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Sydney prices skyrocketed last year, Harry Dent is <a target="_blank" href="https://www.propertyobserver.com.au/news/property-crash-is-like-popping-popcorn-especially-in-melbourne-harry-dent/2014020567560">diagnosing bubbles</a> all over the country and housing affordability is on everyone's mind. So Property Observer has turned to a range of industry experts for their thoughts on whether Australian property is overvalued.
Cameron Kusher – Senior research analyst, <a href="https://www.rpdata.com/">RPData<img style="float: right;" alt="cameron_kusher_new" src="/images/stories/2014/02/07/cameron_kusher_new.jpg" height="150" width="120"></a>
IF YOU'RE COMING TO AUSTRALIA FROM OVERSEAS, YOU MIGHT THINK OUR PROPERTY IS OVERVALUED – BUT THERE ARE GOOD REASONS FOR IT.
I don’t think you can say that the market is overvalued here in Australia. When you’re looking at examples of other countries, property here does look expensive. But there are good reasons why property prices are high in certain capital cities. Our population is so centralised, and job opportunities are centralised to a few capital city marketplaces – so there’s lots of competition for available stock. Plus there’s the fact that the supply of new housing and land for new housing is very restricted by our government, through their land releases.
So if you’re coming to Australia from overseas, you might think our property is overvalued – but there are good reasons for it.
Whether or not the price of Australian property is beneficial, and to whom, is another question for another day.
 
Catherine Cashmore – Market analyst<img style="float: right;" src="/images/stories/2013/12/12/CatherineCashmoreProfile.jpg" alt="CatherineCashmoreProfile" height="150" width="125">
YOU'D BE HARD PUSHED TO FIND ACCOMMODATION ON THE FRINGES OF OUR CAPITAL CITIES FOR LESS THAN SIX TIMES MEDIAN INCOME
It's important to draw a distinction between property and land.
The raw cost of 'building' a home has seen very little increase over the past decade or so - and therefore is not overvalued. However - due to housing policy that encourages speculation into the established sector, and fails to ensure fringe land identified for residential development, is sold close to its agricultural value - the cost of an average subdivided plot has increased more than tenfold.
Meanwhile, in the late 1990s a typical first homebuyer’s budget would have secured a modest family home, in a reasonably facilitated suburb, for three times median income. Today you’d be hard pushed to find accommodation on the fringes of our capital cities for less than six times median income, and in Sydney, it's closer to 10 times.
To some extent, lower mortgage serviceability rates buffer the effects for initial owners who generally work out how much they can borrow month to month, rather than concentrating on the total outstanding amount.
However, for prices to continue to increase, thereby inflating the 'entry cost' further, the system relies on debt being 'ever more affordable' to keep afloat, and the risk of still having outstanding mortgage debt to service upon retirement is significantly higher.
Today - due to the costs of an initial purchase, buyers enter the market later, have less time to pay off their mortgage, and often will end up reaching into their ‘super’ account upon retirement to clear the debt - after which, they obviously don't want to see the price of their biggest asset - which has been a chain around their neck in terms of monthly mortgage repayments - drop.
To some extent, it's a self perpetuating circle - voting for a politician who recognises an economy that relies on 'ever rising' house prices, is one that is ultimately set to fail, by way of an eventual sharp correction, is therefore not desirable for many owners.
But are prices overvalued?
<ol start="1">
<li>Land prices are inflated to multiples what they would be if used for other purposes - with sites often 'land banked' in lieu of any development </li>
<li>Yields are generally low - averaging around 4% for a unit and 3.5% for a house. </li>
<li>First homebuyers are having to find inventive ways to 'enter' the market if they want to gain a foothold onto the onerous housing ladder - borrowing a deposit, or being 'first time investors' and capitalising on family assistance to do so. </li>
<li>Mortgage/household debt has gone from 30% - or one third - of disposable income in the 70s, to almost one-and-a-half years disposable income today.</li>
</ol>
Therefore, ‘Yes!’ land is overvalued. But will people keep buying it?
Of course - land is a necessity to all business and commerce, as well as our personal needs - and whilst buyers are able to service the debt, there will always a market for it.
However, take careful note - as time progresses, and values increase, this significantly valuable resource will increasingly fall into the hands of  'those who can' and not necessarily 'those who need' – and the consequence of such, does not take much intelligence to guess.
Article continues on next page. Please click below.
 
