<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

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<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>
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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

Residential Development

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<p><span>A significant boost in unit construction since mid 2005 has seen six major complex built along the Victoria Parade river front in Rockhampton, however over time the average size of units has decreased due to a focus on the bottom line, according to Herron Todd White.</span></p>
<p><span>Herron Todd White's September Month in Review noted s</span><span style="line-height: 1.3em;">maller units equals more units and these have proven to be </span><span style="line-height: 1.3em;">very attractive to the market.</span></p>
<p><span style="line-height: 1.3em;">"Despite the significant boost in unit numbers over the past ten years the attached residential space still reflects only a very small percentage of the entire Rockhampton and surrounding residential markets," the review noted.</span></p>
<p><span style="line-height: 1.3em;">"This has been a key factor in the successful marketing and solid sales rates which have enabled these developments to get out of the ground.</span></p>
<p><span style="line-height: 1.3em;">"In 2005 we saw large spacious 3-bedroom units (160 square metres plus) selling from $330,0000 off the plan compared to Empire where much smaller 1-bedroom units of 50 plus square metres have sold for $330,000 off the plan.</span></p>
<p><span style="line-height: 1.3em;">"Looking forward the notable downturn in the resource industries across Central Queensland and general lack of confidence across the market may result in an extended period where the Rockhampton skyline remains unchanged for some time into the future."</span></p>
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mick.cee-iDmgDDAmu8

Rockhampton's attractive unit market falling in floor space: Herron Todd White

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<p><span>The global real estate services company JLL has bought the valuation business, Propell National Valuers.</span></p>
<p><span>The deal sees Propell's 200 staff from every state and territory added to JLL's 2300-strong workforce.</span></p>
<p><span>JLL Australia chief executive Stephen Conry said the acquisition had been made carefully within the heated residential market. </span></p>
<p><span>Propell completes about 100,000 residential valuations per year.</span></p>
<p><span>It has been reported JLL's reputed $25 million acquisition will give it clout in the residential segment, taking on valuation companies such as Herron Todd White, which does more than 300,000 valuations per year, CBRE and Opteon Property Group. </span></p>
<p><span>JLL has doubled revenue from its valuations business in the last five years.</span></p>
<p><span>Propell chief executive Bart Mead will continue his senior leadership role at JLL Australia.</span></p>
<p><span>Propell’s Head office is in Brisbane.</span></p>
<p><span>The business in Australia will continue to operate as Propell – a JLL company during an initial transition and integration phase.</span></p>
<p><em>Picture above is of Propell CEO, Bart Mead, (left), with JLL Australia CEO, Stephen Conry.</em></p>
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jchancellor-FAypfDUnLy

JLL buys Propell National Valuers

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<p><span>Developer Golden Age Group </span><span>has purchased two neighbouring sites in Sydney’s </span><span>Double Bay for $18 million.</span></p>
<p><span>The properties, 315-</span><span>317 and 321 New South Head Road has a</span><span style="line-height: 1.3em;"> total of 2004.5sqm, with development plans for boutique residences.</span></p>
<p><span style="line-height: 1.3em;">Golden Age Group managing director Jeff Xu said the group will continue to develop premium properties in Melbourne.</span></p>
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Golden Age Group grabs neighbouring Double Bay sites

