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Setting the tone or just plain tone deaf?An avalanche of insolvencies, escalating construction costs, crippling skilled labour shortage, worsening housing supply and affordability crisis, rising interest rates and stubbornly high inflation.It would seem all that’s missing in the challenged Queensland property industry are the haunting strains of composer Ferederic Chopin’s Funeral March.But according to industry players, the orchestra might start tuning up following the release of a raft of reforms proposed by the <a data-mce-href="https://www.theurbandeveloper.com/articles/queensland-developer-review-discussion-paper-released" href="https://www.theurbandeveloper.com/articles/queensland-developer-review-discussion-paper-released" target="_blank" rel="noopener">Queensland government’s Developer Review Panel</a>.“How to worsen housing supply. How to crash the (expletive) market. How to increase homelessness. How to kill (expletive) everyone.”That was the blunt, nail-in-the-coffin assessment by one Brisbane property heavy-hitter, who added:&nbsp; “You know that’s what everyone wants to say but they’re not going to put their name to it—it’d be political suicide.”Another high-profile local industry figure contacted by The Urban Developer also declined to comment on the record on the panel's recommendations.“Look, I reckon I’ll just pass on it. There’s no upside in joining that debate. They’re going to do whatever they want to anyway, so there’s not much we can do about it.”According to peak body the Property Council of Australia, the reaction is symptomatic of a bruised and battered sector that is already “on its knees”.<div id="6HnIJC0MC9EhIs1PqLYz1h"><picture><img src="//images.ctfassets.net/8pr762qjocl3/71vu44JJa2RIGBf1GJEpRg/d1392213ce3af39435304179df0fffc0/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/71vu44JJa2RIGBf1GJEpRg/d1392213ce3af39435304179df0fffc0/2.jpg"></picture><div>▲ Property Council Queensland executive director Jen Williams: The report is completely off-key. </div></div>Not surprisingly then, it has been quick to decry as completely off-key the panel’s long-awaited final report, Setting The Tone: The Role of Developers in Queensland’s Building and Construction Industry.The centrepiece of reforms contained in the report is the introduction of a new regulatory framework for accreditation, disclosure and registration of developers.Under the recommendation, a developer would be prevented from entering into a contract requiring a project trust account unless they obtained and maintained an accreditation.Minimum requirements for accreditation would include ensuring they were a fit and proper person of influence, they meet minimum educational requirements and comply with a code of conduct and legislative requirements. Accredited developers also would be required to register each development activity and under disclosure obligations affirm they have appropriate finance to complete a proposed contract.It is intended the new framework would be supported by a regulator—either a standalone organisation or incorporated into an existing statutory authority—with effective compliance and enforcement powers.“Could there be a worse time to propose such a heavy-handed burden on the industry?” Property Council Queensland executive director Jen Williams says.&nbsp;After weathering supply chain issues, labour shortages and escalating construction costs—and at a time when the industry was being called on to “step up” and solve the housing crisis—she says: “It seems implausible the Queensland government would choose now to pursue a new regulatory framework that adds further costs and administrative burden to developers”.“The past few years have been difficult for all participants in the property industry—builders, developers and consumers alike.<h2>No smooth sailing</h2> “And the outlook is certainly not one of smooth sailing ahead, with projects continuing to be placed on hold as consumer sentiment starts to crumble and feasibilities are placed under pressure.&nbsp;“Now is not the time to be adding additional barriers to investment, confidence and delivery.“A new regulatory framework will do nothing to boost or fast track housing supply—in fact, it will do quite the opposite.”Inner-city Brisbane developer Pikos Group’s newly appointed chief executive Michelle Wooldridge agrees.<div id="7xh5XDuHH2hq68gYUyBHay"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4CjUGLazDXarEYECPmZ0Ln/3b725c5e07530c50eeadbd9f507b6925/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4CjUGLazDXarEYECPmZ0Ln/3b725c5e07530c50eeadbd9f507b6925/1.jpg"></picture><div>▲ Pikos Group chief executive Michelle Wooldridge: Unprecedented headwinds. </div></div>“As an industry, we are facing unprecedented headwinds to unlock housing supply in Queensland,” says Wooldrige, who is also the Property Council’s Queensland vice president.“It’s disappointing that in a time when the public and private sector should be working together collectively and collaboratively, we are defending against increased regulation that will ultimately impact those suffering the most—Queenslanders in desperate need for housing.“We encourage the government to carefully consider the ramifications and how this will impact every day Queenslanders.”&nbsp;The Developer Review Panel was appointed in November 2021 under the Queensland Building and Construction Commission Act 1991 to conduct a review of the role of developers in the building and construction industry.<h2>A case for change</h2> It was established following industry feedback about the important role of developers, and the need to examine the impact of their financial and operational capacity, ethical behaviours and work practices.The review came off the back of industry feedback about the important role of developers, and the need to examine the impact of their financial and operational capacity, ethical behaviours and work practices.Its remit was to address security of payment in the sector and examine the impact developers have on the quality and safety of design, construction and certification of the built environment.In the panel's final report tabled in the Queensland parliament on June 8, Developer Review Panel chair Alison Quinn says the review had determined there was “sufficient qualitative evidence to warrant a case for change”.“Developers have a primary role in setting the tone of projects, and they influence security of payment, solvency and building quality and safety in several ways,” she says. “This influence can be both positive and negative.”Quinn says the panel's suite of recommendations sought to “resolve identified issues, minimise regulatory burden, and provide the Queensland government with additional data insights to inform future policy development”.“The panel has been conscious of current economic conditions, the impact this has on industry participants, and the impending increased level of construction to meet the state’s needs over coming years,” she notes.Five key recommendations have been made to lay the foundation of “a benchmark for a better standard for developers in Queensland”.“The panel stresses that the proposed reforms are not the ‘high-water mark’, but rather minimum standards on which to build the future of the role of developers in the building and construction industry,” Quinn says.<div id="h4zsP3cWJS6Rbz5HRGpv9"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3Ayve2A0N7FtxwIhJlu9b7/17554a8f08d2ace6170128df311e739c/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3Ayve2A0N7FtxwIhJlu9b7/17554a8f08d2ace6170128df311e739c/3.jpg"></picture><div>▲ &nbsp;Developer Review Panel chair Alison Quinn: The issues identified in this report are unlikely to recede. </div></div>As well as a new regulatory framework, the reforms include improved industry education, clarity of developer responsibilities in relation to non-conforming building products and fairness in contracting, and promotion of the uptake of digital tools for recording design and construction information.“Queensland is about to undergo an extensive period of development and growth,” Quinn says. “The issues identified in this report are unlikely to recede.“The panel encourages all parties—government, industry and consumers—to work together to consider the outcomes of this report promptly.”Queensland Minister for Public Works Mick de Brenni says the government has not yet committed to implementing the recommendations and the release of the report is the start of a consultation process.“The panel’s recommendations will need to be tested alongside feedback before the government forms a view,” de Brenni says.“Industry experts, those working within the industry, and members of the public will be invited to provide feedback.”<h2>Issue unclear</h2> The Property Council’s Jen Williams says there is no denying there is always room for improvement in any industry, and property is no different.“Throughout the review process, we expressed our support for improving education and business skills across the industry… rather than adding complex regulatory requirements.”But she says from its inception it had been unclear what “issue” the review of developers sought to address.“After more than 18 months of investigation, the panel has failed to find any significant or systemic wrongdoing by developers,” Williams says.“In the absence of any issue being able to be articulated or quantified, the panel has chosen to focus on the role developers play in setting the ‘tone’ of a project.“An extensive regulatory framework—requiring significant government investment in its establishment and administration—is now being proposed.“Surely, in the midst of a housing crisis and with government balance sheets under pressure, public sector resources could be allocated to better uses than setting up a framework to regulate ‘tone’?” <hr> You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. <a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

