A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

Joel Robinson

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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

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

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

Sydney

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Developer Mirvac has announced a partnership with tech co-working space York Butter Factory called Hoist in Sydney's Locomotive Workshops Australian Technology Park.
Hoist is aimed at finding collaborative to blend start-ups and corporates and offer a mixture of higher density co-working desks team spaces along with a workshop and significant events space.
Hoist will be open from August 2017, with approximately 50 seats for corporates and start-ups.
Paul Edwards, General Manager of Workplace Experiences at Mirvac, said the partnership will help to create a wider Sydney startup cluster, complimenting the NSW Government’s entrepreneurial hub in the CBD announced last week.
“At ATP, start-ups will access extensive support and advice to ensure their business grows, with direct access to the already established technology and start up ecosystem that exists at the precinct," he said.
“We’re strongly aligned with the NSW government’s plan for a complementary portfolio of Innovation Precincts, extending the support to scale ups and growing the start-up cluster beyond Sydney’s CBD."
“The Hoist partnership will be rolled out nationally and become part of the broader, highly inclusive YBF ecosystem.”
Stuart B. Richardson, Founder of YBF, said the partnership will provide start-ups and entrepreneurs with industry-centric innovation precincts in prime locations.
“The unique environment and range of stakeholders present at ATP make it the perfect location for a sustainable entrepreneurial precinct," he said.
“We’re in the fourth industrial revolution where technology is seismically changing all industries. YBF sees the launch of Hoist as a positive step toward equipping Australian companies with the tools they need to thrive in this new environment.
“Last year it was FinTech and HealthTech, this year it’s PropTech, RetailTech, cybersecurity and Artificial Intelligence, while next year the waves of disruption will continue to batter and redefine the global economy.
“Hoist and its tenants will aim to be ahead of the curve when it comes to whatever changes and disruption which come to the forefront of the global economy.
“A successful smart precinct moves away from the homogenous use of a space and mixes start-ups, corporates, entrepreneurs, the latest technologies and new property strategies to form a hybrid, allowing cross-collaboration and sharing of ideas.
“Hoist at ATP will help to cement the site as an advanced innovation district as well as a thriving community precinct.
“This partnership will allow Mirvac to help foster innovation within the property industry and wider corporate Australia.
“Around the globe we’re seeing a transformation in the way people work, the way businesses manage their workforces and the way developers create workplaces and office precincts.
“The rise of the gig economy, as well as increasing mobility and connectivity are leading to an evolution in the way we operate.
“Adapting to these changes is integral to our success and the results we deliver for our customers, and the cities and communities we operate in.”
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Mirvac teams with York Butter Factory for tech co-working space

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The Rockpool Dining Group has signed a deal to open two fine-dining restaurants at Coronation Property’s 8 Phillip Street project in Sydney’s Parramatta. 
Rockpool’s premium restaurants include Rockpool Bar &amp; Grill, Saké Restaurant &amp; Bar, Rosetta, Spice Temple, Jade Temple and The Cut Bar &amp; Grill. 
The 8 Phillip Street property includes Sydney’s highest rooftop venue, Studio 54, plus offerings from the development’s hotel operator QT Hotels &amp; Resorts, who are planning a bar &amp; grill restaurant and a grand ballroom. 
The development, which will also comprise more than 280 homes over 35 storeys, is expected for completion in 2020. It will incorporate 18 storeys of boutique QT Hotel accommodation.
<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/2017/06/26/Parra3.jpg" alt="">
“The commitment by Rockpool Dining Group to open restaurants of this calibre further underpins the economic strength Parramatta CBD has to offer,” said Coronation Property managing director, Joseph Nahas. 
“As a local property developer, we know Rockpool Dining Group will be warmly welcomed by food lovers in this part of the world, and we’re excited to be partnering with them at 8 Phillip Street.” 
He said the development would raise the bar for the greater Western Sydney dining scene, and serves to confirm the importance of Parramatta’s ‘Eat Street’ precinct.
 <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/2017/06/26/Parra2.jpg" alt="">
Rockpool Dining Group was formed in November 2016 when Urban Purveyor Group acquired Rockpool Group to create the largest hospitality group in Australia, with over 55 dining and entertainment venues. It generates revenue of more than $350 million, employing around 3,000 employees across four states. 
Rockpool Dining Group’s CEO Thomas Pash said market research and customer data across “our premium brands indicates that Parramatta will welcome and support two, and possibly more, of our top restaurants”. 
 
