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

Joel Robinson

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

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

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

Maréa Residences brings parkside apartments to Coolangatta

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

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

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

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

Foreign Buyers

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Longueville has a new record price after the riverfront home of Matilda Cruises founder Tim Lloyd sold pre-auction for around $7.6 million.
The 1,182 square metre property <a href="https://www.mcgrath.com.au/buy/house-longueville-nsw-2066/226833/?searchID=42076578" target="_blank">had initial $6.5 million-plus price guidance</a>. It boasts a private beach, boatshed and slipway on the Lane Cove River.
The previous suburb high was $7.4 million for a Poole Street 3,604 square metre riverfront reserve holding in 2005.
Longueville's non-waterfront record also hit a new high recently when another Chinese buyer bought on Arabella Street for around $7.25 million.
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Chinese buyers set Longueville records on and off the riverfront

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Swann House at 22 William Street, Melbourne, has been sold by Kliger Wood Real Estate for $21.6 million.
Chinese interests secured the property after 140 plus enquiries were received from Asian, Middle Eastern and local investors.
Kliger Wood director Eugene Wood says the purchaser was a Chinese group with other recently acquired holdings in the Melbourne CBD.
The 10 level commercial office building on the corner of William Street and Flinders Lane has a gross building area of 7,000 square metre with a net building area of 5,700 square metre.
The building, which is about 90% leased at present to show a net income of $1,328,000, was marketed with potential hotel or residential conversion.
Eugene Wood gave no indication on buyer intention.
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Swann House, Melbourne sold for $21.6 million to Chinese buyers

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1B Grong Grong Court, Toorak sold earlier this month after being on the market since late April.
<a href="https://www.realestate.com.au/property-house-vic-toorak-116743255" target="_blank">Paul Ffeiffer and Anthony Grimwade at RT Edgar</a> secured a sale price of $5,188,888 for the three storey trophy home.
"Hopefully bringing luck to the Chinese National Buyer," buyers agency James Buyers Advocates said.
It was marketed as French inspired elegance.
There's a lift from the basement with parking, gymnasium and 2,000 bottle wine cellar up to the top level with the four bedroom, four ensuite home.
The 600 square metre block cost $1.6 million in 2006 when bought by the Dimas family.
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'Lucky' $5,188,888 Toorak sale to Chinese buyer