Developers say the timing could not be worse to put more restrictive governance on an already-stressed industry...

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Chinese investor NewCity Developments Group is looking to offload a last-of-its-kind site already approved for what would be among Melbourne’s tallest buildings.Discussions are under way to find a partner, or to sell the key site.NewCity, headquartered in the southern Chinese port city of Guangzhou, first won approval from the then-minister for planning for a twisting, multi-coloured, 69-storey glass tower on Melbourne’s Southbank in April of 2017The plans called for a 233m hotel and apartment development on 1790sq m at 51-65 Clarke Street—a site in the middle of the South Melbourne lifestyle precinct, close to the Melbourne CBD and Crown Casino entertainment complex as well as the Melbourne arts confines.Now, six years later, the developers are looking to sell all or part of the project.NewCity managing director Michael Cao told&nbsp;The Urban Developer&nbsp;there were no immediate plans to begin construction.“That will depend upon negotiations we are having with a build-to-rent operator,” he said.“Currently we’re looking for a joint-venture partner, and we think a build-to-rent operator is possible.“They would keep the apartments and use them as build-to-rent or build-to-sell,” Cao said.&nbsp;&nbsp;“We just want to keep the hotel.”<div id="5G6KlroZScU19THTADwVlf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6VKU84V4SwWm4SyphARAew/c617d063109c355c6c172359aebba2a2/NewCity_2_Mid.jpg" alt="Artist's impression of the 69-storey tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6VKU84V4SwWm4SyphARAew/c617d063109c355c6c172359aebba2a2/NewCity_2_Mid.jpg"></picture><div>▲ Plans for the 69-storey Southbank tower were first approved in 2017.</div><div> </div></div>Cao said they were in discussions with one operator, via an agent, but no agreements had been signed. He would not name the operator.Selling the entire project was also an option, he said.“To be honest if an agent approached us with a very good offer, our head office has said they might consider it.&nbsp;&nbsp;We don’t want to go to public market, we don’t want to do that.&nbsp;&nbsp;We much prefer off-market.”One property developer familiar with the project, but who would not be named, said the DA-approved site was likely to fetch between “the high $40s and low $50 million”.&nbsp;&nbsp;It is understood there is at least one offer on the table between those numbers.Online documents show NewCity acquired the site in 2014, paying $30.4 million.Twelve months ago the developer successfully sought amendments to the originally-approved plans.&nbsp;&nbsp;While the number of apartments and hotel keys continues to fluctuate—it is currently approved for 350 apartments and 220 rooms—the main change was in the building’s Elenberg Fraser architectural design.<div id="4vUb6R2kiluojpgrNfwTXs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/37nlI2cKioLf9c5yMTJkpg/21984848de092bfb6622326ec6f258a2/NewCity_1_Mid.jpg" alt="An artist's impression of the original design for the 69-storey tower." data-mce-src="//images.ctfassets.net/8pr762qjocl3/37nlI2cKioLf9c5yMTJkpg/21984848de092bfb6622326ec6f258a2/NewCity_1_Mid.jpg"></picture><div>▲ Gone from the amended plans is the earlier twisting curvature of the of the Southbank tower.</div><div> </div></div>While the buildings footprint, height and 53,313sq m of gross floor area remain much the same, the latest plans have done away with the twisting design.Cao conceded the curvature in the building was a problem in terms of functionality, floor plates and building costs.“Let’s say the updated amendment means the building will be more straightforward, and very different from the first time we applied for the permit,” he said.Critically, under the latest amendments NewCity was given a two-year extension on the original permit, taking the starting date for the development to April 2026. And further adding value to an already key inner city development site.At 323m, Australia 108—also in Southbank—is Melbourne’s tallest completed building.&nbsp;&nbsp;If built to current plans, NewCity’s Clarke Street development would be the 14th tallest in the city.

