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

Joel Robinson

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

<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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Foreign Buyers

<html><body>
Q: Is there a housing bubble?
A: Nationally no, but if we are talking about Sydney, Melbourne and new inner Brisbane apartments, then yes.  That's a YES, in case you somehow missed it.
Sydney and Melbourne have been distorted by an influx of 'grey' money coming from China. Many don't like to hear this, but it is happening. No hard statistics, but our groundtruthing is looking worthy of a hefty bet.  And of late, some of this grey has shifted north, along with local superannuation funds looking for cheap property &amp; a longish timeframe to settle, in the hope of double digit price growth.
Brisbane always follows Sydney, right?  Property is so cheap in Brisbane, hey! You can buy two in Brisbane for the price of just one in Sydney. Bris Vegas here we come.
Sidebar
I have an internal debate several times each month – it's fun, like talking to an imaginary friend – about whether or not to write on a certain topic. 
Do I let blast about China? Publish my thoughts about smaller apartments?  Call out all those BS artists promising double digit price growth &amp; rental increases?  And this week, it's a yes.  Write something about the Reserve Bank (RBA), Foreign Investment Review Board (FIRB) and how we will all be rooned.
We'll all be rooned
Now, there is nothing wrong with a global property market, nor being in the recovery phase of the property cycle and having closer ties to China – or any of our major trading partners for that matter.
But a housing bubble is a different story.
Property values have almost trebled over the past two decades, while wages have not kept pace. House prices in both Sydney, Melbourne, some parts of Perth and now across inner Brisbane, are often over 10 times household earnings. In many cases, weekly rents also far exceed 30% of a renter's income.
And things can start getting out of hand when the proportion of investors buying accounts for around half of all residential sales – double the 25% of the housing market made up by private renters. This happens every cycle, but its current trajectory is unsustainable.
Got some doubts?
Well this year alone, housing credit and house prices have climbed at, respectively, more than two and three times the rate of household income growth. It isn't the actual rate of credit and price growth that is the problem, but their relationship with our ability to afford this inflation.
It's true that this is mostly a Sydney and Melbourne phenomenon, but we only have a few blunt tools in the back of our ute to temper the times. And besides, we have never been that good at small, fiddly renovations. Slash and burn is more our style.
The good and the bad
Yes, there are reasons for property demand to be improving – we have record low interest rates, relatively low vacancy rates, high population growth and a strong penchant for owning property.
But on the flip side, we have falling commodity prices, an employment baton change which, for the life of me, I cannot see happening smoothly nor correspondingly, little wage growth, ageing demographics, high debt, an increasingly economically wobbly China and a close to epileptic Europe. Not to mention what may or may not happen with the rest of the world.
For those who only hear good news, you might have missed that Australia's federal budget deficit last year (2013/14) was close to $50 billion &amp; yet the Palmer United Party wants to keep the red ink flowing until the early 2020s. 
If that happens, then our prized AAA sovereign credit rating could be at risk, especially if something goes wrong with our economy – or that of a major trading partner.
In short, we might see the vulnerable economic conditions of southern Europe down under.
This article continues on the next page. Please click below to continue.
<hr class="system-pagebreak">
True blue
But in true ocker fashion – it's all "she'll be right mate", "nothing to see here". Those questioning our "property at all costs" mentality need to take a double dose &amp; retire to bed early. Keep on moving on. Bid higher at that auction. Buy something tiny and off-plan. Doesn't property double in value every seven years? You cannot lose.
Too far-fetched?
Well, our real wages are falling. Yes, falling, as average earnings rose just 2.3% over the last 12 months – that's 0.3% lower than inflation. Unemployment is over 6%, without counting the 700,000-plus on disability pensions.
