<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

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

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

Sydney

<html><body>
A record price for a waterfront property in Cabarita, located on the Parramatta River, has been linked to the development of the WestConnex motorway.
The contemporary double storey, waterfront home, located at 11 Collingwood Avenue was sold at auction by Ross Musso and Dib Chidiac of Raine &amp; Horne Concord for $5.413 million.
It smashed the previous suburb record by $413,000.
“The WestConnex is the largest ever urban transport project in NSW history and buyers are recognising that the infrastructure improvements will halve travel times to the Sydney CBD,” says Mr Chidiac.
The M4 Widening project involves converting the three lane M4 motorway from Parramatta to North Strathfield to four lanes. The M4 will be extended from Concord Road, North Strathfield to the City West Link at Haberfield via a 5.5km tunnel that will have three lanes in each direction under Parramatta Road (‘M4 East’).
</body></html>

j.ballantyne1990-6AQqhLzZaK

Agents suggest WestConnex helps smash Cabarita waterfront record

<html><body>
Sydney house median price jumped 2.7 percent over the September quarter to a record $1,068,303, Domain calculations suggest.
The growth can be attributed to investor activity, according to Domain Group chief economist Andrew Wilson.
“The growth is raging back into Sydney … we have auction clearance rates in the mid-80 per cent range, and there were two interest cuts in August and May this year,” Dr Wilson said.  
The lower north shore was the strongest Sydney region over the 12 months as it increased by 12 percent in a year however apartments only increased by 1.1 percent to a median of $685,865.
Median houses prices in Australia capitals:
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="64">
 
</td>
<td valign="top" width="149">
September 2016
</td>
<td valign="top" width="106">
June 2016
</td>
<td valign="top" width="106">
September 2015
</td>
</tr>
<tr>
<td valign="top" width="64">
Sydney
</td>
<td valign="top" width="149">
$1,068,303
</td>
<td valign="top" width="106">
$1,039,947
</td>
<td valign="top" width="106">
$1,046,539
</td>
</tr>
<tr>
<td valign="top" width="64">
Melbourne
</td>
<td valign="top" width="149">
$773,669
</td>
<td valign="top" width="106">
$750,407
</td>
<td valign="top" width="106">
$708,816
</td>
</tr>
<tr>
<td valign="top" width="64">
Brisbane
</td>
<td valign="top" width="149">
$521,152
</td>
<td valign="top" width="106">
$525,954
</td>
<td valign="top" width="106">
$505,171
</td>
</tr>
<tr>
<td valign="top" width="64">
Adelaide
</td>
<td valign="top" width="149">
$494,911
</td>
<td valign="top" width="106">
$496,436
</td>
<td valign="top" width="106">
$481,282
</td>
</tr>
<tr>
<td valign="top" width="64">
Perth
</td>
<td valign="top" width="149">
$556,609
</td>
<td valign="top" width="106">
$578,444
</td>
<td valign="top" width="106">
$588,890
</td>
</tr>
<tr>
<td valign="top" width="64">
Canberra
</td>
<td valign="top" width="149">
$661,912
</td>
<td valign="top" width="106">
$659,229
</td>
<td valign="top" width="106">
$630,858
</td>
</tr>
<tr>
<td valign="top" width="64">
Hobart
</td>
<td valign="top" width="149">
$338,703
</td>
<td valign="top" width="106">
$331,207
</td>
<td valign="top" width="106">
$333,619
</td>
</tr>
<tr>
<td valign="top" width="64">
Darwin
</td>
<td valign="top" width="149">
$595,466
</td>
<td valign="top" width="106">
$616,000
</td>
<td valign="top" width="106">
$661,395
</td>
</tr>
<tr>
<td valign="top" width="64">
National
</td>
<td valign="top" width="149">
$752,879
</td>
<td valign="top" width="106">
$740,630
</td>
<td valign="top" width="106">
$727,170
</td>
</tr>
</tbody></table>
 
The inner west was the strongest performer over the quarter despite the lower north shore outpacing every other region this year.
The apartment market has shown signs of slowing down in some areas such as Canterbury Bankstown, the south and the west recording modest price declines in the quarter.
 
