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]

<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

International

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Joseph Safra, Brazil’s second-wealthiest man, is buying London’s Gherkin skyscraper.
The conical office tower has been bought by Safra Group, a company he ­controls, for about £726 million (A$1.33 billion).
The Gherkin tower, at 30 St Mary Axe, has become one of ­London’s best-known landmarks since it opened a decade ago. 
The building was one of the first skyscrapers in the city to earn a nickname. Its tenants include reinsurer Swiss Re.
Safra has an estimated net worth of $US12.2 billion (A$14 billion), coming from a family with roots in mid-19th-century Aleppo, Syria.
A fund managed by IVG Im­mobilien, once Germany’s biggest real estate company, and London-based Evans Randall bought the Gherkin from Swiss Re for £600 million (A$1.08 billion) in 2007. Deloitte took control of the building in April after the Swiss franc’s appreciation caused some of the debt payments to balloon.
The price is equivalent to a yield of about 3.8%, said the source, who asked not to be identified because the information is private.
Photo: Creative Commons
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jchancellor-FAypfDUnLy

London's Gherkin office skyscraper sold to Brazilian billionaire

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Looking at the pricey purchases made by the elite in Australia is one thing, but what about the property buying behaviour of those elsewhere?
From Buckingham Place in the UK and Antilla in Mumbia, both sitting at $1 billion plus, and spanning Oprah Winfrey’s home, the list is certainly packed with royals and famous business people who have lavished big money on their homes.
Here is <a href="https://comparecamp.com/comparison-of-the-most-expensive-houses/" target="_blank">Compare Camp</a>’s infographic of the top 10 most expensive properties in the world.
<img src="/images/2014/11/10/expensive-houses-infographic%20no%2010.jpg" alt="">
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jduke-EHk3XBmHkn

Infographic: The 10 most expensive houses in the world

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GUEST OBSERVATION
National real estate markets around the world, like Australia's, are being internationalized.
That's one of the things <a href="https://www.choosebrisbane.com.au/G20-Brisbane/Global-Cafe/Brisbane-Global-Cafe-Speakers" target="_blank">I'll be talking about from the stage</a> of the G20 curtain-raising event, the Global Cafe, this 12 November.
The G20 meeting is a coffee klatch for the leaders of the world’s biggest economies — and this year it’s in Brisbane. This particular meeting is an important one for real estate. The G20 hopes to find a way to raise economic output by 2% and add $2 trillion to the world economy. 
That kind of growth could lead directly to more than a billion dollars of new real estate transactions in Australia alone, with both international and domestic buyers included. Each billion in sales generates some $25 million in agent commissions.
This positive impact is one way of measuring how the real estate market is going global. In total, the world’s property investment market will reach US$1.33 trillion by the end of 2014.
Highrise Harry, also known as Harry Triguboff, managing director of developer Meriton, believes that international buyers are "an important factor in maintaining business confidence and giving developers the impetus and security to embark on new projects". That is what he told the Parliamentary Inquiry into foreign investment in residential real estate.
He also wrote that foreign investment is responsible for "directly increasing the supply of new housing".
Personally, I’m most familiar with the increase in Chinese investment. I don’t think Gough Whitlam or former Chinese Premier Zhou Enlai would have in their wildest dreams imagined the flood of money and people now rushing back and forth between China and Australia, when they shook hands in Beijing back in 1971. 
China has since transformed itself from an undeveloped country into the world’s soon to be largest economy. It is the nation that adds the most to global growth, the second largest buyer of diamonds, top drinker of red wine, largest growth market for iPhones and Australian milk and nearly the largest consumer of oil.
China is growing so rapidly that, just over the past three years, it used 39% more cement than the USA used during the whole 20th century.
With their <a href="%20http:/data.worldbank.org/indicator/NY.GNS.ICTR.ZS?order=wbapi_data_value_2013+wbapi_data_value+wbapi_data_value-last&amp;sort=desc" target="_blank">incredibly high savings rate</a> (greater than 50%), Chinese have money to invest in Australia. High net worth Chinese allocate 16% of their assets to overseas real estate. 
Last year, Chinese investors were approved for $5.9 billion of investments in Australian real estate.
For vendors, internationalization is another way of saying “more potential buyers". It’s not just the Chinese. It’s also Kiwis, Indians, the British and more.
That’s why I believe the next home you sell could go global.
Andrew Taylor is the co-CEO and co-Founder of <a href="https://www.juwai.com/" target="_blank">Juwai.com</a>, recent winner of the "most influential international property site in China 2014" award from the country’s peak e-commerce body. 
Juwai has created a global platform for real estate information servicing the world’s Chinese communities. Started in 2011, Juwai is a services-based business on a strong IT platform that works with millions of Chinese property buyers around the world engaged in global property investment.
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ataylor-LB7AWVFTs9

