<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Sydney

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DEXUS Property Group and DEXUS Wholesale Property Fund have secured the windfall sale of the office tower at 39 Martin Place, Sydney.
The transaction follows the finalisation of negotiations relating to the compulsory acquisition of the property by Transport for NSW for the construction of the Sydney metro.
A total of $332 million will be received for the office tower and shopping circle, representing a premium to the property’s book value of $222.6 million at June 2016.
This is in addition to the exchange on the transfer of the leasehold interest in the Martin Place Shopping Circle which is expected to settle in late 2016.
Proceeds from the transaction will be used by DEXUS and DWPF to repay existing debt facilities.
DEXUS bought the property in 2012 for $143 million.
The 39 Martin Place premises were a B-Grade property located in a prominent position adjacent to Martin Place railway station, providing 14,525sqm of office accommodation (74% occupancy by income) over 20 levels together 1,816sqm of retail space (100% occupancy by income), comprising 6 retail shops with major anchor being Tiffany &amp; Co.
The adjoining Martin Place Shopping Circle provides a further 805sqm of retail space as part of a convenient underground pedestrian link to the railway station.
The construction of 39 Martin Place was completed in 1972 and major refurbishments were completed in 1997 and 2011, with the latest including $15 million of improvements incorporating lift cars and the full refurbishment of six floors.
"The property presents DXS and DWPF with an attractive medium-term repositioning opportunity in a precinct being revitalised through the current refurbishment of neighbouring properties," DEXUS advised on acquisition. 
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j.ballantyne1990-6AQqhLzZaK

DEXUS secures 39 Martin Place office tower sale

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Bondi Pizza will open its next Australian location at Broadway Sydney on November 14.
It will complete the line-up of new international and domestic retailers in the centre’s $55 million level two redevelopment.
The restaurant will have a fit out featuring a floor-to-ceiling mural painted by local Glebe-based artist, Lance Corlett.
Jeff Fisher, Bondi Pizza CEO, said that after opening its first restaurant on Bondi Beach in 2009, the Broadway store will be the seventh Sydney restaurant, with existing stores stretching from Bondi to Parramatta, including sites at Eastgardens, Brighton-Le-Sands, Top Ryde and Macquarie.
Bondi Pizza will have 480 square metre in the recently unveiled level two, which boasts a 3,400 square metre expansion.
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Bondi Pizza to open at Broadway Sydney

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Sydney’s landmark Lands and Education buildings on Bridge Street – known as “The Sandstones” – are one step closer to being transformed into a world-class hotel.
The NSW Government today announced the next stage of a $300 million plan to revitalise the historic buildings.
The Singapore-based Pontiac Land Group has lodged its Development Application (DA) for the planned transformation.
Minister for Finance, Services and Property Dominic Perrottet said the heritage redevelopment would allow locals and visitors to enjoy the history and heritage of the Sandstones for the first time since they were built in the late 1800s.
“When the Sandstones were first built, their beauty inspired the people of Sydney. This restoration will inspire us all again.”
The designs unveiled by Pontiac Land Group show ground-level retail and dining and a rooftop salon in the Lands building, to be open to the public.
More than 250 hotel rooms and suites are included in the plans for the two buildings, Mr Perrottet said.
Pontiac has extensive experience in the adaptive re-use of heritage buildings, including the flagship Capella Hotel in Singapore.
The Sandstones are subject to strict heritage protections, and the development will need to comply with Conservation Management Plans, endorsed by the NSW Heritage Council.
The DA will be considered for approval by the Department of Planning and Environment, and will be on public exhibition from November 17 to December 13.
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Sydney's landmark Sandstones hotel conversion revealed

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North Sydney and Hornsby takes the top spot among Sydney’s region with the highest weekend clearance rate, according to CoreLogic’s latest report.
The data firm says that of the 156 auctions known to CoreLogic 89% resulted in a successful outcome.
This is followed by the Northern Beaches with 88% and the City and Inner South with 87%.
<a href="/images/2016/11/10/Sydney%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/10/Sydney%20sub%20regions.jpg" alt="">
The region with the lowest auction clearance rate was the South West where only 47% of the 48 auctions known to CoreLogic were sold.
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North Sydney and Hornsby ranks as Sydney's best auction hotspot: CoreLogic