Chinese investor NewCity Developments Group is looking to offload a last-of-its-kind site already approved for what would be among Melbourne’s tallest buildings.

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Lenders interest in build-to-rent is ramping up as conditions swing towards favouring the development sector’s new poster child.According to CBRE’s latest Lender Sentiment Survey, lenders are seeing population growth projections, an ever-tightening rental market and a more favourable taxation environment strengthen the sector’s growth prospects, and want to be a part of it.Australia’s industrial and logistics sector remains the clear top pick for lenders, with build-to-rent in at second place in the survey.CBRE Research tapped 31 local and international banks and non-bank lenders for its 2023 first-half survey of Australian commercial real estate lenders.The majority expect lending costs to increase while there was a moderate dip in the percentage of respondents expressing a desire to grow their commercial loan books—from 44 per cent in October last year to 32 per cent when this month’s results were calculated.However, CBRE managing director of debt and structured finance Andrew McCasker said domestic banks, offshore banks and non-bank lenders were still participating with varying appetites across all the asset classes in Australia.“The majority are willing participants in the industrial and build-to-rent sectors, and we see that continuing to build out over 2023, moving into 2024,” McCasker said.“The underlying fundamentals of Australia’s housing economy is creating significant opportunities in the build-to-rent sector and the desire by domestic and offshore financiers to fund projects will see this sector continue to grow in the coming years.”CBRE Pacific head of research Sameer Chopra said the top line results showed that industrial remained the favoured asset class, with more than 75 per cent of the survey respondents expressing a preference to lend into that sector.“The overall reduction in lending appetite was most prominent among non-banks, although the results show they are still interested in growing their build-to-rent, residential-to-sell and industrial portfolios,” Chopra said.“Tighter credit conditions are placing undue downward pressure on future supply, which could boost longer-term rent growth across all sectors.”Preferred asset class for new investment<div id="HWyBp1NPXiWBieLk0DfID"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7DOlpaDdfQEsTeYRfG36c3/c19d6509437cab229cec2350f68a3c49/pref_asset_class.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7DOlpaDdfQEsTeYRfG36c3/c19d6509437cab229cec2350f68a3c49/pref_asset_class.jpg"></picture><div>▲ Source: CBRE </div></div>Credit margins could continue to experience upward pressure of about 20bps, with over 40 per cent of lenders indicating such a move over the next three months.An Interest Coverage Ratio (ICR) requirement of 1.5x for new investment grade lending was preferred by more than 80 per cent of the institutions surveyed, with ICR also the main focus for new underwriting.While Loan to Value (LVR) ratios have been stable around 40 per cent to 60 per cent, Chopra said “this might come under pressure as assets are revalued during the coming two quarters, with a slight uptick in hedging requirements since October last year.“Lenders also indicated higher average credit spreads, LTV and ICR requirements for prime office assets compared to their industrial counterparts.”

Financiers are keen to add development’s poster child to their exposure as conditions change in its favour…

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A Northern NSW man is facing several fraud charges for allegedly misleading investors over a Gold Coast property development.Michael David Steele, from Murwillumbah, was charged in the Southport Magistrates Court with seven counts of fraud. Each charge carries a maximum penalty of 20 years in jail.ASIC alleges that Steele misled 14 investors to withdraw funds from employer superannuation funds and savings accounts. The money was to be invested in a property development at Biggera Waters in Queensland.Investors were allegedly advised between May, 2016 and February, 2017 to invest funds in EA Invest Pty Ltd, the firm that would buy and develop the property.Steele instead withdrew more than $1.3 million of the funds from the firm’s accounts and used it for purposes other than property development, ASIC alleges.It alleges that at the time Steele was a shadow director and controlling interest in EA Invest Pty Ltd.&nbsp;The matter was adjourned to July 17 for mention.&nbsp;ASIC had previously disqualified Steele from operating companies until September 2025 over his involvement in two collapsed companies, Eastco Developments and EA Invest, which were put into administration in April 2018.

After a lengthy investigation, ASIC has charged a developer with fraud over investment in Biggera Waters property development…


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Gold Coast developer S&amp;S Projects has filed plans for its fourth project&nbsp; Rainbow Bay on Queensland’s Gold Coast.The developer is proposing a 33-apartment, 13-storey tower in the&nbsp; development application it has lodged with the City of Gold Coast for a 1335sq m site at 271 Boundary Street.The site, on the corner with Petrie Street, is next door to S&amp;S Projects’ $48-million Awaken tower, which is under constructuion, near the Point Danger lookout.&nbsp;The developers other projects on the southern Gold Coastare the completed $90-million Flow residences and the under construction $140-million Esprit residential apartments.Awaken is sold out with its penthouse selling for $9 million and completion scheduled for later this year while Espirit is currently under construction.The site is near a north facing beach overlooking Snapper Rocks, Carlin Family Rock, Duranbah Beach, Cook Island and Tweed River.&nbsp;Plans for the new $140-million tower designed by Cottee Parker Architects include a swimming pool, outdoor dining and barbecue area, communal private dining, kitchen and wine tasting rooms, a business centre meeting room, and a wellness centre and gym.The tower comprises eight two-bedroom apartments, 17 three-bedroom apartments, four three-bedroom penthouses and four sub-penthouses on the upper levels.It is a short walk to Rainbow Bay, Greenmount Beach and Coolangatta Beach.<div id="2aJSyRLhUSu1wd2LauIsTW"><picture><img src="//images.ctfassets.net/8pr762qjocl3/F9BYUn5GuO0PZy1LHbQaI/b54f3eac0b875b14513c4adf8e20938c/rainbow_bay_project_fourth_one_mid_article_image.jpg" alt="This will be S and S Project's fourth project in the Rainbow Bay precinct." data-mce-src="//images.ctfassets.net/8pr762qjocl3/F9BYUn5GuO0PZy1LHbQaI/b54f3eac0b875b14513c4adf8e20938c/rainbow_bay_project_fourth_one_mid_article_image.jpg"></picture><div>▲ This will be S&amp;S Project's fourth development in the Rainbow Bay area. </div></div>Pezet Matheson’s Jayde Pezet marketed the first three projects and said that the market for luxury residential was strong in the precinct.&nbsp;“We’ve had interested parties who were not able to get into [the] first three projects who are waiting for more new, quality product to enter the market,” Pezet said.Pending council approval the developer anticipates launching the project by the end of the year.

