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The past 12 months mark one of the state’s strongest residential property markets we have seen in recent years. 
More homes went to auction than ever before with multiple records falling, including the highest number of auctions held in a single day, weekend and year. High transaction volumes, low interest rates and buyer and vendor confidence all contributed to strong capital growth. As the year draws to a close, it is timely to review the market in 2015 and the outlook for Victoria in 2016.
TRANSACTIONS &amp; AUCTION VOLUMES 
Transaction volumes in Victoria have been at their highest in five years with around 116,000 sales in the year to November 30. This is a 5% increase on last year when there were 110,400 transactions. 
In the year to November 30, around 40,000 auctions have been held with almost 30,000 homes selling under the hammer. Just over 37,000 of those auctions were held in Melbourne, compared to 2,500 in regional Victoria where private sales are more popular. 
The key to the 2015 market has been auction levels, which have hit an all-time high in recent months. In the last weekend in November, multiple national auction records fell including most auctions in a single day with 1,648 auctions held  - 22 more than the previous record which was set in October last year. November 2015 was also a record month for auctions with 5,669 auctions held – 259 more auctions than the previous record month (November 2014).  
MEDIAN PRICE GROWTH
Significant house price growth has been recorded in metropolitan Melbourne throughout 2015 with the median surpassing the $700,000 barrier for the first time ever in the September quarter. Growth has been widespread across the city, with price increases recorded in all three regions – inner, middle and outer. 
Growth has been consistent during the year. In the first quarter of 2015, the median house price topped $671,000, up from $664,500 in December 2014. Suburbs in the city’s south east experienced the highest growth in the first three months of the year with Mount Waverley, Bentleigh and Beaumaris all up more than 16% on 2014 figures. 
Solid price growth continued in the June quarter with metropolitan Melbourne’s median house price almost reaching $700,000, at $698,000. Melbourne’s eastern suburbs recorded the highest median house price growth in the quarter with Templestowe, Glen Waverley and Balwyn North all rising by at least 17%. 
The September quarter saw the city’s median house price rise 4.5% to a record high $729,500. Bayside suburbs Brighton, Dromana and Seaford topped the highest growth suburbs in the third quarter of the year, up more than 17 per cent on June quarter figures. 
House prices have also increased in regional Victoria over the year with the median house price hitting $347,000 in the three months to September 30. This was up from $341,000 in the first quarter of 2015. 
MILLION DOLLAR SUBURBS
Buyer demand in traditional million dollar suburbs has pushed up the median house price in neighbouring areas. As a result of the ripple effect, more of these suburbs have joined the million-dollar club this year. There were 61 suburbs valued at $1 million or more in the March quarter, and this has since increased to 87 in the September quarter. Toorak remains Melbourne’s most expensive suburb with a median house price of almost $4 million. This is followed by Canterbury and Balwyn with median house prices of $2,430,500 and $2,281,000 respectively.
LOOKING AHEAD
While clearance rates moderated slightly in November, they have still been strong given the record auction levels – and continuing high auction numbers to late 2015 indicates a high level of vendor confidence.
The mix of population increases, a robust economy and relatively low interest rates is likely to also encourage buyer interest moving forward.  
Across Melbourne, the market is likely to remain steady, with solid growth in a range of areas across the city. This growth is likely to be strongest in Melbourne’s inner and middle suburbs, which have seen strong buyer interest in recent months. 
While this growth may not be as strong as what has been experienced this year – with up to five per cent increases per quarter – a city-wide population upturn and low interest rates both signal consistent buyer demand in the first quarter, and into the second quarter, of the new year. 
‎Enzo Raimondo is chief executive officer of <a href="https://www.reiv.com.au" target="_blank">The Real Estate Institute of Victoria</a>.
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Melbourne auction activity at all time high: REIV's Enzo Raimondo