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An offshore purchaser has paid $13 million for an approved townhouse development site in Lindfield.
Setting a new record for Sydney’s Ku-Ring Gai council area, the sale came after 180 enquiries and 24 offers to CBRE's Danny Shi and Aaron McLean.
Based on the approval for 16, three-bedroom townhouses, the sale price translates to a record rate of $812,500 per townhouse site.
“There is still huge demand for townhouse development sites on Sydney’s north shore, particularly from offshore buyers,” Mr Shi said, adding that 20 of the 24 offers had been from Chinese groups.
“Developers perceive townhouses to be lower risk than apartment product, particularly in markets such as Lindfield, which have low levels of new supply.”
Situated at 18 – 20 Bent Street, the site has a total area of 2,719sqm and presently accommodates two residential dwellings.
Mr Shi said there have been limited quality townhouse offerings in recent times, despite the underlying demographics supporting this type of product.
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Offshore $13 million Lindfield townhouse development site sets new record

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Rosebery Properties and Filetron, a Cottle family company, are selling three separate lots of land with a value of over $100 million in Rosebery.
It is part of an ongoing rapid transformation from industrial to residential.
Located at 12-40 Rosebery Avenue and 108 Dalmeny Avenue, Rosebery, the site consists of a large area of 15,215sqm with existing industrial and commercial buildings equating to 11,722.80sqm generating an existing rental income in excess of $2,000,000 + GST.
The site has a huge dual frontage in excess of 170 metres to both Rosebery Avenue and Dalmeny Avenue and is located within one of Sydney’s strongest new apartment suburbs, with a potential Gross Floor Area of 32,864.40sqm and a height limit of 29 metres.
Agents Michael Crombie and Trent Gallagher of Colliers International have the offering. 
Michael Crombie said it was one of the best sites to come onto the market in 2016.
"It has great scale, over multiple titles, quality buildings and solid income, allowing staging of the development.
“Well known developers have focused heavily on the Rosebery precinct, including Meriton, Mirvac, Stockland, Top Place, LivStyle &amp; JQZ as Rosebery provides a lifestyle choice for the discerning investor or occupier, with so many new trendy eateries within the precinct."
Rates being achieved in nearby residential development projects such as “Symphony” by Meriton a 215 unit brand new development on Epsom Road, Rosebery due for completion mid 2017 are as high as $19,000 per square metre.
Offers close December 6.
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$100 million price tag for Rosebery lots

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Sydney’s rental vacancy trend is steady, according to Herron Todd White’s latest market report.
The property advisory firm states that the rental vacancy situation is that of a balanced market while demand for new houses are fair which is consistent with a steady trend in new house construction due to increasing volume of house sales.
<a href="/images/2016/11/04/Capital%20city%20houses.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/04/Capital%20city%20houses.jpg" alt="">
The Sydney property market is rising with new properties occasionally sold at prices exceeding their potential resale value.
Other balanced markets include Brisbane, Melbourne and Canberra.
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Sydney's balanced rental vacancy: HTW