True, the RBA does predict higher economic growth next year, real wage growth in some distant future and lower employment one day, maybe, but this is predicated on the assumption that nothing economic will go bang or that China's economy won't slow down further.
Excuse me for being a skeptic, but trying to predict an economic future, these days, is almost impossible.  I would just love to read or hear one of those talking eco heads say something like, "well, frankly we don't have a bloody clue".
If you ask me what's going to happen, your guess is as good as mine.
But I do like to guess, so here goes.
<ul>
<li>Government will not reign in spending; we (the senate) won't allow it.</li>
<li>No workplace reforms, for fear of a union campaign.</li>
<li>The RBA will continue jawboning and keep interest rates where they are (when looking at the whole of the Australian economy – not just housing in Sydney and Melbourne – they really need to fall).</li>
<li>Plenty of talks about macro-prudential action – like higher investment loan to value ratios; changes to property taxation or minimum product sizes – but nothing done. Maybe that is a good thing?</li>
<li>No enforcement by FIRB regarding illegal overseas buying – and it has almost all been illegal in recent years.</li>
</ul>
And it's the last point that is the most pertinent right now.  If you want to slow down the Sydney, Melbourne and inner Brisbane property markets without stopping the rest of the country, then you must enforce offshore buying laws.
Inert FIRB
An inert FIRB has done nothing to inhibit the grey economy that exists to get money out of China (ironically, helping them deflate their own housing bubble) &amp; into safer overseas havens like Australia.
It's true that the Chinese government imposes a $US50,000 a year limit that can be sent out of the country, but cashed-up Chinese bypass this system via personal relationships rather than transparent bank transfers. Heaps of property – just how much is unknown (but it shouldn't be) – is being bought this way in Sydney &amp; Melbourne, Perth, and now in Brisbane and starting to again on the Gold Coast.
Also, the Significant Investor Visa (SIV) is dominated by mainland Chinese who meet the $5 million requirement. They are paying stupid prices for potential development sites (with site values doubling in the past five years), but property economics do not apply here, as the SIV is really a fast-tracked qualification for a permanent visa. Dual nationality is the want, but sadly, too many Chinese just want an Aussie passport as an insurance policy, not a new way of life.
Lower down the chain – much lower, if you ask me – is another sheltered workshop – property spruikers flogging Chinese investors little high-rise boxes in Sydney, Melbourne and now Brisbane. Entire high-rise buildings are financed, built and sold for the Chinese market, with local buyers and developers rendered irrelevant. Small, one-bedroom dogboxes are the norm. The more the merrier. How divine, indeed!
And all of this should be illegal. If only FIRB would enforce the law!
All of this illicit activity is creating a demand that would not otherwise exist. Well at nowhere near the levels that it is increasing spruiked. Quarterly newspaper lift-outs about Australia's sudden urge to live on top of each other – I mean, come on.
And this, coupled with local superannuation investors – many of whom appear to have been sold a pup – has created valuations that are dangerously detached from average weekly earnings &amp; sustainable owner-resident demand.
But then again, it is Australia mate; stop all this fussing; she'll be right; tyranny of distance and all that stuff.
But seriously folks
But seriously, something has to be done.  We are now entering some serious hot water.
Here's another guess.  Nothing will happen until this gets political; economic sense doesn't seem to cut the mustard around here anymore.  The political wedge, for mine, come next federal election, is overseas buying.
But between now then, I will take Terry's advice – take a couple of aspirin &amp; have a good lie down. 
Michael Matusik is the founder of Matusik Property Insights, which has helped over 550 new residential projects come to fruition.  Read Michael's <a href="https://matusik.com.au/missive/" target="_blank">Blog</a> or follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank">Facebook</a> and <a href="https://twitter.com/michaelmatusik" target="_blank">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik" target="_blank">LinkedIn</a>.
</body></html>