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They call it “reality” television and shows such as House Rules, Better Homes and Gardens, and, of course, The Block, have certainly fuelled our enthusiasm for DIY. 
The recent screening of The Block, where four apartments in an inner Melbourne suburb were auctioned off, drew strong interest nationally. The popularity of DIY has increased significantly as a result of our interest in such home improvement shows – and hardware and building supplies stores are reaping the benefits. 
Business information analysts Ibisworld released a report earlier this year showing their revenue was up thanks to the increase in renovation projects and DIY.
The report said almost 6000 businesses in the sector had shown annual growth of about 3.5% over the past five years with the past two financial years in particular helped by “greater expenditure on DIY renovations and home improvement projects”.
But while these homeowners think they are adding value to their homes – and some are – there are many pitfalls for the amateur. Sub-standard DIY work can not only make a poor first impression, but have buyers worrying about what else has been badly done.
Among the problems agents say can make a notably bad impression: poorly fitted kitchen or bathroom cabinets, poorly fitted carpets, visible wiring and a below-average paint or tiling job.
But if you are planning to DIY, take care, as there’s a range of implications. Not all are financial; there’s a need to make sure that the work is safe to undertake yourself.
And even DIY done well will not add value if the home is overcapitalised – that is, more spent on it than could be recouped in a sale – or if the amount spent is more than people are willing to spend on homes in the area.
Work must be done well, which means being sure you have the skills and experience for the tasks and, if not, hiring professionals to do it.  It is not cost-effective and is potentially dangerous to attempt work such as wiring and major plumbing jobs.  While this may seem expensive, it can boost the price of your home.
Before starting, it’s worth researching the price of renovated homes in your area that are of a similar size, to check on the potential value of the renovation. Then you’ll be able to proceed, and ensure that you make a significant return on your investment. 
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Reality television renovation: Enzo Raimondo

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Melbourne’s booming auction market, with a record 40,000 auctions last year, attracts headlines. But behind the scenes are the quiet achievers: private sales, actually the means by which most homes across Victoria, including in Melbourne, are sold.
While the number of auctions has grown, with vendors seeing the high prices obtained at auction by others and wanting that for their own home, more than 60 per cent of all sales in Melbourne last year were private sales. This resulted in close to 50,000 Melbourne homes being sold through private sale over the 12 months.
While auctions can be favourable to the seller, with the white heat of competition encouraging ever-higher bids and buyers to be highly assertive, private sales avoid that stress. They also allow a longer marketing period than an auction campaign, which is generally a month. 
Traditionally outer suburbs and regional areas, where homes can take longer to sell than in the highly competitive inner suburbs of Melbourne, have been the main centres of private sale activity. 
And last year was no different, with almost all of the top private sale suburbs in Melbourne’s outer region.
The trend has continued in 2015 – with the outer eastern, southern and western suburbs leading the way. Among those with the most private sales this year have been Frankston with 635, Pakenham with 620, Point Cook with 571 and Croydon with 470. Also on the top 10 list were: Mornington, Mooroolbark and Mount Martha.
The active property market in Mildura resulted in 560 private sales for that year, Victoria’s fifth highest total.
What may come as a surprise to some is the number of private sales in Melbourne city itself. In the city of Melbourne there were 717 private sales – a result of the large number of apartment private sales in Docklands and the CBD. Another top performer was the very large middle north suburb of Reservoir, which racked up the highest auction total for the year, and also had the eighth highest total private sales: 409.
While private sale levels are still extremely high, there has been a steady growth in auction levels statewide. So while in January and February last year just 12 per cent of all sales in outer suburbs were by auction, that had risen to 18 per cent in the first two months of this year. Areas with the largest increase in sales by auction included Rosebud, Craigieburn, Edithvale, Springvale and South Morang.
This reflects the value offered by outer suburbs, where population growth is leading to improved infrastructure including shopping centres such as the expanded centre in Craigieburn, transport hubs such as the station at South Morang to which the Epping line was extended, and recreation facilities.
Affordability is also a driver of outer suburban sales in 2015. Melbourne’s most affordable locations at present include Werribee, Hoppers Crossing, Carrum Downs, Wyndham Vale and Hampton Park.
While clearance rates – that is the percentage of properties at auction that sell – are a measure of the health of the auction market, days on the market are the comparable measure for private sales. All the suburbs in which properties sold fastest in February were in outer Melbourne – and, more specifically, outer eastern Melbourne. Top of the list was Croydon Hills with 17.5 days on the market, followed by Croydon South with 19 days and Montrose and Ringwood, both with 21.
Others on the list of the top 10 fastest selling areas were the Basin, Chirnside Park – the biggest improver compared with January, down by 2.5 days to 23, Mooroolbark, Yallambie, Scoresby and Kilsyth.
<a href="https://reiv.com.au/news-resources/latest-news/ceo-steps-down-after-16-years" target="_blank">Enzo Raimondo is the REIV Chief Executive Officer</a>
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Melbourne auction versus private treaty numbers: REIV's Enzo Raimondo