 
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Terry Ryder – <a target="_blank" href="https://hotspotting.com.au/">hotspotting.com.au<img style="float: right;" src="/images/stories/2013/10/25/Terry-Ryder-for-profile.jpg" alt="Terry-Ryder-for-profile"></a>
THE ONLY CLAIMS THAT AUSTRALIAN HOMES ARE "OVER-VALUED" COMES FROM INDIVIDUALS OR ORGANISATIONS WITH ULTERIOR MOTIVES
Australian property values are pretty much where they should be, relative to the strength of the economy, the wealth levels of the nation, the low rate of unemployment, the absence of over-supply (except in specific sub-markets) and the low level of interest rates.
Both regular affordability indexes (HIA-CommBank and REIA-AdelBank) says that affordability levels are the best they have been in 10 years. An ABS report found that, relative to incomes, our house prices are at the same levels as in 1995 and the Reserve Bank has stated on a number of occasions that Australian house prices are unremarkable by world standards.
The only claims that Australian homes are "over-valued" come from individuals or organisations with ulterior motives, mostly from the US, including the Demographia report which is published by a developer lobby group campaigning for a major relaxation of regulations "retracting" developer activity and the very strange Harry Dent who makes his living by making doomsday predictions, not one of which have ever come to pass.
 
Louis Christopher – Managing director, <a target="_blank" href="https://sqmresearch.com.au/">SQM Research<img style="float: right;" alt="Louis-Christopher-profile" src="/images/stories/2013/12/12/Louis-Christopher-profile.jpg" height="150" width="125"></a>
THERE HAVE BEEN TIMES WHERE THE MARKET HAS BEEN MUCH MORE OVERVALUED THAN IT IS NOW
The overall market is, in our opinion, only modestly overvalued. But it’s a difficult question to answer, for many reasons.
For example, if credit is turned off tomorrow, we’d have a crash in this country. And on that basis, you could say “the market is overvalued.” But assuming we continue to have low interest rates, the data suggests to me that we’re only modestly overvalued.
Looking at house price changes in comparison to total income changes – that metric suggests that property is slightly overvalued – and that’s one of the reasons that we’ve been relatively bullish on the market.
Of course if we had a cash rate at 6%, I’d say the market is overvalued, and we’d be due for a correction. One of my concerns is that the market is sensitive to interest rate changes, particularly with the number of investors in the market at the moment. When we get an interest rate rise, I believe it will negatively influence the market in a fairly significant way. Markets would be fairly susceptible to a 50 basis point increase.
But if interest rates stay the same, we only have a little bit of overvaluing. Sydney’s starting to look that way, but in the scheme of things I’ve seen worse, particularly back in 2003. I’d say it’s only moderately to modestly overvalued.
Hobart’s looking undervalued at this point in time, and Brisbane’s looking neutral – neither undervalued nor overvalued. The Gold Coast is starting to look quite undervalued now, and we’re expecting a pickup in their market.
In Adelaide, we don’t think the market’s going to do much. It’s at fair value, considering issues to do with the economy. Perth is looking a little overvalued, given that we know what’s happening with the downturn. Darwin is also looking overvalued, to an extent. And Melbourne’s only modestly overvalued.
But we don’t believe that the market in general is excessively overvalued, assuming the global economy remains in the current status quo.
You could argue that property expensive, but if I looked at the data from the last 20 years, there have been times where it’s been much more overvalued than it is now – particularly in 2003.
jrichardson@propertyobserver.com.au
 