The real estate market is going global

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Tasmania has been ranked third on a global listing of leisure islands, or 'getaway' location where ultra-high net worth individuals (UHNWIs) purchase second, third or fourth homes.
The new Candy GPS Report with research by Savills explains that most leisure island real estate is at the heart of the additional home market for UHNWIs and that these purchases are “nearly always discretionary” and a result of economic conditions providing excess cash.
This does leave those markets more exposed to economic downturns, the report notes.
The research came from Savills World Research and Wealth X, based on the volume of UHNWI additional home ownership. 
Ranking first and second are the USA’s Hawaiian Islands and Martha’s Vineyard respectively. Australia took out two spots in the top 10, with Tasmania ranking third and the Whitsunday Islands are sixth. Also featuring in the top five were Spain’s Balearics and Greece’s Ionian Islands. The rest of the top 10 was made up by Italy’s Sardinia, Scotland’s Islay, Malaysia’s Pangkor and Thailand’s Koh Samui.
“Leisure islands can be "visible" or "invisible", depending on the nature of amenities and pursuits involved,” the report explains. The USA’s top two rankings are “visible” leisure islands.
The top 10:
<ol>
<li>Hawaiian Islands - USA</li>
<li>Martha’s Vineyard - USA</li>
<li>Tasmania - Australia</li>
<li>Balearic Islands - Spain</li>
<li>Ionian Islands - Greece</li>
<li>Whitsunday Islands - Australia</li>
<li>Sardinia - Italy</li>
<li>Islay - Scotland</li>
<li>Pangkor - Malaysia</li>
<li>Koh Samui - Thailand</li>
</ol>
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Tasmania ranks third in global listings of island playgrounds for the ultra-rich

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Australian fast food franchise Pie Face has quietly closed six of its seven stores in New York City.
After <a href="https://www.smartcompany.com.au/growth/economy/26195-pie-face-linked-to-casino-billionaire-as-us-expansion-continues" target="_blank">its seemingly successful expansion into the US in 2012</a>, local NYC news website <a href="https://www.dnainfo.com/new-york/20141016/union-square/pie-face-suddenly-closes-nearly-all-its-nyc-locations" target="_blank">DNAinfo New York is reporting</a> Pie Face has suddenly shut its Union Square, Chelsea, Murray Hill and Midtown stores leaving only a paper sign saying catering is still available at its Hell's Kitchen outlet.
New York customers have contacted the Pie Face New York arm on Twitter saying they are disappointed with the closure, but Pie face has not responded.
“I hate when businesses shut down overnight without notice. It's like a screw you to the customers. @PieFaceUSA - I'm looking at you,” said one Tweeter.
In 2012, the pie chain received a massive boost in popularity when it was featured on the American TV show Late Show with David Letterman after its first New York store opened up around the corner from Letterman’s studio.
American-born Pie Face chief Wayne Homschek, who worked as a Wall St banker before starting the chain in Australia in 2003, <a href="https://www.smartcompany.com.au/growth/economy/26533-pie-face-chief-tells---why-a-casino-billionaire-invested--15-million-in-my-company" target="_blank">accepted a $15 million investment</a> from casino mogul Steven Wynn in 2012.
In more recent years, the franchise attempted to expand into India and New Zealand without much obvious traction, and has announced it will look to move into South Korea and the Philippines.
Pie Face has also moved into the South Australian market, stocking its pies in On the Run convenience stores – the SA version of 7-Eleven.
Jason Gehrke from the Franchise Advisory Council said the closures would be a setback to Pie Face’s international presence.
“The closure in NYC is a huge blow to the company and the prestige of the brand in the US, and is also a huge blow to the local partners who invested in the chain,” says Gehrke.
“Not only will there be a difficulty to get back into the market, they will have to completely rethink their US strategy and may need time to regroup before consider going back.”
SmartCompany contacted Pie Face, but did not receive a response prior to publication.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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krobb-aCrRNnPq6D

