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The recent release of the REIV’s calendar year medians for 2011 allows another review of the long-term performance of the residential market.
It is commonly accepted that prices double every seven to 10 years and the REIV’s research shows that, while this does not occur every time, it is a reasonable rule.
The median price of a house in Melbourne was $540,383 in 2011. Since 2001 the median price has increased by $240,383, or 80%, from $300,000. Interestingly, because 2001 was a year of strong appreciation and 2011 was not, this results in a very different outcome from the 10 years to 2010, when prices rose by 120%.
This shows that the timing of the sale and purchase and have a substantial impact on the result.
In the 20 years since 1991, the median house price has increased by $398,383 or 281%. This shows that prices grew more strongly in the latter part of the ‘90s than they did over the last decade.
In the 30 years since 1981, the increase in the median was $484,783 or 872%.
The comparison with 1971, when the median house price was a mere $12,100, does not need a percentage comparison – the substantial change is obvious.
These comparisons confirm that residential property can deliver very solid investment returns over the long term. While many commentators concentrate on the short-, often very short-term changes, the more sensible approach is to take a long-term view.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
 
 
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enzoraimond-7fvRFHPR52

The value of Victorian houses roughly doubles every 10 years – so take a long-term view

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In many parts of Victoria there is a shortage of rental homes and the only way the shortage will be fixed is if more individuals invest, i.e. buy housing for the sole purpose of providing it as rental accommodation.
The problem is that those who choose to do that face higher rates of stamp duty.
When the previous state government reduced stamp duty in 2007 it left the old higher rates in place for investors.
As a result, those who buy a house for the purpose of increasing the number of available rental homes pay a higher rate of stamp duty than they would if they were going to live in it.
The higher rate of stamp duty is in addition to the land tax, for which they are liable on an annual basis. It is not equitable to charge an investor land tax on the basis that the property in question is not their principal place of residence then charge extra stamp duty as well.
An investment home purchased for $400,000 is liable for $2,700 more in stamp duty than if it were purchased to live in. That is the equivalent of nearly five years’ worth of land tax.
Charging higher duty for investment properties can have two effects: firstly, it can act as a disincentive to individuals purchasing and providing rental accommodation; secondly, it can increase the cost of the accommodation to renters.
In the coming state budget the government should consider equalising stamp duty for all non-first home buyers.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
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Victorian government should give investors a fairer go and eliminate higher stamp duty rates for investors

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The REIV has recently released the median prices for 2011. This data set differs from the quarterly data in that it compares all of the residential property sales in 2011 with those in 2010 and 2006 rather than just three months’ worth of sales.
This has the effect of smoothing out some of the peaks and troughs evident on a quarterly basis, thereby providing a clearer medium-term picture of the market.
The data showed that the median house price in Melbourne dropped by 1.8% from $550,000 in 2010 to $540,383. It’s important to understand this result in the context of what happened in 2010, when the median price of a house increased by 18% from $465,000 in 2009. Ongoing increases of that order would not be sustainable and it would appear that prices did drop from the peak in December 2010, partly due to concerns about affordability and a lack of confidence in the economy.
Over the same time, the median price of a unit dropped by 1.3% to $456,000 from $462,000 in 2010. This shows that the performance of the unit and apartment market mirrored that for houses.
This contrasted, however, with the outcome in regional Victoria, where the median price of a house increased by 3.6% from $304,000 to $315,000. While regional Victorian house prices do not exhibit the same variability of those in Melbourne, they also do not match the long-term growth, with a 27% increase since 2006 compared with the 46% increase recorded in Melbourne.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
 
 
 
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Regional Victoria prices play catchup, but the city remains the powerhouse since 2006