 
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jrichardson-uRX5hFdKfN

Is Australian property overvalued? The experts have their say

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The western suburb of Sunshine is Victoria's cheapest for units, according to newly released data from the <a href="https://www.reiv.com.au/~/link.aspx?_id=4FF20028A7DB491F9728F6DB37B82EFD&amp;_z=z" target="_blank">Real Estate Institute of Victoria</a> (REIV). With a median unit sales price of $229,000 for the December 2013 quarter, Sunshine tops REIV's list of most affordable suburbs for units. The suburb has seen a 32.15% drop in median unit prices in the year to December 2013.
The second cheapest Victorian suburb for units is Frankston, with a median unit sale price of $275,000 for the quarter - a 6.8% drop from the median price recorded in the September 2013 quarter. Seaford, Dandenong and Noble Park were also in the top five most affordable suburbs for units.
This one bedroom Sunshine unit at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/4-117-anderson-road-sunshine/Property-Details-buy-residential-6625149">4/117 Anderson Road</a>  is currently selling with expectations at $160-$175,000. 
{yoogallery src=[images/stories/2014/02/06/sun1]}
 
Another apartment, with two bedrooms, is asking for $210-$230,000. The <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/12-4-forrest-street-albion-sunshine/Property-Details-buy-residential-6581029">12/4 Forrest Street</a> unit is currently leasing for $954 per calender month.
{yoogallery src=[images/stories/2014/02/06/sun2]}
 
A <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/sunshine/Property-Details-buy-residential-6359013">ground floor apartment</a> in Sunshine with a rental income of $240 per week is on the market for $240,000.
{yoogallery src=[images/stories/2014/02/06/sun3]}
 
<div>
<table cellspacing="0" cellpadding="0" border="0" style="width: 470px;"><tbody>
<tr height="52">
<td width="109" height="52" style="text-align: left;">
Most Affordable
</td>
<td width="190" style="text-align: left;">
Suburb
</td>
<td width="82" style="text-align: left;">
Dec-13 Median
</td>
<td width="98" style="text-align: left;">
Quarterly Change
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
1
</td>
<td style="text-align: left;">
SUNSHINE
</td>
<td align="right" style="text-align: left;">
$229,000
</td>
<td style="text-align: left;">
NA
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
2
</td>
<td style="text-align: left;">
FRANKSTON
</td>
<td align="right" style="text-align: left;">
$275,000
</td>
<td style="text-align: left;">
-6.8%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
3
</td>
<td style="text-align: left;">
SEAFORD
</td>
<td align="right" style="text-align: left;">
$330,000
</td>
<td style="text-align: left;">
-16.9%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
4
</td>
<td style="text-align: left;">
DANDENONG
</td>
<td align="right" style="text-align: left;">
$335,000
</td>
<td style="text-align: left;">
17.5%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
5
</td>
<td style="text-align: left;">
NOBLE PARK
</td>
<td align="right" style="text-align: left;">
$340,000
</td>
<td style="text-align: left;">
9.9%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
6
</td>
<td style="text-align: left;">
BORONIA
</td>
<td align="right" style="text-align: left;">
$367,000
</td>
<td style="text-align: left;">
-3.4%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
7
</td>
<td style="text-align: left;">
RESERVOIR
</td>
<td align="right" style="text-align: left;">
$382,500
</td>
<td style="text-align: left;">
1.2%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
8
</td>
<td style="text-align: left;">
FOOTSCRAY
</td>
<td align="right" style="text-align: left;">
$385,000
</td>
<td style="text-align: left;">
0.2%
</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">9</td>
<td style="text-align: left;">CARLTON</td>
<td align="right" style="text-align: left;">$395,000</td>
<td style="text-align: left;">1.3%</td>
</tr>
<tr height="20">
<td align="right" height="20" style="text-align: right;">
10
</td>
<td style="text-align: left;">
CHELSEA
</td>
<td align="right" style="text-align: left;">
$395,000
</td>
<td style="text-align: left;">
-0.4%
</td>
</tr>
<tr height="20">
<td height="20">Source: REIV</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody></table>
</div>
<div></div>
<div><a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a></div>
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With a $229,000 median, Sunshine is Victoria's most affordable suburb for units: REIV