michaelmatusik-49YzLvdmNv

Is there a housing bubble? Or should we all take a wee lie down?

<html><body>
The crusading Melbourne buyer’s agent David Morrell has been told his suspicions regarding the $2.75 million sale of a Malvern East home were misplaced.
Following the 20 September auction, Morrell lodged a complaint with the Foreign Investment Review Board (FIRB) asking it to investigate what he believed had been a breach of FIRB rules.
But John Bongiorno, director of Marshall White, has advised the buyer was an Australian citizen.
He said Morrell was being divisive.
“Just because someone does not look Anglo-Saxon does not mean they are not Australian,” Bongiorno told the Australian Financial Review.
Morrell told the FIRB he believed the buyer of <a href="https://www.realestateview.com.au/Real-Estate/23-coppin-street-malvern-east/Property-Details-buy-residential-7568850" target="_blank">23 Coppin Street </a>(pictured above) was a Chinese national or someone representing a Chinese national who could not understand the auctioneer.
“If they were not allowed to bid, the property would not have sold at this level. Therefore this sale clearly distorts the market,” Morrell wrote.
The four-bedroom 1980s home sold for $2.75 million at $350,000 above its reserve when three families, two represented by buyer's agents, bid on the house. 
The bidding began at $2.3 million when sold through agents Anthony Reis and Madeline Kennedy of Marshall White.
Last week the Liberal MP Kelly O’Dwyer, who chairs of the parliamentary inquiry into the impact of foreign investment on Australian residential real estate, signalled that she proposes hefty fines for estate agents, lawyers and accountants who organise illegal purchases under FIRB rules.
Morrell had previously lodged a submission to the inquiry stating real estate agents and property lawyers were willingly helping foreign investors to illegally buy prestige homes in Melbourne and Sydney while the FIRB took no action.
He claimed estate agents, whom the FIRB relied on to report illegal foreign buyers, were looking the other way in return for higher commissions, citing a recent Toorak auction, where the reserve was exceeded by 30%.
"There were three Chinese nationals competing, neither spoke English or understood the process and literally just kept their hands in the air,” he suggested. 
Morrell has previously warned Chinese nationals were "picking the eye teeth" out of the property market.
“The FIRB is there to prohibit non-residents paying serious money for housing but they are not doing it effectively and only react to complaints – their complaint is they do not know until a settlement who the real buyer is, even if it is a 19 year-old student who spends $3 million on a block of land."
</body></html>

jchancellor-FAypfDUnLy

Malvern East buyer dobbed in to FIRB was Australian citizen: Marshall White

<html><body>
The Country Women's Association Potts Point headquarters is being bullishly sold to Chinese developer interests for about $18.5 million.
There were five offers at or above $15 million <a href="https://www.raywhite.com/nsw/elizabeth-bay/1179875/" target="_blank">through Ray White</a> and CBRE Hotels when expressions of interest closed September 3.
It followed the <a href="/news/country-womens-association-of-nsw-to-sell-potts-point-headquarters">recent decision by the Country Women's Association of NSW</a> (CWA) annual state conference to sell its long-time 51 room property.
The sale successfully captured the current huge Chinese buying interest, rather than the association delaying going to market with formal redevelopment approvals which would have been the normal prudent process.
The 11-13 Greenknowe Avenue building houses the head office and auditorium as well as providing $50 a night accommodation.
It was secured in the early 1950s, and opened in 1954 by Lady Slim.
Around 20 developers sought the 1,347 square metre site with the CWA now set to purchase modern office space.
The CWA was formed in 1922 when country women were fighting isolation and a lack of health facilities. 
It has been incorporated by an Act of NSW Parliament since 1931.
It was listed through Ray White agents Ian Campbell and Craig Pontey, in conjunction with CBRE Hotels.
</body></html>