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 The REIV has released its state budget submission for 2012–13, highlighting a need to continue\ state-based tax reform, assist first home buyers and reduce taxes to promote investment in Victoria.
With stamp duty revenues reducing due to the slowing economy, it is timely to reform the structure and level of property taxes to improve equity, remove double taxation and promote investment.
The current structure of property taxes in Victoria is inefficient and discourages the necessary investment in housing and commercial property.
Residential home buyers are subject to bracket creep when prices rise, leading to an increasingly high level of taxation. This not only results in a higher level of stamp duty for every dollar spent on a home but also discourages people relocating.
An anomaly of the tax system is that investors are subject to higher stamp duty at the same time as the community relies on them to provide the majority of rental homes.
Another anomaly is that when a buyer spends $550,001 rather than $550,000 on a home, they pay an extra $3,100 in duty. There is no sensible reason for that.
The REIV also applauds the focus on assisting all first-home buyers through cuts to stamp duty and encourages the government to continue the program, even extending it if budget constraints permit.
It is also clear that the policy aim of the bonus – boosting the construction of new homes – has been met, making it unnecessary to provide additional funding for the program at this time.
Equalising assistance for all first-home buyers will provide them the choice about where to live, rather than encouraging them only into new homes.
It is also high time for the levying of stamp duty on GST in non-residential transactions to cease. When an office block, warehouse or factory is purchased, the new owner has to pay GST on the purchase itself and then stamp duty not only on the value of the property but the GST component as well.
This anomaly has been in place since the GST was introduced, and it is time it was corrected.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
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Victorian budget provides opportunity for taxation reform

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The most recent data about the cost of rental accommodation has revealed a substantial decline in the provision of affordable rental accommodation throughout Victoria.
This has occurred at the same time as we are experiencing the most substantial shortage of rental accommodation in the last few decades. The shortage of housing put pressure on rents, with an outcome of far fewer affordable rental homes.
The data, sourced from the Victorian government’s Office of Housing, tells the story.
In the decade between the September quarters of 2001 and 2011 there was a 55% reduction in the number of affordable rental homes in Melbourne and a 19% reduction in regional areas. A decade ago Melbourne had about 14,000 affordable rental homes – now it is about 8,700.
This translates to greater competition for the few affordable rental homes that are available, and tenants having to pay rents that they cannot afford or being forced to live in areas far from employment.
The location of affordable rental homes has also changed. The highest availability for affordable rental homes is in regional Victoria, and what few affordable rental homes were available in Melbourne’s middle suburbs have disappeared.
A decade ago 50% of rental homes in the City of Knox were affordable, and now only 6% are. During the same time there was a drop from 47% to 3.5 per cent in the City of Maroondah and from 28.5% to 1.7% in the City of Moreland.
To address this problem the state government needs to increase direct investment in affordable and low-cost public housing, remove the opportunist taxes on investors and reducing the cost of development by improving the planning process.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
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Government should step in as number of affordable rental properties dwindles

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A career in real estate is fulfilling and rewarding. As a professional estate agent, you have the flexibility, freedom and opportunity to control your own career path.
A successful estate agent is goal-focused, committed, self-motivated, ambitious and people-oriented.
Qualified professionals in real estate can specialise in a wide range of areas: residential sales, auctioneering, property management, commercial sales, commercial property management, buyer or vendor advocacy, business broking or a mix of the above.
Real estate professionals work in many different sectors; in addition to working in or running estate agencies, they also work in the development industry, banks, law firms, government and academia.
The first step for most people in becoming a licensed real estate agent is to gain practical experience working as an agent’s representative under the supervision of a licensed estate agent. To work as an agent’s representative you must successfully complete a course of three units of study and meet a range of basic criteria outlined by the Business Licensing Authority.
To take the next step in your career and become a licensed estate agent you must successfully complete an additional 21 units, covering every aspect of the profession. This course can be undertaken in conjunction with the agent’s representative course so that, at the end of your first 12 months, you satisfy both the experience and educational requirements to apply for a licence in Victoria.
The REIV is the number one provider of real estate training in Victoria and will help you achieve the career goals necessary to be successful and to stand out from your competitors.
If you would like to find out more, including current costs and specials please visit <a href="https://www.reiv.com.au/" target="_blank">www.reiv.com.au</a>. Information about the requirements of the Victorian government can be found at <a href="https://www.bla.vic.gov.au/" target="_blank">www.bla.vic.gov.au</a>.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
 
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How and why to become a real estate agent

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Many specific terms are used when analysing and commenting on the property market. 
Having an understanding of these terms is important for anyone who is looking to enter the property market as a tenant, owner–occupier or investor. 
One frequently used term is "median". 
The median value is the middle price in a series of sales, where half of the sales are of lower value and half are of higher value. For example, if 15 sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price. 
Median prices are used rather than average prices because median prices are unaffected by a few unusually high or low prices, making them a more accurate indicator of true market activity. 
Along with the Victorian government, the REIV uses medians when discussing and reporting property prices. 
Of course, medians do not describe the value of every home in a suburb; rather, they serve to show how prices may have generally changed. In that way, they are a guide only. The sale price for each home will still depend on the home, the vendor’s preferred price and the level of competition between buyers.
When looking at a median price, be aware of the number of sales on which it is based. The lower the number of sales the more variable the figure will be. This is why the REIV notes with an asterix those suburbs where the median is based on fewer than 30 sales. This provides the public with an additional tool with which to understand the data.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
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How to determine the median house price