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Rockpool Dining Group to open two restaurants in Parramatta 

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Over the past 30 years, ‘The Hills’ has transformed from a mostly rural area to a part of suburban Sydney.
The area is characterised by new residential development, access to amenities and plenty of green space.
The Government is supporting the area’s evolution.
According to Savills Spotlight Research Report – ‘Residential Property in The Hills’ the area is set to benefit from improved transport links and parts of the area overlap with priority growth area of North West Sydney, one of the locations the government have identified to provide new homes and jobs for Sydney’s growing population.
For the purpose of this report, the Hills area is defined as the following suburbs: Baulkham Hills, Beaumont Hills, Bella Vista, Castle Hill, Glenwood, Kellyville, Kellyville Ridge, Kings Langley, Parklea, Rouse Hill, Stanhope Gardens and The Ponds.
According to Sophie Chick, Head of Residential Research at Savills and author of the Spotlight report, traditionally The Hills’ residential development has been focused on large residential subdivisions and low density housing.
“Across the area, just 17 percent of the dwellings are medium or high density compared to 40 percent across Greater Sydney.
"This varies by suburb, in Baulkham Hills and Castle Hill, neighbouring the Norwest Business Park, a quarter of the residential stock is units compared to Beaumont Hills and The Ponds where there are next to none.
“However, the forecast improvement in transport infrastructure, particularly the Sydney Metro Northwest, has led to an increasing number of apartment and townhouse developments, particularly around existing and forecast railway stations.
“Across the area just 38 percent of the development approvals from the start of financial year 2015 to December 2016 were for houses while the rest are ‘other’, which are primarily apartments or semi-detached dwellings” she continued.
As well as the improving access a number of employment centres throughout Sydney, The Hills is also home to a number of growing employment hubs including the Norwest Business Park, Castle Hill Town Centre and Rouse Hill Town Centre.
Norwest Business Park has already grown to accommodate over 20,000 employees with expansion expected to increase to over 35,000 employees.
Ms Chick said house prices across The Hills have experienced strong growth over the past 10 years, increasing by 119 percent, outperforming the average growth seen across Sydney as a whole.
“More recently, the double-digit growth has continued with values rising 11 percent over the year to April 2017.
“The median value across The Hills in April 2017 was $1.21 million, slightly higher than the Sydney average of $1.15 million but offering a substantial discount when compared to central Sydney, the inner west and the north western suburbs”.
The Hills has one of the fasting growing populations of area in Sydney. From 2011 to 2016, estimates show the population across The Hills local government area has increased 12 percent.
This has significantly added to the demand for real estate in the area, equating to 3,520 new residents per year.
Ms Chick said The Hills area has already experienced higher population growth than many other areas in Sydney and this is set to continue.
“Over the next 20 years, the Hills local government area population is forecast to increase by 76 percent to 291,000 people compared to a 37 percent increase across Greater Sydney.
"This equates to an additional 6,300 people per year and is likely to contribute to the already high demand for residential property in the area.
“The population growth is being driven by a combination of residential development activity, infrastructure improvements and new employment opportunities.
"These factors are anticipated to improve the quality of life for existing residents and make the area accessible to a wider demographic of people” she said.
For more information go to Savills' home <a href="https://www.propertyobserver.com.au/savills.com.au" target="_blank">page</a>
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Savills shines the spotlight on The Hills area

