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Major lenders' grip on the home loan market loosened last month, according to mortgage broker AFG.
In September, loans from major lenders accounted for 73.3% of all home loans processed. Last month, that figure dipped to 71.7%.
ANZ, however, managed to increase the proportion of total loans it processed for the month, knocking the Commonwealth Bank off the top spot. After processing 16.9% of all home loans in September, ANZ increased their market share to 17.6% for October. The Commonwealth Bank accounted for 16.8% of October loans, down from 17.1% in September.
Overall, non-major lenders increased their market share, particularly with loans to refinancers.
In October one in three refinances used a non-major lender, according to AFG.
While 28.3% of all new mortgages processed last month were made with non-major lenders, 34% of last month's refinancers chose to forgo the major banks.
Among the non-major lenders, Suncorp had the largest share of refinancing loans in October, with 10.3%. Macquarie Bank was the second most popular non-major lender with refinancers, processing 7.5% of all refinancing loans for the month.
Of the major lenders, Westpac processed the most refinancing loans, with a 8.8% share.
AFG's general manager of sales and operations Mark Hewitt says borrowers' increasing willingness to consider minor lenders is "very encouraging from a competition perspective."
"Suncorp are a great example of this," says Hewitt.
"Traditionally they have struggled outside their home state of Queensland however through delivering on a combination of customer value and  service they have reached an all-time market share high of 8.2%."
Among first home buyers, major lenders still dominate, processing 69.1% of all October loans. Keystart, the Western Australian government-backed initiative, was the biggest non-market lender, with 10.3% of market share. Bank of Queensland was the favourite commercial non-major lender among first time buyers, processing 6.0% of the loans.
Bankwest, ANZ, the Commonwealth Bank of Australia, the Bank of South Australia, Bank of Melbourne, St George, Westpac, NAB Broker and NAB are all considered major lenders by AFG.
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jrichardson-uRX5hFdKfN

ANZ beats CBA as major lenders' market share falls: AFG

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A $6.55 million Elwood home was the most expensive to sell in Australia this weekend, according to RP Data.
Trefusis, an 1890s house designed by Ernest W M Crouch, is now the <a href="https://propertyobserver.com.au/forward-planning/advice-and-hot-topics/trophy-homes/37872-elwood-s-1890s-trefusis-trophy-home-sets-suburb-record" target="_blank">most expensive home</a> to ever sell in Elwood.
Last week's top 10 sales were again dominated by Sydney residences, with two Melburnian appearances – however, one Canberra house did make it into RP Data's list. The award winning home at 3 Rouse Crescent in Forrest sold for $3.4 million.
RP Data's top 10 sales for the week ending Sunday 16 November:
<a href="https://www.realestateview.com.au/Real-Estate/6-dickens-street-elwood/Property-Details-buy-residential-7711998" target="_blank"><img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">6 Dickens Street, Elwood, Vic</a>
The five bedroom, four bathroom house (pictured in gallery above) was purchased by interests connected with DFO founder Geoff Porz through Abercromby's Real Estate Armadale. Built on the Crouch family's grounds, previous owners also include architect Sydney Wigham Smith Junior.
Trefusis sits on a 1,335 square metre plot, with lawns, a swimming pool, outdoor change rooms and shower and a three car garage.
<a href="https://www.realestate.com.au/property-apartment-nsw-darling+point-118122867" target="_blank"><img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">4/8 Carthona Avenue, Darling Point, NSW</a>
<img src="/images/2014/11/18/2.jpg" alt=""> 
A ground-floor apartment in Darling Point sold for $5.5 million last week through Sydney Sotheby's International Realty. The three bedroom, two bathroom residence is one of four in an apartment block designed by Giles Tribe Architects in 1996.
Each of the apartment's living spaces face north, while the apartment has a north-east view of the water. The master suite has two dressing rooms and a double en suite.
<a href="https://www.realestate.com.au/property-house-nsw-vaucluse-118210899" target="_blank"><img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">102 New South Head Road, Vaucluse, NSW </a> <img src="/images/2014/11/18/3.jpg" alt="">
After 49 years in the same family, this Vaucluse home sold for $5 million through BradfieldCleary Double Bay. The colonial bungalow has original wainscoting, with leadlights and timber floors throughout. The north-facing back verandah offers a view of the harbour.
Sitting on a 1,511 square metre block, the house has four bedrooms and two bathrooms.
<a href="https://www.realestate.com.au/property-house-nsw-kirribilli-118167771" target="_blank"><img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">44 Fitzroy Street, Kirribilli, NSW</a>
 <img src="/images/2014/11/18/4.jpg" alt="">
A double storey Victorian Italianate terrace secured $4.3 million when sold through Belle Property Neutral Bay last week. The renovated four bedroom, three bathroom home has dual street entry, with a secure garage at the rear.