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Housing price growth in Sydney remains stronger than any where else in the country due to the welcoming accompanying spurt in jobs along with improved economic conditions.
But the substantial cost of housing in Sydney makes it a less desirable location for people to live here. 
The price boom of 2012-2016 will result in many young families considering alternatives to Sydney, especially when it comes time to upgrade to a bigger house.  
Overseas migration typically attracts the headlines as the key factor in population growth and price growth, but what is often overlooked is the impact of interstate migration on the demographic composition of the states and territories.
Yes net overseas migration added 180,000 people to the Australian population, but some 350,000 people moved between states and territories in 2015. 
Victoria recorded the highest overall population growth rate of all states and territories at 1.9 percent, adding an extra 114,900 people to the population with net overseas migration the main contributor to growth in Victoria, adding 62,800 people to the population over the year. The remainder of Victoria's population change was explained by natural increase (+37,600) and net interstate migration (+14,500).
NSW's was 1.4 per cent, adding 103,000 over the year ending March 2016, but NSW had 90,000 interstate arrivals over the year and around 100,000 who left.
The exodus is underway.
The change in interstate migration over recent years has increasingly seen a shift from Queensland as the destination to Victoria due to its substantially more affordable housing costs and job prospects.
The recent change has been driven by the working age population, in particular between 20-29 years old. It follows that this mobile demographic will eventually buy their first home in Melbourne rather than Sydney. 
The latest CoreLogic data showed annual growth in Sydney home prices remains just shy of 11 percent and growth remains close to 10 percent in Melbourne.
But there are big difference in prices.
Sydney's $920,000 to Melbourne's $665,000 for houses.
Sydney's $690,000 to Melbourne's $495,000 for apartments.
Sydney units have regularly been more expensive than Melbourne houses and Sydney median unit prices have consistently been higher than Melbourne median house prices since early 2012.
It was telling that the latest CoreLogic release confirmed Sydney's price growth was strong across both houses and apartments. 
Detached Sydney house prices were up 10.9 percent compared with units at 9.1 percent highlighting the lively supply/demand dynamic that exists across the Sydney region.
In Melbourne however there is a substantial difference in growth rates between houses and units, with house values up 9.6 percent compared with a 5.2 percent increase in unit values over the past year.
Brisbane’s housing market has shown a even larger spread, with house values up 4.7 percent compared with units which have had a 1.4 percent fall in unit values over the year. 
Cameron Kusher at CoreLogic believes outside of Sydney and Melbourne, cheaper housing alone was proving not enough to attract people to these cities as they lacked a strong economy with decent employment prospects.
So the young families aren't leaving the city in favour of seachange and treechange lifestyle locations.
Indeed Melbourne had the largest overall population growth of all Greater Capital Cities up by 91,600 people, or 2.1 percent to $4.5 million, followed by Sydney up 83,300 to 4.9 million in 2014-15.
Greater Sydney's population grew by 1.7 percent in 2014-15, which accounted for 80 percent of the total NSW growth, with Waterloo, in inner Sydney, having the largest increase, up by 3,100 people.
This article was first published in the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