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GUEST OBSERVER
The latest CoreLogic data shows the home value index increasing by 2.21 per cent in Sydney for the month of June, while auction clearance rates have consistently sat under 70 per cent.
Matt Lahood explains the latest market conditions, looks at the first home buyer concessions and talks important taxation changes.
The market to date
While some conditions have remained unchanged from last month, like reduced bidding heat at auction, the numbers through our open homes are strong and the value of homes in Sydney has increased by 2.21 per cent, according to the latest CoreLogic figures for the month of June.
I see two levers being pulled in the marketplace at the moment. There’s more stock coming on for sale in certain Sydney areas, which leads to greater buyer choice and the normal seasonal lull that settles in during winter.
There has been a significant jump in appraisal demand, which assumes people are gearing up for spring. An important factor to consider is that the Sydney market will slow for a few weeks given school holidays. Homeowners are naturally hesitant to open up their home when children are off from school or may take an annual vacation.
Don’t forget, the new ATO taxation rules on sales above $750,000 requiring a clearance certificate kick in this Saturday July 1st. This is part of the capital gains withholding changes affecting foreign ownership in Australia, the clearance certificate confirms you are an Australian resident. The clearance certificate must be obtained prior to settlement to prevent the 10% non-final withholding.
<h2>First home buyer concessions</h2>
The first home buyer stamp duty concessions also take effect this Saturday July 1st. First home buyers will be stamp duty exempt for purchases on new and existing builds up to the sale of $650,000 and be given stamp duty relief for purchases up to $800,000.
There has been speculation that the slight market dip could have been impacted by the July stamp duty concession release date and that post July 1st things will kick off again. In my view, we will not see any kind of major price shift due to the stamp duty concession, first home buyers just don’t have the market depth, or bargaining bandwidth. What the stamp duty concession will do is get them back into the market if they were going out of it and give them the confidence to stay in the market.
Investors and first home buyers will always be competing within these housing price brackets and investors have not gone out of the market. In fact, the main trend I have seen is people putting their superannuation into property. I believe the upward pressure on property pricing has come from property investors and this has been more evident since super was released for property purchases. Investing in property is seen as a more secure and lucrative investment than shares.
<h2>Census statistics say it all</h2>
Australian homeownership rates are close to a 70-year low and in 2016 sat at 65.5 per cent, this included those who owned or were buying the home they are in. Rental rates sat at 30.9 per cent across Australia in 2016, but this was even higher in Sydney at 34 per cent.
Considering these stark results, it is not surprising we are seeing large numbers through our rental open homes and the team is working hard to help tenants find what they need.
“We are working very closely with prospective tenants to ensure we find and place them into their new home before the available properties hit the market,” National Director of Property Management, Maria Carlino, says.
With Sydney rental vacancy rates sitting under 2 per cent demand is strong, especially in the executive market.
“The high-end properties are still very much in demand. Our latest executive property in Northbridgeleased after its first open home with an increased offer from $2,200 up to $2,300,” explains National Director of Property Management, Maria Carlino. “Both the owner and the new tenants were delighted as it is a special home.”
<h2>Revealing market results</h2>
Vendors are benefitting by hitting the market now because they are going straight back into the same market. If you take a 2.0 or 3.0 per cent adjustment on the intense bidding from a couple of months’ ago, the vendor then picks this 2.0 or 3.0 per cent up when they purchase in the same market.
The recent 2.21 per cent increase in Sydney home value for the month of June, despite less competition at auction, is consistent with the buyer activity we are seeing. An example was the sale of 1 Monmouth Street in Randwick. Though bidding was slow, agent Ben Collier and auctioneer Thomas McGlynn achieved a new street record at $3.54 million.
In certain blue-chip suburbs, properties are selling prior to auction and above the asking price ­­– this is on both sides of the bridge. On market for just seven days, Michael Rava sold a two-bedroom unit in Gerard Street Cremorne to an investor, the ‘upsizing’ homeowner received $100,000 above their asking price. In Waratah Street Rushcutters Bay, James Ledgerwood sold a two-bedroom unit after just 14 days on market to first home buyers, the vendor also obtained a $100,000 above asking price.
Another interesting sale was Avoca Street Randwick. Janet Morrison sold this property 18 months ago for $770,000 and after a renovation, Janet re-sold the property for $950,000 in mid-June this last month.
One Sydney area that constantly bucks the property market trends is the Inner West. A long-term performer, the Inner West has maintained much higher clearance rates than the Sydney average. For example, in May, Inner West clearance rates sat at 89 per cent and The Agency’s Inner West office has achieved clearance rates of 100 per cent and gross sales of in excess of $40 million since February 01.
<h2>The Agency service expansion</h2>
In major news for our NSW’s operation, The Agency has joined forces with leading Lower North Shore group Province Agents. This will propel our service offering across Sydney, connecting the ‘best of the best’ in real estate from the east and west, to the Lower North Shore. Most importantly, this merger will strategically connect buyers, sellers and property management across these three blue-chip markets.
Another significant announcement from Steven Chen, director of The Agency Projects, is the sale and marketing of the luxury, 88-level development ‘Spirit’ on the Gold Coast beachfront. Worth $1.3 billion, these stunning residential properties will feature uninterrupted views and access to world-class amenities. The Forise Holdings ‘Spirit’ development will create thousands of jobs and inject millions into the local community, according to Forise representative and Hickey Management chair Tony Hickey.
 