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The four couples competing in the first episodes of The Block: Fans v Faves received a great design brief – set up a downtown Manhattan style loft.
With increasing demand for housing and the departure of manufacturers from Australia’s capital cities, <a href="https://www.propertyobserver.com.au/news/top-five-melbourne-warehouse-conversions-on-the-market/2013092565273" target="_blank">warehouse conversions</a> and multi-use spaces are more popular than they’ve ever been. As more residents move into former industrial spaces, we can look to New York’s lofts – and our Blockheads – for inspiration.
Lesson one: Make use of the building’s natural features.
When renovating a former industrial or storage space, capitalise on the features that make them unique.
Both winning Fan couples – Chantelle and Steven, and Kyal and Kara - made use of the graffiti that covered one of their walls. Kyal and Kara built a framing wall around the centre of the art work, while the Chantelle and Steven lit the wall to make it a feature of the room.
Take a look at this loft-style <a href="https://www.realestate.com.au/property-apartment-vic-clifton+hill-412222127" target="_blank">multi-level apartment</a> currently available to rent in Clifton Hill.
{yoogallery src=[images/stories/2014/02/06/cli]}
There’s a strong contrast between the wooden and iron cross beams, a healthy dose of exposed brick, and the solid industrial sliding door to the laundry has been painted an eye popping green – transforming it from an anomaly to a feature.
Use the industrial characteristics of the space to your advantage, but don’t try to force it. The judges appreciated Jesse and Kenny’s haphazard wood panelling behind their mounted television, but to us at Property Observer it seemed redundant and gauche. Attempting to shoehorn in “industrial” detailing where it doesn’t belong can seem as unappealing as, say, three burnt orange walls.
 
Lesson two: Art is everything
The couples competing in the season’s first episode, Kyal and Kara and Jesse and Kenny, both used the vintage posters gifted to them by Scott to great effect. Pascale and Chris, who were eliminated in the second episode, were the only couple to not use the designer piece provided to them. Instead, their standout feature was a lacklustre bedspread.
New York lofts were originally favoured by the city’s artists – with lots of room, few amenities to pay for and low rents, they were the perfect live-in studios before gentrification hit. Part of the enduring appeal of lofts is their association with major New York art movements – use that to your advantage.
While we might not all have a beautiful pre-existing piece of street art in our homes, it’s worth splashing out on a combination of art pieces that you love. The vintage posters used in the first Fan v Faves episode can be found at The Block’s <a href="https://www.theblockshop.com.au/store/single/bally-man" target="_blank">store</a>, while <a href="https://www.thirddrawerdown.com/" target="_blank">Third Drawer Down</a> has plenty of great design pieces.
 
Lesson three: More is more
Pascale and Chris, who pushed the “young professional” décor line when decking out their loft, ended up with a space that was more budget Scandinavian minimalism than Manhattan bohemian. Think of all the best lofts of cinema – Julianne Moore’s in <a href="https://loftlifemag.com/blogimages/lebow1.jpg" target="_blank">The Big Lebowski</a>, or Tom Hanks’s in <a href="https://basementrejects.com/wp-content/uploads/2012/06/big-loft.jpg" target="_blank">Big</a> – they’re all unapologetically filled with stuff.
Books, art, or furniture – don’t be afraid to put your favourite items on show. Stay away from sterility (Pascale and Chris’s bar spot lights) and steer towards warmth (Kyal and Kara’s amber pendant lights).
Article continues on next page. Please click below.
 
<hr class="system-pagebreak">
Lesson four: Play with scale
As Belle magazine editor in chief and The Block judge Neale Whitaker pointed out in both Fan elimination episodes – a loft is all about scale. When faced with a big blank space, be bold – upscale your rugs, your mirrors or your art; playing with proportion will inject liveliness into an open area.
Pascale and Chris’s cowhide rug was good – but wouldn’t it have been better if it were the giant rug rolled out in Billy Crystal’s New York loft in <a href="https://1.bp.blogspot.com/_LtJDkdVfToA/S_HZCmYDFeI/AAAAAAAAAzI/5oK1BT1Q51c/s1600/meg-ryan-movies-07.jpg" target="_blank">When Harry Met Sally</a>? (Perhaps our preoccupation with décor on film is showing).
 
