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

j.ballantyne1990-6AQqhLzZaK

No state or territory will be spared from Covid-19 fall-out: NAB  

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The impact on the business sector of Coronavirus containment measures has been immediately obvious, reports the NAB Monthly Business Survey. 
Business confidence saw its largest decline on record and is now at its weakest level in the history of the NAB business survey (including the quarterly).
Alan Oster, NAB Group chief economist said "worryingly but not surprisingly, business’s outlook is the weakest ever. Business confidence has fallen to its lowest ever level – and in a single month. Business has essentially told us that trading conditions, profitability and employment all went backwards in a big way in the month”.
“The decline in confidence was wide-spread across industries with most industries recording falls largerthan 60 points. The decline in conditions was also sharp, and there may be more to come” said Mr Oster.
“Forward orders and capacity utilisation also declined sharply. The decline in forward orders suggests that activity will weaken further in coming months. Capacity utilisation is at its lowest level ever, but could also decline further as containment measures remain in place” said Mr Oster.
This is somewhat unsurprising given the recent escalation of widespread containment measures, which are unlikely to be lifted in the near-term and the risk of further escalation. Business conditions also declined sharply in aggregate and across the bulk of industries.
Recreation &amp; personal services saw the largest hit, unsurprising given the effective shut down of these sectors. Forward orders collapsed to their lowest level on record, while capacity utilisation also saw a sharp decline. Overall, the decline in forward orders and business conditions imply a large fall in GDP in the next six months.
While it is unlikely that the unprecedented policy support targeted at the business sector will be unable to offset the near-term pain, it will be very important in supporting activity in the recovery phase.
<img src="https://www.urban.com.au/images/2020/4/14/6_CHART1.png" alt="" width="413" height="290">
Source: NAB Monthly Business Survey March 2020
The timing of a recovery is extremely uncertain at this point, but supporting business sector cashflow and the ability to hold onto employees will need to remain a focus.
There is significant risk that a blow to confidence of this magnitude for an extended period could lead to ongoing fallout in terms of employment growth and capital expenditure by business. This has been reflected in the response of policy makers to date.
Both business confidence and conditions recorded their largest monthly falls on record in March. Business confidence fell to -66 index points – its lowest level on record. Business conditions fell to -21 index points, slightly weaker than the GFC but well above the trough seen in the 1990s recession. The decline in conditions was driven by a fall in all three components, with profitability weakest at -27 index points.
Business cashflow also deteriorated in the month reflecting the issue faced by the business sector of slowing sales or forced closures while fixed costs continue.
“While almost everyone expects a fairly rapid bound back in activity once the spread of the coronavirus is contained and social distancing rules are relaxed, the immediate worry for the business sector is the impact on cashflows. Without cashflow support, it is likely many businesses will be severely impacted and unable to return to operations once the economy begins to recover. This has been an important focus of policy makers.” Mr Oster said.
“We expect a recession of unprecedented speed and magnitude for the Australian economy over the next three quarters. This will see a sharp increase in unemployment. Policy makers have made a huge response that we think will be unable to offset the negative prints we will see in economic data in the near term but we are optimistic these actions will support a solid recovery once the virus is contained” said Mr Oster.
“For now more businesses expect it to get worse before it gets better. It could well be that conditions fall to the lowest level since the 1990s recession in coming months – but we will be closely watching the survey for a turn in business confidence which may take some time to recover following an economic shock of this magnitude” said Mr Oster.
<img src="https://www.urban.com.au/images/2020/4/14/7_Table%201.png" alt="" width="520" height="364" style="caret-color: #000000; color: #000000; font-family: -webkit-standard;">
Source: NAB Monthly Business Survey March 2020
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A huge hit to the business sector from coronavirus, NAB anticipates

