<p data-end="587" data-start="368">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.</p>

<p data-end="778" data-start="589">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.</p>

<p data-end="907" data-start="780"><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.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">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.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">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.</p>

<p data-end="1908" data-start="1678">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.</p>

<p data-end="2142" data-start="1910">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.</p>

<p data-end="2142" data-start="1910"><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" /></p>

<p data-end="2308" data-start="2144">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.</p>

<p data-end="2648" data-start="2310">"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.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">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.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"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."</p>

<p data-end="3818" data-start="3664">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.</p>

<p data-end="4076" data-start="3820">"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.</p>

<p data-end="4375" data-start="4078">"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."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"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."</p>

<p data-end="4910" data-start="4743">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.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


Joel Robinson

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

<main data-perf-region="main">
<p data-end="600" data-start="394">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.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">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.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">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.</p>

<p data-end="1357" data-start="1161">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.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">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.</p>

<p data-end="2269" data-start="2047">"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.</p>

<p data-end="2430" data-start="2271">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.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">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.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"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.</p>

<p data-end="3400" data-start="3216">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.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

<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

<p>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.</p>

<p>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.</p>

<p>Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374005]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374010]</p>

<p>Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.</p>

<p>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.</p>

<p>“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.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374002]</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=150999]</p>


Maréa Residences brings parkside apartments to Coolangatta

<p data-end="535" data-start="324">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.</p>

<p data-end="717" data-start="537">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.</p>

<p data-end="918" data-start="719">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.</p>

<p data-end="1131" data-start="920">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.</p>

<p data-end="1131" data-start="920"><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" /></p>

<p data-end="1318" data-start="1133">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.</p>

<p data-end="1433" data-start="1320">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.</p>

<p data-end="1658" data-start="1591">A significant component of The One will be its residential amenity.</p>

<p data-end="1864" data-start="1660">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.</p>

<p data-end="2011" data-start="1866">The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.</p>

<p data-end="2011" data-start="1866"><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" /></p>

<p data-end="2191" data-start="2013">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.</p>

<p data-end="2365" data-start="2193">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.</p>

<p data-end="2473" data-start="2367">“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.</p>

<p data-end="2775" data-start="2475">“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.”</p>

<p data-end="2943" data-start="2777">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.</p>

<p data-end="3145" data-start="3001">PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.</p>


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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>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.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>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>.</p>