Lesson five: Divide the space
With open plan spaces, zoning will make all the difference. Kyal’s “speed wall” allowed the winning couple to break their room into bedroom, dining and living spaces. When there’s little privacy to be had, quick solutions like modesty screens or a row of indoor plants to divide the space can make all the difference.
Without the aid of any dividing walls, Chantelle and Steve also managed to designate zones within their space. A simple designer chair in one corner and their ingenious suspended copper pipe clothes rack communicated that there were three spaces in one – a sleeping area, a living area, and storage.
When space is at a premium, the under-the-bed manoeuvre is always a solution - but why not make your clothes a feature? Kyal and Kara did the same thing with their “<a href="https://www.theblockshop.com.au/store/single/zuster-wall-hooks" target="_blank">random knobs</a>” (clothes hooks) that they scattered over the speed wall. While the winning couples transformed their rooms into multi-use areas – the essence of loft living – both losing couples reduced their “lofts” to single rooms.
 
The New York loft style provides a lot of opportunities to put your personality into your space. Proceed with abandon.
<a target="_parent" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
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Creating the perfect New York style loft: Lessons from The Block

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Residential property listings in Sydney have reached their lowest point since mid-2008, according to new data from SQM Research.
January saw 20,080 residential listings in the city, a decrease of 3.4% from December. The previous low in listings for Sydney was recorded by SQM in January 2010, when 20,687 properties were listed.
<img alt="sqm-feb-6" height="137" width="470" src="/images/stories/2014/02/06/sqm-feb-6.gif">
Source: SQM Research
The only other capital city to record a drop in listings for January 2014 was Melbourne, where listings fell 1.9% to 39,740. Property markets in Melbourne and Sydney have both tightened over the last year, with a decrease in listings of 5.4% and 17% respectively from January 2013 to January 2014.
Accordingly, prices have increased in both cities over the past year. SQM Research managing director Louis Christopher believes that the stock on market data could point to continued growth in Sydney’s property market, estimating that dwelling prices will increase by 15-20% during 2014.
“Over the course of early 2009 through to early 2010, Sydney house prices rose by 19.6%,” said Christopher.
“Sydney real estate listings were higher at that time than what it is now. This is one of the primary pieces of evidence as to why we have been so bullish on the Sydney market for this year.”
SQM Research’s Asking Price Index also shows that Sydney vendors have increased their asking prices by an average of 11% for houses since January 2013. Asking prices for units in Sydney have risen by 4.6% over the same period.
Nationally, 342,157 residential properties were listed on the market during January. Stock on market rose 1.3% from the previous month, reflecting the traditionally slow December holiday period.
Darwin recorded a large increase in January residential listings, with 1,373 properties on the market – a yearly increase of 23.1%, potentially pointing to a market slow-down in the city. However, Darwin, as Australia’s smallest capital city, consistently has the lowest number of residences on the market, magnifying any proportional changes recorded.
SQM Research began recording market on stock in April 2008.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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Sydney property listings reach post-GFC low: SQM Research

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Units in Melbourne's prestigious bayside suburbs are the state's most expensive, according to new data from the Real Estate Insitute of Victoria.
Brighton East tops the <a href="https://www.reiv.com.au/~/link.aspx?_id=4FF20028A7DB491F9728F6DB37B82EFD&amp;_z=z" target="_blank">REIV</a>'s top 20 most expensive suburbs for units list with a median unit sales price of $862,500 for the December 2013 quarter.
Surrounding suburbs saw high unit prices, with Brighton, Bentleigh East, Bentleigh and Hampton all in the list's top six. Predictably, unit prices in Toorak were also relatively expensive, with a median unit price of $760,000.
Brighton East has seen a number of new unit developments in recent years. This three bedroom, two bathroom apartment at the <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/1-10-200-dendy-street-brighton-east/Property-Details-buy-residential-5886497">200 Dendy Street</a> development is selling with a minimum asking price of $850,000.
{yoogallery src=[images/stories/2014/02/06/bri]}
 