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<h4>National Australia Bank is the latest lender to announce changes to help Australians impacted by COVID-19, dropping its Low Rate Classic Card by 100 basis points to 12.99%.</h4>
It also announced other support measures including waiving late payment fees and reducing the minimum monthly payments on all cards for the next three months.
NAB joins at least six other lenders that have announced support to credit card customers including the Commonwealth Bank. Westpac and ANZ have not announced specific measures for credit card customers.
Despite some lenders announcing credit card support, credit card holders are still the hardest hit as lenders hold onto rate cuts.
Since the GFC in 2008, the cash rate has fallen by 6.5 percentage points to 0.25%, while standard credit cards have increased by 1.37 percentage points on average, and low rate cards have increased by 1.22 percentage points (according to RBA data analysed by Finder).
While the cash rate has been falling since 2011, standard credit cards have increased on average by 0.25 percentage points, and low rate cards fell by just 0.26 percentage points. This is compared to the cash rate falling by 4.50 percentage points since November 2011.
<img src="https://www.urban.com.au/images/2020/4/6/Finder%201.png" alt="">
Bessie Hassan, Money Expert at Finder said, “While it’s great to see more help by our big banks and other lenders, it’s only a short term fix for a major debt issue in Australia."
“We currently have a combined $48.7 billion in credit card debt and this number is expected to rise as millions of Australians are being financially impacted by the coronavirus."
“The Finder app shows that Australians are spending more money using their credit cards while paying less of the balance off. This is a worrying trend. Short term relief is a great start but cardholders need to remember that it’s not free money and they will need to pay it back eventually."
“With insights from the Finder app also showing Australians have spent an extra $13.5 billion in March alone from panic-buying, now more than ever we need to control our spending."
<img src="https://www.urban.com.au/images/2020/4/6/Finder%202.png" alt="">
“If you do have credit card debt that you’re struggling to pay off, interest-free balance transfers could still be a better value option than relying on your lender’s relief package. Download the Finder app and it will work out how much you can potentially save with a balance transfer," Hassan concluded.
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NAB the last of the big four to announce credit card support: Finder.com.au

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NAB are now forecasting the RBA will soon adopt unconventional monetary policy, given the rapid coronavirus-driven deterioration in both the local and global economies.
They expect the RBA to announce a second cut in as many months when they meet next month, bringing the cash rate down to 0.25 per cent.
The RBA have already suggested they are unwilling to take the cash rate down to 0.
NAB predict "yield curve control" to commence by May or June.
"Yield curve control is a form of quantitative easing where the RBA announces target levels for government bond yields and buys bonds if yields fail to settle at those targets", NAB advised, adding the plans could be announced as early as April.
"The timing is very fluid, depending on the state of the [coronavirus] outbreak, the economy and financial markets.
"Increased containment efforts in Australia and the rest of the world would likely speed the path to unconventional policy. 
NAB suggest it is important monetary and fiscal policy are now working in tandem.
"The Commonwealth government should announce spending and tax measures later this week, aiming to minimise job losses by shoring up the cash flow of affected businesses."
The fiscal stimulus could total $10bn, or around 0.5% of GDP. 
"More significant measures could be considered in the May budget and a greater reliance on fiscal policy is warranted given the nature of the shock and with conventional monetary policy near exhaustion. 
"The economy will recover as the outbreak comes under control, hopefully by the end of this year, if not sooner, but until then easier policy has a critical role in providing support until the crisis abates."
 
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jrobinson-rf4aSBido9

NAB expect the RBA to soon adopt unconventional monetary policy

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NAB has become the third of the 'big-four' banks to declare that they will pass on the interest rate cuts announced today by the RBA. 
Westpac were the <a href="/expert-insights/finance/westpac-first-of-the-big-four-to-cut-rates-in-full-after-rba-cut">first of the big four to pass after the RBA announcement</a>. 
For the fourth cut in a row, Athena Home Loans <a href="/expert-insights/finance/athena-first-to-cut-interest-rates-after-march-rba-cut">cut first, in full</a>. They've now passed on every RBA rate cut.
St George, Bank of Melbourne, and Rams have also announced their intention to pass on the cuts to customers, bringing to total number of financial institutions doing so to 12. 
Athena, Homestar, Reduce Home Loans, and Loans.com remain the only groups to have made the decision 'effective immediately,' with other lenders scheduling their cuts for between the 4th and the 24th of March.
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NAB third of the big-four banks to announce interest rate cuts

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The National Australia Bank (ABS) has released its Online Retail Sales Index December 2019.
The report shows a continued month-on-month growth in December (+0.2 per cent), and a continued year-on-year growth (+13.3 per cent y/y s.a.).
The latter continuing to outpace broader ABS retail sales series. 
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_1.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_1.jpeg" alt="" width="662" height="125" style="display: block; margin-left: auto; margin-right: auto;"> 
 