The Sydney exodus is underway as prices rise

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Small residential projects provide an opportunity for 'mum and dad-style' investors to break into the next level of property speculation, but many of these opportunities are drying up, according to Herron Todd White’s (HTW) latest market report.
The property advisory firm states that it’s important to be well informed as even the most seemingly minor of projects can be a financial undoing – particularly if you don’t get fully prepared before taking the leap.
The report stated the strength of the Sydney property market, demand for housing and overall affordability have seen professional developers and mum and dad developers invest in the property market with small scale developments.
"It seems that investors are moving away from the once traditional investments such as government bonds and also shares which are seen as more volatile with higher risk for less return," the report said.
"This along with the increases in property values has proven that the property market has more appeal."
A lack of available land in already established areas has seen a rise in popularity of redevelopment on both a large scale and on the small mum-and-dad scale as developers take advantage of infill rezoning, transport infrastructure projects and overall demand for new products.
"The northern suburbs of Sydney is price restrictive for the mum-and-dad developer, creating a barrier to entry for developers who are not cashed-up," HTW said.
"The only way mum-and-dad developers can participate is if they already own the property.
"We note the recent sale of an approved two lot subdivision in the leafy north shore suburb of Lindfield."
"The property sold for $2.55 million in January 2015. The purchaser subsequently secured approval to subdivide the rear portion of the block. This same house with approved subdivision plans re-sold in July 2016 for $3.92 million.
"That’s a profit of $1.37 million over 18 months for obtaining approval only.
"This is reflective of the difficulty in obtaining approval in this area, the potential end value for a new dwelling if sold and how entry level mum-and-dad investors can be priced out of the market."
It noted that south west parts of Sydney has seen an explosion in development.
Areas such as Parramatta, Holroyd, Fairfield and Liverpool generally see dwellings on far larger allotments than inner city suburbs which makes way for development opportunities subject to council approval.
Typical small scale projects include:
• Dual occupancies (granny flats, two dwellings on one title, duplex pairs);
• Subdivision of an existing parcel where the owner keeps the main dwelling and sells off the vacant parcel.
When taking on such projects an understanding of the council’s local environmental plans and development control plans is a necessity to ensure any viability with proposed projects.
Generally sites that meet minimum requirements of frontage, size and zoning will be highly sought after, as the approval process for any development can be far less strenuous and cost and time effective.
The issue for mum and dad developers is trying to compete with local small scale developers. They are generally at a disadvantage because they tend not to have:
• Start-up capital to fund projects, in particular the ability to compete for purchase of a site while still being able to make any profit;
• Experience in building and understanding of local council requirements;
• Straight through process of completing the task in the most cost effective way;
• Lack of connection with builders. Mum-and-dad developers would generally have to pay cost plus labour rather than local developers who can source materials cheaper and cover labour themselves.
The projects that the mum and dad developer often tackle that can be very successful, due to the reasonably cost effective start-up costs, are where they consolidate their own site and remove the need to compete in purchasing expensive land. This is normally by way of granny flats, second dwellings and parcel subdivisions.
These small scale developments are well received by the buyer market. The reason for this is because they appeal to different sections of a very active market, such as:
• An investor looking to purchase a site with dual income;
• The extended family arrangements which are popular with residents of the south western area.
• Affordability for the buyer of a smaller home.
As a mum and dad developer the important concept is not to go beyond means and ability. Start off small and build from there.
Within the eastern suburbs and inner west regions there is generally limited small development projects undertaken by mum and dad developers. Even the smaller scale developments of approximately three to six units are generally undertaken by more experienced developers mostly due to the price points and land acquisition costs.
The more common types of small projects tackled within these regions are duplex pairs, dual occupancy (granny flats) and renovation and shift.
There is a wide range of buy-in price points for a duplex site in the eastern suburbs depending on area.
More prestige beachside areas of Bondi, Bronte, Clovelly and Dover Heights will set you back generally $2.75 million plus. Suburbs in the lower eastern suburbs such as Chifley, Malabar and Little Bay will set you back approximately $1.6 million plus for a duplex site with company title used to get approvals through council as opposed to the more conventional strata title or Torrens title.
“We have seen these areas undertake more renovation projects of existing dwellings with the potential for capital gains. Renovated properties are receiving good premiums at present and experienced renovators are receiving good profits from renovating and selling,” the report advised.
Some examples of renovation and shift are 4 Broughton Street, Paddington which previously sold in September 2015 for $1.95 million.
The property was a fully renovated three bedroom,  three bathroom Victorian terrace with one car space and was recently re-sold in August 2016 for $2.9 million.
2 Walter Street, Leichhardt previously sold in July 2015 for $990,000 in poor condition. The property was fully renovated and extended and was re-sold in July 2016 for $1.75 million.
Properties are also being purchased to hold for redevelopment potential in the longer term. Areas such as the Sydenham to Bankstown Urban Renewal Corridor (inner west) and areas close to the South East Light Rail (eastern suburbs) have been popular for their future potential.
The southern regions of Sydney have seen more opportunities for smaller developers with the most common types of small projects tackled being generally duplex pairs, dual occupancy (granny flats) and small scale townhouse or villa developments.
Popular development suburbs include Carringbah, Cronulla and Miranda. The strong demand for new product has seen an influx of owner builders and developers in recent years.
Entry level duplex sites generally start from $1.3 million with duplex construction costs ranging from $750,000 to $1 million depending on size and quality and finished product generally ranging from $1.3 million to $1.9 million.
Some small townhouse developments have also been popular in these locations with a recent example being 69 Caringbah Road, Caringbah.
This property was purchased in July 2015 for $1.805 million and gained development approval for three townhouses. These are currently on the market with asking prices in the vicinity of $1.5 million.
Granny flats have also become increasingly popular with a 2-bedroom granny flat being built for circa $120,000 to provide extra rental income.
These areas have also seen opportunities for renovation and shift. For example a property at 3/7 Whitewood Place, Caringbah South comprises a 3-bedroom, 2-bathroom single level villa which was previously sold in March 2016 for $855,000. Following renovation the property sold on 26 August 2016 for $1.3 million.
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'Mum and dad' developers getting locked out of Sydney small project property market: HTW