CWA's Potts Point headquarters sells to Chinese developer

<html><body>
The former Country Women's Association Potts Point headquarters that sold to a Chinese developer for $18.5 million in 2014 has reportedly been onsold for a bullish $34 million.
The asking price was $30 million plus.
There is no sold sticker posted by its out of area agents, but the local paper has reported its sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/12/5/CWA.jpg" alt="">
The Wentworth Courer says it has been sold as a women's refuge.
<div class="XGJcx _1DCKj _2yu-G">
The SHMH Group used as its offices while it has run into planning height redevelopment issues.
A concept study undertaken by PTW Architects for an eight-storey apartment building scheme with 38 luxury units over two levels of basement parking.
The 1347sq m site is at 11-13 Greenknowe Avenue.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/12/5/SHMH.jpg" alt="">
</div>
There were five offers at or above $15 million when it last sold in 2014.
Its sale followed the <a href="/news/country-womens-association-of-nsw-to-sell-potts-point-headquarters">decision by the Country Women's Association of NSW</a> (CWA) to sell its long-time 51 room property.
The Greenknowe Avenue building housed their head office and auditorium as well as providing $50 a night accommodation.
It was secured in the early 1950s, and opened in 1954 by Lady Slim on its 1,347 square metre site.
The CWA was formed in 1922 when country women were fighting isolation and a lack of health facilities. 
 
</body></html>

Former CWA Potts Point headquarters offloaded by do-nothing Chinese developer

<html><body>
The former Country Women's Association Potts Point headquarters that sold to a Chinese developer for $18.5 million in 2014 has returned to the market.
The asking price is around $30 million, Nine Entertainment reported, but $30 million plus in a subsequent press release.
<div class="XGJcx _1DCKj _2yu-G">
The SHMH Group did secure a deferred commencement consent for the site at 11-13 Greenknowe Avenue in 2017, but has in the meantime considered several options including a boarding house.
The premises have been used as its offices while it has run into planning height issues having initially considered a concept study undertaken by PTW Architects for an eight-storey apartment building scheme with 38 luxury units over two levels of basement parking.
The 1347sq m site is approved for up to 22 metres.
</div>
There were five offers at or above $15 million when it last sold in 2014.
Its sale followed the <a href="/news/country-womens-association-of-nsw-to-sell-potts-point-headquarters">decision by the Country Women's Association of NSW</a> (CWA to sell its long-time 51 room property.
The 11-13 Greenknowe Avenue building housed their head office and auditorium as well as providing $50 a night accommodation.
It was secured in the early 1950s, and opened in 1954 by Lady Slim on its 1,347 square metre site.
The CWA was formed in 1922 when country women were fighting isolation and a lack of health facilities. 
 
</body></html>

Former CWA Potts Point headquarters being offloaded by do-nothing Chinese developer

<html><body>
Foreign ownership rules do not need strengthening but rather existing laws need to be properly enforced, according to the Real Estate Institute of Australia.
The organisation notes that an $85,000 fine already exists for breaching current regulations.
In the latest release of REIA News, Issue 38, chief executive officer Amanda Lynch notes that the fine has not been invoked, as the Foreign Investment Review Board has “apparently not prosecuted a single foreign buyer for breaching foreign ownership rules”.
Lynch points to e-Conveyancing as a method which would assist in more stringent enforcement of existing regulations.
This suggestion was recently put to the House of Representatives Standing Committee on Economics for the Inquiry into Foreign investment in Australian real estate by First National’s Ray Ellis, who is also an REIA board member.
Looking at the 2012-2013 Foreign Investment Review Board Annual Report, Lynch notes that 11.4% of foreign investment in real estate by value comes from China, while 9.5% comes from the USA and 9.5% comes from Canada.
“This is a particularly interest fact to note as media articles on foreign investment are frequently dominated by stories highlighting only one particular source country, China,” she says.
<a href="/news/letter-from-the-editor-talking-about-foreign-buyers">Property Observer has been vocal about the importance of discussing foreign investment without a xenophobic overtone</a>, as well as the difficulties facing journalists reporting on the topic.
Lynch says that the REIA supports foreign investment due to its assistance with increasing supply.
The report shows that 2012-13 was the first year since 2009-2010 that the purchase number of sub-total of 5,101 ‘developed’ stock, or existing homes, exceeded the sub-total of 4,549 ‘new dwellings’.
The report paints an interesting picture of the growth of the developed stock sector.
It states that the purchase of developed stock is “primarily [by] temporary residents in Australia acquiring one existing residential property for use as their residence in Australia”. A footnote suggests it includes a small number of approvals relating to foreign companies acquiring residential property for company employees to reside in.
The sudden increases between the 2009-10 and 2010-11 reporting periods can be explained by a shift in government regulations during that period.
On 24 April 2010 temporary residents were no longer exempt from notifying the government of proposed acquisitions of established residential real estate for their own residence, nor new property or vacant land. This exemption was brought in for just one year, from 1 April 2009, where it was noted that temporary residents, in previous years, was said to have accounted for around two-thirds of real estate applications.
{plotalot id="23"}
</body></html>

jduke-EHk3XBmHkn

We don't need stronger foreign buyer regulation, we need more stringent enforcement: REIA