A developer is keen to complement its earlier projects, filing plans for a fourth one right next door in the same precinct…


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There Is A Lot Going On.As the six-word title slide of his keynote presentation flashed on to the screen, Urbis director Paul Riga could feel the collective thought bubble popping up in the room.It was quite an understatement, to say the least.To be fair, however, and as Riga quickly pointed out, emphasis was given to the third and fourth words.“I've underlined the ‘a lot’ bit because there is a fair bit happening right now and that’s probably an understatement in itself,” he said.The irony of the title’s succinctness and simplicity also was not lost on the gathering of 300 industry players at The Urban Developer Brisbane Residential Developer Summit.Things have got somewhat chaotic and complicated in the Queensland capital’s development sector of late.The city’s to-do list—with the 2032 Brisbane Olympics the cherry on top—is enviable but somewhat of a blessing and a curse in the current challenging and uncertain environment.“There’s all these things happening and it is a lot going through people’s minds,” Riga said. “But I guess sometimes it’s easy to forget that the fundamentals for pure residential property demand are still relatively strong.”State government forecasts for population growth indicate at least 190,000 new residents will be coming into the Brisbane LGA by 2036.“That’s a lot of people that we’re needing to house,” Riga said. “And depending on how you cut that figure in terms of persons per household, it could be anywhere between 70,000 and 100,000 homes required over that period. That’s 7000 to 7500 homes we need to deliver per annum.“Then there’s other factors that are coming in and—while again we look at these and say ‘fantastic’ from the perspective of investment, creating opportunity, creating jobs and therefore pulling people into our region—they do perhaps provide some challenges in construction and delivery of our residential homes.”Specifically, he cited a combined $24.7-billion-plus, resource-sucking pipeline—focused largely in the state’s south-east—including healthcare-hospital and transport infrastructure as well as the delivery race to get the city match fit to stage the XXXV Olympiad.Overlaying all of that is a worsening housing supply and affordability “emergency”, as Riga described it, compounded by ongoing escalation in building costs and a demand-driven crunch that has maxed-out the city’s construction capacity due to a critical shortage of skilled labour.According to Riga, overall unemployment was low but construction unemployment was “even tighter”—with estimates currently sitting at about 2 per cent.Quantity surveyor and Mitchell Brandtman partner Caitlin Shields told the summit that construction cost escalation—by its estimates, forecast to rise on average a further 7.5 per cent over the next 12 months across south-east Queensland—was “all about the labour now”.“We’ve got to figure out this labour problem … and opening up migration internationally should help a little bit.“There’s a famous quote that says ‘build it and they will come’ but maybe we should be saying ‘they will come and they need to build it’.“So, hopefully we’ll end up with some more skilled labour because we’re lacking in that regard.”Shields said with the additional pressure of rising inflation and interest rates, the industry was “at a turning point where sales are cooling off a bit and the feasibilities are starting to get challenged”.The trend, according to Riga, was reinforced by the lastest data—particularly in the last quarter—that showed “supply is starting to drop off”.&nbsp;“And it’s not looking like it’s going to come back in the next 12 months to figures where we probably need them to be,” he said.Nevertheless, both he and Shields agreed there were opportunities to be had for developers going forward.Riga said the medium-term outlook for Brisbane and Queensland’s south-east was a “tale of two markets”—the rising build-to-rent sector and the premium boutique-scale apartment market.“We know from clients there’s significant [build-to-rent] interest here in SEQ, given the complete lack of supply that we’ve got going in the market.“That product typology in itself has the ability to supply markets relatively quickly … not necessarily within the next 12 months, which is potentially when we need some of that supply, but it will come on and supply the market in time.“And over the next 10 years there’s a potential depth of market just within inner-Brisbane of 25,000 to 30,000 new renters ... so there’s quite a market there.”Meanwhile, activity was expected to continue in the top end of the boutique multi-residential market because “from a price point, there’s a bit more tolerance from a buyer perspective, less reliance on interest rate movements and affordability caps to enter that market”.Nevertheless, Riga said, innovation, collaboration and partnerships would be needed across the board to deliver projects in the next 12 months and beyond.“We’re already seeing that happening and, ultimately, for us to be able to potentially move from the emergency we’re in from a housing supply perspective a lot more of that will be required.“It’s certainly going to be a bit of a challenge ... but where there’s a will there’s a way.“And there are definitely opportunities out there. But it’s getting on top of some of those constraints that is going to be key.”Yes, as Riga's opening slide concisely articulated, there is a lot going on in the Brisbane market and—judging from Shields’ final words of advice to the summit delegates—clearly much more to come.“Hold on for the ride,” she said “There’s a lot of excitement, there’s a lot of activity and there’s a lot of challenges out there.” <hr> You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. <a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

Labour shortages, a “resource-sucking” infrastructure pipeline, housing shortfalls—Brisbane is facing challenges, but opportunities remain, a summit in the capital has been told…