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GUEST OBSERVATION
Foreign investment is one of Australia’s biggest media issues in residential real estate at the moment. As a professional property buyer, I hear people saying:
<ul>
<li>“Every time I go to an auction, I get beaten by a foreigner.”</li>
<li>“These people can’t have that much money, there must be something illegal happening”</li>
<li>“Why are they winning every single auction?”</li>
</ul>
The ‘elephant in the room’- what we are not comfortable saying - is that when we say foreign, we are talking about the Chinese property buyer. I don’t think people would feel as aggrieved if that buyer was from Italian descent, Lebanese descent…or, even more recently, of Indian descent. It is Chinese buyers people seem to have a problem with. But is there even a problem in the first place? I would like to explore the issue by going straight to the Foreign Investment Review Board (FIRB) website and seeing how they address this from a policy position. The FIRB says:
“It is the government's policy that foreign investment in residential real estate should increase Australia's housing stock. That is, the policy seeks to channel foreign investment in the housing sector into activity that directly increases the supply of new housing (such as new developments of house and land, home units and townhouses) and brings benefits to the local building industry and its suppliers.”
That’s it. That’s our policy – bottom line. The rules are designed to allow overseas buyers to support the building of residential property in Australia. They aren’t designed to allow overseas purchasers to buy into existing and established Australian property. After all, we already know that Australia has a housing shortage of between 200,000 and 270,000 homes at any given time.
The Foreign Investment ‘No Overview At All’ (Operating in the Dark) Board
A second question is whether the FIRB is able to police its own rules.  In <a href="https://www.smh.com.au/national/bureau-of-statistics-in-dark-on-foreign-investment-in-australian-residential-property-inquiry-hears-20140625-3atlw#ixzz39Z1NYQqZ" target="_blank">a recent article </a>in the Sydney Morning Herald, journalist Gareth Hutchens writes:
“Senior Bureau of Statistics officials have admitted they read trade magazines and newspapers to keep on top of changes in the amount of foreign investment in Australia's residential property, because their collection of such data is too patchy.”
At the same hearing - Paul Mahoney, an ABS assistant statistician, said they actively researched newspapers for information on foreign purchases of residential property, even though they knew the practice was ''a bit hit and miss''. But, in his words; “it had to be done... because the ABS gathered very little data itself”. Really?
Wouldn’t that be like me trying to be a talent scout for the Australian cricket team reading the back page of the local paper to find my next big talent? Efficient? Surely not.
This admission came during this public hearing , where the hearings are being held in response to industry concerns that foreign investors, particularly Chinese, have been sidestepping our laws to buy established property over locals and inflating prices to a stage beyond affordability.
At this same enquiry, Brian Wilson (from the FIRB) said:
“Much of the public controversy about Chinese investors buying up residential real estate was “not necessarily malevolent” but not based on facts”
But how Mr Wilson say this? Clearly he doesn’t have the facts, as the FIRB’s own reporting indicates.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
Legitimately Illigitimate?
Personally, I am not against foreigners, or specifically, Chinese buyers, buying established property in Australia. Chinese buyers are buying property in Australia via their local citizens, who may just happen to be relatives, friends and even business colleagues. As a matter of fact I have purchased and assisted in the purchase of many, many legal Australian citizens - some of whom may have raised the funds for their purchase via families and friends overseas. I can’t validate where the money is coming from, but I can say that:
<ol>
<li>As much as this is explained to me, it would be considered rude in Chinese custom to expect to sign an agreement between parties (let say it is a family and friends ‘collectively’ pooling money) that would validate any formal agreement. Trust is an important virtue. </li>
<li>The internal belief within China is that the government is currently addressing corruption and modes of money mobility. Whether rumour or fact – the population that has access to disposable money for investment believe that the opportunity to move money out of China will be more difficult in the future. As such, they are taking advantage of this now – and any ‘premium’ they are seen to be paying for a property can be considered the cost of ‘doing business’. A ‘tax’ even.</li>
</ol>
Having come from an Anglo-Saxon background myself, the fact that Chinese people have an established such trust and understanding with their families back home should be considered a source of strength. Culturally, if I could be provocative, I think that is something we could all learn from. The fact that they decide to build their wealth outside their mother country should be considered a compliment to the value of property in Australia.
In a global economy, where we are prepared to compete on almost every other economic level, including labour, we should not deprive those people (who can afford) it of our land. They are one of our closest neighbours and, in my opinion, it’s inevitable anyway. The problem that I have is that to be told by our powers that be that they are looking into the problem and can’t see a problem. It seems like a great case of them putting their head in the sand. I am not so much concerned about the non-problem, but I am concerned about the lack information obtained by the FIRB. As to the question of local buyers feeling as if they have missed out. If you follow the way a property purchasing ladder works, you’d see that for all the noise created by the emergence of the Chinese buyer – the reality is that the successful Chinese buyer only wins the property by one dollar or $5000 in the case of a property auction. Only a fool would pay more. It could even be true that the next one, two or even three under bidders might have been Chinese bidders too…but, in my experience, this rarely adds more than a few thousand dollars at best and perhaps one or two percent of the property price (at worst). Remember, when someone wins an auction, they only win by a margin ‘just’ higher than the next highest bidder.
It’s called the ‘purchasing pyramid’, with a fundamental base always supporting the underlying value with fewer and fewer buyers bidding prices up, until you have a winner. Take the top dog away, you’ve still got a good price. Believing that Chinese buyers fill the whole pyramid, or at least even the top part of that pyramid, is not only foolish, it’s incorrect. The claim that it is adding 5,10 or 15% to our established property prices just isn’t true and therefore so are claims that it is changing the face (and fundamental price) of our market.
The Chinese Dragon is Here to Stay
It’s true that the Chinese purchaser is aggressive and has a mindset of ‘needing’ to buy into Australian property, but I think this is borne out of their doubts they have in the Chinese regulatory and economic system. For what it’s worth, I don’t think this problem is going backwards. Although, it doesn’t yet add a valid percentage to our property prices, I’d be naive to think that that over time it wouldn’t. As the amount of buyers forming our ‘buying pyramid’ become more significant, the growth this can afford property might be distortive to normal market rules.
I don’t think this foreign investment currently is the problem other people think it is. I am delighted foreign investors are acknowledging the value of our property.
But we should at least have an FIRB awake to the conversation about how it is happening. Firstly, what is the point of the FIRB otherwise? Secondly, what about when it does become a problem.
The method of purchase by the Chinese market is via consortiums. They are the oldest, most unsophisticated and perhaps the most basic consortium that you could ever find - the family. These family ties aren’t the type of ties that can be broken with rules from an institution like the FIRB. My advice to Australia is to get used to it. The Chinese buyer is here to stay. My belief is that they are buying established property and there isn’t a law in the land that can stop it. My opinion is that I wouldn’t want a law that could!
GAVIN MCPHERSON is the CEO of <a href="https://www.oasisproperty.com.au/oasis-buyers/oasis-property-buyers.php" target="_blank">Oasis Property</a> and author of  <a href="https://oasispropertyinvesting.com.au/the-book.aspx" target="_blank">Value Investing in Property: What would Warren Buffet do if he was investing in property in Australia? </a>
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We have a problem with Chinese property buyers (but it's not what you think it is)