Matt Lahood is the CEO at The Agency - Sydney. He can be contacted <a href="https://theagency.com.au/team/matt-lahood" target="_blank">here.</a>
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Significant jump in appraisal demand in Sydney: Matt Lahood 

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Australian property prices increased in the first quarter of 2017 with Hobart prices strengthening for the second quarter according to the Knight Frank Global Residential Cities Index.
The index found it is likely the positive capital growth experienced over recent years will not be as strong over the next 12 months in Sydney and Melbourne.
<a href="https://www.propertyobserver.com.au/images/2017/07/06/Screen%20Shot%202017-07-07%20at%208.46.36%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/07/06/Screen%20Shot%202017-07-07%20at%208.46.36%20AM.png" alt="">
According to the index, Sydney is at 23rd on the list, with 14.4% price growth over the year to Q1 2017. This time last year, it was 30th on the index with 9.7% annual growth in the year to Q1 2016.
Melbourne is 24th on the index with 13.4% price growth; up from 28th place with 9.8% growth in the year to Q1 2016
Hobart sits at 34th on the list with 11.3% price growth – up from 77th place with 4.2% growth.
Chinese cities still dominate the top rankings.
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<img src="https://www.urban.com.au/images/2017/07/06/Screen%20Shot%202017-07-07%20at%208.48.19%20AM.png" alt="">
Michelle Ciesielski, Knight Frank’s Head of Residential Research, Australia said four Australian cities have reappeared in the top 50 of our global index in Q1 2017.
"There were no Australian cities in the top 50 six months ago, when prices started to move towards a more sustainable level of growth," she said.
“The index clearly represents the different pace of property growth around Australia with three in the bottom 50 and this was acknowledged by the Reserve Bank of Australia earlier this week when interest rates remained unchanged by the Board for the tenth consecutive month.
“Australia’s highest ranking city was Sydney in 23rd position with 14.4% annual growth in Q1 2017. Although by the end of May 2017, Sydney annual median capital house values shifted back to 10.8%. Melbourne followed in 24th position with 13.4% annual growth, although falling to 11.1% in May 2017.
<a href="https://www.propertyobserver.com.au/images/2017/07/06/Screen%20Shot%202017-07-07%20at%208.49.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/07/06/Screen%20Shot%202017-07-07%20at%208.49.54%20AM.png" alt="">
“Given the annual volume of house sales across Australian capital cities was collectively down 1.3% and apartment sales were only up 2.6% over the year ending May 2017, it’s likely the positive capital growth experienced over recent years will not be as strong for the second half of 2017 and into 2018.
“Many factors are influencing how the residential market performance is played out over the coming months. Many states have ramped up incentives to encourage more first home buyers into the market, lenders have increased mortgage rates for investor and interest-only loans, stamp duty concessions have been removed for off-the-plan purchases in Victoria and steep surcharges and fees have been imposed on foreign buyers, most recently announced in South Australia."
 