Inside, there is timber flooring throughout and original marble fireplaces. The house was purchased for $3.57 million four years ago.
<a href="https://www.realestate.com.au/property-apartment-nsw-surry+hills-118207259" target="_blank"><img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">1502/417 Bourke Street, Surry Hills, NSW</a>
<img src="/images/2014/11/18/5.jpg" alt=""> 
Buyers paid $4,025,000 for a dual level penthouse in Surry Hills' St Margarets complex, sold through BradfieldCleary Double Bay.
The three bedroom, three bathroom apartment has an outdoor terrace and balcony, with an open air en suite attached to the master bedroom. It features floor to ceiling windows, limestone bathrooms with underfloor heating and access to a pool and gym.
The sellers purchased the unit for $2.9 million in 2006.
Article continues on the next page. Please click below.
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<img src="/images/2014/07/04/yellow-six.jpg" alt="" style="float: left;">6 Gellibrand Street, Kew, Vic <img src="/images/2014/11/18/6.jpg" alt=""> 
This Victorian residence sold for $3.82 million through Jellis Craig Armadale, its first sale in 45 years.
The five bedroom, two bathroom period home has multiple living spaces, including reception rooms, libraries, studies and family areas. Set on 1,041 square metres, the house is located in Melbourne's private school heartland, one street from Trinity Grammar School and two doors down from Xavier College.
<a href="https://www.realestate.com.au/property-house-act-forrest-117962007" target="_blank"><img src="/images/2014/07/04/yellow-seven.jpg" alt="" style="float: left;">3 Rous Crescent, Forrest, ACT</a>
 <img src="/images/2014/11/18/7.jpg" alt="">
Canberra's most expensive home sold last week secured $3.4 million through Luton Properties Woden. Roisin Building, MMM Interiors and Architects Ring &amp; Associates received the Heritage Renovation Project of the Year in 2013.
The four bedroom, five bathroom house includes a formal dining room and formal lounge room, which opens to a covered outdoor terrace with a stainless steel outdoor kitchen. The home also includes a pool and poolside cabana with bathroom.
At the rear of the house, there is a master suite, with a double en suite and a mosaic-tiled steam room.
In the home's basement, which is accessible via an elevator, there is a five car garage, a wine cellar and a media room.
<a href="https://www.realestate.com.au/property-house-nsw-maroubra-118184423" target="_blank"><img src="/images/2014/07/04/yellow-eight.jpg" alt="" style="float: left;">10 Torrington Road, Maroubra, NSW</a>
<img src="/images/2014/11/18/8.jpg" alt=""> 
This five bedroom, four bathroom home set on a 910 square metre double block sold for $3.25 million through Black Lifestyle Property Randwick.
Designed by architect turned commercial property investor Harold Finger, the full brick home has 600 square metres of internal living space. The house is set to the front of the block, with a swimming pool and grassy yard at the rear.
The sellers paid $261,121 for the property 23 years ago.
<a href="https://www.realestate.com.au/property-house-nsw-bellevue+hill-118202383" target="_blank"><img src="/images/2014/07/04/yellow-nine.jpg" alt="" style="float: left;">17 Lennox Street, Bellevue Hill, NSW</a>
 <img src="/images/2014/11/18/9.jpg" alt="">
The third home in last week's top 10 to sell through BradfieldCleary Double Bay was a $3.22 million Bellevue Hill home.
The 1920s home with a contemporary extension has four bedrooms on the upper level, including a master bedroom with private balcony. On the lower level there is an additional guest bedroom.
Set on 591 square metres, the residence has an entertaining terrace and a swimming pool.
The house traded last week for the first time in 27 years – it cost just $340,000 in February 1987.
<a href="https://www.realestateview.com.au/Real-Estate/25-178-campbell-parade-bondi-beach/Property-Details-buy-residential-7744994" target="_blank"><img src="/images/2014/07/04/yellow-ten.jpg" alt="" style="float: left;">25/178 Campbell Parade, Bondi Beach, NSW</a>
<img src="/images/2014/11/18/10.jpg" alt="">
This apartment in the $90 million Beach House complex sold for $3.1 million through Raine &amp; Horne Double Bay. Brian Meyerson (of MHN Design Union) and Burley Katon Halliday designed the apartment, which has direct ocean views.
The three bedroom, two bathroom top floor apartment has 176 square metres of space in total, spread over internal spaces and outdoor terraces and balconies. It also has two car spaces.
The vendors purchased the apartment for $2.7 million in 2010.
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Darling Point priciest house superseded by Melbourne record breaker: RP Data

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While many are now familiar with the crumpled paper bag façade of the University of Technology Sydney's new Frank Gehry-designed building, the glass-clad side has been widely ignored.
UTS academic and journalist Jenna Price has tweeted a picture of the Dr Chau Chak Wing building, presumably taken from one of the upper floors of the UTS Tower.