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Foreign investors have a role to play in the Australian property market, buying inner city apartments that are needed to accommodate growing populations but shunned by local buyers for their poor investment performance, according to Bill Nikolouzakis, director of real estate advisory firm Nyko Property.
Nikolouzakis said that cultural factors attracted foreign investors to buy inner city apartments as that type of property was viewed as the most desirable investment in Asian cities, such as Jakarta.
“What we have noticed is that most foreign investors want to buy in the CBDs of major cities like Melbourne and Sydney and that’s not that popular with local investors,” Nikolouzakis said.
As populations expand there will be a greater need for residential accommodation in the cities.
Melbourne’s population of 4.35 million at June 2013 is forecast to swell to 7.9 million by 2053, according to Australian Bureau of Statistics projections.
The population has been expanding most rapidly in the inner city areas of Melbourne, which increased by 23%, as well as <a href="/news">Docklands</a> and <a href="/news">Southbank</a>, with 15% population increases, ABS figures show. The population of <a href="/news">Abbotsford </a>in the city’s inner north grew by 20%.
Local investors tend to steer away from inner city apartments, Nikolouzakis said.
“[Inner city apartments] have not been proven to perform. They don’t have the same growth as inner ring suburbs in Melbourne,” he said.
An oversupply of new apartments in Melbourne’s city areas is likely to put pressure on capital values in the short to medium term, Nikolouzakis adds.
“There’s not a lot of money to be made in inner city apartments in the short term. For a 50 year investment strategy that’s a good option but medium term – 10 years – I don’t think they’re going to perform,” he said.
But Nikolouzakis said it’s difficult to convince foreign buyers that properties outside of the main CBDs are good investments. Laws prohibit foreign owners from buying existing properties, which tend to be more popular with local investors.
Nyko Property focuses its research on new Melbourne investment properties, predominantly townhouses and small apartment complexes in suburban Melbourne.
Almost three quarters of its sales in the 2014 financial year were <a href="/guides/financial-services-industry-increasingly-selling-property-smsfs-playing-a-key-role-nyko-property">made are through Australian financial intermediaries such as accountants, financial advisers and mortgage brokers</a>. Its remaining sales were to foreign investors via local and international agents.
The company licensed its business name in Indonesia in March and has given a local agent the right to distribute its properties in Indonesia. It has plans to open offices in Jakarta and Surabaya.
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Foreign buyers are needed to purchase inner city apartments locals think are bad investments: Nyko Property

