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Across all capital cities, the greatest proportion of suburbs have a median house price of between $300,000 and $500,000, while less than 9% of suburbs have a median house price over $1 million.
This analysis looks at median unit prices across those capital city suburbs that have recorded at least 10 unit sales over the 2011 calendar year.
Across the combined capital cities, 18.1% of the suburbs have a median unit price below $300,000. The majority of capital city suburbs have a median unit price between $300,000 and $500,000 with almost 60% of all suburbs sitting within this range.
In comparison to the detached housing market, there are many more options for the price-sensitive purchaser within the unit market. Although there are more options across the combined capital cities, there are no suburbs in Darwin with a median unit price below $300,000 and only around 1% of suburbs in Canberra have a median unit price below $300,000. Across every other capital city at least 10% of suburbs have a median unit price below $300,000.
The more affordable price points and ability to own closer to the city centre is a large reason why we believe that demand for inner-city apartment living is increasing.
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Within a 10-kilometre radius of each city centre the opportunities to purchase units below $500,000 are much more abundant than they are to purchase detached houses. Across all cities, 69% of suburbs within 10 kilometres of the city centre have a median unit price below $500,000 and each individual city has at least 20% of suburbs with a median price below $500,000.
Looking at median unit prices below $700,000, 94.6% of all suburbs are priced below $700,000 and across each capital more than 80% of suburb median unit prices fall below this level.
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Across those suburbs located between 10 kilometres and 20 kilometres from the city centre, suburbs with median prices between $300,000 and $500,000 are most abundant, accounting for 64.9% of all of these suburbs. When you look at all suburbs with a median unit price below $500,000 it equates to 78.3% of all suburbs within 10 kilometres and 20 kilometres of each capital city. Across each individual capital city, the proportion of suburbs priced below $500,000 in this area varies from 66.1% of suburbs in Sydney and Melbourne to all of the suburbs in Brisbane, Adelaide, Hobart and Darwin.
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At a distance of more than 20 kilometres from the city centre and less than 30 kilometres from the capital city centre, 88.4% of suburbs have a median unit price below $500,000: Across each individual capital city, the vast majority of suburbs have a median unit price which sits within this range.
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Once you move further than 30 kilometres away from the city centre virtually all suburbs have a median unit price below $500,000. Not only is this a reflection of the fact that the pricing differential between units and houses narrows as you move further away from the city centre but also that the supply of units typically decreases. Click to enlarge
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With housing demand strongest within inner city areas and the cost of purchasing developable land restrictive, ongoing densification makes sense.
The benefits of a greater volume of units are clear; you only have to look at the fact that in Sydney 20.5% of suburbs within 10 kilometres of the CBD have a median unit price below $500,000, compared with zero suburbs within the same boundary having a median house price below $500,000.
Units afford residents the ability to live in more desirable areas of the city than they would otherwise be able to if they had to buy a detached house. A good example of this is in Sydney; the median house price over the 12 months to December 2011 was $555,000 compared with $455,000 for units. Based on suburb median prices you could purchase a house in Riverwood (16 kilometres from the city), or you could buy a unit in Chippendale less than three kilometres from the city centre for $100,000 less at these median prices.
Given the strong demand to live close to the city centre, lack of appropriate infrastructure within the outer suburbs of most capital cities, the restrictive pricing for detached houses in inner-city suburbs and limited supply, we anticipate that densification of the inner city will (and should) continue.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
Cameron Kusher is senior data analyst at <a target="_blank" href="https://www.rpdata.com.au/">RP Data</a>.
Sydney units photograph by Neal Jennings, courtesy of <a href="https://www.flickr.com/" target="_self">Flickr</a>.
 
 
 
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ckusher-ujnxiKuFQs

Units the way to go for city buyers looking for property under $300,000: Cameron Kusher