A two bedroom apartment at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/3-133-thomas-street-brighton-east/Property-Details-buy-residential-6616371">3/133 Thomas Street</a> is selling well below the suburb's median, with vendors seeking $500-550,000.
{yoogallery src=[images/stories/2014/02/06/bri2]}
 
In the neighbouring Brighton, number two on REIV's list with a median unit price of $835,000, this first floor penthouse at <a href="https://www.realestateview.com.au/Real-Estate/101-380-bay-street-brighton/Property-Details-buy-residential-6628709" target="_blank">101/380 Bay Street</a> is expecting $825-875,000 at auction.
{yoogallery src=[images/stories/2014/02/06/bri3]}
 
The 10 most expensive suburbs for units, according to the REIV
<table border="0" cellpadding="0" cellspacing="0" style="width: 470px;">
<colgroup>
<col width="109">
<col width="190">
<col width="82">
<col width="98">
<col width="139">
<col width="161">
<col width="78">
</colgroup>
<tbody>
<tr height="20">
<td height="20" colspan="4" width="618">Note: Only suburbs where a minimum of 25 sales recorded in the quarter are included.</td>
</tr>
<tr height="41">
<td height="41" width="109">
<h3>Most Expensive</h3>
</td>
<td width="190">Suburb</td>
<td width="82">Dec-13 Median</td>
<td width="98">Quarterly Change</td>
</tr>
<tr height="20">
<td height="20" align="right">1</td>
<td>BRIGHTON EAST</td>
<td>$862,500</td>
<td>-0.3%</td>
</tr>
<tr height="20">
<td height="20" align="right">2</td>
<td>BRIGHTON</td>
<td>$835,000</td>
<td>0.6%</td>
</tr>
<tr height="20">
<td height="20" align="right">3</td>
<td>BENTLEIGH EAST</td>
<td>$765,000</td>
<td>8.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">4</td>
<td>TOORAK</td>
<td>$760,000</td>
<td>2.0%</td>
</tr>
<tr height="20">
<td height="20" align="right">5</td>
<td>BENTLEIGH</td>
<td>$755,000</td>
<td>9.4%</td>
</tr>
<tr height="20">
<td height="20" align="right">6</td>
<td>HAMPTON</td>
<td>$737,250</td>
<td>-0.4%</td>
</tr>
<tr height="20">
<td height="20" align="right">7</td>
<td>PORT MELBOURNE</td>
<td>$727,750</td>
<td>2.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">8</td>
<td>DONCASTER EAST</td>
<td>$720,000</td>
<td>9.7%</td>
</tr>
<tr height="20">
<td height="20" align="right">9</td>
<td>MALVERN EAST</td>
<td>$707,500</td>
<td>14.1%</td>
</tr>
<tr height="20">
<td height="20" align="right">10</td>
<td>CAULFIELD NORTH</td>
<td>$676,000</td>
<td>13.1%</td>
</tr>
<tr height="52">
<td height="52" width="109">Source: REIV</td>
<td width="190"> </td>
<td width="82"> </td>
<td width="98"> </td>
</tr>
</tbody>
</table>
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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Brighton East most expensive Victorian suburb for units: REIV