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<div>The ABS released its Construction Work Done figures for the June quarter, which showed total construction for the quarter rebounding by +1.6% to a seasonally adjusted $49.8 billion.</div>
<div> </div>
<div>Over the last year total construction remained at historically very high levels at $198 billion, although this is now down from a sky-high annual figure of $211 billion one year ago.</div>
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<div>As any good politician would, of course, smiling Treasurer Hockey immediately took to Twitter to claim credit for the rebound.</div>
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<div>But in fact public infrastructure work has been very weak. </div>
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<div>Furthermore, against recent trends the rebound in the June quarter was not driven by residential construction either, rather it was a punchy quarter for engineering (i.e. resources) construction works, with expenditure rebounding by +5.6 per cent to a seasonally adjusted $25.6 billion.</div>
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<div>Despite this positive blip, engineering construction work done was -8.8 per cent lower than a year ago, and will doubtless resume its downward trajectory in due course, as considered in more detail below.</div>
<br><strong><span style="text-decoration: underline;">Mining rebound in WA</span></strong><br><div> </div>
<div>The driver of the engineering construction rebound was an increase in spend of nearly +$3 billion in Western Australia to $11.3 billion for the second quarter.</div>
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<div>In fact, anyone who was paying very close attention might have anticipated this.</div>
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<div>Recall that the so-termed "record trade deficit" in April 2015r actually included an <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">anomalous spike</a>in Western Australian imports from Korea. As I <a href="https://petewargent.blogspot.com.au/2015/06/trade-deficitwtf" target="_blank">noted at the time</a>:</div>
<br><div><span><em>"<span>No further detail is provided by the ABS, but given that there was a kahuna $1.5 billion spike in merchandise imports in Western Australia, and we can assume that this was probably related to a major mining project.</span></em></span></div>
<div><span><em> </em></span></div>
<div><span><em>In all likelihood, one might hazard that this was rail capex for Gina Rinehart's Roy Hill iron ore project (which typically a business would treat as an investment in a fixed asset for the generation of revenue streams, rather than trading expenditure)."</em></span></div>
<br><div>In all probability, therefore, the June quarter rebound was capex driven with a large asset purchase accounting for most of the spike.</div>
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<div>Moreover we can expect that the September quarter will see engineering construction work resuming its inevitable decline.</div>
<br><strong><span style="text-decoration: underline;">Building by state</span></strong><br><br><div>At the state level, Victoria has been the king of residential building across recent years.</div>
<div> </div>
<div>However New South Wales is now the one state which is benefitting from a material public sector and non-residential building contribution, thereby thrusting total building work done in the Premier State to its highest ever level in the June quarter.</div>
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<div> </div>
<div>
<span>Indeed, the New South Wales economy in generally is in very fine shape at the present time.</span><br><br><strong><span style="text-decoration: underline;">Residential building by state</span></strong><br><br><div>Looking at specifically residential buiding we can see that the +7.4 per cent year-on-year increase has been overwhelmingly a function of "other residential" building - which is to say, the construction of units, townhouses and apartments.</div>
<br><div>As denoted by the green line below, outside Sydney major renovations activity has been very subdued through this cycle.</div>
<div> </div>
<div><a href="/images/2015/08/27/A4.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A4.jpg" alt=""></div>
<div> </div>
<div>
<div>Although new house building has responded to low interest rates almost everywhere to a greater or lesser extent, the trend has been looking increasingly peaky over the past four quarters.</div>
<div> </div>
<div>Victoria continues to lead the way on the house building front, a state which appears to suffer less from greenfield land supply constraints than other states and territories do.</div>
<div> </div>
<div><a href="/images/2015/08/27/A6.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/08/27/A6.jpg" alt=""></div>
<div> </div>
<div><span>On the other hand the higher density sector building work continues apace, particularly in Melbourne, Sydney and Brisbane, which is a trend you can see everywhere from West End, South Brisbane, Fortitude Valley and Newstead (Brisbane), to Mascot, Wolli Creek and Zetland (Sydney). </span></div>
<div><span> </span></div>
<div><a href="/images/2015/08/27/a7.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/08/27/a7.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>The latest building approvals figures suggest that the cycle for unit and apartment approvals may also be set to peak in due course, thoughthe duration of higher density projects from approval to completion may run to several years.</div>
<div> </div>
<div>Consequently the elevated levels of building activity in this sector may have quite some way to run yet.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><br><div>Overal this was a positive result for construction in the June quarter which masks an ongoing decline in resources construction that is locked and loaded for the next few years. </div>
<div>
<br>Residential building remains strong for the time being, but even here Australia can only build new apartment projects for so long.</div>
<div> </div>
<div>Of more significance will be today's capex intentions for the 2015/16 financial year, and specifically whether businesses are becoming more inclined towards investment plans.</div>
<div> </div>
<div>If not, in a nutshell, interest rates will have further to fall.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
</div>
<div><span> </span></div>
</div>
</div>
</div>
</div>
</div>
</div>
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pwargent-M4siyDbqQY