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

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<p>EXPERT OBSERVER</p>
<p>We have pushed out our expected timing of the next cash rate cut by the RBA to February 2020, where we expect a further reduction of 25bps to a new low of 0.5%.</p>
<p>It is at this level of the cash rate where the RBA has previously stated it would outline a ‘package’ of unconventional policies if further monetary easing is required to support growth, full employment and the return of inflation to target.</p>
<p>The RBA Governor is speaking on “Unconventional Monetary Policy” on November 26<sup>th</sup>.</p>
<p>To be clear, we think that the RBA should actually provide a further interest rate cut next month with private sector growth remaining weak and little evidence to date that prior easing or the tax rebates has done enough to offset the weakness in the economy.</p>
<p>However, for now, the RBA appears to be in a holding pattern, while it assesses the impact of prior rate cuts and ‘the gentle turning point’.</p>
<p>We see an improvement in growth over time but not to a sufficiently strong rate of growth to prevent the unemployment rate beginning to rise.</p>
<p>At the same time, the Government does not seem to be inclined to provide material fiscal stimulus in the near term, which increases the need for the RBA to ease further (including a further rate cut and unconventional policy) should our forecast of a deteriorating labour market materialise.</p>
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">We now expect the RBA to cut the cash rate by 25bps to 0.5% in February 2020 – and potentially announce a package of unconventional policy should there be a need to provide further stimulus to the economy going forward.</div>
<div class="column"> </div>
<div class="column">Previously we had pencilled in a cut for December (the fourth this year) – and still consider this the best course of action – but the RBA has signalled it is in ‘wait and see’ mode.</div>
<div class="column">
<br>Growth looks to have remained weak in Q3, with our expectation for quarterly growth now 0.3% (1.5% y/y) – a small slowing from the previous two quarters. This deterioration comes despite the support provided by tax cuts which look to have provided little offset to the weakness in consumption with retail sales declining in Q3 – though it is likely too early to see the impact of recent rate cuts.</div>
<div class="column"> </div>
<div class="column">In addition, NAB’s internal modelling suggests that the services component of consumption was also weak in Q3.</div>
<div class="column"> </div>
<div class="column">In the business sector, both business confidence and conditions have remained below average in the first month of Q4 – though encouragingly have not deteriorated further.</div>
<div class="column"> </div>
<div class="column">The forward-looking indicators suggest little significant signs of a turnaround.</div>
<div class="column">
<br>Further out we have broadly maintained the shape of our growth forecasts.</div>
<div class="column"> </div>
<div class="column">We expect growth of 1.6% this year, before a small improvement to 2.1% in 2020 and 2.4% in 2021. These below average rates of growth lead to a small rise in the unemployment rate.</div>
<div class="column"> </div>
<div class="column">Inflation is expected to remain weak and only reach the bottom of the target band by the end of our forecast horizon.</div>
<div class="column"> </div>
<div class="column">The key dynamics behind our assessment of the economy continue to be headwinds from a weak consumer and a significant downturn in housing construction.</div>
<div class="column"> </div>
<div class="column">We have also lowered our business investment forecasts a touch. These weak outcomes in private domestic demand continue to be partly offset by strong public sector spending and growth in exports – preventing a more troublesome slowing of growth. Our global outlook remains broadly unchanged.</div>
<div class="column"> </div>
<div class="column">While we think that fiscal policy could be used to effectively support the economy and the recent easing in monetary policy – this increasingly appears unlikely to occur in the required time frame.</div>
<div class="column"> </div>
<div class="column">We think the government should act to bring forward infrastructure investment (where constraints allow) and that an earlier introduction of planned tax cuts could usefully bolster household income growth and spending.</div>
<div class="column"> </div>
<div class="column">In addition, investment allowances to support and bring forward investment may help, as would lifting Newstart payment rates.</div>
<div class="column"> </div>
<div class="column">The risk of fiscal policy remaining on the sidelines for too long, increases the chance that the RBA will ease further than otherwise (including both further rate cuts and the use of QE) though both of the latter see longer lags in boosting growth.</div>
<div class="column"> </div>
<div class="column">As previously outlined we see the risk of a move to unconventional policy by mid-next year without material support from fiscal policy.</div>
<div class="column"> </div>
<div class="column">We think that initially the RBA could flag a package of options at around a 0.5% cash rate and would begin to implement these as rates are cut further in this scenario.</div>
<div class="column"> </div>
<div class="column">Initially, we think it is highly likely the RBA would shift to an explicit form of forward guidance and purchase government bonds.</div>
<div class="column"> </div>
<div class="column">Other unconventional measures could include a broader range of asset purchases and increasing liquidity in the short-term money market.</div>
<div class="column"> </div>
<div class="column">Long-dated repurchase agreements to banks are another option.</div>
<div class="column"> </div>
<div class="column">The choice of instruments and size of the package is likely to reflect both economic conditions and financial market circumstances at the time of implementation.</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
<p><em><strong>ALAN OSTER</strong> is the NAB Group Chief Economist</em></p>
</div>
</div>
</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