<a href="https://www.propertyobserver.com.au/https://twitter.com/JennaPrice/status/534142290336309248" target="_blank"><img src="/images/2014/11/17/tweet-nov-17-one.jpg" alt=""></a>
The university revealed the recently completed building's interiors <a href="/news/nsw/uts-opens-frank-gehrys-paper-bag">last week</a>, and are set to officially open up the brown paper bag with Gehry next year.
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Tweet of the day: Gehry from above

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There are plenty of reasons to purchase property interstate.
You may want to diversify your portfolio to lower your risk profile. Perhaps you're planning a move next year, but you know that now is the right time to buy.
Or maybe you've heard that the next big up and coming suburb isn't on your doorstep, but 2,000 kilometres away.
Even if you are a seasoned property investor in your local area, there are some key differences between buying locally and purchasing further away.
Investing interstate can be difficult, especially if you're not experienced and you're looking to invest somewhere you haven't lived before.
If you're planning to buy property interstate, here's what you need to know.
Research
The initial steps of purchasing a property in a different state are much the same as buying one in your home town. As always, you should draw up your budget, think about your growth expectations, and pick out potential areas.
Your choice of area may be dictated by your future plans to move to the region, or simply growth potential. Whichever the case, you should always consider how well the region is serviced by local infrastructure (or how well it will be in the future), how its market is performing and how it fits with your budget. If you're buying somewhere you haven't lived before (or haven't lived in for a long time), your research should be even more comprehensive.
Once you've determined a location, you want to liaise with a local buyer's agent to help you inspect and purchase a property. Unless your agent is one with whom you have a long running relationship, it's best to still walk through any potential purchases yourself, rather than relying solely on their advice.
Vendor disclosure
Victoria:
Victorian vendors are tasked with providing buyers with a relatively comprehensive document called Section 32.
Prepared by a lawyer (or the vendor under legal instruction), Section 32 must provide true information about planning restrictions, services connected to the property, and any registered building work that's taken place in the last 10 years. Even if a property's been passed from owner to owner, registered building works will be covered under warranty for 10 years.
A vendor or lawyer knowingly provides any false information in the Section 32 document has committed a criminal offence, and could be penalised.
By law, vendors must provide the Section 32 document to buyers before the sale. Although it is considered relatively comprehensive, some will still wish to commission an independent inspection report from an expert, particularly if there are any concerns about structural problems with the property.
New South Wales:
NSW vendors have a similar process, with Schedule 1 Prescribed Documents. However, they're not required to be as comprehensive as Section 32, only including mortgages on the home, deeds and restrictions on land use.
For that reason, buyers are recommended by NSW Fair Trading to commission an independent inspection report before buying, at your cost.
A licensed builder, surveyor or architect (who should have professional indemnity cover) can carry out a general inspection. The cost of the report will depend on the size, age and condition of the property, and the consultant.
If you have concerns about hidden structural problems, plumbing, gasfitting, fireplaces, or electrical wiring – any part of the property in particular – you should engage a specialized inspector before buying. A general inspection will generally just involve a visual assessment.
South Australia:
If you're buying in South Australia, you should receive a Form 1 disclosure statement from the vendor's real estate agent at least 10 days before settlement in a private sale. If buying at auction, the Form 1 document must be available to view at the real estate agent's office for at least three days before the auction date. The date of the provision of the Form 1 document will influence the buyer's cooling off period.
Form 1 is similar to New South Wale's Schedule 1 Prescribed Documents, so buyers are recommended to have an independent expert carry out their own, more comprehensive, report. As always, make sure your inspector has professional indemnity insurance, in case you want to seek compensation if they make any errors.
Queensland
Currently, Queensland vendors aren't required to provide a compulsory disclosure statement to buyers for all properties, although body corporates should provide some information for those buying units, apartments or townhouses. An independent report from an expert is recommended.
Tasmania
If you're investing in Tasmania, you shouldn't expect a disclosure statement from vendors either. Instead, you'll need to pay an independent expert to take a tour of the property and prepare a report for you.
Northern Territory
The Northern Territory dumped its vendor disclosure requirements in 2012, so again, an independent inspection is recommended, as is a personal walk through a potential investment.
Western Australia
Selling agents in Western Australia should receive a Seller's Disclosure Statement from vendors, but there is no legal requirement to provide the information directly to buyers. However, as always, agents cannot misrepresent aspects of the property or mislead buyers, so make sure you ask lots of questions of the selling agent and have an independent report prepared.
Australian Capital Territory
Before a sale, ACT vendors have to provide relatively detailed information to prospective buyers. Sellers have to hand over an assessment of the physical condition of the property and an asbestos assessment. They must also disclose any restrictions to development on the site. In the Australian Capital Territory, buyers should also receive an energy efficiency rating statement and a pest inspection report, which aren't required in Victoria's Section 32.