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The availability of rental homes has improved slightly in Melbourne, but there are still opportunities for investors, particularly in regional Victoria. Aspiring first-time investors should undertake research before buying their first property, and there are a few terms that they will need to know: equity, capital growth, investment return and gross rental yield.
Equity: This is the difference between the property purchase price and the amount owed on the loan. In other words, what you own, not what you owe.  Generally equity increases over time in line with capital growth and a reduction in the debt.
Capital growth: The term capital growth is often used in real estate to describe the increase in the price or value of a property. Capital growth is the annual compound rate of growth in the value of the property. For instance, if you bought a house in Coburg for $538,500 and 12 months later it was worth $550,000, the capital growth is the difference between the two – $11,500 – divided by the purchase price. This equates to 2.1% over a year. Capital growth is also known as capital appreciation.
Investment return: From a real estate perspective the term “investment” return is very similar to the capital growth figure.  It is the percentage of change in value of the investment over a given period of time.
Gross rental yield: Gross rental yield is a term that is frequently used to compare the investment return on a property investment. To calculate the amount you divide the yearly rental income by the purchase price of the home. For instance, the yearly rental income on a three-bedroom house in Coburg is $20,000 and the median house price is $550,000, resulting in a gross rental yield of 3.6%.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
For more advice on buying your first investment property, <a target="_blank" href="http://propertyobserver.com.au/ebooks/first-investment-property-a-beginner-s-guide">download our free eBook.</a>
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Terms first-time property investors need to know

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Many people can’t afford to buy a new home until they sell their current one. Selling and buying at the same time has its advantages yet can also be stressful, as you not only need to successfully sell but also locate and successfully purchase. 
From a cashflow perspective it can be difficult, as you need a deposit for the home that you are buying. While some people apply for a deposit bond to bridge the gap, there is also the option of applying for an early release of the deposit from the home you have just sold. 
The law in Victoria, specifically section 27 of the Sale of Land Act, allows the seller to apply for release of the deposit before the settlement date. 
It outlines a number of conditions and a mechanism for the release, including the critical condition: the purchaser must be pleased to release it. 
If you believe that you are able to meet the criteria, you need to issue a notice that contains specific information and asks the buyer of the property to allow the release of the deposit monies. They are held in trust by your estate agent or solicitor. 
While this may sound simple, it can also take some time; in fact, it may be no quicker than waiting on the settlement date of a short settlement period. 
It is important to also note that if early release is agreed to, your agent may deduct his or her fees at this time.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
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Vendors can sometimes release a deposit early

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The affordability of housing for Victorian owner-occupiers has barely changed in the past year, according to the most recent REIA Deposit Power Housing Affordability Report.
The report shows that, in Victoria, the proportion of family income needed to meet average loan repayments in the September quarter last year was 35.7% compared with 35.6% in the September quarter this year.
There is no doubt that housing has become less affordable over the last few years; Victorians have generally required more than a third of an average income to pay the average loan for the last seven years (with the exception of the year of the GFC).
Between 1999 and 2004, Victorians generally required a quarter of an average income to pay the average loan.
The significant reduction in affordability was a direct result of the state’s rate of population growth doubling between 2005 and 2010 not being matched by an increase in housing construction. This suggests that the solution to affordability concerns is primarily through ensuring adequate housing supply.
When compared with the other states, Victoria is the second least affordable; only in NSW is a greater proportion of income needed at 37.1%.
Renters, however, are in a better position when compared with other states. In Victoria they required 22.7% (same as a year ago) of an average family income to meet the average rent. This was more affordable than in New South Wales, Queensland, South Australia, Tasmania and the Northern Territory.
Enzo Raimondo is the CEO of the<a href="https://www.reiv.com.au/" title="REIV" target="_blank"> Real Estate Institute of Victori</a><a target="_blank" title="REIV" href="https://www.reiv.com.au">a.</a>
 
 
 
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Owning Victorian housing has become less affordable over past few years

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.

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<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.

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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.

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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.

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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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Enzo Raimondo

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