<html><body>
Although we often hear about the involvement of foreign investors in our residential markets, they also play a substantial role in our commercial property sector.
Here are five commercial property investments from offshore buyers that have made a big impact on our local markets.
<ol>
<li>
Leighton Headquarters, 177-199 Pacific Highway, North Sydney Price: $413.19 million Buyer: Suntec REIT The Singapore based Suntec Real Estate Investment Trust (REIT) purchased the 30 storey, 40,000 square metre Leighton Headquarters tower late last year. However, Leighton Properties retains the lease on 76% of the office space. Suntec REIT was listed on the Singaporean stock exchange in 2004. 
</li>
<li>
ATO Tower, 747 Collins Street, Melbourne Price: $279 million Buyer: CIMB TrustCapital Advisors Singapore CIMB TrustCapital Advisors Singapore spent $279 million on the ATO Tower in Lang Walker's Collins Square Project in Docklands. The ATO Tower is the central feature of the Collins Square precinct, valued at $1.5 billion. CIMB TrustCapital Advisors Singapore is a joint venture between CIMB, a Malaysian investment bank, and Trustcapital Advisors Singapore. The venture's initial fund, Australian Office Fund No. 1 (AOF1), centres around commercial office investments in Sydney and Melbourne, with Canberra and Brisbane as secondary markets. 
</li>
<li>
179 Turbot Street, Brisbane Price: $172 million Buyer: Kumpulan Wang Persaraan Kumpulan Wang Persaraan, Malaysia's second largest pension fund, purchased the Brisbane office tower at 179 Turbot Street late last year. The fund is also an investor in the CIMB TrustCapital Advisors Singapore managed AOF1, the vehicle used to purchase Melbourne's ATO Tower. 
</li>
<li>
Ausgrid building, 570 George Street, Sydney Price: $151.8 million Buyer: Far East Organisation The Ng family's Far East Organisation, Singapore's largest private property developer, bought the Ausgrid building earlier this year. The developer has spent more than <a href="/news/the-ngs-singapores-richest-family-spend-425-million-on-sydney-trophy-property">$700 million on Australian property</a>. Last year, <a href="/news/singaporean-billionaire-philip-ng-buys-yamba-scotland-islands-finest-heritage-home">Philip Ng purchased Yamba</a> in Pittwater for $7 million. The Ngs are Singapore's richest family.  
</li>
<li>
277 Elizabeth Street, Sydney Price: $143 million Buyer: Far East Organisation After purchasing the 277 Elizabeth Street office complex, Far East Organisation is reportedly planning a luxury apartment redevelopment on the site. Other Australian acquisitions include Bob Ell's Clocktower Square in Sydney's Rocks district, and two Park Street buildings for $127 million. The Ng brothers, who inherited the development company from their father, are valued at $10 billion, according to Forbes.</li>
</ol>
</body></html>