Construction rebounds...for now: Pete Wargent

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<p>Caps on lending to investors and other recently introduced bank credit restrictions will temper the strength of the Australian residential property market, the head of property and construction giant Lend Lease has predicted. </p>
<p>Lend Lease chief executive Steve McCann said the balance between demand and supply of new dwellings in Australia was coming into balance following a historic shortage of homes in many capital cities and this would also cool the market. </p>
<p>“The Australian market remains strong although it is easy to see that we’re somewhere near the peak of the cycle,” McCann said as he announced the group’s 2015 financial results. </p>
<p>“There have been a combination of factors that have fuelled this cycle including strong population growth, monetary easing driving strong investor demand, [Foreign Investment Review Board] restrictions directing increased foreign demand to apartments sold off the plan and a historic undersupply of new dwellings in many of our capital cities.”</p>
<p>While lending restrictions and greater supply would slow the market, Lend Lease had not yet seen any impact from those factors, McCann added. </p>
<p>The group’s residential business reported a record 4262 settlements, up 24% compared with 2014. </p>
<p>Residential pre-sales revenue was up 109% on the previous year to a record $5.2 billion. Some $4.7 billion of this amount was in pre-sales for apartments, which are the main focus for the group’s residential division. </p>
<p>McCann said the business was looking for indicators, such as a slowing rate of pre-sales for new launches, to help it identify a turn in the market cycle. </p>
<p>It has already introduced higher pre-sales thresholds for new projects, which have been lifted to 70% on some apartment developments, as well as flexible apartment designs and a mix of product pricing. </p>
<p>Lend Lease, which also has significant construction and investment management businesses, reported an after-tax profit of $618.6 million. This was down considerably on the $822.9 million result the previous financial year, which had been boosted by a $485 million contribution from the sale of the Bluewater Shopping Centre in the UK.</p>
<p>The result represented earnings per stapled security of 106.8 cents. It paid a distribution of 27 cents per stapled security, 25% franked. </p>
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zfielding-GvX3Uq9KTa

Credit restrictions temper property market: Lend Lease

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<p><span style="line-height: 1.3em;">Infinity By Crown is the latest multi residential complex offering from Crown Group, designed by Japanese pioneer and Sydney based architect, Koichi Takada.</span></p>
<p><span style="line-height: 1.3em;">Ambitious in design, the landmark tower is located at the gateway of the Green Square town centre on the outskirts of the Sydney CBD. </span></p>
<p><span>The design seeks to engage both residents and admirers through architecture, aiming to inspire the idea of spectacle. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/54815591e4b0dc44e16d5564/1417762193793/KOICHI+TAKADA+ARCHITECTS?format=1000w" width="363" height="469"></span></p>
<p><span>Designed by Koichi Takada Architects, Infinity by Crown Group challenges conventional residential apartment design with a unique looped shape.</span></p>
<p><span>Infinity by Crown will be located close to Green Square train station, one stop from Sydney’s Central train station, at 301-303 Botany Road Zetland.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://static1.squarespace.com/static/50e3c8f9e4b0395512a60c4c/t/5343cfe3e4b0c7c09a3e4c24/1396953061217/?format=1000w" width="487" height="344"></span></p>
<p><span>The amenities on offer will include a fully-equipped gym, music room complete with baby-grand piano, media theatre and a sky lounge with Sydney CBD views.</span></p>
<p><span>The collection of 401 luxury serviced apartments are already garnering attention from all over the world.</span></p>
<p><span>Apartment sales begin on August 29 priced from $650 000.</span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><strong style="line-height: 1.3em;"> </strong><strong><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/apartments01.jpg" width="550" height="172"></strong></span></p>
<p><span>Crown Group Project and Commercial Sales Director Roy Marcellus said the building’s resort-style pool and elegant interiors has attracted particular interest from potential buyers.</span></p>
<p><span>“Future residents will experience the highest level of amenities and everyday luxury; all in this landmark location in Sydney’s new Green Square Town Centre,” Mr. Marcellus said.</span></p>
<p><span>“The interest in Infinity by Crown Group is phenomenal,” he said. </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"> </span></p>
<p><span style="font-size: small; font-family: tahoma, arial, helvetica, sans-serif;"><img src="https://infinitybycrowngroup.com.au/wp-content/uploads/2014/11/precinct04.jpg" width="556" height="174"></span></p>
<p> </p>
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j.ballantyne1990-6AQqhLzZaK