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Following a raft of economic data that has come out recently I felt it was important to reflect on this data.  It is obvious that the Reserve Bank  is currently in a very tough predicament. While much of the data is proving to be quite negative and providing a clear case for interest rate cuts, every now and then other pieces of data highlight that perhaps things aren’t so bad.  Most notable of these data releases was the labour force data. Despite most economists expecting an increase to the unemployment rate, it remained at 5.2% and the participation rate actually increased.
As most people will know, official interest rates are currently sitting at 4.25%.  Now over the past 20 years, the cash rate has sat at an average of 5.15%, much higher than its current setting.  Although the cash rate is at above-average levels, standard variable mortgage rates are sitting at 7.4%, which is fairly close to the 20-year average level (7.35%).  In recent years the major banks have sought to de-couple mortgage rates from official interest rates.  As a result, we now have a situation where the official cash rate is almost 100 basis points below the long-term average however; mortgage rates are sitting at average levels.  As a result, the amount by which the RBA is able to influence repayments on our largest asset class (housing) has been lessened over recent years.
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Looking at the RBA website, its official role is detailed at this <a href="https://www.rba.gov.au/about-rba/our-role">link</a>.  A lot of the data suggests that we are pretty close to full employment and that we still enjoy economic prosperity and welfare.  However, many would argue that the current high currency is providing instability. In its agreement with federal government the RBA is also charged with keeping inflation between 2% and 3% over the economic cycle.
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So looking at inflation and keeping in mind new data will be out later this month, headline inflation is currently recorded at an annual rate of 3%.  The RBA’s preferred measures of ‘underlying inflation’, the trimmed mean and weighted median are both well within the target range, recorded at 2.6%.  The most recent data available shows that headline inflation is at the top end of the target range (but it is falling) and underlying inflation is right around the middle of the band. 
Obviously the RBA is concerned about inflation and with good reason.  Glenn Stevens was made governor of the RBA in September 2006 and since December 2006, headline inflation has been recorded at an average of 3%, right at the top of the target band.  More concerning is the fact that the RBA’s preferred measures have been recorded at an average of 3.2% (trimmed mean) and 3.5% (weighted median).  Given this, it is no real wonder that the RBA decided not to cut interest rates this month. The RBA’s track record of hitting their inflation target has not been strong, and it wants to be as sure as possible before making any decision.
As I see it, it is fairly clear cut that another interest rate cut is required to help the economy, particularly if you take just a quick look at some of the recent negative economic data releases:
<ol>
<li>GDP – Australia’s economy continues to grow however, it is growing below the long-term trend</li>
<li>Property values – despite a stabilization over the first quarter of 2012, they are down -4.4% over the year</li>
<li>Consumer sentiment – the index continues to fall with pessimism outweighing optimism and the index is -10.2% lower than at the same time last year.</li>
<li>Business conditions – improving but still not particularly strong</li>
<li>Building approvals – continue to weaken and are -15.2% lower than they were at the same time last year</li>
<li>Housing finance data:<ol>
<li>When refinances are removed the value of finance commitments has risen by just 1.7% over the past year</li>
<li>The number of non-refinance commitments remains at low levels and has increased by just 3.6% over the year</li>
<li>Retail trade – remains quite sluggish having increased by just 2.0% over the past year</li>
<li>Growth in demand for credit by the private sector remains benign:<ol>
<li>Total credit has risen by just 3.5% over the past year</li>
<li>Housing credit has risen at an historic low rate of 5.3% over the year</li>
</ol>
</li>
</ol>
</li>
</ol>
Of course, times have changed in the Australian economy; consumers are saving again and credit isn’t as freely available as it used to be.  Although the Australian economy hasn’t entered into a recession it certainly seems that our mind set has changed and we are at least trying to be less reliant on borrowed money.  What that is likely to mean is that property values, building approvals, housing finance, retail trade and credit demand will grow at levels lower than those we have become accustomed to.  In saying this, just because the consumer mindset has changed it doesn’t mean we have to have a recession.
In my mind, we will see an interest rate cut next month as long as inflation is within the target range.  However, I don’t envy the RBA’s position, although a lot of the economic data looks bad they have been caught out before.  The significant growth in the mining sector is boosting the overall economy, the unfortunate thing being that most of us aren’t reaping these benefits.  Factors such as falling property values and lower levels of construction feed back in to consumers showing less inclination to spend which in-turn feeds back in to lower levels of consumer and business sentiment.  If we aren’t careful it could also lead to higher levels of unemployment and lower levels of economic growth or even a recession.
Let me know what you think. Was the RBA right to leave interest rates on hold and do you think it will do so again next month?
Cameron Kusher is senior research analyst at<a target="_blank" href="https://www.rpdata.com.au/"> RP Data</a>.
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The RBA is in a real bind on interest rate movements: RP Data's Cameron Kusher