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A Chinese-owned, South Australian-based company has paid about $15.5 million for the Yaldara Winery, one of the most picturesque and attractive wine tourist destinations in South Australia.
Two senior winemakers will be retained to help retain the quality of vineyard’s ports and sherries during the transition.
The sale is reliant on new owners, 1847 Winery, receiving a liquor licence for the <a href="https://en.wikipedia.org/wiki/Chateau_Yaldara" target="_blank">chateau</a>.
It was founded by the Hermann Thumm in 1947 after he emigrated in 1946.
The Lyndoch location was chosen on the banks of the North Para River at an old flour mill dating back to 1867.
 The winery was named Yaldara after the local aboriginal word meaning "sparkling". After over 50 years ownership Hermann Thumm sold the winery in 1999 to the wine company McGuigan Wines, the latest vendors.
The 1847 company reportedly secured its initial SA operation from the former international businessman, John Curnow, and his wife, Sue. It was at Rowland Flat in the Barossa, with the niche brand 1847 Fine Wines, named after the original survey date of the property.
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The Curnow's pursued the Chinese investor market through the Gaetjens Langley Guangzhou office before its 2011 sale.
Arthur Wang, a resident of Sydney with property interests in both Sydney and Qingdao, struck a deal for the walk in-walk out sale of 1847 <a href="https://www.wineryforsale.com.au/cms/wp-content/uploads/2011/07/Ed-6-Newsletter-July-2011.pdf" target="_blank">which was featured on the cover of Valuer &amp; Broker in mid-2011</a>.
John Curnow family continues to consult to the business. 
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Officially 1847 is owned by Zhitai Wang and Kuifen Wang from Adelaide’s sister city Qingdao, in Shandong province in China.
The McGuigan's will concentrate on building sales in its McGuigan, Tempus Two and Nepenthe brands.
Picture courtesy of <a class="external text" href="https://www.flickr.com/people/30659367@N00" target="_blank" rel="nofollow">Graeme Churchard</a>a/ <a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by/2.0" target="_blank">CC BY 2.0</a>. 
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Chinese snap up Barossa Valley Chateau Yaldara winery

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GUEST OBSERVATION
A large portion of commentary on foreign investment in Australia is based on scant data, as recent submissions to the <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=economics/foreigninvestment/index.htm">inquiry</a> into foreign investment in residential property show.
At the moment it seems the only body collecting any data on this sensitive issue is the Foreign Investment Review Board, and that appears limited. Even the Australian Bureau of Statistics and Reserve Bank <a href="https://www.canberratimes.com.au/federal-politics/political-news/abs-has-patchy-figures-on-foreign-investment-in-homes-20140625-3atp4">admitted</a> to the O'Dwyer inquiry its staff rely on trade magazines and newspapers to identify foreign real estate purchases.
The concept of foreign investment
In economics investment means the flow of additions (positive or negative) to a stock of assets, or store of value, over time in the economy. Investment is important because it contributes to the productive capacity of the economy. Residential property investment increases the flow of services from housing.
The term foreign investment is very often loosely used. It includes additions to assets by foreigners, such as internally financed additions or improvement to the assets, or externally through the purchase of new equity. But it also may include transfer of ownership of existing assets from local to foreign, such as through purchase of existing equity. By itself this would leave the stock of assets unchanged.
Prices in transactions are subject to supply and demand. They can vary from increases or improvements to production, through to speculation as in the lead up to the global financial crisis. This is another reason why the measurement of foreign investment may not be able to easily distinguish between additions to assets and the exchange of existing assets. Moreover the foreign exchange transactions which may be used to identify foreign investment do not record the reasons for the transaction.
Many foreign investment transactions involve selling and buying by entities which are themselves a mixture of domestic and foreign ownership. The IMF has rules about the how to categorise the various levels of foreign ownership involved in the transactions. “Direct investment” is that where a resident in one economy has control or a significant degree of influence directly or indirectly in the management of an enterprise resident in another economy. A rule of thumb is more than 10% of the worth of the entity is involved in the transaction.
Data collection needs resources
As in the case of any data, the quality of foreign investment data is only as good as the amount of resources devoted to the collection, and that has been determined historically. There are primarily two sources of data for foreign investment in Australia, the FIRB and the ABS.
The state titles and transfers offices do not record the nationality of parties in property transfers. The addition to cost for improving data collection needs to be weighed up against the benefits of the additional information gained from that data. For national data, this is invariably a political question, not only in determining the total funding or addition for data collection, but also within that the allocation to each area, as indicated in the ABS submission.
The Treasury budget <a href="https://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2013/PBS%202013-14/Downloads/PDF/02_ABS.ashx">documentation</a> provides no plan to increase ABS resources, nor is the purpose of expenditure identified (except for the Census).
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Property as a special category of foreign investment
The difficulties of recording foreign investment data are widespread - Australia is one of the few countries that produce data of any sort on foreign ownership of land.
In the case of real estate, the stock of assets includes land (and improvements), buildings and other constructed physical structures. A problem for measurement of property as foreign or domestically owned arises because the land itself has to stay on Australia’s national balance sheet as an asset even though it may have a foreign owner. This involves separate valuation of the land. Otherwise the land would appear in the balance sheets as an asset of another country.
The ABS data on real estate cannot be split between foreign and local ownership, nor between commercial and residential. The ABS includes foreign investment in property in purchases of Australian equity in “other business services” which includes legal, accounting, marketing, computing and scientific services, amounting to about A$33 billion in 2013. The data is obtained by survey of the businesses involved.
FIRB data is collected for a different purpose
The ABS also makes use of data from the FIRB on investment intentions by foreign investors outside the Australian corporate structure, estimated at a value of A$24 billion for 2013. The FIRB data are based on applications it receives. It would only include the value of foreign investments where the amounts are greater than the threshold requirement for applications, currently A$248 million for business investment from most other countries. Lower or zero thresholds apply for real estate or for government investors. It is not clear how repeat and unsuccessful applications are accounted for.
Emigrating Australians increase foreign investment assets - by another A$48 billion. Overall foreign holdings of Australian real estate appear to add about 3% to total foreign investment. The RBA estimates that foreign investment is at most 5-10% of dwelling turnover value and half that in volume because the investment is in higher value houses. This leaves the likely proportion of total housing stock which is foreign owned unknown but likely to be very small.
What is needed?
The ABS recommends that if comprehensive data on foreign investment in real estate is a priority, the FIRB and the state offices for transfers and titles could be required to collect the data. The data required, according to the ABS, would include:
<ul>
<li>the market value of property transacted</li>
<li>settlement date</li>
<li>residency of investor</li>
<li>Australian residency status of purchaser</li>
<li>seller residency, and</li>
<li>whether purchaser is a corporation or individual.</li>
</ul>
Whether the foreign investor is a government could be added to the list. While the ABS proposal would need to be costed and the political will to be implemented, it appears to be a sensible suggestion to improve the data in this area.
Margaret McKenzie is lecturer, School of Accounting, Economics and Finance at <a href="https://www.deakin.edu.au/" target="_blank">Deakin University</a><a href="https://theconversation.com/institutions/deakin-university"></a>.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Little hard data in the hard area of foreign investment