Pie Face quietly closes up New York shops

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In at least one area, Australians are doing things bigger and better than Americans.
 <a href="https://www.propertyobserver.com.au/https://twitter.com/politico/status/524631756310577153" target="_blank"><img src="/images/2014/10/22/Picture%2046.png" alt=""></a>
While Australians aren't the only ones seeing an uptick in inner city shoebox living, we aren't quite squeezing residents into single dwellings this small.
According to <a href="https://www.propertyobserver.com.au/https://twitter.com/politico/status/524631756310577153" target="_blank">Politico</a>, Seattle is seeing a boom in micro-apartments. The one pictured in its tweeted infographic is 192 square feet  – around 17.83 square metres.
The linked article, '<a href="https://www.politico.com/magazine/story/2014/10/seattle-micro-housing-boom-111874" target="_blank">Scrunched in Seattle</a>', notes the city allows residences as small as 90 square feet – 8.36 square metres.
A far cry from the proposed 37 square metre minimum <a href="/expert-insights/buying/no-more-shoebox-apartments-37-square-metre-minimum-size-under-victorian-government-consideration">under consideration</a> by the Victorian government.
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jrichardson-uRX5hFdKfN

Tweet of the day: Politico on the Seattle microhousing market

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A new development in New Zealand’s Queenstown is being marketed as an “Overseas Investment Exception”, allowing Australian investors to skip the usual lengthy approval process through the New Zealand Government’s Overseas Investment Office.
The <a href="https://www.wyunapreserve.com/" target="_blank">Wyuna Preserve development</a>, on 160 hectares, features 34 building sites ranging in price from NZ$1 million to NZ$2.95 million.
Ray White Queenstown’s Bas Smith, who is marketing the project, said that so far 100% of the buyers have been offshore-based who value privacy.
Developer Tom Tusher bought previously purchased nearby land where he built Blanket Bay Luxury Lodge.
"Wyuna Preserve appeals to travellers of the world who recognise quality, value their privacy but also have a sense of community,” said Tusher.
“Wyuna offers a combination of qualities found nowhere else in the world and with Australia being so close we expect to see a lot more interest from that market," he said.
There are 21 blocks for sale, with six already built and three more under planning.
“The last two owners to build have been Australian and this is the obvious market for the remaining sites,” said Smith.
{mijopolls 53}   
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Should Aussie investors consider New Zealand? Poll of the day

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Guest observation
China's economic slowdown is for real.
However, we may find this slowdown could be the one we have to have to provide the foundation for long-term progress.
China's problems are known: the consumer, internet and casinos are crowded trades with clear risks.
Here are four trends which reveal the pressure on China's attempts at rebalancing growth.
 