Article continues on the next page. Please click below.
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Second thoughts: Cooling off
Though you may be used to a cooling off period ­– in which you can change your mind about purchasing a property and only have to pay a 0.25% of the purchase price or less – when purchasing property locally, don't expect the provision in every state.
Victoria:
You won't get a cooling off period for properties purchased at auction in Victoria. If purchasing a home on less than 20 hectares through a private sale, you'll get a three day cooling off period, but not if the sale occurs within three days of a planned auctions.
If you're represented by an agent, you also waive your right to a cooling off period.
Australian Capital Territory:
In the ACT, you receive a five day cooling off period for homes purchased through private sales, but not for auctions. Your cooling off period generally begins from the day you or your agent receives a copy of the sales contract that has been signed by both parties.
New South Wales:
Buyers in New South Wales who have acquired a property through private sale also get a five day cooling off period. You won't receive the allowance if buying at auction.
Queensland:
In Queensland, you should also receive a cooling off period if purchasing at private sale. The provision used to be detailed in a document separate from the contract, but is now incorporated into the contract itself. On the page where you sign, <a href="https://www.fairtrading.qld.gov.au/regulated-sectors/property/buying/ways-to-buy/buying-privately" target="_blank">you should read</a>:
"The contract may be subject to a five business day statutory cooling-off period. A termination penalty of 0.25% of the purchase price applies if the buyer terminates the contract during the statutory cooling-off period. It is recommended the buyer obtain an independent property valuation and independent legal advice about the contract and his or her cooling-off rights, before signing."
South Australia:
Private property sales South Australia come with a cooling off period of two days. If a Form 1 was given to the buyer before the sale, then the cooling off period commences on the date the contract is signed. If the Form 1 is served after the contract is signed, the cooling off period begins on the day the form is served. If you're purchasing a property through a company or by tender, you may not receive a cooling off period.
If you choose to back out of a purchase in the cooling off period, you must provide confirmation in writing.
Western Australia:
If you're buying in Western Australia, you will not receive a legally binding cooling off period. However, your agent or solicitor may be able to negotiate a cooling off period with the vendor, depending on your needs.
Tasmania:
Tasmanian properties also don't come with a cooling off period.
Land transfer taxes and stamp duty
Stamp duties change between states – don't make the mistake of calculating how much you would pay in your home state, or you'll face a surprise when you make your interstate buy.
Check out each state's revenue office website to estimate how much land transfer tax you can expect to pay.
<ul>
<li><a href="https://www.sro.vic.gov.au/sro/sronav.nsf/Home+Page/SRO%7EHome+Page?open" target="_blank" style="line-height: 1.3em;">Victoria</a></li>
<li><a href="https://www.osr.nsw.gov.au/" target="_blank" style="line-height: 1.3em;">New South Wales</a></li>
<li><a href="https://www.revenuesa.sa.gov.au/" target="_blank" style="line-height: 1.3em;">South Australia</a></li>
<li><a href="https://www.finance.wa.gov.au/cms/section.aspx?id=209" target="_blank" style="line-height: 1.3em;">Western Australia</a></li>
<li><a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/Pages/default.aspx" target="_blank" style="line-height: 1.3em;">Northern Territory</a></li>
<li><a href="https://www.osr.qld.gov.au/" target="_blank" style="line-height: 1.3em;">Queensland</a></li>
<li><a href="https://www.revenue.act.gov.au/" target="_blank" style="line-height: 1.3em;">Australian Capital Territory</a></li>
<li><a href="https://www.revenuesa.sa.gov.au/generic-pages/i-am-a-property-ownerbuyer" target="_blank" style="line-height: 1.3em;">Tasmania</a></li>
</ul>
Getting help
There are a range of experts who can assist you with an interstate purchase and help alleviate the costs of travelling back and forth.
Conveyancers or specialist lawyers can help prepare and lodge your legal documents (including your contract), handle your deposit, research the property and calculate your expenses. They can also assist in the settlement process.
A buyer's agent can help you inspect properties and do a lot of the footwork for you. They may also be able to refer you to reputable local experts to help carry out inspections.
Make sure you communicate honestly and often with those helping you invest interstate, and make the most of the experts available.
While buying property interstate can seem like a daunting task, there are a lot of benefits to developing your property portfolio beyond the bounds of your local neighbourhood. Make sure you contact reputable, independent experts and do your homework.
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Buying interstate: What you need to know

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Agents in New South Wales "have no idea how to properly conduct themselves" as skilled professionals, according to the Real Estate Institute of New South Wales (REINSW).
The agents' association has suggested a partial self-regulation model to train real estate agents, claiming the education of agents is in a "dire state".
REINSW deputy president John Cunningham met with NSW Fair Trading Minister Matthew Mason-Cox last week to discuss a training partnership to address concerns about the professionalism of the state's real estate agents.