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The Ausin Group, which specialises in offering residential and commercial property to the mainland Chinese market, has sold over 1,200 new properties across New South Wales, Victoria, Queensland and New Zealand in the past year.
The annual sales totalled over $800 million with Ausin Group selling over 450 Melbourne properties to Chinese buyers valued at over $260 million within the last three months.
It is now expanding four of its major offices in Sydney, Melbourne, Shanghai and Beijing to meet strong demand from Chinese investors seeking Australian and New Zealand properties.
Ausin Group’s buyers are mostly from Southern China, Beijing and Shanghai.
The company now employs over 300 people across 13 offices in Australia and China, with offices at Shanghai, Beijing, Kunming, Hangzhou, Guangzhou, Nanjing, Ningbo, Chengdu, Shenzhen, Wuxi, Suzhou in China.
Joseph Zaja, general manager of Ausin Group said the demand had been driven by several factors including the Chinese property market being currently soft and "will continue to be so for a number of years".
"Australia is considered a safe property investment haven with solid returns and is a preferred immigration destination. 
"The Australian standard of education, safety and low pollution levels are all appealing to Chinese immigrants seeking a new place to call home.”
Ausin Group expects to double the number of properties the company sells to Chinese investors over the next year.
Ausin Group was established in 2009.
It sells properties for private and ASX listed companies in Australia and New Zealand.
Property sales included a mix of inner city apartments and house and land packages. 
Mr Zaja said sales included inner city apartments within a two kilometre radius from the CBD to residential communities situated between 20 to 40 kilometres from the CBD. 
"<a href="/news">South Yarra</a>, <a href="/news">St Kilda</a> and <a href="/news">Toorak</a> are some of the areas attracting Chinese buyers.”
He said Chinese purchasers in Melbourne were seeking properties which have good infrastructure links, are close to major universities and are easily accessible to the CBD.
Joseph Zaja is a panellist at the upcoming Property Observer webinar on Off the Plan Marketing and Sales Masterclass.
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Ausin expects doubling in mainland Chinese property purchases in Australia