NAB pushes next rate cut out to February 2020: NAB's Alan Oster 

<html><body>
<p>NAB's latest profit result showed a slowdown in the bank's home loan growth.</p>
<p>Its chief executive Phil Chronican called it out as a key weak spot, although <span>there is some better activity coming through from the housing market recovery, with mortgage applications jumping 18 percent in recent weeks</span>.</p>
<p>"This year has been very challenging, requiring significant actions for us to deal with past issues and make real changes aimed at earning trust with customers and the community," Mr Chronican said.</p>
<p>The results showed NAB's housing portfolio contracted in the September quarter.</p>
<p>There was also a small contraction in its net interest margin (NIM), which compares the cost of funds with what it charges for loans.</p>
<p>“Home loan growth in Australia is clearly an area of disappointment for us,” Mr Chronican said.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/NAB%20lending.jpg" alt=""></p>
<p><span>Impaired loans more than 90 days behind in repayments rose, due to rising mortgage delinquencies.</span></p>
<div class="page" title="Page 2">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>The ratio of 90+ days past due and gross impaired assets to gross loans and acceptances increased 22bps to 0.93 percent.</span></p>
</div>
</div>
</div>
</div>
<p>National Australia Bank announced a full-year net profit of $4.8 billion, down 13.6 per cent on 2018, slightly below market expectations.</p>
<p><span><span>NAB has followed its rivals in slashing its final dividend, with shareholders to receive a fully franked 83 cents, down from 99 cents last year.</span></span></p>
<p><span><span>It noted o<span>ver-the-counter branch transactions are down 30 percent.</span></span></span></p>
<p><span><span><span>Its call centre volumes are down 17 percent.</span></span></span></p>
</body></html>

NAB reports "disappointing" home loan growth 

<html><body>
<p>There seems to be no stopping the housing markets in Sydney and Melbourne, with strong growth forecasts for 2020 emerging off the back of the near two year downturn.</p>
<p>NAB have forecast house values in the two major capital city markets to rise 7.4 per cent in 2020.</p>
<p>"We have revised up our expectations for residential property prices," NAB chief economist Alan Oster advised.</p>
<p>"Prices have risen relatively sharply over the past 3 months after bottoming in April - led by gains in Sydney and Melbourne.</p>
<p>"Overall, we now expect the CoreLogic 8-Capital City house price index to be down around -0.6% in 2019, but to return to positive reads in Melbourne and Sydney.</p>
<p>"We expect prices to continue to rise at a moderate pace in 2020, lifting by 4.5% over the year.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/24/NAB%20HOUSE%20PRICE%20FORECASTS.jpg" alt=""></p>
<p>NAB said they changed their forecast given the "significant adjustment" in prices on the east coast since mid-2017 after 15 per cent and 11 per cent peak to trough declines in Melbourne and Sydney.</p>
<p>"Despite these declines being relatively large, the adjustment appears to have occurred in an orderly manner following earlier prudential tightening and waning of domestic and foreign investor demand," NAB said.</p>
<p>"These adjustments also followed a period of exceptional growth, with Sydney prices having increased by over 70% in the 5 years prior to the downturn, while Melbourne prices were up over 50%."</p>
<p>NAB believe market activity will remain weak despite the stabilisation in prices.</p>
<p>"Dwelling investment is expected to decline relatively sharply over the next few quarters - though from a high base.</p>
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<p><span>"While the pipeline of work to be done remains high, it is likely this will be quickly eroded with high rates of work done. </span></p>
<p><span>"Building approvals have continued to trend down, suggesting little replenishment to the flow of new work."</span></p>
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<p>The NAB Residential Property Index <a href="/news/nab-residential-property-index-ticks-into-positive-for-first-time-since-mid-2018">has moved back into positive territory</a> for the first time since mid-2018, reflecting the uptick in market activity in recent months.</p>
<p>NAB has <a href="/news/melbourne-apartments-to-outperform-sydney-in-2020-nab">forecast stronger growth in Melbourne apartments in 2020</a> compared to Sydney.</p>
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jrobinson-rf4aSBido9