"The proposal to partner with NSW Fair Trading, to ensure a more rigid set of controls and compliance in the form of a guild model, has an emphasis on education and on-going training to get to the root cause of consumer concerns," said Cunningham.
"Over the past 10 years the educational standards of entry into the real estate industry have been watered down to a point where agents, having completed their certificate of registration course through some [Registered Training Organisations], still have no idea how to properly conduct themselves in their capacity as what consumers consider them to be as skilled professionals."
According to Cunningham, Mason-Cox took note of consumer concerns about underquoting, an illegal practice where agents bait buyers by intentionally quoting a lower price than reasonably estimated.
"We had a productive meeting and the minister said he was keen to keep an open dialogue," said Cunningham.
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Real estate agent education in a "dire state": REINSW

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Melbourne isn't the only city struggling with empty towers.
According to Prosper Australia's 2014 Speculative Vacancies Report, authored by regular Property Observer contributor Catherine Cashmore, an estimated 4.4% of Melbourne housing is likely to be vacant.
<a href="https://www.propertyobserver.com.au/https://twitter.com/JMojanovski/status/532441118231638016" target="_blank"><img src="/images/2014/11/13/tweet-nov-13-one.jpg" alt=""></a>
With capital gains far exceeding rental yields, the report says investors don't have enough incentives to rent out their properties, leaving many homes sitting empty.
The report, gathering a significant amount of media attention, has some criticising policy makers and urban planners and others sharing their frustrations with empty properties in their neighbourhoods.
You can view the<a href="/news/vic/over-64-000-melbourne-properties-sit-vacant-prosper-australia"> top 10 Melbourne areas with the highest vacancy rates</a> according to Prosper here.
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Tweet of the day: Penthouse sitting vacant for three decades

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A new study suggests 64,386 properties in Melbourne are likely be sitting empty.
Prosper Australia, a land policy lobby group, conducted the research for the 2014 Speculative Vacancies Report using the amount of water consumed per houseshold.
According to the report, the Docklands area has the highest proportion of properties that are likely to be vacant based on water consumption, with 489 residences using no water at all in 2013 – 17% of the properties connected to a provider.
The vacancy rates recorded using Prosper's water use method doubled in Docklands, Abbotsford and West Melbourne over 2013, tripling in Highett. The water use method allowed the study to capture vacant properties that are not currently advertised for rent.
The report's author Catherine Cashmore said without significant holding fees for vacant properties, investors may not have incentives to rent out their properties.
"I suspect that there is a proportion of foreign investment holding properties vacant," Cashmore told Property Observer.
"But it could be local investors, for whom the capital gains of a property far outweigh the rental income. A rental property might earn you $18,000 or $19,000 a year, but the median house price this year has gone up by $60,000. The gains are quite significant.
"Renting a property quite often can be more trouble than it's worth," she said, explaining some investors may choose not to rent out their properties due to property management costs and previous problems with teantns.
"Some properties within the Docklands might even find it difficult to find tenants – they're generally low grade and not great to live in."
She also said properties sometimes stay vacant if their owners are elderly or have passed away, and the family is unsure what to do with the property. In her experience, new or young Australian buyers often do purchase investment properties with the intention of renting them.
But as older investors pay down their debts, and have neither the time nor money to manage their properties, they may consider leaving them vacant.
With small apartments increasingly common in Melbourne's inner city, Cashmore also noted that while developers and policy makers often claim inner city apartment development is catering to the the rising single-household demographic, the stock is inappropriate for those who need it. In fact, she said, the majority of single person households actually populated by elderly residents.
"A lot of single person households are actually widows in three or four bedroom houses," she explained.
"But the demographic of people who live in high density apartments – figures peak at around 27 years."
Click to open in new window:
<a href="/images/2014/11/13/Picture%207.png" target="_blank"><img src="/images/2014/11/13/Picture%207.png" alt=""></a>
Source: Prosper Australia.
According to Cashmore, the most effective way to change the current number of vacant properties in Melbourne is to adjust taxation policy.
The report estimates 4.4% of Melbourne's total housing stock is vacant.
"This level of latent supply is not usually identified outside of a significant downturn in economic activity. Yet, if the latent supply of withheld land were put to effective use, it would theoretically reduce cost-of-living pressures for tens-of- thousands of low-income families forced to live at the margins," the report states.
"In light of this, government inaction on Australia's housing affordability crisis is indefensible.  Access to affordable shelter is a basic human right and vital to the prosperity of our nation."
The report recommends tax reform to ease volatile boom and bust cycles based on speculation and "unsustainable levels of debt".
"We submit that these causes would be alleviated or removed if current transaction taxes were replaced with a holding tax levied on the unimproved value of land."
According to Prosper's report, a broad base, "low flat-rate no threshold" state land tax should be implemented, replacing the current progressive land tax scale, which can be passed along to tenants.