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Hobart hits the top 50 global cities index: Knight Frank

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JQZ’s mixed-use development on the 3.3 hectare, former Darrell Lea factory site in Sydney’s Kogarah has drawn interest from first home buyers, according to the Sydney-based developer.
JQZ said it expects the trend of local purchasers accounting for the majority of sales and enquiries at Ramsgate Park will continue, with the addition of another local buyer demographic – downsizers.
The Ramsgate Park sales team has also been fieldingenquiry from local empty nesters looking to divest larger houses they no longer require, said founder and CEO of JQZ, Jian Qiu Zhang.
“Many of the locals we’ve met since we launched Ramsgate Park late last year have not only expressed their love for the area and its community, but quite a high proportion of them also actually grew up and attended school in the area, before deciding as adults that they didn’t want to leave,” he said.
He added that spacious apartment interiors and proximity to the beach had attracted first home buyers in particular.
The development comes in configurations of one, two and three bedrooms in addition to terrace homes.
One bedroom units with car space start at $520,000 at the development, while two-bedroom apartments range from $705,000 to $895,000.
The site at 152-206 Rocky Point Road spans nearly 3.3 hectares with 152 Rocky Point Road selling for more than $41.8 million last November, according to CoreLogic RP Data.
The median unit price in Kogarah is around $630,000, according to <a href="https://www.realestate.com.au/neighbourhoods/kogarah-2217-nsw?cid=srp" target="_blank">realestate.com.au</a>.
The factory site was previously used by the chocolate-maker Darrell Lea.
Colliers International’s Ian Bennett, who is leading the sales and marketing campaign for Ramsgate Park, said buyer feedback in the area also extends to those becoming increasingly ‘auction-weary’ due to the toll that this highly competitive process often takes on buyers.
“It is becoming more and more appealing for purchasers to reclaim their time, money and efforts, as well as stave off the ongoing disappointment, by taking charge as buyers and opting to buy off-the-plan apartments by reputable developers with projects in the areas where they want to live,” he said.
“By doing so, they can better plan for their home in terms of budgeting for a deposit, organising their finance and staying on target.”
Kogarah has increased in popularity amongst buyers in recent years on the back of upgrades to its town centre, which now spans more than 6,485 sqm and is anchored by Woolworths and Aldi, while also offering 18 specialty stores as well as a tavern.
<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/2017/06/20/MQP_Pool_View6%20R4b.jpg" alt="">
Designed by PTW Architects with interiors by Turner Architects, Ramsgate Park will comprise about 530 apartments across four residential buildings and will include 20 terrace homes, each with their own private gardens.
The display suite is at 168 Rocky Point Road, Kogarah, designed by Turner + Associates.
The site is close to schools, St George Hospital, a Westfield shopping centre and local shops.
Construction for Ramsgate Park is expected to commence in Q3 2017 by JQZ’s own in-house construction arm.
More information can be at <a href="https://ramsgatepark.com.au/" target="_blank">www.jqz.com.au</a>.
The group recently sold (below) more Macquarie Park apartments.
<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/2017/06/20/Photo%2017-6-17%2010%2011%2007%20am.jpg" alt="">
<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/2017/06/20/Photo%2017-6-17%2012%2026%2055%20pm.jpg" alt="">
 
 
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JQZ's off-the-plan project in Kogarah draws first home buyers