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With low rents and spectacular scenery, there’s a lot to like about renting a home in Tasmania. While <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/the-5-most-beautiful-vacant-rentals-in-new-south-wales/2014011467194">New South Wales</a> and <a target="_blank" href="https://www.propertyobserver.com.au/news/jan-10-flicker-2-galleries-needed-the-5-most-beautiful-vacant-rentals-in-victoria/2014010967132">Victoria</a> were all about luxury, and the <a target="_blank" href="https://www.propertyobserver.com.au/northern-territory/the-five-most-beautiful-vacant-rentals-in-the-northern-territory/2014012267306">Northern Territory</a>’s best properties took advantage of the warm climate, Tasmania stood out for its beautiful heritage homes and country estates.
1. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-battery+point-404943213">72 Hampden Road, Battery Point</a>
{yoogallery src=[images/stories/2014/02/05/bat]} 
This four bedroom, six bathroom home in Battery Point is a great example of the many well-preserved heritage houses available in Hobart. The main house’s three bedrooms all have en suites, with another en suite attached to the office space on the lower level.
The two-storey house has Baltic pine floors and new pure wool carpeting, and is fully furnished, with chesterfield lounges in the downstairs living area. The upstairs bedrooms are tucked high in the building, ensuring high ceilings for the lower level, while the upper rooms incorporate the building’s peaked roofing.
French doors open the kitchen up to the rear courtyard, where a renter can find the spa and sauna – and another house. The ‘coach house’ has a downstairs living area and bathroom, with a loft bedroom upstairs.
The circa 1850 building was purchased by its current owners for $850,000 in 2010 and is available at $950 a week.
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2. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-longford-407907261">448 Pateena Road, Longford</a>
{yoogallery src=[images/stories/2014/02/05/long]} 
This three bedroom cabin-style home is situated on an 11 acre property that the agents, Harcourts, advertise as providing “room for your horses.” While at Property Observer we’re a little wary of properties that are too <a target="_blank" href="https://www.propertyobserver.com.au/residential/five-of-the-most-bizarre-property-listings-from-looney-listing/2014012867391">horse friendly</a>, this modest home located south of Launceston has us charmed.
The house’s wood-panelled and exposed brick walls close in the spaces a little, but also exude warmth and lend an intimacy to the living areas. A sunroom and covered deck provide all the room you need to soak up the country atmosphere and reflect.
The property also includes a kitchen with a walk in pantry, and a fully self-contained one bedroom granny flat. The property has been retained by its owners for more than 20 years, after it was purchased for $128,000 in 1993. The owners tried to sell in 2012, with no luck. It’s currently available to rent for $400 per week.
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3. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-rowella-411998887">25 West Bay Road, Rowella</a>
{yoogallery src=[images/stories/2014/02/05/row]} 
Next on our list is a five bedroom country estate. The home is surrounded by manicured lawns, and is set far back enough from the road to ensure total privacy.
Situated north of Launceston, the property sits between local vineyards and the Tamar River. Renters might only be able to catch “glimpses” of water from the property, but there are plenty of sights to enjoy without the waterfront. The estate has extensive gardens with a tennis court, while a gardener is included in the cost of rent.
The country style home also has a private library in addition to its living room and formal dining room.
This Rowella property was purchased for a mere $85,000 in 1988. It’s now rented at $670 a week, less than most inner-city university students would pay for a beat up terrace in Melbourne or Sydney.
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4. <a target="_blank" href="https://www.realestate.com.au/property-house-tas-relbia-412349863">75 Caledonia Drive, Relbia</a>
{yoogallery src=[images/stories/2014/02/05/rel]} 
Although the next home on our list appears at first to be classic Georgian homestead, it’s actually a recreation, constructed within the last 10 years. For any renters that might be heritage enthusiasts, the builders had authenticity in mind, using period era fixtures and fittings.
The property is pet friendly (<a target="_blank" href="https://www.propertyobserver.com.au/news/letter-from-the-editor-the-drought-of-pet-friendly-rentals/2014013067134">a rarity,  as renters will know</a>), and has around seven acres of rural land, including two dams and several sheep to graze the land, along with some egg-laying chickens. There’s also room to grow your own vegetables, and landscaped gardens immediately surrounding the home. Again, a gardener is included in the $600 per week rental.
Inside, the four bedroom home has an open plan kitchen and living area which opens onto a large terrace for outdoor entertaining. The kitchen itself includes a walk-in scullery, with a hatch to take you down to the basement cellar.
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5. <a target="_blank" href="https://www.realestate.com.au/property-apartment-tas-hobart-405271117">13/84 Upper Fitzroy Crescent, Hobart</a>
{yoogallery src=[images/stories/2014/02/03/hob]} 
Located on the third floor of a restored mansion, this unique apartment is so good we've <a target="_blank" href="https://www.propertyobserver.com.au/tasmania/an-amazing-rental-in-hobart/2014020367492?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">featured it before</a>.
The one bedroom, one bathroom loft makes the peaked ceilings of its building the apartment's main feature. The sloped white ceiling contrasts with the timber beams, which almost reaching the floor in places.
With polished floor boards, exposed brick and a red feature wall, the apartment plays up characteristics a lesser property would attempt to hide, without straying into kitsch. 
This rental also includes a balcony and a skylight over the bed. It's available to rent for $525 per week.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
 