"This would act as a disincentive to withhold properties from use, with escalating land prices increasing the relative holding costspredictable and less volatile that stamp duties, which are dependent on the volume of housing transfers in addition to the transacted price.
"This would act as a disincentive to withhold properties from use, with escalating land prices increasing the relative holding costs," the report states.
Cashmore believes it's up to the government to reduce the level of unused property and affordability pressures.
"You've got to question a large proportion of prime urban land has a high published vacancy rate," she said.
"You add that onto the property that's being sold and not for rent.
"What a waste of land. And we need to question that," said Cashmore.
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Over 64,000 Melbourne properties sit vacant: Prosper Australia

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With cranes dotting the horizon and a new apartment complex seemingly launched every week, many are wondering whether Melbourne will soon have more homes than it knows what to do with.
The Housing Institute of Australia forecasts a total of 51,007 dwelling starts for 2014. The figure puts Victoria's housing output above that of any other state, as it has been for every year since 2005. Dwelling starts in Victoria are predicted to reach 8.7% above those recorded last year.
According to <a href="/news">Victorian government predictions</a>, the number of households in Victoria is set to grow by an average of 1.9% between 2011 and 2021 to a total of 2,600,000 households.
The population projections have some arguing that Victoria is equipping itself for a migration boom. Others, however, believe we are building excess stock that will eventually result in a housing downturn. Meanwhile, the latest Speculative Vacancies Report from Prosper estimates a total of 64,386 properties are likely currently vacant in Melbourne.
<div id="stcpDiv" style="position: absolute; top: -1999px; left: -1988px;">64,386</div>
Property Observer took the question to the experts: Is Melbourne facing an oversupply problem?
Catherine Cashmore: independent analyst and author of Prosper's 2014 Speculative Vacancies Report<img src="/images/authors/fullbody/Catherine-Cashmore.png" alt="" style="float: right;">
If you're looking at it over the state as a whole, compared with the increase in population, it appears that there is ample property for the population.
If you narrow it down it down and look at it at a micro level, some areas definitely have an oversupply. Areas like Cardinia: there are about another 21,000 homes or that are to be built over the next five years or so. But almost 15% of the existing stock is sitting there vacant or unused.
When you say oversupply, in raw terms, sure. But the fact that it's not available to be accessed is important.
This is why it's really important for the government to understand how much latent supply is out there. If we do have a downturn in economic activity – which we will have, property cycles are quite predictable – investors try to offload their stock. That's what happened in 2008. A whole load of tiny apartments came onto the market because investors needed to access funds. Vacant properties go on the rental market. People sell off holiday homes.
In a downturn, people are hit in the pocket and the latent supply becomes active.
I wouldn't touch an inner city apartment. I'm talking about the Docklands, Carlton, West Footscray – all of these areas have seen an enormous uplift in apartment stock.
In Abbotsford, I'd advise any investor to keep glued to SQM's vacancy rates. In Abbotsford, SQM's <a href="https://www.sqmresearch.com.au/terms_vacancy.php" target="_blank">vacancy rate</a> came to 14% at one point. If you add that to our [Prosper's] <a href="https://www.prosper.org.au/2014/11/05/speculative-vacancies-7/" target="_blank">speculative vacancy rate</a>, of properties that have been vacant for 12 months or more – that figure rises considerably.
That is a red flag. The risks are just too great. The supply is not going to go away. You're not going to get capital gains from it, and you're not going to get a tenant.
The government can't keep talking about having a housing supply crisis. [Victorian Planning Minister] Matthew Guy says he doesn't want to see Melbourne suffering from a shortage of supply. They're fine concentrating on pushing the city's boundaries outwards and building more highrises, rather than concentrating on the supply that is vacant.
Robert Larocca: Victoria housing market specialist, RP Data<img src="/images/authors/fullbody/Robert-Larocca.png" alt="" style="float: right;">
The question of supply levels is a vexed one, after all a high level of supply can be great for buyers as it can dampen price growth, but as most buyers are sellers too it is not that simple.
The question is also hard to comprehensively answer, as there are a wide range of data sets and stages in the development cycle to compare.
At a citywide level the volume of homes on the market at any given time is a good measure.  In the month ending on 9 November there were 4.5% more homes newly listed for sale and 6.6% fewer overall homes for sale in Melbourne. Given values have been rising that suggests that there is not oversupply of homes for sale, buyers are buying the new homes and the older stock is also reducing.
But what of the unit market? A casual glance at the Melbourne skyline shows a lot of new high rise residential towers being constructed. Our data shows that those units are finding buyers. The number of units listed for sale is marginally, 2.4% lower than a year ago, and the overall number of units on the market is 3.3% higher.