jrichardson-uRX5hFdKfN

Five of the biggest commercial property transactions to offshore buyers

<html><body>
GUEST OBSERVATION
There are four relatively uncontroversial things I believe to be true about Chinese buyers.
But you'll be surprised by the fifth.
<ol>
<li>I have no doubt that Chinese buyers are a much bigger presence in the market today than just a few years ago.</li>
<li>I know for a fact that Chinese buyers have spurred much new construction in Australia - thus adding to the stock of homes on the market and creating jobs and tax revenue.</li>
<li>I trust the data from various sources that reveals Chinese buyers to this year be the largest foreign buyer group in Australia.</li>
<li>
I know that Australia can expect Chinese investment to increase in the coming five to 10 years. As China relaxes its capital controls, the flow of money to Australia and other countries, according to the Bank of England, could triple. Now for the surprising fact. Anyone who pays attention to the real experts, such as Glenn Stevens of the Reserve Bank of Australia, already knows this last truth. Drum roll, please. 
</li>
<li>The fifth thing I know: Chinese buyers are not distorting the Australian real estate market.</li>
</ol>
With all the media hyperventilation suggesting the contrary, how could I possibly know this?
It's because Chinese are foreign investors, and total foreign investment is down significantly. The total of Chinese investment into Australian real estate is nowhere near large enough to make up for last year's decrease by other nationalities.
That's right. The total amount that all non-Chinese foreign investors transferred into the bank accounts of Australian property vendors last year actually decreased.
It didn't decrease by a little. It decreased by $8.2 billion.
Those British, American and other foreign investors haven't disappeared altogether. Even so, there aren't nearly as many of them as there were just 12 months before.
Yes, Australia, as a fellow countryman, I know it can be hard to accept, but last year foreign buyers did a runner.
From $54 billion in 2012, non-Chinese foreign investment plummeted down to $46 billion.
The Chinese valiantly tried to make up the difference, but they fell several billion short. As someone once said, "A billion here, a billion there and pretty soon you're talking about real money."
Perhaps that's why the governor of the Reserve Bank of Australia has gone on the record with his belief that the Chinese aren't having any real impact on prices.
That doesn't mean Chinese buyers aren't important. Quite the contrary: they are more important than ever. But the Chinese, as a subgroup of all foreign buyers, are far from distorting the market.
For foreign buyers to push prices up in Australia, presumably their total demand would have to go up. And –even when you include Chinese buyers– total demand from foreign investors plummeted last year.
Whatever price rises we're seeing, then, have to be due to other factors. The prime contenders seem to be wage growth, investor demand and low interest rates, but that's the subject of another story.
Andrew Taylor is the founder and CEO of sales and marketing of <a href="https://www.juwai.com/" target="_blank">Juwai.com</a>, the number-one Chinese real estate portal for property in Australia and around the world. Find out more about him at <a href="https://list.juwai.com/" target="_blank">list.juwai.com.</a>
</body></html>