Sydney and Melbourne house values to rise over seven percent in 2020: NAB

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<p>The NAB Residential Property Index has ticked in to positive territory for the first time since mid-2018 as the rebound in the capital city housing markets continues to gather steam.</p>
<p>The Index, a measure of housing market sentiment based on the expectations of property professionals for both capital growth and rents, rose 26 points in the September quarter to an above average +18.</p>
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<p>The average survey expectation for national house prices for the next 12 months is positive for the first time since Q1 2018.</p>
<p> <span lang="EN-GB">“The results suggest the Australian housing market is on the way to recovery.” </span>NAB chief economist Alan Oster said.</p>
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<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/24/NAB%20Residential%20Propery%20Index.jpg" alt=""></p>
<p class="Bodycopy"><span>The average survey expectation for national house prices for the next 12 months is also positive for the first time since the first quarter of 2018, with prices expected to strengthen moving into 2021.<span class="Apple-converted-space"> </span></span></p>
<p class="Bodycopy"><span>Property professionals in all states except WA expect to see positive gains in the next year, with Victoria and NSW leading the way.</span></p>
<p class="Bodycopy"><span>“This marks a sharp reversal from the previous survey where Victoria and NSW were expected to be the weakest states for price growth and the only states where prices were tipped to fall” Oster said.</span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/24/NAB%20residential%20index%20by%20state.jpg" alt=""></p>
<p class="Bodycopy">Sentiment improved sharply among property professionals in VIC, with the state index climbing steeply by 48 points to +40 to record the best result in the country by some margin.</p>
<p>Only Western Australia saw its sentiment decline.</p>
<p>Following the resurgence in house values, NAB have amended their forecasts for 2020, now predicting <a href="/news/sydney-and-melbourne-house-values-to-rise-over-seven-percent-in-2020-nab">7.4 per cent gains in both Sydney and Melbourne</a>.</p>
<p class="Bodycopy">They <a href="http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/105652-melbourne-apartments-to-outperform-sydney-in-2020-nab" target="_blank">expect Melbourne to outdo Sydney in the apartment ranks</a>, with 7.4 per cent gains in the unit market compared to Sydney's 4.3 per cent.</p>
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NAB residential property index ticks into positive for first time since mid-2018

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<p>NAB have forecast the next RBA cut will come before we tick in to 2020.</p>
<p>In their report The Forward View, NAB Economics are predicting a December rate cut, a fourth cut this calendar year, which will bring the official cash rate down to a historic low 0.5 per cent.</p>
<p>Economists Gerard Burg, John Sharma and Phin Ziebell, co-authors of the report, suggest the NAB continue to expect growth to remain below trend, with just a small improvement expected.</p>
<p>They also expect the labour market to deteriorate slightly with the unemployment rate edging higher, with inflation to also remain weak.</p>
<p>"With these predictions largely a continuation of recent trends, it is likely that we will see a further reduction in interest rates by the RBA," the report notes.</p>
<p>"While the RBA has now lowered rates three times this year, taking the cash rate to a record low of 0.75%, we think that further stimulus will be required to support the economy, given the private sector remains weak and heightened global uncertainty poses significant risk.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/9/NAB%20Key%20Economic%20Forecasts.jpg" alt=""></p>
<p> </p>
<p>"We have pencilled in a further cut in the cash rate of 25bps in December taking rates to a new low of 0.5%."</p>
<p>NAB see potential for a further cut in the first half of 2020 should downside risk materialise and more significant fiscal stimulus fail to eventuate.</p>
<p>"The key dynamics behind our assessment of the economy continue to be headwinds from a weak consumer and a significant downturn in housing construction," NAB advise.</p>
<p>"That is being partly offset by strong public sector spending and growth in exports.</p>
<p> </p>
<p>They suggest that the recent tax cuts appear to have failed to provide a significant boost to household spending given retail sales growth remains soft.</p>
<p>"We think the recent rate cuts will have an impact, but the effects will take longer and be more variable, which will make them less apparent.</p>
<p> </p>
<p>NAB have positive forecasts for the national housing market.</p>
<p>"Conditions in the established housing market continue to brighten, with house prices continuing their recovery in Sydney and Melbourne.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/9/NAB%20House%20Prices.jpg" alt=""></p>
<p>"It is likely that lower interest rates, low unemployment and still strong population growth, combined with a pull-back in construction, will support prices going forward, there are clearly a number of state specific factors at play."</p>
<p>Despite the turnaround in price conditions, the continuing building approval decline is likely to put some downward pressure on the market.</p>
<p>"The activity side of the market is likely to continue to weaken with building approvals continuing to trend down.</p>
<p>"Overall, we expect the downturn in the housing construction cycle to continue.</p>
<p>"We expect further falls in dwelling investment with approvals continuing to trend lower and the large pipeline of work outstanding to be rapidly depleted.</p>
<p>"The increase in prices to date is a positive, but will need to be sustained, with activity returning to more normal levels in the market before residential construction sees a recovery.</p>
<p>"We continue to expect a modest increase in process over the next year or so."</p>
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NAB forecasts next rate cut in December