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GUEST OBSERVATION
Lost in the overblown debate about whether Chinese real estate buyers are good or bad for Australia is something more interesting. It's the true story of where Chinese buyers got all their money.
If you are over the age of 30, you grew up thinking of China as destitute. Encouraging me to eat my veggies at dinner time, my mother used to say to me, "Children in China are starving". 
So how is it that China today has so much money that it can afford to invest in Australian real estate?
To answer that, we have to travel back to 1978. China's leader Deng Xiaoping kicked off economic reforms on a bigger scale than anything ever seen in any other country - at least until the Soviet Block collapsed.
Deng had very different priorities than the hard core communists who had gone before. He was a pragmatist who saw economic growth as a way to improve the lives of the Chinese people. 
One of Deng's most famous lines is: "To be rich is glorious". That hardly sounds like Karl Marx. 
The incredible wealth China has today began with the reforms that Deng kicked off. He made economic growth a national crusade and urged his countrymen to become 'socialist entrepreneurs'. 
Many of the wealthy Chinese who invest in premium Australian homes got their start as entrepreneurs in this period. Remember, no matter how much money they have today, just about everyone in China over the age of 35 started off poor.
Here's a typical story. Liu Yongxing is a billionaire today, but was so poor as a young man that his parents had to send one of his brothers to live with another family. They couldn't afford to feed their own son. 
As the economy opened up, Liu scraped enough money together to begin keeping quail and selling the eggs. Then he moved into animal feed. 
Today, Liu is a billionaire who owns 63 companies in the fields of aluminium, power production, agriculture, food, chemicals, natural resources, commercial banking, insurance, and real estate.
Zhang Xin is another beneficiary of Deng's reforms. Now a billioinaire, she turned 18 in 1978, the year the Chinese leader began opening the economy. 
As a teenager, she lived with her mother in a room the size of a closet. To save for an education abroad, Zhang worked for five years in small garment and electronics factories in Hong Kong. 
Once she had saved enough, she moved to London to study English at secretarial school. An amazing career followed, and today she has more money than all but a handful of people in the world.
Successes like Zhang's and Liu's have consistently made China one of the fastest growing economies in the wold. This growth lifted hundreds of millions from extreme poverty. It also inducted tens of millions of them into the ranks of billionaires, millionaires, and the merely well off.
When you understand how much they have accomplished in such a short time, it's hard not to be impressed by the successful Chinese of today. One of the benefits of having these dynamic entrepreneurs invest and do business in Australia is that they often do more than just buy real estate. They also invest their skills and capital into the Australian economy.
Hopefully, this little history lesson has given you a better understanding of how a country that was so recently poor has so quickly gotten rich. 
With future growth rates predicted to hover around 7% or 8% per year, China's massive economy will only become bigger. And, the benefits of their investment in Australian real estate will also continue to grow. 
ANDREW TAYLOR is the Queensland-born co-CEO of <a href="https://juwai.com/" rel="nofollow">Juwai.com</a>, the number-one Chinese real estate portal for property in Australia and around the world.
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Why do Chinese buyers have so much money? 

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Approvals for the re-booted significant investor visas have sped up significantly from about 25 a month to 69 a month recently.
In ­Victoria, 684 have been granted, representing a potential investment of up to $3.42 billion. 
More than 100 have been granted in New South Wales in the last year, bringing the state at least $530 million, according to the recent data published in the Australian Financial Review. 
The significant investor program, launched in 2012, gives residence to applicants investing at least $5 million over four years in certain assets, including bonds, a regulated ­managed fund or Australian companies.
In NSW, $300 million has been invested in Waratah bonds, ­providing funding for crucial infrastructure projects.
The Australian government announced it is looking to speed up the four- to six-month process to further applications. 
The invested funds need to remain in Australia for four years.
The applicant is required to spend 160 days in Australia over four years before gaining permanent residency. 
Direct investments in property and exchange-listed companies are not be included in the $5 million but can be expected in addition to this threshold.
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