ataylor-LB7AWVFTs9

The surprising truth about Chinese buyers: Five must-know facts

<html><body>
Our <a href="https://petewargent.blogspot.co.uk/2014/08/population-growth-will-be-very" target="_blank">2014 population forecasts</a> showed that we expect to see something quite different in 2014, that being total population growth in Australia easing back quite significantly this year to closer to 300,000 than the near 400,000 we have seen previously. 
Further, we expect other demographic shifts, including centralisation of our capital cities (recently affirmed by the <a href="https://new%20south%20wales%20-%2050%2c000%20victoria%20-%2037%2c500%20queensland%20-%2035%2c000%20western%20australia%20-%2020%2c000%20south%20australia%20-%207%2c500%20other%20-%2010%2c000%20total%20-%20160%2c000/" target="_blank">Reserve Bank and another Grattan Institute report</a>) as well as a growing contingent of Asian settlers.
The overseas arrivals and departures data is a significant feeder into the population growth data, and recent figures further confirmed our expectations. 
Short-term arrivals and departures
Over the past half decade we have have had more short-term departures from Australia than short-term arrivals, a trend which continues:
<img src="https://1.bp.blogspot.com/-hA2Tcs1tcm4/VAgTxF99yuI/AAAAAAAAPgk/6SEpEVKdxF0/s1600/Arrivals1a.jpg"> 
The short-term arrivals data is interesting to the extent that it potentially gives us a sneak peak of the decade ahead. 
In this context, the massive boom in visitors from China is important.
On a rolling annual basis the number of Chinese short-term arrivals simply keeps on increasing breaking a new record high of more than 780,000 in the year to July 2014.
<img src="https://4.bp.blogspot.com/-_bmDWYGM4oI/VAgTwdfZrCI/AAAAAAAAPgc/vlQwHAmyv04/s1600/Arrivals1.jpg"> 
Long term arrivals and departures 
More interestingly, what is happening to long-term arrivals? 
Well, July was a very strong month with more than 70,000 long-term arrivals, but the rolling annual trend is down in line with our forecasts (recall that we are expecting considerably weaker population growth in 2014 - we expect massive population growth into Sydney and New South Wales, but figures easing back elsewhere).
<img src="https://1.bp.blogspot.com/-3MyN5HGsm4M/VAgTyfDNotI/AAAAAAAAPgs/D1ukn05iiFU/s1600/Arrivals2.jpg">
When viewed on a net basis set off against long term departures, a similar trend on a rolling annual basis with rolling annual net long term migration also easing back despite a strong month of long-term arrivals in July.
<img src="https://2.bp.blogspot.com/-rwqQXucpdkU/VAgT4-QUwuI/AAAAAAAAPg0/xDRLs55I57M/s1600/Arrivals3.jpg"> 
Settlers
As for where the settlers are coming from? 
In July we saw something of a landmark; for the first time we have more Indian settlers than Kiwis on a rolling annual basis. 
Poms are also following the UK economic recovery and fewer are arriving in Australia now as the British employment rate booms. 
Chinese and Indian immigration into Australia, on the other hand, is looking very strong.
<img src="https://4.bp.blogspot.com/-iJMwkRbP_Zg/VAgT_HP6GkI/AAAAAAAAPhE/vZON-IygFS8/s1600/arrivals4.jpg">
Finally, a chart which helps to explain the rising prominence of so-termed "Asian buyers" of Australian property.
Simply, since 2000 there has been a tremendous boom in the number of Asian immigrants, so it can hardly be a surprise to see more folk of an Asian appearance at property viewings and auctions - most of the so-called "Asian buyers" are actually Australian buyers of Asian heritage, a point which appears to be lost on the popular media. 
 <img src="https://1.bp.blogspot.com/-EqxVMeNbY7Q/VAgT8gTqM5I/AAAAAAAAPg8/MYxHKSjr_vg/s1600/Arrivals5.jpg">
Summary
Overall the data is consistent with expectations.  
We still see population growth easing back to nearer 300,000 than 400,000 in 2014, with Sydney to be a major beneficiary of the population growth this year. 
The mining states of Queensland and Western Australia have dimming prospects for population growth in 2014 as mining capex and interstate migration drops off, while South Australia's population growth will likely just be just weak, full stop.
Victoria's population growth will be softer in 2014 than in the prior year, but still should remain very strong in absolute terms. As a quick primer, here are our 2014 best estimates:
Natural population increase 2014 (f)
<ul>
<li>New South Wales - 50,000</li>
<li>Victoria - 37,500</li>
<li>Queensland - 35,000</li>
<li>Western Australia - 20,000</li>
<li>South Australia - 7,500</li>
<li>Other - 10,000</li>
<li>Total - 160,000</li>
</ul>
Total population growth 2014 (f) 
<ul>
<li>New South Wales - 105,000</li>
<li>Victoria - 87,500</li>
<li>Queensland - 60,000</li>
<li>Western Australia - 40,000</li>
<li>South Australia - 10,000</li>
<li>Other - 7,500</li>
<li>Total - 310,000</li>
</ul>
You can visit <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) or Pete's <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blog</a>.
His latest book is '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' .
 