Green Square Infinity nears sales day

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<p><span style="line-height: 1.3em;">GUEST OBSERVATION</span></p>
<p><span style="line-height: 1.3em;">Recently announced changes to Western Australia’s residential planning codes will have a significant impact on the development potential of thousands of properties in the state.</span></p>
<p>The residential planning codes, commonly referred to as R-codes, are overseen by the state’s planning regulator, the Western Australian Planning Commission (WAPC), and determine the number of dwellings that can be developed on a single property.</p>
<p>The changes to the current system are aimed at properties zoned R30 and R35 and will reduce the number of dwellings that can be built on these particular properties.</p>
<p>As part of the new regulations, properties zoned R30 will be allowed to build one dwelling per 300 square metres and those zoned R35 will be allowed to build one dwelling per 260sqm.</p>
<p>The new development guidelines mean the number of dwellings that can be built on these properties is significantly reduced.</p>
<p>For example, under the existing scheme a landowner with a 1000sqm block zoned R30 can build up to eight units, as the development potential is determined by total building area (or plot ratio), not a minimum land size per lot.</p>
<p>However, with the new requirements a landowner with the same size block and zoning can only build three units.</p>
<p>In addition, the WAPC has given local councils the green light to restrict development in many areas zoned R40. </p>
<p>The existing scheme has been in place since 2011 and formed part of the State Government’s initiative to increase residential development infill to 47% of new houses.</p>
<p>However, it has experienced stiff opposition from a handful of local councils who are opposed to higher density living options.<span style="line-height: 1.3em;"> </span></p>
<p>Unfortunately, the backflip by the WAPC will lead to further urban sprawl as housing choice in established suburbs is restricted and residents are forced to live on the urban fringe where land is more affordable.</p>
<p><span style="line-height: 1.3em;">Subsequently, this will place more pressure on Perth’s already strained roads, public transport and utilities.</span></p>
<p><span style="line-height: 1.3em;">The goal of the WA government is to increase the development infill rate to 47% – up from the current level or 28% – however the changes to the R-codes </span><span style="line-height: 1.3em;">system will only further impede this ambition.</span></p>
<p><em style="line-height: 1.3em;">Damian Collins is the founder and managing director of Momentum Wealth and can be contacted <a href="https://www.momentumwealth.com.au/damian-collins/" target="_blank">here</a>.</em></p>
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Planning law changes to hit WA developers: Damian Collins

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<p><span>Around 90% of the 165 apartments on offer sold in the off the plan weekend launch of The Bindery at Liverpool.</span></p>
<p><span>Set within the riverfront The Paper Mill development, prices in the Woods Bagot-designed project ranged from $400,000 up to $685,000 for a three-bedroom terrace.</span></p>
<p><span><span>Some 80% will be owner occupiers with around 20% investors. </span></span></p>
<p><span><span>Around 90% of the purchasers were local. </span></span></p>
<p><span>Coronation Property Co's Paper Mill’s initial release also garnered strong local interest.</span></p>
<p><span>Jason Soulos, sales director for Coronation Property Co, the developers of The Paper Mill says Liverpool is a city undergoing significant transformation. </span></p>
<p><span>Designed by architect Domenic Alvaro and his team at Woods Bagot, The Bindery is part of the reactivation of the Georges River and surrounding urban areas.</span></p>
<p><span>With top-tier finishes that include recycled timber and brick, granite cobblestones and steel inlay to reflect the site’s industrial past, The Bindery features three sky bridges that link each of the buildings, reminiscent of the communal spaces found within New York apartment buildings.</span></p>
<p>The purpose built display suite is on Shepherd Street. For more information on the development, <a href="https://www.liveatthepapermill.com.au" target="_blank">click here</a>.</p>
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The Bindery, Liverpool secures 90% weekend off the plan sales