Median unit prices in Australian capitals:  
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="64">
 
</td>
<td valign="top" width="149">
September 2016
</td>
<td valign="top" width="106">
June 2016
</td>
<td valign="top" width="106">
September 2015
</td>
</tr>
<tr>
<td valign="top" width="64">
Sydney
</td>
<td valign="top" width="149">
$685,865
</td>
<td valign="top" width="106">
$678,244
</td>
<td valign="top" width="106">
$679,456
</td>
</tr>
<tr>
<td valign="top" width="64">
Melbourne
</td>
<td valign="top" width="149">
$466,779
</td>
<td valign="top" width="106">
$446,609
</td>
<td valign="top" width="106">
$442,348
</td>
</tr>
<tr>
<td valign="top" width="64">
Brisbane
</td>
<td valign="top" width="149">
$367,518
</td>
<td valign="top" width="106">
$378,327
</td>
<td valign="top" width="106">
$382,219
</td>
</tr>
<tr>
<td valign="top" width="64">
Adelaide
</td>
<td valign="top" width="149">
$301,939
</td>
<td valign="top" width="106">
$305,886
</td>
<td valign="top" width="106">
$294,481
</td>
</tr>
<tr>
<td valign="top" width="64">
Perth
</td>
<td valign="top" width="149">
$364,752
</td>
<td valign="top" width="106">
$367,632
</td>
<td valign="top" width="106">
$388,767
</td>
</tr>
<tr>
<td valign="top" width="64">
Canberra
</td>
<td valign="top" width="149">
$403,775
</td>
<td valign="top" width="106">
$398,728
</td>
<td valign="top" width="106">
$409,052
</td>
</tr>
<tr>
<td valign="top" width="64">
Hobart
</td>
<td valign="top" width="149">
$251,073
</td>
<td valign="top" width="106">
$276,544
</td>
<td valign="top" width="106">
$284,417
</td>
</tr>
<tr>
<td valign="top" width="64">
Darwin
</td>
<td valign="top" width="149">
$448,418
</td>
<td valign="top" width="106">
$448,417
</td>
<td valign="top" width="106">
$431,600
</td>
</tr>
<tr>
<td valign="top" width="64">
National
</td>
<td valign="top" width="149">
$536,294
</td>
<td valign="top" width="106">
$529,386
</td>
<td valign="top" width="106">
$529,950
</td>
</tr>
</tbody></table>
The biggest Sydney regional drop was in Canterbury Bankstown where apartments declined by 4.7 percent to a median of $505,000.
Apartments across Sydney have increased by 0.9 percent in the 12 months to September.
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Sydney house median peaks over $1m again, but units turning into negative

<html><body>
A significant landholding in Sydney’s North Strathfield comprising 23 separate residential houses is being offered for sale.
Some $90 million has been suggested as the likely selling price through JLL.
Located at 1-5 &amp; 9-19 Brussels Street, 126-134 George Street, 2-4 &amp; 8-20 Mena Street, North Strathfield, NSW, the site measures approximately 13,760 square metres.
The property has potential for a larger residential development, subject to council approval on the current proposed zoning changes for the precinct.
The site is currently zoned R2 – Low Density Residential and will be sold conditionally on rezoning. 
The property has three street frontages to Brussels Street, George Street and to Mena Street, and is approximately 550 metres from North Strathfield train station.
“This is one of the first sites of this size that has been offered for sale in the Inner West precinct,” said JLL agent Michael Binskin.
Offers close November 23.
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$90 million expected for 23 adjoining Strathfield homes

<html><body>
Ray White Hotels Australia and CBRE Hotels have listed the beachside institution, The Clovelly Hotel.
It has been trading for over 150 years.
"The Cloey is one of those folklore hospitality businesses that most Sydney-siders, and numerous others from much further afield, will have an affinity with" commented Andrew Jolliffe.
Iris Capital bought it in 2008 and extensively renovated in 2012.
Conjunction agent Daniel Dragicevich noted an element of the $9.1M in annual sales is notionally underwritten by the sheer weight and regularity of visitors to the area.
"There's no coincidence that the list of owners of other iconic beachside hospitality properties reads like a veritable hotel industry hall of fame roll call" concluded Daniel Dragicevich noting Justin Hemmes (Coogee Pavilion), Chris Cheung (Coogee Pavilion), Kim Maloney (Bondi) and Arthur Laundy/Fraser Short (Watsons Bay). 
The Clovelly Hotel is being sold via an international EOI process until November 23 meaning the successful purchaser can potentially take advantage of the legendary Christmas and New Year trade enjoyed by the hotel.
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Iconic Clovelly Sydney hotel hits the market in time for summer ownership