</body></html>

pwargent-M4siyDbqQY

The rise and rise of Asian property buyers

<html><body>
There have been two thought provoking commentaries from prestige Melbourne buyers' agents this week on the issue of prestige home sale to buyers of Chinese descent.
There was some silly coverage on the front page AFR on Monday. Quite inflammatory and mostly unhelpful as the AFR didn't address the easy way of solving the concern, that is 100 point required residential identification details within all contracts. 
<img src="/images/2014/09/04/afr-sept-4-one.png" alt="">
The more insightful perspective commentary has been <a href="/expert-insights/fear-of-chinese-buyers-is-now-a-part-of-agents-scripts">published today on Property Observer</a> from Mal James.
Under the online AFR headline, Foreigners illegally buy trophy homes in Sydney and Melbourne, or the printed version, Agents cash in on "illegal" foreign buyers, the high profile buyers’ agent David Morrell claimed foreign investment in Melbourne residential real estate was "rampant", particularly from mainland China with "real large scale flaunting of the current laws".
He said the lack of "cheques (sic) or balances was undermining and damaging the existing residential real estate market".
 Particularly in the $10 million top end and in the $1.5 million to $3.5 million inner city Melbourne marketplace, said David Morrell.
But unfortunately he was very vague in actually assisting the parliamentary committee investigating foreign ownership with any documented examples.
He suggested there had been "many" transactions in the top end marketplace, in particular where a property has been on the market for 12 months and suddenly the Chinese national has purchased the property for a 20% premium to the relevant marketplace and local buyers.
"This of course causes a domino effect in the market where other vendors believe there properties are worth more and our prices local buyers."
His submission went onto say: "Clearly while there’s a law there’s no requirement in any contract that requires proof of residency to the person signing a document, we have seen on many occasions some distant relation actually sign a document that clearly has neither the ability or knowledge of what they’re actually doing. 
"To give you some scale of the problem at a recent Toorak auction where the reserve was exceed by 30%, there were three Chinese nationals competing, neither spoke English or understood the process and literally just kept their hands in the air. 
"This outrageousness is not only contained to an isolated incident," though his submission stopped at just this one unidentified example.
Meanwhile buyers agent Mal James wrote it was not just actual bidding that was "creating the near frenzied bidding response that we are seeing out there right now".
"Even when no Chinese Nationals are bidding, it’s the fear of Chinese nationals bidding that is also pushing prices up," he blogged.
"Ask any agent on an inner east home coming to auction and they will tell you we have some 'Chinese interest' –<a href="/expert-insights/fear-of-chinese-buyers-is-now-a-part-of-agents-scripts"> it is something firmly implanted in many agents’ “buyer scripts”</a>.
"In other words, buyers not only bid as they do against Chinese national bidders but also on the fear that Chinese nationals may bid."
James went onto note that in his last 10 purchases he had been directly involved in (Kew, Camberwell, East Melbourne, Elwood, Camberwell, Glen Iris, Camberwell, Kew, Camberwell and Kew) that Chinese Nationals were the direct underbidder on five. They were used in the selling agents negotiating scripts twice. There was no Chinese bidding or no mention of Chinese bidders by agents on the other three.
James concluded by noting that Chinese nationals are also affected by the bidding or fear the bidding of other Chinese nationals.
The committee chair Kelly O'Dwyer represents Higgins, located in Melbourne's south-eastern suburbs. 
It covers an area of approximately 40 sq km from Hughesdale in the south-east, South Yarra and Toorak in the north-west, Windsor in the south-west and Ashburton and Glen Iris in the east. The main suburbs include Armadale, Ashburton, Kooyong, Malvern, Malvern East, Prahran and Toorak along with parts of Carnegie, Glen Iris, Hughesdale, Murrumbeena, South Yarra and Windsor.
Getting up the 100 point identification initiative will require O'Dwyer to convince all the states and territories to adopt a uniform contract requirement which could coincide with the roll out of e-conveyancing which should allow greater transparency. 
Her committee ought also introduce a foreign buyers'  fee to assist in the compilation of better data on the occurrence, so that the authorities can monitor purchases and exit sales to ensure greater compliance, possibly even if the purchasing is via family members and companies.
Unfortunately until then we are left with mostly anecdotal snippets that don't always greatly assist our understanding amid the confusion between rightful local buyers of Chinese descent and those directly from mainland China who don't have any ownership entitlement.
Kelly O'Dwyer will deliver her findings by October 14.
</body></html>

Foreign Buyers

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Foreign Buyers

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News