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Private developer Orchard Piper has filed plans for 43 luxury apartments in an eight-storey mixed-use development in one of Melbourne’s more affluent neighbourhoods.The Melbourne-based firm, led by directors Luke McKie and Rick Gronow, has asked Stonnington City Council to be able to develop the 3589sq-m site at 7-11A and 17-19 Carters Avenue, Toorak—currently home to the ritzy suburb’s Mercedes-Benz dealership.The $400-million project includes&nbsp;14 two-bedroom apartments, 26 three-bedroom, a single four-bedroom and two penthouses, all on top of basement parking for 160 vehicles.The Kerry Hill Architects (KHA) design will incorporate 13 office tenancies of 100 to 500sq m, five retail tenancies on the ground floor as well as a 180-seat restaurant. The developers are seeking a liquor licence as part of their application.Orchard Piper&nbsp;<a href="https://www.theurbandeveloper.com/articles/orchard-piper-mercedes-benz-site-carters-avenue-toorak-development" data-mce-href="https://www.theurbandeveloper.com/articles/orchard-piper-mercedes-benz-site-carters-avenue-toorak-development" target="_blank" rel="noopener">snapped up the prized location&nbsp;</a>on the doorstep of Toorak’s main shopping and dining strip for $67 million last year. The site had earlier been put up for sale by Karl Hagen and the family of his late business partner, John Worrell—whose father purchased the holding in 1932.It has consolidated frontages of 65.2m to Carters Avenue and 46.3m to Ross Street.It will be the third collaboration for Orchard Piper and award-winning KHA—best known for their hotel and resort portfolio that boasts several Aman Resorts destinations, including properties in New Delhi, Tokyo, Kyoto and Shanghai.<div id="dJiM6eWMMeUHfEeOeSZLH"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5tAq43APmwxSRmhKMQfPtm/b583836f373a97cfbac46c956013af56/Orchard_Piper_2_Mid.jpg" alt="An artist's impression showing the The Kerry Hill Architects design including the 180-seat restaurant on the ground floor. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/5tAq43APmwxSRmhKMQfPtm/b583836f373a97cfbac46c956013af56/Orchard_Piper_2_Mid.jpg"></picture><div>▲ The Kerry Hill Architects design will include five retail tenancies on the ground floor as well as a 180-seat restaurant.</div><div> </div></div>KHA has also designed Toorak Village—<a href="https://www.theurbandeveloper.com/articles/orchard-piper-files-toorak-mixed-use-tower-plans" data-mce-href="https://www.theurbandeveloper.com/articles/orchard-piper-files-toorak-mixed-use-tower-plans">another mixed-used building&nbsp;</a>but with just nine luxury apartments, each with private lobbies—at 109 Mathoura Road, just a block from the developer’s latest project application.The two projects bring to about 5000sq m the amount of land Orchard Piper has under development within one of Stonnington’s key growth areas.Director Luke McKie told The Urban Developer he expected demolition to begin on the $120-million Mathoura Road development next month.“I can tell you we have already sold over 50 per cent of the project,” McKie said. “That’s in excess of $60 million in sales in a matter of weeks.”KHA’s Patrick Kosky said: “It was important for us to put forward a scheme that would pay respect to Toorak Village’s rich and charming heritage.“The designs emphasise local materiality and hope to encourage an activated ground level which reflects the historic community village character of the area.”Toorak remains&nbsp;<a href="https://www.theurbandeveloper.com/articles/toorak-melbourne-most-expensive-suburb-corelogic-best-of-best" data-mce-href="https://www.theurbandeveloper.com/articles/toorak-melbourne-most-expensive-suburb-corelogic-best-of-best" target="_blank" rel="noopener">Melbourne’s priciest suburb</a> with CoreLogic’s Best of the Best report revealing 138 houses were sold in Toorak last year, with an average property value of $4,955,630.

Private developer Orchard Piper has filed plans for 43 luxury apartments in an eight-storey mixed-use development in one of Melbourne’s more affluent neighbourhoods.

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Plans have been lodged for a seven-storey double-tower residential development in Oran Park in Sydney’s south-west.Under the plans before the Camden Council, the towers would rise on the eastern edge of the newly developed Oran Park Town Centre.&nbsp;The project, designed by Allen Jack+Cottier Architects, comprises two residential buildings above a single basement carpark with 275 spaces.&nbsp;Developers Greenfields Development Company say that approval for the proposal “will further enhance housing diversity and activation within the Oran Park Town Centre”.The $81.6-million development was referred to the Sydney Western City Planning Panel last month.The first building will comprise 66 apartments and the second 111 units, offering predomintaly two or three bedrooms plus a small number of one-bedroom apartments.A minor variation to the permissible building height is being sought to accommodate lift access to the rooftop terrace.Rooftop common areas will be “multi-seasonal” with planter gardens and social spaces.As well as its proximity to the town centre, it will also be close to the planned large-scale aquatic centre, libraries and council buildings, while the planned Oran Park Town Centre Railway Station would be about 600m west of the site.<div id="5JLVZZhySLfnxkaeyVkPwK"><picture><img src="//images.ctfassets.net/8pr762qjocl3/KZuETO58DocrNcENN1LzJ/a2e373ab1d34c438eb639aabd0ade839/In-article__40_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/KZuETO58DocrNcENN1LzJ/a2e373ab1d34c438eb639aabd0ade839/In-article__40_.jpg"></picture><div>▲ The Camden suburb of Oran Park is experiencing major development as its town centre masterplan moves forward. </div></div><div id="5JLVZZhySLfnxkaeyVkPwK">Oran Park itself was rezoned in 2007 as part of the South West Growth Centre to prompt further development, and the Oran Park Town project has since delivered 4,000 residential homes as well as stage 1 of the town centre retail component and facilities for Camden Council. Oran Park was once best known as the home of a popular motor racing circuit, which opened in 1962 and closed in 2010.</div>Greenfields has a construction pipeline worth $680 million over the next four years.Leppington, adjacent to Oran Park, was also recently rezoned as part of <a data-mce-href="https://www.theurbandeveloper.com/articles/30-minute-city-leppington-camden-liverpool" href="https://www.theurbandeveloper.com/articles/30-minute-city-leppington-camden-liverpool" target="_blank" rel="noopener">a major masterplan by Camden and Liverpool councils</a>, as developers and planning authorities look further outside of Sydney for opportunities.