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The growth of Airbnb listings is anticipated to see 44,000 entire home Airbnb listings in Sydney by the end of 2017, following an announcement by the NSW government that it supports short-term letting in state.
According to professional short-term rental management service MadeComfy, the declaration provided a clear direction from which homeowners and property investors can continue to let their property on platforms such as Airbnb, and will allow for a year-on-year growth of 85%.
There were 24,000 entire home listings in Sydney on Airbnb at the end of 2016 which is expected to grow to 44,000 by the end of 2017, it said.
The assessment also takes into account that of Sydney’s almost 2 million properties, only 1.2% have been listed on Airbnb at some stage, suggesting there is still room for growth, however, represents only a small proportion of Sydney’s rental market.
The Sydney-based business believes that the Airbnb market will not likely to see an influx of owners listing on the booking platform, but rather take confidence they can continue to do so with more clarity around their rights and responsibilities.
The government announced on April 19 that it accepted nine out of the 12 recommendations proposed by a report that was tabled by a Parliamentary Inquiry into the adequacy of regulation of short-term holiday letting in October 2016. 
It is now seeking further consultation with stakeholders before releasing an options paper on the potential approaches to regulating the short-term rental market.
MadeComfy said on its blog that the step provides much-needed “direction from which homeowners and property investors can continue to let their property on platforms such as Airbnb and Stayz”. 
MadeComfy co-founder Sabrina Bethunin remarked that the renewed support by the NSW government will hopefully result in short-term rentals being a viable option for every homeowner without fear of legal or financial penalties.
“In addition to that, with the median property price in Sydney having reached over 1 million dollars, households are dedicating an average of 44 per cent of their income to service their mortgages,” she said. 
“It means Sydneysiders are considered under ‘mortgage stress’ as they are devoting more than 30 per cent of their income to mortgage repayments. Either by renting a spare room or the whole property when it’s not utilised, for many homeowners, Airbnb and similar platforms provide a means to obtain an income to help cover their mortgage repayments or afford their holidays.”
MadeComfy said a key aspect of future regulation of short-term rentals in NSW would be the state’s response to how it can be undertaken in strata-managed buildings as clear guidelines were missing in its April announcement. 
It is also partnering with building strata managers to provide the professional support needed to mitigate the concerns voiced by the Owners Corporation Network (OCN). A key concern of the OCN was the harmony of guests and residents within shared building environments. 
“Until regulations are legislated, we advise that all owners should adhere to their building by-laws in terms of whether short-term letting is permitted or not,” it said in a blog posting. 
In order to address these issues, MadeComfy said it was seeking to introduce its guest screening process prior to accepting a booking, as well as enforcing strict house rules such as a no party policy and maximum occupant numbers.
The criteria is designed to mitigate against any unruly guest behaviour, providing strata managers and residents with confidence short-term rentals will be managed without negative effects in their building.
Last year, Archers the Strata Professionals had reported that one in three Queensland strata residents were concerned about apartment security from Airbnb guests.
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Sydney Airbnb listings to keep up sharp growth in wake of NSW government's support: MadeComfy 

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A ground floor retail shop in the Sydney CBD has been purchased by Lyndal Hale &amp; Kenneth Hale (K +L Hale Pty Ltd) for $910,000 on a passing yield of 5.16 percent pa through Savills ahead of its auction on June 27.
The 28 sqm shop is part of a 10-storey apartment block at <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-502413302" target="_blank">Lot 1, 21 Alberta Street</a>.
It was bought from Steven Fragias &amp; Gerasimos Fragias
The corner shop at the southern end of the CBD is leased to Cre Asion café on a new five-year lease, with a five-year option and offers 3.95 sqm of outdoor seating area. The rent is  $47,021 pa.
The deal was negotiated prior to auction by Robert Lowe and David Hickey of Savills Australia.
Robert said the long standing tenant has run a highly successful business for the past six years and also operates the recently acclaimed Japanese restaurant from an adjoining commercial tenancy know as Sasaki.
The corner shop has floor-to-ceiling windows with lot of natural light, an exposed concrete façade and modern timber fitout.
The shop is located within a short walk to CBD streets and St James Station.
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Corner shop in Sydney CBD leased to cafe snapped up before auction