That suggests that the supply is exceeding demand to a greater extent than is the case in the houses market. That is not necessarily a bad thing. Over the past decade the state government’s policies to address housing affordability concerns have been centred on increased supply in the inner city unit market and outer suburbs. The data shows that it is working.
This article continues on the next page. Please click below.
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Andrew Wilson: Chief economist, Domain Group's Australian Property Monitors<img src="/images/authors/fullbody/Andrew-Wilson.png" alt="" style="float: right;">
I think it's almost becoming common knowledge that in the CBD highrise market, it clearly looks like supply has moved ahead of underlying demand.
We have record levels of approvals for highrises over the last two years.
It's a market that's under development in the sense that demand isn't pushing supply, but supply is trying to lead demand. The difficulty is that a lot of the development is funded by overseas development. The question is whether that investment model reflects the investment model we have here. That is, ensuring there are a lot of pre-sales before construction commences to ensure demand meets supply.
The prospect of empty towers is raised, and it also presents a conundrum for those developers who are looking for a critical mass of pre-sales before construction commences. With the market seemingly flooded, it means there's a lot of competition for a small pool of buyers. I don't know if there's an underlying culture of CBD living in Melbourne, particularly a culture that would satisfy the number of apartments that would be built. I'm not sure if there's the infrastructure to support it. I'm not sure Melbourne has the natural attributes that would support inner city living like in Sydney and Brisbane.
We probably have a lack of high rise in some of the inner suburban areas. South Yarra has undertaken a change in its profile, as has Prahran. I think demand and supply are matching each other in Prahran and South Yarra.
In Boroondora and Bayside and Stonnington, there are constraints from the local community to high rise development but there is the demand there. It's not all about high rise - it's a question of median density as well. The key question is whether there will be a medium density homes available for downsizers. If we do have these restrictions, there is a shortage.
We seem to be moving away from balance. We're building more high rises in the inner city and fewer medium density suburbs.
Developers such as Little Projects seem to be meeting the market, as are many other developers. In the city of Yarra, there seems to be a reasonable balance there.
Terry Ryder: Founder, hotspotting.com.au<img src="/images/authors/fullbody/Terry-Ryder.png" style="float: right;">
I'm surprised this is even up for debate. The oversupply in Melbourne's inner city apartment is starkly obvious. Also readily apparent is that it will get worse. A lot worse. It has the potential to cause a market crash.
Current vacancy rates include 5% in Docklands, 6% in the CBD and 7% in Southbank. That's about 1,200 apartments sitting vacant and seeking tenants, without considering the thousands of apartments under construction or being marketed off the plan prior to construction.
The true level of vacancies may be higher, given a recent report which found that 17% of Docklands apartments consumed no water last year, which presumably means they were permanently vacant.
New highrise projects are being approved by Planning Minister Matthew Guy at a frantic rate. Since coming to office four years ago, Guy has approved close to 100 buildings in Melbourne's inner city areas.
A recent study by RMIT, looking at additions to the supply of inner-city units from 2011 to 2021, found 85,000 apartments either built, under construction or in the pipeline.
Guy has shown that he will approve anything and everything that comes across his desk. A report six weeks ago suggested there were applications for 42 more apartment buildings on his desk – and the record suggests they will all be approved. You have to wonder about his motivations.
It's overbuilding on a grand and reckless scale. And it's all being done, not to provide homes for Melbourne buyers, but for sale to Asian investors.
There is clearly no local demand to support the scale of new supply that's being created. We will soon have vacancies above 10% throughout the inner city suburbs, with rents falling and property values being dragged down with it.
Inner city Melbourne has experienced oversupply in the past. It helps to explain why the market performance of inner city units has been so poor in Melbourne.
There has been no growth in the median unit price for the CBD over the past three years, while the median prices for Southbank and Docklands have fallen in that time.
Over the past five years, the median price for Docklands has averaged growth of just 1.7% per year, while Southbank and the CBD has managed little better, at around 3% per year.
Given the poor historic performance of inner city apartments, the current high vacancies and the impending glut of new properties, I would strongly urge investors – and home buyers – to steer well clear of this market.
This article continues on the next page. Please click below.
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Miriam Sandkuhler: Founder, <a href="https://www.propertymavens.com.au" target="_blank">Property Mavens<img src="/images/authors/fullbody/sandkuhler-profile.png" alt="" style="float: right;"></a>
Having lived in and around the inner Bayside suburbs over the last 20 plus years, the ongoing addition of highrise development, especially in and around Port Melbourne, has had an enormous impact on the area.
While Port Melbourne has an attractive location on the bay with some great amenity, I would say that oversupply of apartments is an issue, not just for investors but for local residents alike.
When attempting to shop at Coles or anywhere in Bay Street, it is often a struggle to find a car park. In securing one, the one hour time limit frequently isn't adequate and the grey ghosts are hot to trot in this densely populated part of the suburb. Bay Street also carries a high volume of traffic during peak hour into and from the CBD and surrounding suburbs.