Plans have been lodged for a double tower seven-storey residential development in the emerging South West Sydney suburb of Oran Park...

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Introducing Urbanity 23—Australia’s premier conference for the property industry, brought to you by&nbsp;The Urban Developer. Returning for its fifth year, we are thrilled to unveil our largest initial release of speakers to date, featuring more than 25 of the most brilliant and influential minds in the industry, with many more to be added in the lead-up to the event. Join more than 700 property professionals over three days at The Star on the Gold Coast as we present unmissable presentations and interactive events to help you get ahead of the game. Early bird tickets are now available—secure your tickets now as these tickets are strictly limited.<div><a data-mce-href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" target="_blank" rel="noopener">Save up to 30 per cent with early bird tickets—click here.</a> <hr>&nbsp; PROGRAM OVERVIEW: URBANITY 23<hr></div> <h2>DAY 1 | TUESDAY 29 AUGUST</h2> Site Tours Hop on the Urbanity bus for our guided project site tours to see the transformative developments shaping the Gold Coast. Registration for the site tours will open in July.Opening Night Boat Party As the day turns into night, get ready to set sail and celebrate at our Welcome Boat Party. Cruise scenic waters, mingle with fellow attendees, and embrace the lively atmosphere that will set&nbsp;the tone for an incredible event.<div id="4vEoQ8LiHrrzfcGPva2OWN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1vRWFABtYzJLDiZFfZhJc7/be4fbff6d77b27c9da15b52b9fe881cf/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1vRWFABtYzJLDiZFfZhJc7/be4fbff6d77b27c9da15b52b9fe881cf/3.jpg"></picture><div> </div></div><hr><h2> DAY 2 | WEDNESDAY 30 AUGUST</h2> Conference Day 1 Prepare for a full day of inspiration and knowledge as our esteemed speakers take the stage for captivating keynotes. Engage in thought-provoking panel discussions that delve deep into the most pressing issues and trends in the industry.Networking Drinks Take advantage of dedicated networking sessions designed to expand our attendees’ professional network.The Urban Developer Awards for Industry Excellence Gala In the evening, our main stage will transform to host our sixth annual Awards for Industry Excellence. Tickets will be released for purchase separately to finalists in July 2023.<div id="3hn6PajSBrH5ElPq0WPh54"><picture><img src="//images.ctfassets.net/8pr762qjocl3/R7zua85Q9sbD5lb8UdW71/f51681148edee1eb9942239dc3ff8c2b/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/R7zua85Q9sbD5lb8UdW71/f51681148edee1eb9942239dc3ff8c2b/2.jpg"></picture><div> </div></div><hr><h2> DAY 3 | THURSDAY 31 AUGUST</h2> Conference Day 2 The excitement continues as our lineup of influential speakers again deliver powerful and insightful presentations that will leave a lasting impact.Urbanity After PartyAs the jam-packed conference draws to a close, get ready to celebrate at our unforgettable Urbanity after party.<div id="3ileO8ckChICBKtjCJ244M"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6RUqXS5PK5fvhKHHZc234e/0f8ca3368f338d612cb38fcc5712afcb/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6RUqXS5PK5fvhKHHZc234e/0f8ca3368f338d612cb38fcc5712afcb/4.jpg"></picture><div> </div></div><div><hr></div><h2> SPEAKER RELEASE 1</h2> We’re excited to announce our initial release of speakers, the largest such release we’ve made.<hr><a href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" data-mce-href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial">View the full program</a><hr> Speakers include:Rethinking Real Estate: Navigating Technology’s Impact on the Future of Urban DevelopmentDror Poleg (New York City, US), award-winning author of Future of WorkJoin us for an insightful keynote presentation on day 3 based on Dror Poleg’s book, Rethinking Real Estate. Explore the profound influence of technology on the world's largest asset class and gain a roadmap to navigate the evolving landscape of urban development.The Evolution of the Nightingale ModelDan McKenna, chief executive officer, Nightingale HousingExplore the transformative journey of the Nightingale model in urban development, showcasing its influence on sustainability, affordability, and community-focused housing.Dan is a seasoned professional in the field of urban development with a wealth of experience and a strong passion for sustainable housing.As an integral member of Nightingale Housing since its inception, Dan has witnessed the company’s growth and overcome numerous challenges along the way.<div id="5kOKq1b2FDCfdiHKAMtVmj"><picture><img src="//images.ctfassets.net/8pr762qjocl3/52HrLEQDs9tRScynI8fAo6/9e56bec0106d9af869074e51f2d2b676/Mid_article_resizes__10_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/52HrLEQDs9tRScynI8fAo6/9e56bec0106d9af869074e51f2d2b676/Mid_article_resizes__10_.jpg"></picture><div>▲ First speakers include: Nerida Connisbee, Dror Poleg, Kate Meyrick and Dan McKenna. </div></div>Big Demographia: The Next Decade in Residential Real EstateNerida Conisbee, chief economist, Ray WhiteNerida Conisbee explores the demographic drivers shaping a bigger Australia and its likely impact on residential housing demand.Nerida, the chief economist at Ray White and a renowned property expert in Australia, is a distinguished speaker at Urbanity 23.With a wealth of experience after more than 20 years in property research throughout Asia Pacific, Nerida’s insights are highly sought after by major media, including digital, print, television, and radio.She is known for her market commentary and regular contributions to Ray White publications, including Ray White Now.Urban Equity: The Business Case for Fair and Equitable CitiesKate Meyrick, director, UrbisJoin Kate and she explores the business case for fairer cities. As a housing crisis and cost of living pressures run riot globally, Kate will present exclusive Urbanity research that benchmarks the competitiveness of global and APAC cities through the lens of urban equity.<a href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" data-mce-href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial">View our initial speaker release</a>Other speakers include:Tim Price - Time &amp; Place, Co-Founder &amp; DirectorSarah Slattery - Slattery, Chief ExecutiveDaniel Kernaghan - JLL, Chief Executive, Australia and New ZealandShane Smollen- Central Element, DirectorCarolyn Viney - Super Housing Partnerships, Chief ExecutiveBen Martin-Henry- MSCI, head of Real Assets Research, PacificMonique Woodward - Wowowa Architecture, Co-FounderRichard Seddon - Mirvac, Chief Executive, InvestmentsMaria Lucrezia De Marco (Italy) - Stefano Boeri Architetti, ArchitectAndrew Deveson - Kapitol Group, Co-Founder &amp; DirectorAndrew Welsh - Wel.Co, Founder &amp; Managing DirectorTamika Smith - My Bella Casa, FounderRory Martin - Frasers Property, Vice President, Group SustainabilityTodd Pepper - Alceon Qld, Rino Recycling, Executive DirectorSarah Buckeridge - Hayball, Co-Managing PrincipalVivek Subramanian - SRL, Managing DirectorVictoria Reeves - Kennedy Nolan, Director of ArchitectureToby Lewis - Marquette Properties, Managing DirectorDr Michael Fotheringham - Australian Housing &amp; Urban Research Institute (Ahuri), Managing DirectorRafael Contreras - Contreras Earl Architecture (CEA), DirectorCaitlin Shields - Mitchell Brandtman, Partner &amp; 5D Quantity SurveyorChris Brown - QIC Real Estate, Cross River Rail Precincts DirectorGeorgina Harvey - Riverlee, Development ManagerTim Johnson - The Boundary, Chief Technology OfficerOwen Craven - UAP (Urban Art Projects), Managing Principal<a data-mce-href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" href="https://cvent.me/kBxrnO?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" target="_blank" rel="noopener">&nbsp; Click here and save up to 30 per cent with early bird tickets.</a>