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Investor demand for industrial assets remains steady, with strong interest from off shore investors in long WALE, larger scale assets in Sydney’s Western corridor compressing yields sharply, according to Colliers International's latest market report.
Private and owner occupier tenants continue to remain dominant in the city fringe and South Sydney, however their strategies for acquisition differ.
Investment sales in tighter markets tend to be for smaller assets &lt;500sqm, where rental yields tend to be higher, owner occupiers are targeting assets in larger assets 500 to 1,500 sqm with the low cost of debt being a significant driver of activity.
Owner occupancy is becoming a significant driver of investment activity in all sub markets.
Historically, owner occupancy was largely concentrated in the smaller, 1,000sqm strata market, however large scale retailers are now acquiring industrial facilities over 15,000sqm in the western market.
Consequently, land is becoming hotly contested amongst investors and owner occupiers, with serviced land supply across industrial precincts in tight supply.
"We are anticipating further owner occupier activity in the larger industrial markets in the medium term," the report states.
New South Wales Government data indicates that there is less than twenty years of zoned industrial land, at present absorption rates.
Serviced land, which is connected to utilities, is even scarcer, with only three years supply available.
"Further land release, is constrained by the natural geographic barriers surrounding Sydney. Given the tight levels of land supply we anticipate competition for new land releases and land values to rise across all Sydney industrial markets in the medium term.
Looking ahead, rental growth is anticipated to remain steady as demand levels from the logistics sector, a key driver of demand for larger assets stabilises. Construction services are providing positive momentum, thanks to historical highs in residential construction," the report advised.
From an investment perspective, the hunt for higher yields is anticipated to push some investors into secondary assets. Yield spreads between the prime and secondary markets in the lead up to the GFC fell to 50 basis points, presently they are 120 basis points which points to investors overvaluing risk in the secondary markets.
With competition for industrial assets still high amongst investors, secondary assets will be a key part of future strategies, particularly for assets with development upside and proximity to high quality infrastructure links.
Sydney has the largest infrastructure pipeline of any state in Australia. According to the government’s own forecasts, there will be an estimated $39 billion in transport infrastructure spending in NSW over the next four years.
Sydney’s western industrial precinct continues to strong investment conditions with strong interest from off shore investors – Singapore, HK, Japan, Kwap from Malaysia, Mitsui. US investor Blackstone has broken the previous investment record held by Ascendas, after acquiring $1.3 billion of Goodman industrial assets across the East Coast, in two tranches. This sale will provide Goodman with strong financial support to fund future land acquisitions and developments globally.
Domestically, REITs such as Charter Hall and Mirvac, as well as fund management group AMP are actively pursuing industrial opportunities. In June, AMP acquired JP Morgan’s industrial portfolio worth over $250 million, on a portfolio weighted average yield of 6.5 per cent.
"Prime initial yields in the west compressed by a further 15 basis points from June to September on the back of strong investment volumes. With prime yields compressing to 10 year highs, we anticipate that the spread between prime and secondary industrial assets will tighten from its current margin of 120 basis points over the coming twelve months as investors look for higher performing returns, with development or repositioning upside.
Land acquisition opportunities are becoming tightly contested, with owner occupiers actively competing with established developers for opportunities. Landlords are also looking at speculative opportunities with Goodman building a 22,000sqm facility in Oakdale Central, and Mirvac developing 19,000sqm in Wallgrove Road, Eastern Creek. Developers are speculatively developing due to tight vacancy rates in the Western market, and limited opportunities for tenants in the 10,000sqm plus market," the report stated.
Tenant demographics are becoming more diversified in the western market, with 40 per cent of tenants being from storage, transport and logistics businesses, however the strong performance of retail discretionary spending by consumers is driving demand from retailers looking for storage and distribution facilities.
Tenant activity from corporates has been consistently strong, with tenants such as White Wires, Blackmores, Tyre Max and Pet Barn moving into the west. Incentives are bene ting from this strong demand, falling slightly to 15 per cent, however rental pricing is still a signi cant driver of tenant demand, with Blue Star print group moving from Rydalmere due to lower rents.
