entrusted by the NSW Government to deliver this once-in-a-generation opportunity for the community. We are committed to delivering a new transport-led destination that is customer-centred, inclusive and comparable with the world’s great integrated urban precincts.” He goes on to say, “As a long-time resident [of Martin Place], Macquarie Bank understands and respects the historic, cultural and civic significance [of Martin Place].”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/mmp-east.jpg" rel="gallery-all" title=" Macquarie Bank"><img alt="" class="image-article-full-width-580px" height="326" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/mmp-east.jpg?itok=_BrPU7cy" title=" Macquarie Bank" width="580"></a>

<figcaption>The station will feature active street frontages, elevated terraces, and an architectural style in keeping with the heritage and grandeur of Martin Place. Source: Macquarie Bank</figcaption></figure>The development reinforces the role of the northern CBD as the financial hub of Australia and as a globally connected business precinct. The towers feature modern side-cores with large, uninterrupted floorplates ensuring flexible office design that can adapt to future needs. The proposed buildings have been awarded 6-star environmental ratings from the Green Building Council of Australia and will house workspace for 8500 people. Macquarie Bank will consolidate its operations in the northern tower, which will be connected directly with its existing heritage headquarters at 50 Martin Place. 

In the broader strategic context, this is just one - albeit prominent - example of similar projects in the pipeline; new metro stations at Victoria Cross (North Sydney), Pitt St (Town Hall), Waterloo, and Crows Nest are undergoing similar work to both embed them in their locality and leverage the transit capacity and connectivity they bring.

2500 new jobs will be created during construction and the office towers, social and retail precinct, and the station are expected to be completed shortly before Metro City &amp; South-West opens in 2024.

<a href="https://www.youtube.com/watch?v=boiuhoRrxkA">Fly-through of Martin Place Metro Station Integrated Development</a>
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ModernBradfield

Martin Place Metro Station's Integrated Development Clears Final Hurdle

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GUEST OBSERVATION
The question of which city is the most liveable is an annual hot topic. Competition is fierce, especially between Melbourne and Sydney. We have previously highlighted the limitations of The Economist Intelligence Unit Global Liveability Index. In this article we analyse the differences between Sydney and Melbourne using clearly defined liveability indicators based on objective spatial data.
Liveability is an important concept with implications for health and well-being that go beyond promotional material or the prestige of being named number one. As part of our Creating Liveable Cities project, in July we released a scorecard looking at the liveability of Sydney. The scorecard for Melbourne comes out today.
For this research, we mapped policies designed to create liveable cities. We found great variation in these policies. Both cities do well on some but not all aspects of liveability.
We also found inequities in the delivery of infrastructure relating to liveability policies in both cities. Some suburbs do better than others, but in both cities suburbs on the urban fringe are less liveable. These areas often have poor access to the basic amenities needed for daily living.
So, let’s take a closer look at the liveability of Melbourne and Sydney.
Public transport access
Melbourne has an ambitious policy for public transport access. This requires 95% of residences to be within a 400-metre walk to a bus stop, 600m to a tram stop, or 800m to a train station. At present, 69% of residences meet this target.
The policy we measured spatially for Sydney is even more stringent. It requires 100% of residences to be close to public transport – within 400m of a bus stop with a service every 30 minutes, or 800m of a train station with a service every 15 minutes. Only 38% of residences and 2% of suburbs meet this target.
To create a consistent comparison between Sydney and Melbourne, we developed a common national liveability indicator that measures access (within 400m) to frequent public transport (a 30-minute service frequency). Results using this indicator were very similar: 36% of residences in Melbourne achieved this, compared to 35% in Sydney.
In both cities, however, inner and more established suburbs have the best public transport access. Many middle and outer suburbs miss out (Figure 1).
<img src="https://images.theconversation.com/files/235325/original/file-20180907-190665-qcajq0.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Figure 1: Percentage of residences by suburb within 400m of a public transport stop with a service every 30 minutes. Author provided
Another important liveability indicator measures how people get to work. This is especially important with growing population, increased traffic congestion and longer commuting times. Our research shows cities are healthier, more liveable and sustainable when walking, cycling and public transport are more convenient than driving.
Residents of Sydney are more likely to use public transport (26%) than residents of Melbourne (18%). The proportions who walk or cycle to work in each city are similar (6% Sydney, 5% in Melbourne). Both Melbourne and Sydney are doing well relative to other Australian cities.
By international standards, though, we have a long way to go. For instance, 50% of people (and 63% of MPs!) in Denmark’s capital, Copenhagen, commute daily by bike.
Walkability
Coinciding with good access to public transport are walkable areas, which combine somewhere to walk (to local shops and services), population density (to support the services) and a way to get there (connected road network). Walkable neighbourhoods are the backbone of a liveable city.
Figure 2 shows that in both Sydney and Melbourne inner areas have the highest walkability. This declines dramatically towards the urban fringe. Yet neither city has policies in place to achieve walkable neighbourhoods in the suburbs.
<img src="https://images.theconversation.com/files/235326/original/file-20180907-190662-abpa8b.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Figure 2: Composite walkability indicator* for suburbs within each capital city. Author provided
Walkability is also unlikely to be achieved with population density requirements set at only 15 dwellings per hectare. That’s too low to achieve walkable neighbourhoods.
Higher residential densities ensure there are enough people and the associated demand to support the transport and everyday services that help make cities liveable. Research is now showing that this requires higher densities of at least 25 dwellings per hectare, and even higher around activity centres and transport nodes.
Suburban densities are higher in Sydney, at 19 dwellings per hectare, than in Melbourne, which has only 13 dwellings per hectare.
Better policies create better cities
So to the question: which is the most liveable city? The answer in turn depends on another question: liveable for whom? Both cities have areas performing well on some liveability domains and other areas where more could be done.
The findings of these reports show a need for more ambitious policies, research evidence linking liveability indicators to health and well-being, and investment in infrastructure and spatial planning to improve liveability, health and well-being for all residents of all cities.
Lucy Gunn, Research Fellow, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University, RMIT University; Billie Giles-Corti, Director, Urban Futures Enabling Capability Platform and Director, Healthy Liveable Cities Group, RMIT University; Julianna Rozek, Research Officer, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University, and Melanie Davern, Senior Research Fellow, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/melbourne-or-sydney-this-is-how-our-two-biggest-cities-compare-for-liveability-102247">original article</a>.
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