Join us on the Gold Coast for unmissable presentations and interactive events to help you get ahead of the game—early-bird tickets available now…

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Three of Mirvac’s residential towers in Sydney’s $13-billion Green Square have topped out.The trio—The Frederick (23 storeys), Portman on the Park (12 storeys) and Portman House (11 storeys)—comprise 311 homes and have a combined construction value of more than $210 million.The Green Square precinct in Zetland, in Sydney’s west, is one of the largest urban renewal projects in Australia.&nbsp;Mirvac chief executive, development, Stuart Penklis said the completion of the three buildings “forms a significant milestone for the ongoing evolution of Green Square from one of the city’s oldest industrial suburbs to Sydney’s first new town centre in more than a century”.“The new community we are delivering in partnership with state and local government at Green Square has already contributed homes for more than 1000 residents and these three new apartment buildings will mean a further 685 residents will call the precinct home by the end of 2023.&nbsp;“On completion, Mirvac will deliver more than 1600 apartments in Green Square, along with state-of-the-art office and vibrant retail spaces, and substantial public spaces within the Green Square Town Centre.”Penklis said Green Square was “a great example of government and industry coming together to not only generate more places close to the city for Sydneysiders to call home, but also foster a community that will meet the needs of its residents for years to come”.Green Square by Mirvac has been under way for more than nine years and the precinct is now home to an internationally acclaimed library and Civic Plaza, as well as the 6200sq m Drying Green, Gunyama Park Aquatic and Recreation Centre, Green Square train station, Joynton Avenue Creative Centre, and more than 40 parks.<div id="4tBHv4FH7mSVKeXTolKJb4"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3tHRM9mFI8k5rRR6U0aNf6/9f1ccb03e3723003c16c0bd1dc22ecb1/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3tHRM9mFI8k5rRR6U0aNf6/9f1ccb03e3723003c16c0bd1dc22ecb1/1.jpg"></picture><div>▲ Milestone: Toby Long and Stephanie James, from Mirvac, City of Sydney City Planning, Development &amp; Transport director Graham Jahn, NSW planning minister Paul Scully, Sydney Lord Mayor Clover Moore and Mirvac chief executive of development Stuart Penklis at the topping out ceremony. </div></div>The Green Square Public School, set to cater for 600 primary students, began construction in August.&nbsp;Landcom, the NSW government’s land and property development organisation, and Mirvac began working on the Green Square urban renewal project in 2012.Penklis said more than 80 per cent of the towers’ apartments had sold. “As our national immigration rates return to pre-pandemic levels, and with national unemployment rates at a near 50-year low, we are seeing buyers acting decisively in the tightening market to secure quality, larger apartments setting themselves up for future growth,” he said.“Green Square is an ideal example of incorporating ESG principles into residential development, creating ‘good density’ modelled on a new approach to sustainable inner-city living leveraging new and existing infrastructure.”