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Sydney’s retail market has continued to rise, according to Herron Todd White’s (HTW) latest June report.
The property investment firm says it has noted increased average market rental rates and values.
“Since the start of 2017, the Sydney retail market has continued its upward movement,” the report stated.
“The increase in both average market rental rates and capital values has continued.
“Increased demand from investors has continued to drive the market.
“The demand for CBD assets remains strong, particularly as infrastructure improvements continue.
“Across the board, Sydney is continuing to experience yield compression in the commercial domain.”
Heated residential markets and low borrowing costs have compressed all areas Herron Todd White says.
“A heated residential market along with an inherently low cost of borrowing have seen yield compression across all sectors over the past 12 to 24 months,” the report advised.
“There is strong appetite for retail properties with long term lease covenants.
"We consider this trend will continue while supply remains relatively low,” the report commented.
Entry level retail opportunities are tight at the moment in the outer and middle suburbs Herron Todd White advises.
“Entry level opportunities in the retail market are constrained to strata lots in the outer and middle ring suburbs of Sydney.
“This market has had an increase in supply due to the increase in mixed use developments coming onto the market.
Typically these assets are in fringe retail locations prone to longer vacancy periods and are often best suited to owner-occupiers.”
Mixed use retail opportunities below $1 million is very uncommon Herron Todd White states.
“There are very few mixed use retail opportunities below $1 million,” it said.
“Recent sales indicate that some suburbs such as Beverly Hills, Haberfield, Chester Hill and Leichhardt still have some limited mixed use options below $1 million.
“Many of these assets are purchased based on the future redevelopment potential.
“Strata lots presently represent the main opportunity for entry level buyers.
“The inner west, south Sydney and central west areas all have options priced below $1 million.
“Typically these assets are strata lots less than 100 square metres.
“If they have secure long term tenancies, these assets represent an investment option for entry level buyers.”
Herron Todd White comments that stock supply has increased due to redevelopment works in Sydney.
“Supply of this stock has significantly increased due to the redevelopment of many parts of Sydney,” it said.
“In terms of current yields, these assets are trading below 6% with some recent examples showing yields below 4.5%, particularly where the asset has a good lease covenant.
“Examples include leases to medical centres, cafes and dry cleaners.
“The outlook for retail in Sydney remains positive for 2017.
“Prime locations continue to perform well.
“That said we are of the opinion that the market is reaching the peak of the cycle and any tightening of monetary policy or increase in the cost of debt will result in the prevailing investment yields not being sustainable.
“For the time being though, all signs are that 2017 will be a good year for retail assets.”
A retail building at <a href="https://www.realcommercial.com.au/property-retail-nsw-leichhardt-502075890" target="_blank">283-285 Parramatta Road</a>, Leichardt (above) has been listed for sale.
Similarly a retail property at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-beverly+hills-5626183" target="_blank">8/159 Penshurst Street</a>, Beverly Hills (below) has been listed for sale.
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Optimistic time for Sydney retail industry: HTW

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Not just home prices, renting in Sydney is also becoming prohibitively expensive, with the median rental price soared $80 a month in May in the Harbour City.
The spike came as new supply fails to match demand from workers moving to the city, according to listings website Rent.com.au, The Australian reported.
Even Domain data suggests that Canberra, Melbourne and Sydney recorded the highest annual growth rates with May quarter median weekly asking house rents increasing by 6.4 per cent, 5 per cent and 4.8 per cent respectively over the same period last year.
Domain Group Chief Economist Dr Andrew Wilson wrote that annual rent increases were now surging ahead of incomes growth.
Sydney’s median rent was $570 a week in May, according to rent.com.au, with supply not keeping pace with the influx of people.
NSW Premier Gladys Berejiklian had said earlier this year that housing affordability was a major focus of her government.
The surge in renting costs comes in spite of the new supply of both inner city apartments and outer suburban house and land projects.
Rent.com.au chief executive Greg Bader was quoted by The Australian that strong domestic and international migration to the city were putting pressure on rents, despite the new supply.
“It’s great there’s stock coming on. The rate of stock coming on is just not meeting demand,” he said.
Also, the fact that with most young workers were keen to live closer to their CBD workplaces to cut commute time and enjoy the city lifestyle, and not benefiting from extra supply in the outer suburbs, was pushing up rents. 
“The areas that are more attractive to people still have supply issues … People moving to Sydney for work, they want to live near work and live a great lifestyle,” he said.
“There is stock coming on and that will help alleviate pressure but the stock needs to be in the places where everyone wants to be.”
The median house rent in Sydney rose 1.6 per cent to $620 a week in May, according to Rent.com.au, while the median apartment rent added 1.9 per cent to $550 a week.
The median price per room rose 2.9 per cent to $288 a week.
“Actions by policymakers and banks to restrict activity by residential investors will only add to the current imbalances between rental supply and demand with even higher rents the logical outcome,” wrote Dr Wilson in his latest column.
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