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<p>Three of the Big Four Banks have dropped rates on their fixed home loans in the past week, with NAB the latest all set to cut its rates by up to 0.40%.</p>
<p>In total, 17 lenders – including CBA and ANZ – have cut rates on fixed home loans since the RBA's October 1 decision.</p>
<p>In the month before the October rate cut, 27 lenders cut fixed rates, in particular Westpac, which slashed rates by up to 1.30%.</p>
<p><img src="https://www.urban.com.au/images/2019/10/8/Rate%20cuts%201.JPG" alt=""></p>
<p><em>(Source: RateCity.com.au)</em></p>
<p>Paul Marshall, chief executive at RateCIty.com.au, said this flurry of rate cuts is a sign banks are foreseeing a further cash rate cut, which could come as soon as next month.</p>
<p>“Fixed rates have been tumbling since the last rate cut, which indicates lenders could be pricing in yet another RBA cut,” he said.</p>
<p>“As a result, we are seeing record low fixed rates and it’s now possible to lock in a rate under 3% for five years. This suggests many banks are forecasting a sustained period of low rates.</p>
<p>“Many punters appear to be betting on a further rate cut as soon as Melbourne Cup day where we could see the cash rate drop to 0.50%.”</p>
<p><img src="https://www.urban.com.au/images/2019/10/8/Rate%20cuts%202.jgp.JPG" alt=""></p>
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NAB announce fixed rate cuts following RBA's October decision

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<p>A former National Australia Bank financial adviser Max Eung has been sentenced to a three years <span>intensive corrections order </span>by the New South Wales District Court for taking $166,000 belonging to his clients.</p>
<p>Mr Eung was convicted on Friday of dishonestly obtaining a financial advantage by taking money from client accounts in 2016.</p>
<p>Max Kiattisak Eung, of Tempe, New South Wales, was sentenced to three years imprisonment to be served by way of an intensive corrections order.</p>
<p>In June 2018, ASIC permanently banned Mr Eung from providing financial services and engaging in credit activities.</p>
<p>Between March 2016 and December 2016, Mr Eung dishonestly obtained a financial advantage of $166,500 from accounts held with MLC Limited and Nulis Nominees (Australia) Limited. The account holders who were his clients did not authorise withdrawal of those funds from their accounts.</p>
<p>Mr Eung also created false bank accounts in the names of clients using their confidential information, made withdrawals from client funds held in false bank accounts and impersonated his clients to attempt to avoid detection.</p>
<p>At the time, Mr Eung was a NAB financial adviser.</p>
<p>Mr Eung was an authorised representative and financial adviser with NAB from 21 May 2015 to 20 December 2016 and a credit representative of a credit licensee from 14 September 2017 to 23 October 2017.</p>
<p>After impersonating his clients to attempt to obtain access to funds in the second false bank account, Eung incorporated a company for the purpose of operating a mortgage broking business.</p>
<p>ASIC found that Mr Eung had engaged in dishonest conduct, was likely to contravene a financial services law, and was not of good character. ASIC also found that Mr Eung was likely to contravene credit legislation and was not a fit and proper person to engage in credit activities.</p>
<p>The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.</p>
<p>Mr Eung pleaded guilty to the two offences.  </p>
<p>The action is part of ASIC's Wealth Management Project. which focuses on the conduct of Australia’s largest financial advice licensees – NAB, Westpac, CBA, ANZ, Macquarie and AMP.</p>
<p>As part of its Wealth Management Project, ASIC has banned 60 advisers and three directors from the financial services industry. Three bannings are the subject of appeal.</p>
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Intensive corrections order for former NAB financial adviser Max Eung