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The number of property transactions in 2011 was the lowest number of calendar year sales since 1996.
The annual volume of sales across the nation was 25% lower than it has been on average over each of the last 10 years, highlighting just how challenging market conditions have been for the industry, according to RP Data.
The 2008 calendar year was the most recent weakest year for the housing market, with capital city home values falling by 1% and 416,859 home sales over the year.
In comparison, capital city home values fell by 3.8% in 2011, however there were 373,394 home sales during the year, 10.4% fewer than in 2008.
In 2011, sales of homes in the capital city markets accounted for 64% of all sales over the year, which is broadly in line with the proportion of the population that lives within the capital cities.
Across the nation, the number of home sales has been trending lower since September 2009, according to RP Data.
Not so coincidentally, September 2009 was also the last month at which the Reserve Bank held its official cash rate at historically low levels following the economic turmoil in 2008 and was also the last month in which the boost to the first-home owner’s grant was available in full.
The slowdown in transaction activity throughout 2011 is in line with the 3.3% annual drop in housing finance commitment volumes for new loans (not including refinances).
Focusing on sales of houses as opposed to units shows that across the country, 71% of all home sales were for detached houses.
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In the capital city markets the figures were a little lower, with house sales accounting for 67% of all sales over 2011.
During the past 12 months and over the last five years units have enjoyed a stronger capital gain performance than houses.
We would expect that this trend is likely to continue as potential buyers enjoy the locational benefits often associated with units and the fact that they are typically much more affordable than detached houses.
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Across individual capital city markets the change in sales activity over 2011 has been quite varied. Like property values throughout 2011, sales volumes also fell across each capital city over the year, with declines ranging from 3% in Darwin to a decline of 17.5% in Hobart.
Across each capital city sales activity in 2011 was also below the 10-year average annual volume of sales.
Again there was quite a range, with sales activity in Sydney just 11.6% below the 10-year average and in Brisbane annual sales volumes were 36.9% below average.
Interestingly, across most capital cities, 2011 had the lowest volume of sales over the year of any year of the past decade, however, this wasn’t the case in Sydney and Perth. Sydney recorded fewer sales in 2004, 2005 and 2008 than it did last year and Perth had fewer sales in 2008 than it did last year.
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Clearly 2011 was a very weak year for housing transactions.
The higher interest rate environment throughout much of the year and the general conservative nature of consumers were likely to be the biggest influences on such a low volume of sales.
We are anticipating transaction volumes will pick up over 2012 due to slightly more favourable conditions.
Interest rates have already been cut by 50 basis points, and we saw that the first of these consecutive 25 basis point cuts encouraged a greater level of sales activity in November 2011.
Many economists anticipate that the RBA will cut rates further in 2012 which is likely to improve market sentiment further.
Capital city rental rates rose by 5.8% over the 2011 calendar year while capital city home values fell by 3.8%. Although we aren’t anticipating any real growth in home values this year, we expect that rental rates will lift again in 2012 across most cities.
Ongoing increases in rental rates accompanied by a lower interest rate environment is likely to encourage some renters to purchase their own home.
Even though we expect that sales volumes will improve in 2012, it must be kept in mind that any improvement will be relative to the weakest year for sales activity since 1996.
Cameron Kusher is senior research analyst at RP Data.
 
 
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Home sales volumes at lowest levels since 1996: RP Data's Cameron Kusher

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Based on current rates of sale, as well as total number of homes being advertised for sale, RP Data results shows that there is 7.4 months of effective housing supply available. Across all capital cities, the effective supply of properties is currently recorded at 5.8 months. As a comparison, 12 months ago there was 4.5 months supply across all capital cities, while nationally the rate was 5.6 months.
Similarly, an estimate of sales volumes shows they are currently much the same as they were 12 months ago. This result highlights that supply levels are now being driven higher due to the amount of stock available for sale more so than a significant decline in sales activity.
Of all the capital cities, Canberra currently holds the record for the city with the lowest current housing supply at 3.6 months while at the other end of the scale, Brisbane has the greatest effective supply recorded at 8.8 months. The state-by-state results mirror the capital city results with the Australian Capital Territory having the least months of supply and Queensland having the greatest.
Across each capital city and state except for Perth and Western Australia, the months of supply figure is currently higher than it was at the same time last year. This is indicative of deteriorating selling conditions.
This is particularly true when you consider that on an annual basis property values have fallen by -3.4% over the year to September 2011, compared to 8.6% annual growth in home values at the same time in 2010.
The fact that Perth and Western Australia's effective supply levels are now lower than they were at this time last year suggests that the market may be starting to recover after underperforming for much of the past five years.
In all capital cities apart from Melbourne and Adelaide, the current monthly supply figure is below the peak which suggests that in other states and capital cities, effective supply levels may have peaked.
Melbourne recorded strong capital gains over recent years. RP Data research analysts expect that the effective housing supply will increase further in the coming months in the city as market conditions continue to slow following an exceptional rate of value growth. In all other capital cities except for Canberra, the current months of supply is more than one month lower than the peak.
Since the beginning of 2007, the effective supply level across the capital city markets averaged 3.9 months, reaching a high point of 6.5 months in January of this year. The months of supply figure reached a low point at just 2.3 months during March 2007.
Across the nation, effective supply levels have been recorded at a higher average of 4.9 months and peaked at 8.4 months in January of this year. Nationally, the months of supply figure was recorded as low as 2.5 months in March 2007.
These results suggest that current effective supply levels are well above average across the combined capital cities and at a national level.
A spike in recent listings data acquired by RP Data suggests that available stock is at near-to record levels and is being driven by mounting levels of re-listings. This result is indicative of slower market conditions and longer than normal selling periods.
RP Data found that new listings are currently -18.6% lower now than they were at the same time last year, whereas total listings are 26.4% higher. Although nationally the effective supply is recorded at 7.4 months, across various capital cities the results are quite different. The differentiation across markets highlights that the national results are not necessarily reflective of individual capital city markets.
With the latest reduction in interest rates, we will be closely monitoring the impact this has on market conditions. To this end, I would expect to see some improvement in sales activity. However, in stating this, I don't expect the anticipated improvement in transaction activity will be accompanied by growth in property values.
My reasoning behind this is because while housing credit growth remains flat, consumers show low levels of optimism when it comes to property purchases and retail trade continues to be slow, at a macro level the property market is likely to be subdued until we see a significant reduction in the number of homes available for sale.
<h3>How supply is measured</h3>
There are two ways to measure supply in the residential market place: "core supply" which is the difference between base level demand (ie. population growth) and base level supply (ie. new dwelling construction) and "effective supply" which measures the amount of properties that are available for sale in the market place. Effective supply can be expressed as the number of months it would take to sell.
Cameron Kusher is senior research analyst at RP Data.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111114-stock-on-market-at-close-to-peak-levels" target="_blank">SmartCompany.</a>
 