NAB chief economist, Alan Oster said the index data indicated that, while slowing slightly, growth continued in December.
"In contrast, our broader estimate of retail trade indicates significantly weaker overall sales.
"Looking through the month-to-month volatility, sales growth seems to have accelerated in year-on-year terms."
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_2.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_2.jpeg" alt="" width="719" height="243" style="display: block; margin-left: auto; margin-right: auto;">
All categories, except fashion, recorded sales growth in month-on-month growth terms. The largest sales category, homewares and appliance (1.5 per cent mon, s.a.), continued to grow at a rate lower than the overall. 
Mr Oster notes, "The smallest sales category, takeaway food, continues to lead growth, followed by second smallest category, games and toys, with rapid growth also for larger sales category, department stores."
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_3.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_3.jpeg" alt="" width="692" height="255" style="display: block; margin-left: auto; margin-right: auto;">
Grocery and liquor sales accelerated in the month (+1.2 per cent mon, s.a.), and is approximately 17.8 per cent larger compared to the same period in 2018. 
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_4.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_4.jpeg" alt="" width="698" height="303" style="display: block; margin-left: auto; margin-right: auto;">
All states and territories except Tasmania recorded sales growth in the month of December."The three most populous states represent just over 80 per cent of all online sales, slightly above their share of the population", Mr Oster continues.
"A rebound in monthly sales growth puts Queensland in the lead for the large sales states, with ACT leading the smaller sales areas. Victoria continues to lead in year-on-year terms.
<img src="https://www.urban.com.au/images/2020/2/5/11_5.jpeg" alt="" width="725" height="278" style="caret-color: #000000; color: #000000; display: block; margin-left: auto; margin-right: auto;">
 
"Representing about two-thirds of all online sales, metropolitan areas recorded growth in line with the overall result, while regional area growth was much slower. 
"In year-on-year terms, Queensland led metro growth, while Victoria leads regional areas on the same basis."
Click here to <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_6.jpeg" target="_blank">enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_6.jpeg" alt="" width="739" height="332" style="display: block; margin-left: auto; margin-right: auto;">
 
"By merchant location," Mr Oster explains, "international retailers grew at a much slower rate than the overall index, with domestic retailers slightly fast. While fashion growth broadly contracted, this key source of sales for international retailers continued to grow.
<img src="https://www.urban.com.au/images/2020/2/5/11_7.jpeg" alt="" width="746" height="275" style="display: block; margin-left: auto; margin-right: auto;">
"International retailers also outpaced domestic retailers in the personal and recreational category. Growth for the largest sales category, homewares and appliances, was dominated by domestic retails, with international slightly contracting. While a small share of spend, international retailers also seem to be in retreat in the grocery and liquor category."
 Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_8.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_8.jpeg" alt="" width="720" height="287" style="display: block; margin-left: auto; margin-right: auto;">
NAB estimates that Australians spent $30.53 billion on online retail in the 12 months to December. This is a level that is around 9.3 per cent of the total retail trade estimates (November 2019, Series 8501, Australian Bureau of Statistics), and about 9.7 per cent hight than the 12 months to December in 2018. 
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_9.jpeg" target="_blank">to enlarge</a>.
 