<ol>
<li>
Crackdown on corruption hits casinos and residential property The corruption crackdown is affecting some major casinos' ability to turn a profit. Take Macau: VIP and junket-rolling chip value declined 3% year-on-year (year-on-year) and 14% quarter-on-quarter (quarter-to-quarter). The supposed saviour, mass market gambling, saw revenue growth slowing to 16% year-on-year in the first half of 2014 and further to 13% year-on-year in July 2014, as compared to 32% last year. Table yields (the amount of money a casino makes per table per day) had risen from US$4,600 in the first quarter of 2010 to US$12,900 in the first quarter of 2014, but have since fallen marginally in the second quarter. We recently met SOHO China, a developer and landlord of office properties in Shanghai and Beijing. It confirmed recent reports that the residential property market has cooled, particularly the luxury end. Apart from slowing demand, luxury apartments are sometimes offered at 20-30% discounts to some insiders. An initiative to make ownership records transparent as China prepares to levy property tax also has the unintended effect of revealing people who own multiple properties disproportionate to their income. 
</li>
<li>
Online retail a double-edged sword; prices are down but reach grows The top 10 offline retailers had 9% share of total retail in year 2007, rising to 11.2% in 2012. Compare this to online retail as a percentage of total retail, which went from 0.2% in 2007 to 6.3% in 2012. Online retail is a double-edged sword for consumption. For 'old economy' asset-intensive businesses the online channel is a serious threat that puts downward pressure on pricing. At the same time, it dramatically increases the reach and access for suppliers and brands to cities and towns that earlier could never justify a mall or physical presence. This will lead to an enlarged pie of total retail sales. Over time, if income levels in less developed parts of China do increase, retail sales can see a boost due to the reach of online retail formats. 
</li>
<li>
Major developer abandons retail malls Retail sales at department stores are falling. China Vanke, one of the largest property developers, has taken a strategic decision not to build any more retail malls. This trend is compounded by the rise of e-commerce, but also reflects lower demand for high end products. Virtually every department store in China is witnessing negative same-store sales. Luxury brands are resigned to use flagship stores as mere adjuncts to brand building, as opposed to outlets where they can sell their goods. According to a report from Bain Consulting, Chinese consumers accounted for 29% of global luxury goods spend in 2013. Recent trends in value-added tax refunds in Europe for Chinese customers show a marked slowdown to just 9-10% year-on-year growth. Just like the slowdown in China GDP growth affected commodity producers across the world, so too this crackdown has ramifications across the world. 
</li>
<li>
Hypermarkets disappoint as employee benefits cease Hypermarkets and supermarkets in China have fared worse at a time you would normally expect them to do relatively better. Sun Art Retail, one of the largest hypermarkets, recorded flat same-store sales this half. Combing through the accounts of department stores and hypermarkets, one analyst pointed out the big drop in Business to Government (B2G) pre-paid cards. State-owned enterprises in China had a practice of buying pre-paid cards at these stores and gifting them to employees or customers. That practice is now frowned upon in China. This last point is worth pondering upon. Even supermarkets and hypermarkets were deriving sales from customers who did not earn that spending money but were gifted that money. What does all that tell you about the rebalancing? I have marginal exposure in consumer, casinos and the internet. The rest of 'poor quality' cyclical China is cheap and that is where I have invested my attention.</li>
</ol>
 Samir Mehta manages the <a href="https://www.btim.com.au/" target="_blank">BT Wholesale Asian Share Fund</a> of JO Hambro Capital Managed Funds.
 
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China's downturn will do it - and the world - some good