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Guest observation
Those agitating for the abolition of licensing requirements for large commercial property transactions continue to press their case, despite the significant risks this poses for consumers and business.
The Real Estate Institute of Victoria (REIV) welcomed news in May, following our pressure on the Victorian Government, that there would be a deferral of the decision to remove commercial agent licensing for "large transactions" – a move foreshadowed by the Government as one of 36 anti-red tape reforms it announced in January.
The proposed amendment would create a two-tiered licensing system – permitting the negotiation of leases and sales without a licence under the Estate Agents Act 1980.
What is the risk?
Such a change would expose both buyers and businesses to unacceptable risk, which licensing is designed to mitigate.  Licensing offers protection for consumers and uniformity across the industry.
Under the proposal, unlicensed operators would not be bound by the Estate Agents (Professional Conduct) Regulations 2008 and their clients would face increased risk because the operators would not be subject to probity checks or required to maintain an audited trust account.
Without a licensed agent, consumers are exposed to serious financial risk arising from their dealings with untrained and potentially unethical operators engaging in unlawful practices.  They would also not be able to access the protections available through the Victorian Property Fund.
Licensing means better agents
Licensed agents are highly trained, enabling them to deal with legal and ethical requirements, contracts, private treaty sales and conflict management.  REIV also hosts a number of commercial agent events each year to increase agents' understanding of current industry best practice in the commercial sector. Many vendors do not have experience with large transactions and using the services of a licensed agent provides a vital safety net.
Large proportion of sales
A key supporter of the change, the Shopping Centre Council of Australia (SCCA), claims that licensing is costly and unnecessary, affecting only a small proportion of sales.  In fact, in the most recent year (2013), almost 40 per cent of property transactions, by value, were above $10million.
Stronger consumer protection
Payments related to the sale of property are held in trust accounts, offering greater surety for vendors. Without an agent, they are exposed to high financial risk and the potential for unlawful behaviour.
Consumers, able to access the Victorian Property Fund's protections, are also safeguarded from unprincipled operators – who would not be subject to probity checks or required to maintain an audited trust account if licensing were to be abolished.
Exemption already in place
While the SCCA supports a change, an exemption from licensing requirements is already in place which the group can leverage.  This exemption, under the Estate Agents (Exemption) Regulations 2005, assists SCCA members – exempting them from the need to hold a real estate licence, for transactions by a member with another which it wholly or partially owns.  This is especially beneficial to large shopping centre owners dealing with related entities.
Let's not reduce professionalism in our industry
Any move to change licensing of commercial agents would have a detrimental impact on the levels of professionalism in the commercial property sector. The requirement for a licence to sell or lease residential, retail, industrial and commercial property in Victoria has increased the levels of professionalism and integrity within the state's real estate industry.
The REIV strongly believes the aim should be to increase consumer trust in the commercial sector - and to build that trust through rigorous standards and highly capable, licensed commercial agents.
Enzo Raimondo is the chief executive of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
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Abolition of commercial licensing should stay off the agenda

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Median house prices are a useful tool for analysing growth in the property market and looking at which suburbs are doing well. However, it is important to remember that median house prices can be skewed by a few particularly low or particularly high sales in an area.  So breaking down the prices within a suburb according to whether the property sold was a house or unit and how many bedrooms it had can give a more detailed and useful snapshot of what is happening.  
For example, while the median price of a one-bedroom unit in Melbourne was $340,000 in September, it was $355,500 in inner Melbourne and only $240,000 in outer Melbourne.  
Checking out particular suburbs shows even more variation.  For example, a one-bedroom unit in Collingwood had a median price of $335,500 in September – $20,000 below the overall inner Melbourne price.  But just across the street in neighbouring Fitzroy, a one-bedroom unit had a median price of $390,000 and a one-bedroom unit in nearby Abbotsford's median was $370,000.  
Research is essential for investors looking for the highest rental yields or capital growth, for downsizers wanting to free up home equity but stay in the same neighbourhood and for those feeling squeezed out of their preferred suburbs.  
Suburb-by-suburb information about median prices according to property type and number of bedrooms for the 12 months to September is now available free on the REIV website at <a href="https://reiv.com.au/BedroomMedians" target="_blank">reiv.com.au/BedroomMedians</a>.
Investors will be particularly interested to know that this also includes weekly median rents, gross rental yield and five-year annual capital growth.  Simply click on a suburb and all the information about it will appear.