<html><body>
EG Funds Management has exchanged contracts to sell 223 Liverpool Street, Darlinghurst to ST Real Estate Austraila, European based clients of Fidinam Australasia Real Estate.
The property was sold for $33 million, having been purchased by EG in 2014 for $17.45 million denoting an equity IRR of approximately 40 percent.
The asset, with a net lettable area of 4,477sqm, is currently in the process of attaining Development Approval for a staged refurbishment and repositioning of the entire building.
Formerly known as Holdsworth House, the five-level heritage listed building was the seed asset for EG’s Core Plus Fund No. 1 (CPF1).
EG identified the asset’s repositioning potential during the fund raising of CPF1. The eastern city Sydney fringe asset was encumbered with a number of existing leases and unfavourable floor configuration.
“The asset offered an excellent opportunity to add value through a complete refurbishment while providing a robust initial yield at acquisition” says Divisional Director, Daniel Farley.
“Following strong unsolicited interest, EG has capitalised on an extremely strong Sydney office market, with the sales price providing returns consistent with the acquisition’s refurbishment strategy, minus the delivery risk”
CPF1 is a closed-end fund, focused on acquiring assets that can benefit from the active asset management, refurbishment and repositioning capabilities, for which EG is well known.
EG were represented in the sale by Jonathan Vaughan and John Bowie Wilson from Knight Frank, while Craig Stuckey of Fidinam represented the purchaser.
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EG sells Sydney fringe asset for $33 million

<html><body>
Blacktown narrowly eclipsed the eastern suburbs having the highest auction clearance rate in Sydney, according to CoreLogic’s latest weekly report.
There was a 93.8 percent success rate with 16 auctions cleared in Blacktown.
<a href="/images/2016/10/24/Sydney%20sub%20regions.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Sydney%20sub%20regions.jpg" alt="">
This is followed by the Northern Beaches with an auction clearance rate of 90 percent.
The district with the lowest clearance rate was the Central Coast with only 75 percent of its auctions resulting in a successful outcome.
<a href="/images/2016/10/24/Sydney%20weekly%20clearance.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Sydney%20weekly%20clearance.jpg" alt="">
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Blacktown eclipses the eastern suburbs with highest auction clearance rate: CoreLogic

<html><body>
Australia’s top property developers represented by the industry association Urban Taskforce Australia have come together with a proposal to the NSW Government to deliver a new form of affordable housing.
It has been suggested it could produce 40,000 new affordable homes in Sydney over the next 10 years.
“Sydney’s housing affordability crisis is clearly getting worse as indicated by calls for action by Federal Treasurer Scott Morrison and by State Planning Minister Rob Stokes’s recent statement about a shortage of 100,000 homes in Sydney,” says Urban Taskforce CEO, Chris Johnson.
“There is a simple answer to providing more homes and to housing affordability in Sydney by modifying slightly the NSW Affordable Rental Housing State Environmental Planning Policy.”
“The NSW government can modify the current Affordable Rental Housing SEPP to create a real incentive to the property industry to provide large numbers of affordable homes across Sydney.
"The current Affordable Rental Housing SEPP 2009 gives little incentive to the property industry to build affordable homes but by changing the formula to give a 20% bonus floor space and height, thousands of new affordable homes could be built each year.
"The effect of the 20% bonus would be that a 5 storey apartment building would become 6 storeys or a 10 storey block would become 12 storeys.”
“The Urban Taskforce estimates that up to 4,000 new affordable homes could be produced each year leading to 40,000 over a ten year period. This would have a massive impact on the current supply of affordable homes across Sydney at a scale we have never seen before.”
“The Urban Taskforce proposal uses the definition of affordable housing from the Federal Government’s National Rental Assistance Scheme (NRAS) where newly built 1,2,3 and 4 bedroom homes are rented at a 20 percent discount to the market rent of each local government area with dwellings remaining in the affordable housing scheme for up to 10 years. At the end of the 10 years the homes are sold back to the general market. This proposal ensures that affordable housing stock is constantly renewed and does not become run down. The developer also has the opportunity to recoup the costs of providing the housing at the end of the ten year period which ensures there is sufficient incentive to encourage developers to provide this form of housing.”
“Some Sydney councils champion inclusionary zoning where the developer must provide a percentage of homes as affordable but this is only another form of taxation on housing production, and will only increase the cost of the remaining houses being sold to mums and dads and first home buyers. We believe that rather than imposing a tax on the developer an incentive approach with bonus floor space is more equitable and more likely to lead to large numbers of affordable homes being built.”
“The scale of housing delivery of up to 4,000 a year along with the guaranteed 10 years rental income is likely to establish a new asset class for institutional investors like superannuation funds who like a low risk long term investment. This type of affordable housing product could potentially inject billions of dollars into affordable housing which currently is not being invested in the sector ensuring there is scale and enough housing for low to moderate income earning households. Attracting this institutional investment will ensure a long-term sustainable supply of affordable housing.”
“In places like the US, Canada and the UK institutional capital has been investing in affordable housing for more than 40 years but for a number of reasons Australia has missed out on this type of institutional investment in housing and as a result has made Sydney home prices one the most expensive in the world”.
“We call on the NSW Government to seriously consider our affordable housing proposal urgently. Our proposal doesn’t put any pressure on the government’s budget nor is it asking for any tax payers handout. It is a simple incentive based system which provides affordability across all of Sydney and across all dwelling sizes. All it needs is for the Planning Minister Rob Stokes to make an amendment to the existing Affordable Rental Housing SEPP,” says Chris Johnson.
“Sydney currently has a housing supply problem despite reaching 30,000 housing completions last financial year this is 6,000 less than the average needed each year for the next 20 years. To increase supply by 4,000 affordable homes a year will certainly help manage population growth.”
The Urban Taskforce established a special affordable housing sub-committee to develop the proposal.
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Bonus floor space sought by Sydney property developers to increase affordable home supply 