<img src="https://www.urban.com.au/images/2020/2/5/11_9.jpeg" alt="" width="690" height="344" style="display: block; margin-left: auto; margin-right: auto;">
Mr Oster emphasises, "our definition of a domestic online retailer can include those merchants whose parent organisation might be overseas with an Australian subsidiary. Solely using GST as a key defining characteristic of domestic and international is no longer appropriate given changes made in July 2018".
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_10.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_10.jpeg" alt="" width="375" height="334" style="display: block; margin-left: auto; margin-right: auto;">
<h2>A heat map view of average online spend by local government area </h2>
Online spending varies depending on where people live. The map shows average spend for each online transaction. Not all the top average spend areas are in capital cities, nor are they all in remote areas. 
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_12.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_12.jpeg" alt="" width="616" height="396" style="display: block; margin-left: auto; margin-right: auto;">
<h2>The impact of the combined Black Friday and Cyber Monday sales event</h2>
The growth in December was boosted by the weekend continuation of the Black Friday sales event into the Cyber Monday period.
In NAB's November report, the effect of the first day of the Black Friday to Cyber Monday sales event were studied. As the sales event crossed between the end of November and the start of December, additional data is now included. This data may help explain the December divergence in growth rates for online relative to broader cashless. 
For this analysis, NAB looked at the four key days of the sales event and compared it to the same sales event day in previous years. 
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_13.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_13.jpeg" alt="" width="720" height="240" style="display: block; margin-left: auto; margin-right: auto;">
From a shaky start earlier in the decade, this sales event day appears to be growing. Chart 17 shows sales on Black Friday through to Cyber Monday for online retail categories increased about 48 per cent on the corresponding four day sales event in 2018. As a four day block, this sales event has been gaining momentum since 2016. 
Chart 18 shows that by category, compared to the event period 2018, by far the largest growth was recorded for sales in takeaway food at 146 per cent growth. However, while the spend share for this category has grown from 2013, in NAB data, it still represents only about four per cent of sales in the four day period.  
Given their share of sales, they key category drivers of the overall growth figure were homewares and appliances, department stores and personal and recreational goods. 
Growth in the fashion category, which represents a significant share of sales is in the event period (14 per cent), was more subdued (20 per cent you, n s.a.).
It appears that these sales events are shifting the period of when sales occur, without adding to total sales. NAB data shows that the first two days of the event, Black Friday and Saturday, represented around 17 per cent of total November online sales. Sunday and Cyber Monday, which followed in December, represented over 15 per cent of December sales. In the comparable period of 2013, these values were 10 and 11 percent respectively.
Click here <a href="https://www.propertyobserver.com.au/images/2020/2/5/11_14.jpeg" target="_blank">to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/2/5/11_14.jpeg" alt="" width="755" height="261" style="display: block; margin-left: auto; margin-right: auto;">
All these factors contribute to the changing patterns of spending within months, and across months.
This is problematic for the seasonal adjustment process, contributing to swings in the monthly retail sales data.
For online retail sales, while November remains the largest sales month, chart 19 shows that the large sales for the first two days of December have slightly increased the seasonal importance for that month.  
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NAB Online Retail Sales Index continues to grow

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The National Bank of Australia (NAB), third largest bank in Australia has dropped interest rates on its savings accounts today. It has only been three months since it last cut rates for the same customers.
NAB’s iSaver account rate has been cut by 0.15 per cent to a maximum introductory rate of 1.55 per cent for four months.
While the maximum rate on NAB’s Reward Saver has dropped by 0.11 per cent to 1.50 per cent, if all conditions are met.
NAB has chosen not to reduce the base rate on either of its savings accounts.
NAB savings rate changes
<table style="width: 464px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td nowrap width="204">
NAB iSaver
</td>
<td nowrap width="87">
Old
</td>
<td nowrap width="87">
New
</td>
<td nowrap width="87">
 
</td>
</tr>
<tr>
<td nowrap width="204">
Base rate
</td>
<td nowrap width="87">
0.11%
</td>
<td nowrap width="87">
0.11%
</td>
<td nowrap width="87">
 
</td>
</tr>
<tr>
<td nowrap width="204">
Intro rate (4 mths)
</td>
<td nowrap width="87">
1.70%
</td>
<td nowrap width="87">
1.55%
</td>
<td nowrap width="87">
 
</td>
</tr>
</tbody></table>
Source: RateCity.com.au 
<table style="width: 372px; height: 47px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td nowrap width="204">
NAB Reward Saver
</td>
<td nowrap width="87">
Old
</td>
<td nowrap width="87">
New
</td>
<td nowrap width="87">
 
</td>
</tr>
<tr>
<td nowrap width="204">
Base rate
</td>
<td nowrap width="87">
0.11%
</td>
<td nowrap width="87">
0.11%
</td>
<td nowrap width="87">
 
</td>
</tr>
<tr>
<td nowrap width="204">
Max rate (if conditions are met)
</td>
<td nowrap width="87">
1.61%
</td>
<td nowrap width="87">
1.50%
</td>
<td nowrap width="87">
 
</td>
</tr>
</tbody></table>
Source: RateCity.com.au 
Chief executive of <a href="http://ratecity.com.au/" target="_blank" data-auth="NotApplicable">RateCity.com.au</a>, Paul Marshall said, “NAB will stir the market with today’s decision to cut rates when the cash rate hasn’t budged”. 
“It’s a disappointing move from NAB to drop savings rates out of cycle, especially since the bank cut rates on these accounts by a quarter of a percent in October.
“For savers, this will be a bitter pill to swallow and many will be left wondering why they’ve had to endure yet another cut when rates were already close to zero. 
“Regular savers who strive for those maximum returns by meeting all the conditions will be the ones most impacted by these cuts, losing 0.11 per cent ongoing interest. 
“But ardent savers can find competitive rates if they are willing to look beyond the big banks, with neo banks 86 400, Up and Xinja leading the way with conditional rates of 2.25 per cent.”
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NAB slashes saving rates again