The local primary school is full to overflowing and the new Albert Park high school is also at capacity (it services Albert Park residents ahead of Port Melbourne residents). There is strong demand for a high school and child care to be built in Port Melbourne.
As we know, high demand and low supply drives capital growth. As demand in Port Melbourne is average, I wouldn't recommend investing in Port Melbourne. Investors can do better in other inner city suburbs with less high and midrise development, lower supply and greater demand.
This is evidenced by there being over 1,000 apartments available for rent and over 1,150 apartments for sale as at today, not including houses for rent or sale. Demand for housing to buy is average, based on data from listings over the last 12 months on realestate.com.au.
If owner occupiers particularly wanted to reside in Port Melbourne, I would recommend that they only buy a period style house to maximise capital growth and keep to the older and more established parts of Port Melbourne - on the north side of Graham Street and towards the city.
In other words, steer clear of all of the apartments.
Todd Hunter: Director and location researcher, <a href="https://www.wheregroup.com.au/" target="_blank">wHere Group</a><img src="/images/authors/fullbody/hunter-profile-2.png" alt="" style="float: right;">
Note: Last year, <a href="/news/vic/melbournes-potential-oversupply-the-experts-have-their-say">when asked the same question</a>, Todd Hunter said Melbourne was "absolutely" facing oversupply. 
So I went back and had a re-look at the available properties for sale and for lease, and I'm sorry, but the numbers tell a similar story:
Docklands and surrounding suburbs: 1,904 units for lease, 2,205 for sale, 4.5% yield
Melton: 840 houses for sale, 170 for lease, 4.7% yield
Whittlesea: 1,912 for sale, 414 for lease, 4.7% yield
Pakenham: 765 for sale, 414 for lease, 4.9% yield
Point Cook: 1,685 for sale, 518 for lease, 4.3% yield
Roxburgh Park: 902 for sale, 178 for lease, 5.1% yield
Werribee: 1,680 for sale, 504 for lease, 4.6% yield
In the above numbers, I have not used any price point and ticked the surrounding areas on realestate.com.au and the suburbs next door also add relevance to the huge over supply in these locations. All locations except for Docklands are houses.
It is also relevant to note that the above numbers account for each advert on the website. Now on many of the adverts where new House and Land is being offered or Blocks of Land, there are many properties on the one advert, so the numbers are even more scary than above – and the yields are very reflective of an over supplied market place.
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Exclusive: Does Melbourne have an oversupply problem?

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Yesterday, the Australian Bureau of Statistics (ABS) reported 1% price growth for Melbourne houses in the September quarter.
The city, like every other Australian capital, saw price growth well below Sydney's 2.7% quarterly result.
<a href="https://www.propertyobserver.com.au/https://twitter.com/DocAndrewWilson/status/531978251669741568" target="_blank"><img src="/images/2014/11/12/tweet-nov-12-one.png" alt=""></a>
Andrew Wilson, senior economist at the Domain Group, noted the ABS' September quarter figure was relatively close to his organisation's estimates.
Fellow data house RP Data recorded a steeper price increase for the same period, reporting a <a href="/expert-insights/investing/sydney-house-prices-streak-ahead-in-september-quarter-rp-data">1.8% price increase</a> for Melbourne houses earlier this month. 
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Tweet of the day: No boomtime result for Melbourne's September quarter

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NAME: Tim Maunsell<img src="/images/2014/11/12/Tim-Maunsell-profiel.jpg" alt="" style="float: right;">
POSITION: Chief executive
COMPANY: Shortspace
OFFICE LOCATION: 9 Barrack Street, Sydney
How long have you been in the industry?
30 years.
What’s happening in the area you specialise in?
We're an online portal that gives people – startups, creatives, companies or individuals – access to short-term commerical real estate, whether it be by the hour, month or week. We're creating a solution where people can talk to each other and find an easy solution.
Describe the most interesting commercial property you have worked on?
We did the valuation of the Opera House in the 1980s.
What are the ingredients to being successful in your job?
As far as I'm concerned, you're not working unless you're on the phone.
What aspects of your role do you enjoy the most?
Meeting people and coming up with solutions that they wouldn't have thought of.
Where would you invest a spare $750,000?
A unit on the Gold Coast. I think it's very undervalued at the moment.
Which football team do you support?
North Sydney Bears.
What’s your favourite app or techno gadget?
Shazam.
How do you use social media?
We use it quite effectively for Shortspace. We use a lot of social media - Pinterest, Instagram, <a href="https://www.facebook.com/ShortSpaceAu" target="_blank">Facebook</a> and Twitter. It's a really cheap, cost effective tool.
I'm not personally much of a Twitter user, but Facebook is a big social tool for me. 
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In profile: Shortspace's chief executive, Tim Maunsell

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Jessie Richardson

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