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A whole floor tenanted strata office investment on Pitt Street, Sydney in Randstad House on the market through Ray White Commercial Sydney’s Christian Minards and Anthony Harris.
The property, Level 4/109 Pitt Street, Sydney, is 930 sqm and has nine separate strata lots with existing leases.
According to Christian Minards the property will return net rental income of $530,000 per annum with a weighted average lease expiry (WALE) of 3.16 years as of October 2016.
Ranstad House has 20 levels of offices, a public car park for 143 cars and a ground level retail arcadewith direct access to Wynyard’s trains and buses.
<img src="/images/2016/10/24/161024%20109%20Pitt%20St%20Sydney%20Interior.jpg" alt="">
Mr Minards said the Sydney CBD is currently expiring an unprecedented level of capital works being undertaken being a mix of NSW Government and private enterprise investment.
“This is evident with the resumption of numerous office buildings for the Sydney Metro rail, light rail from Circular Quay down George Street and the redevelopment of Wynyard,” he said.
“The private enterprise developments are also gathering momentum with Brookfield set to build their office development above Wynyard Station while AMP will be looking to get moving with their plans for Quay Quarter. Ultimately these projects when completed will truly enhance the Core precinct of the CBD.”
The property will go to auction at 10:30am (AEDT) on Tuesday, October 25, 2016, at the Mezzanine level, 50 Margaret Street, Sydney.
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Whole Sydney CBD office level for sale