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The NAB have forecast a rate cut for June 2020, following an already predicted cut in February.
The two cuts will take the official cash rate down to 0.25 per cent. It already sits at a historic low 0.75 per cent.
"At this point, we see an increased risk of a move to ‘unconventional’ policy in H2 2020 should the labour market deteriorate more significantly than we forecast, with low inflation posing little constraint to further easing," NAB group chief economist Alan Oster advised.
"Previously, we had pencilled in only a further 25bp cut to the cash rate and hoped to see a material support from fiscal policy, which now looks unlikely in the required timeframe.
"Our forecasts of below-trend growth, a deterioration in the unemployment rate and inflation firmly below the RBA’s target band are broadly unchanged, but clearly imply the need for policy makers to do more."
In November NAB <a href="/expert-insights/finance/nab-pushes-next-rate-cut-out-to-february-2020-nabs-alan-oster">pushed their next cut forecast</a> to February.
They suggest June will be the final cut before quantitative easing begins.
NAB believe employment growth will be slow and unemployment will drift further above the non-accelerating inflation rate of unemployment.
"Indeed, our forecasts for the household sector and business investment are notably weaker than the RBA’s, although we remain more optimistic on public spending," Oster added.
"Should the data turn out weaker than our forecasts, there is a real prospect the RBA moves to unconventional policy in H2 2020."
 
 
 
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NAB add second RBA rate cut in to forecast

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The National Australia Bank has been announced as the first lender on the lending panel for the government’s first-home loan deposit scheme.
They have committed to not charging eligible customers higher interest rates after the housing stimulus package begins on January 1.
NAB chief customer officer Mike Baird said the bank would update eligible customers in the lead-up to January 1.
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Mr Baird said NAB was “proud” it had been selected to partner the government and described it as a “great endorsement” of the bank’s home loan offering.
“This scheme is a fantastic way of helping even more customers, allowing them to potentially save thousands of dollars on their mortgage,” Mr Baird told The Australian.
NAB has been offering special rates for first-home buyers, with a 2.88 per cent annual rate fixed for two years, since 2017.
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The NHFIC will supervise the scheme, overseeing rules that permits only two major lenders to be appointed to the lending panel. The big bank will only be entitled to receive up to 50 per cent of the 10,000 guarantees allocated per financial year.
There will also be a range of non-major lenders appointed to the lending panel.
Loan applications for the scheme are not yet open.
Information about the Scheme is available on NHFIC’s website including an online tool to assist prospective first home buyers determine the relevant property price threshold that will apply to any potential purchases. 
Additional eligibility tools are being developed and will be launched publicly.
First-home buyers wanting to buy next year using the new home loan deposit scheme will be limited to properties sold for less than $700,000 in Sydney, $600,000 in Melbourne, $500,000 in Canberra and $475,000 in Brisbane.
There are regional limits too.
The scheme will apply to owner-occupied loans for FHBs with an annual income of up to $125,000 or couples with a combined $200,000 per year.
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NAB to offer competitive home loans for FHBs in government’s first-home loan deposit scheme

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Former Western Sydney NAB branch manager, Mathew Alwan, has been sentenced to 12 months imprisonment to be served by way of Intensive Corrections Order (ICO) for making false and misleading statements to NAB in relation to 24 home loan applications.
Mr Alwan had previously pleaded guilty to an ‘intention to defraud by false or misleading statement’ charge after he told NAB that an introducer had referred borrowers to make loan applications. In reality, the NAB introducer was Mr Alwan’s uncle, operating under the business name ‘Suit Club’. 
The fraud occurred between October 2013 and September 2015 and resulted in NAB paying Suit Club $56,995 in commissions.
ASIC has taken further action regarding NAB’s Introducer Program, launching civil proceedings in the Federal Court against NAB in August 2019.
As part of the ICO Mr Alwan will undertake 200 hours of community service and ongoing rehabilitation treatment.
ASIC has permanently banned Mr Alwan from providing financial services.
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