<hr>
Enzo Raimondo is CEO of the <a rel="nofollow" href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
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The limits to median house price data

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With housing finance more available it's no great surprise that new Australian Bureau of Statistics housing finance data shows increased investor activity in the Australian property market.  It's a good time to buy an investment property, but it is important to be sure it will pay its way.
A good starting point is to consider the rental yield – that is, a property's annual rental as a percentage of the purchase price.  So, for example, a property costing $300,000 and renting for $9,000 a year would have a gross rental yield of 3%.  Generally, the higher the rental yield the better the property's return.
While the right house in the right suburb can bring a good rental yield, REIV sales and rental data over the 12 months ending September 2013 show that the highest rental yields are usually for one-bedroom or two-bedroom apartments.  In fact, the top three investment options in Melbourne are all for one-bedroom apartments.
The average rental yield for a one-bedroom apartment in Melbourne is 5%.  For a two bedroom apartment it is 4.4%.  But buying a carefully selected apartment in an in-demand suburb can mean a yield far exceeding the average.
Melbourne's top investment option is a one-bedroom apartment in the popular inner city university suburb of Carlton, with its current return an average gross rental yield of 8.3%. But it is not always the inner-city which brings the highest returns – illustrating a the importance of research.
The REIV data shows Melbourne's second best investment option  for the 12 months is affordable outer suburban Noble Park at 7%, where the median price of a one-bedroom apartment is just $155,000. So, three could be bought for the price of just one in Melbourne city, where the median was $481,500, offering the third-highest yield at  6.5%.
 
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 Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/" rel="nofollow">Real Estate Institute of Victoria</a>.
All this information and much more detail is available free on the REIV's regularly-updated website.  Go to <a href="https://reiv.com.au/Property-Research/Bedroom-Medians"></a><a href="https://reiv.com.au/BedroomMedians" target="_blank">reiv.com.au/BedroomMedians</a> to find bedroom medians, median rents, yields and capital growth data. 
 
 
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Narrowing down the best apartment investment in Melbourne

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Melbourne is the auction capital of Australia. Each year over 50% of all auctions held nationally are conducted in Melbourne. As a result, Victorian auctioneers have extensive practical experience in running an auction. So if you are thinking of selling at auction, it is important to select the best auctioneer for your auction. The REIV offers some tips to assist in selecting the right auctioneer for you.
Firstly, do your homework and watch a few local auctioneers in action. The best auctioneers should be able to balance the need to engage potential buyers with the critical aspect of achieving the best outcome for the seller. The auctioneer is a key part of the selling team and must be able to conduct the auction using their experience and must know and understand the legal requirements, regulations and codes of conduct of an auction.
Shop around and compare the fees of each agency, the marketing plan and who the auctioneer will be, before you commit to one. When comparing, you need to keep in mind that you should not necessarily choose the agency with the lowest fees or the highest estimated selling price.
Speaking with friends and neighbours who have sold their property at auction provides you with information on the experience they have had and seeking advice from people you trust is an important source of information.
Finally, the quality of an auctioneer is directly linked to their experience, education, training and understanding the market conditions. REIV Members undertake continuing professional development to maintain their membership and have access to Victoria’s most comprehensive market data.  This ensures REIV member auctioneers keep up to date with changes to regulation, industry standards and practice and market trends.
You can contact the REIV for a list of accredited auctioneers. They receive advanced training and regularly update their skills and knowledge or search for an REIV member at <a target="_blank" href="https://www.reiv.com.au/">www.reiv.com.au</a>.
 