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Median house prices in Sydney began to escalate at the end of 2012 as successive cuts to interest rates and the underlying dwelling deficiency firmly in place released pent up demand into the market, according to QBE's latest housing report.
Sydney’s median house price experienced a considerable increase totalling 58% over the four years to June 2016 to be $1,047,600.
Purchaser demand was initially boosted by improved affordability as variable rates fell below 6.5% in 2012 keeping the ratio of mortgage repayments on a median priced house to just over 31% of average household income, which initiated the upturn before further interest rate cuts fuelled stronger price growth through 2013.
The return of solid price growth drove more investors into the market. At the same time, a strong recovery in the New South Wales economy, attracted surging overseas migration and a record low interstate outflow, which in turn caused Sydney’s dwelling deficiency to escalate.
As prices rose, the next wave of demand was driven by investor buyers attracted by price growth and attractive yields in light of the falling interest rates. The value of residential investor loans in New South Wales surged 153% in the three years to 2014/15. In comparison, the number of loans to owner occupiers were 9% higher in the same period.
<a href="/images/2016/10/14/Table%205.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Table%205.jpg" alt="">
Median house price growth peaked at 24.4% per annum over 2014/15 but has since slowed considerably, estimated to have declined by a marginal 0.4% in the year to June 2016. Investor finance is now contracting after banks tightened access to credit and increased interest rates for investor loans in 2015.
Loans to investors began to fall dramatically in December quarter 2015, being 22% down on the corresponding period a year earlier, while the total annual decline of loans to investors in 2015/16 was 17%. Over the twelve months to June 2016, median house prices in inner and middle Sydney (where prices are significantly higher) were in decline while outer Sydney maintained growth of 3.9%.
This correction, largely driven by the impact of regulatory changes targeted at investor buyers, is in contrast to the strong fundamentals in the house market.
Vacancy rates continue to remain tight at 1.8% in June 2016 while underlying demand is forecast to remain strong due to strong population growth from solid net overseas migration and low net interstate migration.
With investors making room in the market, loans to owner occupiers have accelerated, recording an 11% rise in 2015/16.
This is expected to somewhat offset further expected weakness in investor loans, with Sydney’s median house price forecast to see further price growth of 1.7% in 2016/17 to be $1,065,000 at June 2017.
However, the growing impetus from owner occupiers is likely to slow. New dwelling supply began to exceed demand in 2015/16, with Sydney’s underlying dwelling deficiency finally beginning to ease.
Further expected falls in the deficiency through to 2018/19 is expected to continue to ease pressure on prices.
Together with continued weakening investor demand, this is expected to precipitate a fall in Sydney’s median house price.
Low interest rates should prevent any major flood of forced sales onto the market to drive down prices significantly, with a forecast fall in the standard variable rate to below 5% in 2017/18 also providing some support.
Sydney’s median house price is forecast to pull back to $1,055,000 by June 2018 and $1,050,000 by June 2019, resulting in median house price growth being effectively flat by the end of the forecast period.
New South Wales is the only state that is forecast to maintain its underlying dwelling deficiency through to 2019 despite record levels of dwelling completions coming through. Strong population growth has supported rising underlying demand while the low interest rate environment has supported affordability.
<a href="/images/2016/10/14/Chart%2017.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Chart%2017.jpg" alt="">
Tight vacancy rates and limited rental growth are expected to continue to drive investor demand. Moreover, compared to many other capital cities, aggregate new dwelling supply in Sydney has been characterised by a proportionate increase in both new house and unit supply. As a result, both house and unit markets are likely to remain in deficiency over the forecast period.
Price growth in the Sydney unit market has been below that of the house market. Sydney’s median unit price rose by an estimated 41% in the four years to June 2016. However, price growth has already started to flatten with the median unit price growing by just 3% in 2015/16.
Slowing rental growth and falling yields as well as changes to the regulatory landscape have impacted investor demand. Investors are more prevalent in the unit market than the detached house market and it is expected that the larger falls expected in investor demand mean the unit market will have greater downside in price than the house market over the forecast period.
With higher interest rates and lower loan–to–value ratios for investor lending, capacity for investors to enter the market or pay higher prices is being curtailed. Similarly, the new level of apartment construction taking place may have an impact on vacancy rates and rental growth as the dwelling deficiency is slowly eroded.
Sydney’s median unit price growth is forecast to fall 1.8% in 2016/17 and cumulatively by 6.8% over the three years to June 2019 to a median unit price of $680,000.
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Sydney unit price growth forecast to be flat: QBE Housing Outlook

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The latest research from Sydney Units Cityscope shows that apartment sales in Sydney’s CBD have decreased appreciably both in number and total sales value in the last quarter, according to CoreLogic’s latest report.
For the three months to October 2016, there were 180 sales at a total value of $213 million, compared to 296 sales at a total value of $462.8 million for the previous quarter.
The yearly figures have increased in total sales value but decreased in number, with 898 sales at a total value of $1.15 billion for the twelve months to October 2016, compared to 947 sales at a total value of $1.04 billion for the previous year.
The table below shows sales recorded for the past eight updates of Sydney Units Cityscope:
<a href="/images/2016/10/21/Sydney%20table.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/21/Sydney%20table.jpg" alt="">
Notable sales in the October 2016 update of Sydney Units Cityscope include:
<ul>
<li>Lot 131, 157-167 Liverpool Street, Sydney, a 1,085-sqm apartment with four balconies, a terrace, deck and pool, two storage areas and five parking spaces in the basement, which was transferred for $30.15 million; 
</li>
<li>Unit 1101, 61-69 Macquarie Street, Sydney, a 203-sqm, two-bedroom apartment with balconies, a storage lot and basement parking for 3 cars, which sold for $9 million; 
</li>
<li>Unit 59, 155-161 Macquarie Street, Sydney, a 199-sqm, three-bedroom apartment with a balcony and basement parking for four cars, which sold for $4.25 million; and 
</li>
<li>Unit 2503, 127-153 Kent Street, Sydney, a 146-sqm, two-bedroom apartment with a balcony, which sold for $4 million.</li>
</ul>
<a href="/images/2016/10/21/Sydney%20graph.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/21/Sydney%20graph.jpg" alt="">
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