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<p><span>Developers from Asia and Melbourne have splashed out more than $25 million in a frenzied residential development site buying spree over the last 12 months as local planning laws open up new multi-unit development opportunities in the Melbourne bayside suburb of Bentleigh.</span></p>
<p class="Normal"><span class="Normal__Char">The demand for the sites has sparked a corresponding flurry of negotiations between neighboring home owners in Bentleigh to present larger development sites for sale at a premium to individual site values.  </span></p>
<p class="Normal"><span class="Normal__Char">In the latest off-market deal a Chinese developer is believed to have paid more than $4 million for a 1692 square metre site at 11-13 Bent Street, Bentleigh, after just two weeks on the market.</span></p>
<p class="Normal"><span class="Normal__Char">According to selling agents, Savills’ Julian Heatherich and Jesse Radisich, the site was a consolidation of four neighboring properties, whose owners came together seeking to maximize their returns.   </span></p>
<p class="Normal"><span class="Normal__Char">"This is another example of the extraordinary market that has emerged over the last 12 months driven by a change in planning laws which has coincided with a booming housing market," Mr Heatherich said.</span></p>
<p class="Normal"><span class="Normal__Char">"Developers are purchasing sites that are well located with favorable zoning while home owners are walking away with sale results well in excess of what individual sales would have realized. It‘s a real win-win situation.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Previous sales in Bentleigh in last 12 months have included</span></p>
<ul>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">261 Centre Road – sold for $2.735 million to a local developer with a permit to develop 28 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">23 Bent Street - sold to a Chinese developer for $3.4 million with a permit for 27 apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">14,16, and 18 Bent Street - sold to a Chinese developer for $5.76 million; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">674 Centre Road - sold to a local developer for $1.32 million with a permit for eight apartments;</span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">15 Bent Street – sold to a local developer for $2.2 million with a permit for 17 apartments; </span>
</li>
<li>
<span style="line-height: 1.3em;">     </span><span class="List_0020Paragraph__Char" style="line-height: 1.3em;">24-26 Vickery St – sold to local developer for $3.6 million.</span>
</li>
</ul>
<p class="Normal"><span style="line-height: 1.3em;">Mr Heatherich said the sales had generated hundreds of enquiries with a significant number from local and off-shore Asian buyers as well as local developers.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">He said following State Government zoning changes, the local municipality, the City of Glen Eira, implemented the changes with the new `Urban Village Policy’ allowing for multi-storey development of up to four levels,</span><span style="line-height: 1.3em;"> </span></p>
<p class="Normal"><span class="Normal__Char">"Glen Eira was the <span class="Normal__Char">first</span> municipality to implement the zoning changes and with Bentleigh one of the main high density areas in Glen Eira, it was subsequently re-classified as Bentleigh Urban Village," Mr Heatherich said.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">Mr Radisich said Savills’ exceptional ties with off-shore based developers in Asia through its Asian office network had been the key to identifying potential purchasers. Savills has 21,000 staff in Asian cities including Beijing, Hong Kong, and Singapore.</span></p>
<p class="Normal"><span style="line-height: 1.3em;">"One of our advantages is Savills’ high profile in Asia. We have offices in China and several other Asian capitals established over more than 30 years. Asians know Savills.’’</span></p>
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Bentleigh development sites Savills

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<p>I was lucky to recently spend an amazing weekend riding horses in the NSW Snowy Mountains National Park.</p>
<p>It was one of those bucket list trips and I went with an old school friend. We'd gone to pony club together and grown up as horse crazy girls. We'd spend most of our teenage years riding and looking after our horses (which kept us out of trouble!).</p>
<p>Whilst sitting around the camp fire at night with a group of other women and staff we'd just met, I was discussing property investing with one of the ladies – can't help myself!</p>
<p>She was a pretty amazing single lady with her sights set on the future. She'd been clever enough to buy a few investment properties in-between serving our country in the army.  We were discussing her recent purchase of an off the plan apartment.</p>
<p>She shared with me the numbers on her deal and I was a bit surprised. I have good experience with buying off the plan but it was over ten years ago now that I used this strategy. Back then, the property developer offered a good discount to purchasers and this helped create some equity. If the market was also moving upwards, then a nice chunk of money could be made by settlement time. I would settle an apartment then draw out the equity to use as a deposit to settle the next one.</p>
<p>But things have changed. There seems to be more risk as there isn't the same discounts being applied. So you buy in at today's market price. If, of course, it's a hot market, as Sydney is at the moment, that price could end up more than what the apartment may be worth in a year or two once completed.</p>
<p>I explained what I did to the lady. Property Bloom manages small developments for our clients. A dual occupancy development can create a big chunk of money within twelve months and you end up with two properties.  I explained that the big difference between buying off the plan and developing yourself, is that you are creating the equity through the development process, not hoping for capital growth whilst your apartment is being constructed.</p>
<p>Would you rather control of the equity creation by cutting some keen deals on the land and construction or rely on a stranger to build your investment and hope for the market to rise?</p>
<p>I did the latter six times and was lucky four out of the six times. The other two deals were borderline. If I had my time again, I would not have completed on the two ordinary investments.  But as they say, time heals all wounds and because I held onto these investments (in lieu of selling at a loss) they've turned out well.</p>
<p>My big lesson from buying off the plan?  It is far more lucrative to be the developer than the investor.</p>
<p><a href="https://www.propertybloom.com.au">www.propertybloom.com.au</a></p>
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