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Stock on property market at close to peak levels

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Based on the latest Australian Bureau of Statistics figures for the 12 months to March 2011, the results of a controlled federal government slowdown in migration for the period has become evident.
During this period, Australia's population increased by just 1.4%, which equates to approximately 312,000 people; the lowest level of annual population growth since the 12 months to June 2006 (303,089).
In percentage terms, it is also the lowest annual rate of population growth since the 12 months to December 2005 (1.4%). Despite the slowdown, population growth is still tracking well above the long-term average rate of growth (254,561), over the year. The long-term average is measured since 1981.
Net overseas migration slowed over the March 2011 quarter. However, with increases to migration, particularly skilled migration, announced in the federal budget, we may see a reversal of these trends over the coming year.
Across the individual states, New South Wales recorded the greatest increase in population in raw number terms, up 82,134 persons over the past 12 months. In percentage terms, New South Wales' population is growing by just 1.1% over the year compared to Western Australia where the population growth of 50,962 persons equates to a 2.2% increase over the year.
Looking at interstate migration, New South Wales, South Australia and Northern Territory are losing residents to other states with the largest beneficiaries being Queensland (7,391) and Western Australia (4,996).
The outflow of residents from New South Wales is now at near-to their lowest levels since December 1998, while Victoria's interstate migration is the strongest since June 2002. Interstate migration to Queensland is now at its lowest of any period since 1981 while in Western Australia, interstate migration is increasing again but below levels recorded between mid-2007 and mid-2009.
These latest results confirm that when people do migrate from overseas, their preference is to settle in the more populated states such as New South Wales which captured 29.9% of all overseas migrants followed by Victoria (27.3%), Queensland (18.4%) and Western Australia (16.4%). Collectively, these four states accounted for 92% of net overseas migration.
Overall, this recent data shows that Australia's rate of population growth is slowing however, in raw number terms it remains well above the long-term average level.
"Australians are now showing a decreased propensity to move interstate and obviously this is causing population growth into Queensland to slow markedly after it had previously held the mantle as the strongest population growth state for many years,” the ABS says.
"From a housing market perspective, the lower rate of population growth directly affects demand for housing. A potential trend that we may see emerge is an increase in the number of interstate migrants, particularly from New South Wales and Victoria, heading to Queensland and Western Australia.”
At a national level, population grows in two ways: natural increase (births minus deaths) and net overseas migration (inflow of migrants who will say in the country for at least a year minus outflow of Australian citizens). The slowdown in population growth is almost entirely due to a reduction in overseas migration.
Over the 12 months to March 2011, 145,207 more babies were born than residents who passed away, and 167,148 new migrants moved to Australia.
Although both components have eased over the past 12 months, the level of natural increase has fallen by just -6.0% compared to a -24.0% decline in the rate of overseas migration.
 Over the 12 months to March 2011, natural increase accounted for 46.5% of the total national population growth, its highest proportion since the 12 months to June 2005 (46.6%).
<img style="border-style: initial; border-color: initial;" width="385" height="198" src="https://www.smartcompany.com.au/images/stories/Features/pop%20growth%201.jpg" alt="pop growth 1">
<img style="border-style: initial; border-color: initial;" width="391" height="223" src="https://www.smartcompany.com.au/images/stories/Features/pop%20growth%202.jpg" alt="pop growth 2">
Cameron Kusher is senior research analyst at <a href="https://www.rpdata.com/" target="_blank">RP Data</a>.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111010-population-trends-where-are-people-moving-to-and-from" target="_blank">SmartCompany</a>.
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Australia's population growth stagnates

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

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Cameron Kusher

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