Another 300-plus homes are close to completion in Mirvac’s $13-billion Green Square precinct…

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More than a quarter of residential property transactions in Australia’s eastern states last year were funded without a mortgage.According to research released this week by PEXA, the total value of residential sale settlements in the nation’s eastern states was $478.6 billion in 2022.Of this, $122.5 billion was cash funded, making up 25.6 per cent of these purchases, according to PEXA’s Cash Purchases Report.In the report, cash purchases are defined as having no mortgage registered on the property title at settlement and may include alternative finance sources.And while 2022 trended similarly to 2021, which had $124.8 billion of property exchanged without a mortgage attached, it is significantly higher than the $83.6 billion recorded in 2020, illustrating a notable shift in buyer behaviour—potentially attributable to heightened market boom post-pandemic, PEXA said.The research found postcodes that had the highest proportion of cash purchases were mainly located in regional areas popular with older Australians.PEXA head of research Mike Gill said the report “shines light on an often-overlooked segment of the property sector”.“Given these transactions represent more than a quarter of all residential property purchases, it is important to consider that this is a sizeable cohort of buyers who are less impacted by rising interest rates, having not taken out a loan.“Our research found cash buyers tended to be older and more likely to be buying in regional locations, which does highlight the generational divide between borrowers.“Younger homeowners are more likely to have larger home loan balances, particularly those who have purchased recently, while many older homeowners are likely to have paid their home loan off or be able to pay cash for a home to retire in.“Therefore, as the <a data-mce-href="https://www.theurbandeveloper.com/articles/reserve-bank-hikes-interest-rates-to-11-year-high" href="https://www.theurbandeveloper.com/articles/reserve-bank-hikes-interest-rates-to-11-year-high" target="_blank" rel="noopener">RBA raises interest rates</a> to slow the economy and fight inflation, the burden falls more towards younger Australians who are more sensitive to rising rates and less so on older generations who may in fact benefit if they have savings.”<div id="2azELDt7FTip2zE2evjQXM"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7nZgFTePTH1iN7Wx6gElh3/78c731f4504301ef82af8b77e343e689/iStock-1008683848.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7nZgFTePTH1iN7Wx6gElh3/78c731f4504301ef82af8b77e343e689/iStock-1008683848.jpg"></picture><div>▲ Tara in the state’s central west in the top postcode for cash purchases by percentage in Queensland. </div></div>In 2022, 65.2 per cent of cash purchases in Queensland were in regional areas, in NSW it was 56.3 per cent while Victoria had a lower proportion of cash purchases in regional areas at 36.8 per cent.These postcodes shared a number of key parallels—higher median ages, lower labour force participation and their primary family composition, according to ABS, was “couple family without children”, the PEXA report said.Notably, the median prices for cash purchases in these postcodes were significantly lower than state averages. These postcodes also had lower than average family incomes due to the high proportion of retirees.The top three postcodes for cash purchases by percentage in Queensland were Tara 4421 (78.4 per cent), Russell Island 4181 (76.4 per cent) and Gin Gin 4671 (71.9 per cent).In NSW, Emmaville 2371 (73.3 per cent), Gloucester 2422 (65.2 per cent) and Woombah 2469 (62.5 per cent) led the way, while Yarram 3971 (57.5 per cent), Paynesville 3880 (57.1 per cent) and Metung 3904 (56.9 per cent) ranked highest in Victoria.The report said the highest transaction value associated with cash purchases was concentrated in urban centres, with higher priced properties and larger populations living in these postcodes.Postcode 4218 (Broadbeach) in Queensland topped the eastern states with $1.33 billion &nbsp;spent on cash purchases in 2022 alone.Blue chip metropolitan postcodes 2088 (Mosman) and 3142 (Toorak) topped the rankings in Sydney and Melbourne respectively.

While the latest rate rise is causing pain for many, new research has revealed just how many properties won’t be affected, one way or another…

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The Malaysian developer behind a planned 51-storey Surfers Paradise tower says it is shopping for a builder and will break ground on the $300-million project early next year.MRCB International said it had secured funding from Malaysian financial institution MBSB Bank for the project, 26 Vista.The plans for the tower were filed with the Gold Coast City Council in May of last year.The DBI-designed slender tower is planned for a 3100sq m vacant block at 26 Vista Street, formerly home to a putt-putt golf course.The tower is to rise to 172.4m and comprise 280 apartments plus six three-storey terrace houses fronting Northcliffe Light Rail Station.&nbsp;The developer reportedly paid $17 million for the site in 2021.The residential mix includes 56 one-bedroom apartments, 154 two-bedroom, 62 three-bedroom and eight four-bedroom apartments.&nbsp;<div id="2iUaNZw8A8J6fjBYzIOVYa"><picture><img src="//images.ctfassets.net/8pr762qjocl3/39z10SgMoWQsgMl9Z6WB3P/5678042e0f878bec3f936ea3fee2ae90/Copy_of_E01_Exterior_Hero_copy.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/39z10SgMoWQsgMl9Z6WB3P/5678042e0f878bec3f936ea3fee2ae90/Copy_of_E01_Exterior_Hero_copy.jpg"></picture><div>▲ The developer of 26 Vista at Surfers Paradise is pushing ahead with the 51-storey tower. </div></div>Level 4 is a dedicated communal recreation space with a gym, outdoor pool, sauna, steam room, ice shower and pool lounge. There will also be rooftop gardens and a kitchen and dining room.MRCB International chief executive Ravi Krishnan said the tower was the developer’s first on the Gold Coast.“We are determined to succeed and follow through with our plans to introduce one of the most sophisticated projects ever seen in Surfers Paradise,” he said.“It is a precarious time for the construction industry and builders are needing to be savvy and highly selective when it comes to tendering for new projects.“The financing from MBSB Bank has bolstered our ability to secure a builder with the knowledge that our financial status is secure and we will be able to deliver this project.”Vista 26 is scheduled for completion in 2026.<div id="1cwz1AtfhND8xCIipnieUc"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7f7N4CC1nHNGaF12mlQuWK/bf08e70f996a3536fa29603a5fcc8a21/Copy_of_A03_Lobby_Foyer.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7f7N4CC1nHNGaF12mlQuWK/bf08e70f996a3536fa29603a5fcc8a21/Copy_of_A03_Lobby_Foyer.jpg"></picture><div>▲ A render of the lobby of Vista 26.</div></div>

The Malaysian developer behind a 51-storey tower in Surfers Paradise says it’s secured funding and is set to break ground early next year…

RESIDENTIAL