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GUEST OBSERVATION
A “yes” vote to Scottish independence today would mean a great many things for Scotland, and also for England. But what would it mean for Australian business and financial markets?
It’s tempting to say “very little” — what do internal politics half a globe away have to do with us? Yet the Australian dollar strengthened markedly against the pound last week, almost surely due to a poll suggesting that the “yes” vote was ahead 47-45%.
To begin to understand what Scottish independence might do to Australian firms and markets it’s important to understand what it would do to Scotland and England. The key economic question here is what currency the Scots would use.
The pro-independence “team” has been pretty clear about this. They’ll keep using the pound. And it’s true that England can’t stop them — just as Australia can’t stop New Zealand from using the Aussie dollar.
At first this sounds sensible — the pound is a big, liquid currency. The Haggis — or whatever a Scottish currency would be called — would not be. Case closed, right?
Actually, no. Having a common currency without economic and political integration is a very, very dangerous thing. Monetary policy would be set by the Bank of England, presumably without reference to Scottish economic conditions. So if there was a recession in Scotland one would want lower interest rates, but unless England was also in recession of a similar magnitude the Bank of England would be unlikely to cut rates.
Worse, losing control of the ability to print money means that if Scottish debt got out of control it could not be inflated away. Ask Spain how that works out.
The risk for banks
Worse still, Scottish banks would no longer be implicitly guaranteed by England. This is a huge deal.
The events of 2008 taught us how quickly modern-day bank runs can happen, how devastating the effects can be, and how only overwhelming credibility can prevent disaster. Scotland wouldn’t have that — and England would have no incentive to help out. Even if England wanted to, markets would have to believe it, and that’s far from a sure thing.
So it’s clear Scotland would be in a dangerous economic position — not obviously in trouble right away, but without any macroeconomic fire extinguishers if trouble arises.
This is a potential worry for major Australian exporters to Scotland — but there just aren’t very many of those. Australian companies with operations in Scotland could be affected.
A notable example is National Australia Bank, whose subsidiary Clydesdale Bank is located in Scotland and could face higher borrowing costs under independence. NAB has said it would seek to <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-09-12/nab-clydesdale-bank-plans-to-leave-independent-scotland/5738822" target="_blank">shift</a> Clydesdale bank’s corporate registration to England in the event of a “yes” vote. But even in that case it’s a small part of the NAB.
The bigger concern would be if independence affects England in a significant way, since this is a bigger trading partner for Australia. As we saw last week, markets have rightly been concerned about the impact on England. At the very least there would be an 18-month plus process of “demerging” two countries, a process that would be complicated and distracting.
Keep calm
Yet, whatever the impact on England, it’s hard to see how it would materially impact Australian business. The pound might weaken relative to the Australian dollar, potentially hurting Australian exporters. Having said that, we would all do well to heed former treasury secretary Ken Henry’s advice on Tuesday to be less focused on the real exchange rate in this country. The impact of a modest devaluation of the pound just won’t make much difference.
Could independence lead to a major blow-up of the English economy? As we learnt in 2008, a major problem in any significant economy can quickly reverberate around the world. We are all interconnected now. A big problem in England could be a big problem for world financial markets, Australia’s among them.
This is possible, but it seems highly unlikely. England is a very large economy with its own currency and a broad web of international economic connections. Scotland is close, historic, and important – but independence is not likely to lead to an economic meltdown in England.
Perhaps it could change politics in England in a big way and this could have an effect. Perhaps a more conservative Tory leader would emerge. And perhaps that would lead to different economic policies. But that’s a lot of perhapses.
Demerging two countries would be wrenching. It would affect those countries — especially Scotland — in lots of ways, including economically.
Whatever the pros of a “yes” vote for Scotland, it would bring with it huge economic risks. And some for England, too. For Australia and Australian businesses, the risk is small.
<img src="https://counter.theconversation.edu.au/content/31724/count.gif" alt="The Conversation" width="1" height="1">Richard Holden is professor of economics at <a href="https://www.asb.unsw.edu.au/Pages/default.aspx" target="_blank">UNSW Australia Business School</a>.
<h5> </h5>
Richard Holden is an Australian Research Council Future Fellow.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
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po-LsXgBTHBmX

Independence day? What a Scottish ‘yes’ vote would mean for Australian markets

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Serviced office space provider Servcorp has signed onto a floor of the landmark One World Trade Centre, which is currently under construction in Manhattan.
Servcorp took a 15-year lease on the 85th floor, its fourth Manhattan site. 
Servcorp's three Manhattan locations are in 17 State Street, 1330 Sixth Avenue, and 375 Park Avenue.
The Australian company, which operates serviced and virtual office space across 136 floors in 52 cities in 21 countries, last week reported a rise in net profit for the year.
The group expects to increase net profit by 15% in 2015.
Globally the floors are 79% occupied, just below the 85% figure they view as optimal. 
"We’re 90% occupied in the US,” Servcorp chief operating officer ­Marcus Moufarrige told Fairfax Media.
The 3,230 square metre floor in One World Trade Centre would be the only serviced offices available within the building to be anchored by publisher Condé Nast.
It is reportedly expected to spend $1.8 million fitting out the 85th floor.
The new tenant brings One World Trade Center to almost 57.5% leased, ahead of its expected opening in late 2015.
The building, set to be the tallest in the Western hemisphere, is being developed as a joint venture between The Port Authority of New York and New Jersey and the Durst Organisation.
They were recently forced to cut rents in the middle floors to $69 per square foot.
The upper floors have $75 to $100 per square foot asking prices.
The <a href="https://online.wsj.com/news/articles/SB10001424052702303903304579586270070420060" target="_blank" style="line-height: 1.3em;">Wall Street Journal reported</a> when the middle-floor rents were cut in May that the $3.9 billion project "has little hope of proving to be a good financial investment in the short-term".
 
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