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 Enzo Raimondo is CEO of the <a rel="nofollow" href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
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Choosing the best auctioneer for your auction

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We all know Melbourne has experienced an increase in apartment and townhouse developments over the past few years. It is hard not to notice these new developments under construction - especially in the inner suburbs. The result of this increasing trend is that for a growing number of suburbs, the majority of dwellings are no longer houses.
Footscray is an example of such a suburb. According to the 2006 Census, around 53% of homes in the suburb were houses. By the 2011 Census, only 47% were houses, with the majority of homes now in the form of townhouses and apartments.
This increase in medium and high rise dwellings provides home buyers with greater options. Home buyers can now select either a house or a unit; they can also choose between a townhouse and an apartment.
Obviously, the main difference is one of size. Townhouses generally have larger living areas than apartments and many feature a backyard or courtyard space. This difference in size is also reflected in the price.
REIV analysis of sales in June quarter 2013 reveals that townhouses can have a substantial price premium over an apartment. This price premium is highest in the inner suburbs. The median price of a townhouse in the inner suburbs was $640,000 in June quarter 2013. This is 35% higher than the median price of an apartment at $472,500. This price premium falls to 15% in the middle suburbs and two% in the outer suburbs.
Choosing between a townhouse and apartment can be the starting point for many home buyers looking in the inner suburbs. To find out more, visit <a href="https://www.reiv.com.au/">www.reiv.com.au</a>
 
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 Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank" rel="nofollow">Real Estate Institute of Victoria</a>.
 
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Townhouses are the en vogue developments, but come with a substantial price premium: Enzo Raimondo

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There are two methods of sale for residential property in Victoria: public auction and private sale.
Making a choice between the two is best done in conjunction with your real estate agent. After all, you have employed them to sell your home and they have developed a high degree of professional expertise from which you can benefit.
There are, however, some core features of each method that you need to be aware of.
Public auctions are held at an advertised time and place. This means the price you will receive for your property will be determined in a transparent manner by bids made in public at your auction.
A private sale is different. The price at which your property will be sold is determined by negotiation between your estate agent and potential buyers. The negotiations will take place in private
There is also another important difference between a private sale and a public auction of residential property.
If you sell privately, within three business days of signing a contract your buyer is allowed to change their mind, ‘cool-off’ and cancel the sale. But, if you put your property up for auction and it is sold in the three days leading up to, on the day of, or within three days after your public auction, your buyer cannot ‘cool-off’.
The use of auctions fluctuates in line with the market. At times when the market is not delivering strong price growth they comprise around 15 to 20% of all sales in the metropolitan area and when it is strong they can account for between 20 and 30%. Auctions are also used in regional areas, but on a very selective basis.
The sales method chosen differs across Melbourne. Auctions are more prevalent in the inner city than the outer suburbs. The REIV website has maps demonstrating this on a suburb by suburb basis allowing sellers to undertake some of their own research.
The overall state of demand in the auction market is generally measured though the clearance rate statistic and whilst it is a very useful guide it can’t replace attending an auction and watching the bidding if you are looking to buy or sell.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank" rel="nofollow">Real Estate Institute of Victoria</a>.
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How to decide if you should sell your home by auction or private treaty: Enzo Raimondo

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The REIV has released its rental data for November, and it shows the vacancy rate for Victoria has increased from 1.9% to 2%, with Melbourne’s increasing from 1.9% to 2.2% and a mild tightening in regional Victoria from 2 to 1.8%.
While this is an improvement for those looking to rent a home, higher vacancy rates can reduce the returns for the tens of thousands who own and rent out investment properties.
There was a minor variation in the median rent charged for houses in Melbourne, with an increase of $10 per week to $380. The median rent for units was stable at $350 per week.
The level of vacancies in Melbourne is relatively even across the city. A vacancy rate of between 2 and 2.2% was found across the city. When compared with previous months there was a substantial tightening of the vacancy rate in the inner city, where it fell from 2.6% in October to 2.2%. This shows that the new apartments being purchased by investors are slowing being absorbed into the market.
In contrast the vacancy rate in the outer suburbs nearly doubled from 1.1% to 2%. This easing has not yet been apparent in rents being charged as they remained stable.
Within regional Victoria the vacancy rate tightened in Geelong from 2.8% to 2.1%, was stable in Ballarat at 1.5% and eased slightly in Bendigo from 0.7% to 1%.
The overall rental market is well balanced at the moment, and it is unlikely that there will be any substantial increases in overall rents charged while the vacancy rate remains between 2% and 3%.
Enzo Raimondo is CEO of the <a rel="nofollow" target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
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Inner-Melbourne vacancy rate tightens substantially in November

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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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[smartcode_project_cta:default project_id=112661]

Enzo Raimondo

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