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<p>The National Australia Bank have brought forward their rate cut forecasts, now suggesting there will be a cut next month.</p>
<p>Their decision was based on the muted impact of the income tax cuts, which has "failed to offset growing weakness in the household sector."</p>
<p>"With monetary policy involving longer lags, we think the urgency to lower rates sooner has increased," NAB economists Gareth Spence and Kieran Davies said.</p>
<p>"We previously anticipated some further support from fiscal policy but now believe this is unlikely in the near term," they advised.</p>
<p>NAB have also brought forward their next rate cut to December, which would bring the official cash rate down to 0.5 per cent.</p>
<p>They had initially forecasted cuts in November and then February. They forecast the rate will drop down to 0.25 per cent by mid-2020 without meaningful fiscal stimulus.</p>
<p>"<span style="font-size: 12.16px;">While strong public-sector spending has been a significant support to growth over the past year, as have exports of commodities, this pattern of growth suggests unemployment is likely to edge higher," Spence and Davies said.</span></p>
<p><span style="font-size: 12.16px;">"</span><span style="font-size: 12.16px;">Our current forecasts look for this divergence to continue, with dwelling investment declining further and consumption growth remaining modest."</span></p>
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NAB bring forward RBA cash rate cut to October

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<p>The NAB bank branch in a prime section of the Church Street in Brighton has been sold for $6,105,000 at auction. </p>
<p>Fitzroys agents Chris James and Mark Talbot sold 35 Church Street on behalf of private owners, who had held the site for 23 years.</p>
<p>A private Melbourne-based investor purchased the property.</p>
<p>On a 288 square metre site, the property has an 8.5 metre frontage to Church Street.</p>
<p>NAB has a long-term lease over the property, and the sale price reflected a sharp 3.5% yield.</p>
<p>Over 100 enquiries were received from around Australia and offshore, according to James. </p>
<p>The property is positioned within the tightly held section of Church Street, between Carpenter and St Andrews streets, which is currently experiencing a record low 0% retail vacancy.</p>
<p>Neighbouring tenants include Australia’s leading high-end retailers in Country Road, Mecca, Scanlan Theodore and Saba while the Dendy cinema complex is opposite.</p>
<p>“The immediate catchment has been bolstered with the introduction of medium-density residential developments in what is broadly a low-rise suburb, while the suburb is home to a number of highly sought after private schools,” James said.</p>
<p>Fitzroys sold the two-level, 110 square metre building home stationery company Smiggle at 67 Church Street last year for $2.41 million, at a yield of 3.2%.</p>
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Church Street, Brighton NAB branch sold for $6.1 million 