Rental growth performance is strong, with net effective rents up by 3 per cent year on year, higher than their 10 year average growth rate of 2.3 per cent. We are forecasting industrial effective rents to rise in the next twelve months by between 3-5 per cent, due to asset and land scarcity, and rising demand from tenants with exposure to discretionary retail.
According to the government’s own forecasts, there will be an estimated $39 billion in transport infrastructure spending in NSW over the next four years.
Sharp rises in capital values, over a relatively short term, may encourage some owners to realise gains.
Recent sales evidence in the northern market shows that capital value uplift of 20 to 30 per can occur on the back of strong investor demand, and diminishing supply levels.
An example of this was 20 Whiting Street in Artarmon transacted for $2.2 million in December 2014, was recently sold for $2.8 million, an increase of 21 per cent in eighteen months. The vendors of a 9,000sqm asset at 28 Rodborough Road French’s Forest realised a 25 per cent rise in capital values since acquiring their asset for $15 million in December 2014, and selling it recently $20 million.
This exceptional rise in values is all the more extraordinary given that prior to 2014, capital values in the north had seen little or no growth. Such robust capital growth is attracting private and institutional investment interest from off shore investors.
Owner occupiers, are also prevalent, particularly in the construction, food retail and technology sectors.
Leasing activity in the secondary market is also showing positive signs, a key driver of which has been demolition clauses which are typically more common in prime markets.
Weight of capital, whilst an early driver of improving investment levels, has now been matched by strong rental performance with prime net effective rents growing by 21 per cent in the last twelve months, secondary net effective rents have risen by 10 per cent during the same period.
Prime incentives remain steady at an average of 16 per cent, with secondary incentives lower at 14 per cent. The disparity, which is unique to the northern market, is being driven by demolition clauses in prime assets, due to the new masterplan that is encouraging rezoning industrial zones to residential use.
The shrinking pool of available assets in the South Sydney market is creating opportunities and challenges for investors, tenants and landlords. Since 2012, an estimated 29 per cent of the Southern industrial market has been withdrawn for rezoning to residential development, and the acquisition of land for WestConnex and Sydney Metro.
For tenants, this means that there are fewer available assets leading many of them to look for owner occupancy opportunities, however vacant possession are rarely available. Tighter space availability is leading to buildings using investment style methods such as expressions of interest, to lease their space.
This has significant benefits for landlords, reducing their incentives and increasing their face rents but entering a competitive bid process.
One recent leasing deal saw three parties competitively bid for an industrial facility, with the winning party accepting terms five per cent above the initial face rental o er, with no incentives. We anticipate that tight vacancy will lead to more of these EOI style leasing campaigns in the short to medium term.
For investors, holding assets close to public transport amenity and within the B6 planning overlays, converting their industrial assets to office use is becoming a popular strategy to reposition older assets, and attract higher rents.
Alexandria has been at the epicentre of this redevelopment trend, appealing to tenants from the technology and creative industries, attracted to the industrial feel of the area, and blank canvas creative opportunities large floorplate former industrial assets offer. From a rental perspective, pricing for an industrial facility in this area is typically $150-250 per square meter on a net face basis, however after a simple office conversion these rents escalate to between $350-425/sqm.
In the strata unit market, popular amongst owner occupiers, recent off the plan developments have seen significant increases in their capital value rising by over 30 per cent in the past eighteen months.
Recent investment sales in the South have been scarce, however cap rate compression continues to remain a feature as fewer assets are contested by a still rising number of investors.
"Looking ahead, the rapid pace of change in the South Sydney market will drive changes to the mix of assets, tenants and owners. Vertical industrial facilities such as those seen in other land constrained markets in the UK, and Asia, will become a feature of this market as developers look to cater to goods and service delivery to adjacent growing residential areas and city centres," the report states.
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