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<p>ASIC has commenced proceedings in the Federal Court against National Australia Bank for breaches of the law arising from failures with its Introducer Program.</p>
<p>ASIC alleges that between 3 September 2013 and 29 July 2016, NAB accepted information and documents in support of consumer loan applications from third party introducers who were not licensed to engage in credit activity.</p>
<p>As a result, ASIC alleges NAB breached s31(1) of the<span class="Apple-converted-space"> </span><em>National Consumer Credit Protection Act 2009</em><span class="Apple-converted-space"> </span>(National Credit Act) which prohibits credit licensees from conducting business with parties engaging in credit activity without an Australian credit licence (ACL). ASIC also alleges that NAB breached its obligations under s47 of the National Credit Act requiring it to engage in credit activities efficiently, honestly and fairly and to comply with the Act.</p>
<p>The proceedings relate to the conduct of 16 bankers accepting loan information and documentation from 25 unlicensed introducers in relation to 297 loans.</p>
<p>One of the key objectives of the National Credit Act’s licensing regime is consumer protection. The imposition of a licensing regime was intended to address concerns that third-party referrers (including brokers and introducers) may misrepresent consumers’ financial details to ensure loans are approved, and their commissions are paid, in circumstances where the consumers’ true financial position means that the loan should not be made.</p>
<p>ASIC is asking the Court to find that NAB breached the National Credit Act and to impose a civil penalty on NAB for doing so. The maximum penalty for one breach of s31(1) of the National Credit Act, during the time of contravention, was 10,000 penalty units, or $1.7 to $1.8 million.</p>
<p>The proceeding will be listed for directions on a date to be determined by the Court.</p>
<h2>Background</h2>
<p>Since at least 2000, NAB operated the credit industry’s largest referral program, known as the ‘Introducer Program’, whereby a third-party introducer could ‘spot and refer’ a potential customer to NAB in exchange for commission if the customer entered into a loan with NAB. Between 2013 to 2016, NAB’s Introducer Program generated $24 billion dollars’ worth of loans.</p>
<p>Introducers referring customers through the Introducer Program were only to provide NAB with the potential customer’s name and contact details. In order for an introducer to provide NAB with further information or documents, the law required that the introducer be authorised under an ACL.</p>
<p>ASIC’s investigation uncovered that NAB bankers overstepped the ‘spot and refer’ requirement by accepting information and documentation from the 25 unlicensed introducers, including completed home loan applications, payslips, copies of customer identification documents and more. This behaviour can pose a serious risk to consumers, as ASIC also identified that in some instances the documents provided to NAB by the unlicensed introducers were false.</p>
<p>During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, NAB identified that misconduct in their Introducer Program went undetected until 2015 for reasons including:</p>
<ul>
<li>no head of the Introducer Program, with a General Manager only being appointed in October 2016</li>
<li>a lack of systems to monitor or review introducers, and</li>
<li>controls over the Introducer Program relied heavily on bankers.</li>
</ul>
<p>The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Interim Report Volume 2: Case Studies details a range of misconduct in relation to the NAB Introducer Program (page 1 -16). This includes:</p>
<ul>
<li>the misconduct identified in the present proceedings</li>
<li>the misconduct that was the subject of ASIC’s administrative action against former NAB Branch Manager Rabih Awad; and the misconduct that was the subject of ASIC’s administrative action against former NAB Branch Manager Rabih Awad, and</li>
<li>the misconduct identified in ASIC’s criminal prosecution and administration action against former NAB Branch Manager Mathew Alwan.  </li>
</ul>
<p>In July 2018, ASIC banned Mr Awad (who is one of the 16 bankers identified in the present proceedings) from engaging in credit activities and providing financial services for a period of seven years.</p>
<p>Mr Awad was found to have given NAB false payslips, letters of employment, and entered false referee contact details in NAB’s lending systems in multiple home loan applications. A majority of the false documentation submitted to NAB by Mr Awad was provided to him by a real estate agent who was previously registered as a NAB Introducer.</p>
<p>On 20 August 2019, Mr Alwan (who is not one of the 16 bankers identified in these proceedings) pleaded guilty to one count of ‘intention to defraud by false or misleading statement’, an offence under the NSW Crimes Act. The charge relates to Mr Alwan’s conduct in relation to 24 home loan applications which he falsely told NAB were referred by his uncle’s business ‘Suit Club’, a registered NAB Introducer. This resulted in NAB paying Suit Club $56,955 worth of commission.  In October 2018, ASIC permanently banned Mr Alwan from engaging in credit activities and providing financial services for the same misconduct.</p>
<p>On 25 March 2019, NAB announced that it will be terminating the Introducer Program on 1 October 2019.</p>
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