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The five most beautiful vacant rentals in Tasmania

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The Portside Wharf development in Hamilton has released 14 two storey terraces, with construction to begin later this year.
The two bedroom, two bathroom terraces will each have river frontage, while some will have private entrances with direct access from the wharf. They will occupy the bottom two levels of the 16 storey Pinnacle apartment complex. Residents in the terraces will have access to the building’s rooftop terrace, which features a pool, barbecue, entertainment area and gymnasium.
Only 12 of the 14 terraces released remain available to purchase. Prices begin from $795,000, ranging in size from 92 square metres to 183 square metres.
Portside Wharf includes four completed residential buildings in addition to Pinnacle and another development, Link, which are awaiting construction. The total Portside Wharf development also includes retailers and dining spaces.
It is the first stage of the Northside Hamilton urban renewal project, which when completed is intended to house around 10,000 residents.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
Images are artist impressions.
 
 
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New residential release from Portside Wharf development in Hamilton

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According to the Real Estate Institute of Tasmania’s (REIT) latest report, December saw a 10.7% increase in house sales from the previous month in Tasmania.
In its December Quarter Property Report, released today, the REIT said that Tasmania experienced a 21.1% increase in properties sold over 2013 from the year prior.
REIT President Adrian Kelly said that house sales in <a href="/news">Hobart</a>, <a href="/news">Launceston</a> and the north-western centres increased over the entire year.
“Hobart house sales increased by 15.2% for the quarter, but of particular interest was Inner Hobart, which recorded a staggering 46.2% increase in house sales,” said Kelly.
“Launceston house sales also showed positive growth, up 23.2% after a 7.3% decline in the September quarter, recording an overall increase of 17.1% in house sales from the same time last year.”
Tasmania’s median house price increased slightly over the December quarter, up 3.4% from the September quarter. The REIT’s report noted that Tasmania had a strong June quarter in 2013, with a slightly softer September quarter.
“Fourteen municipalities saw an increase in both their median house price and sales for the [December] quarter,” said Kelly.
<a href="/news">Sandy Bay</a>, <a href="/news">Acton Park</a> and Glebe were the most expensive Tasmanian suburbs in December. The cheapest were <a href="/news">Ravenswood</a>, <a href="/news">Beaconsfield</a> and <a href="/news">George Town</a>.
First home buyers accounted for 18% of house sales in Tasmania for the quarter, with a median price of $265,000, an increase from the previous quarter. The Tasmanian government <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/tasmania/%2430000-leg-up-in-tas-offered-to-first-time-buyers/2013111166281" target="_blank">recently increased</a> its first home buyers grant to $30,000. 
Although the proportion of house purchases made by first home buyers was up for December, second home buyers still comprise 51% of all buyers, according to the REIT report. The median house price for second home buyers was $334,000.
<a href="https://www.propertyobserver.com.au/jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
 
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Strong end to 2013 for Tasmania: REIT

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With cans of paint, pesticides, oil spills and a big, heavy, automated door, your garage is one of the most dangerous areas in your home. Given that we use garages to store our most hazardous household items, it makes sense to take steps to protect our families and pets from some of the more risky parts of a suburban garage. With that in mind, garage door manufacturer Merlin has come up with eight top tips for a safer garage.
Never allow children to play with the garage door
The garage door and opener are not toys and can be dangerous if misused. Children should never be allowed to play with the garage door, its automatic opener system or remote control. Children should never play under or near the garage door and should keep fingers and hands away from the door and opener to prevent any crushing or pinching of fingers and hands.
Keep tools out of reach of children and toxic items locked away
 Garages are home to a number of sharp, heavy and hazardous tools, so to ensure children can’t get their hands on these items, keep them on high shelves or up on pegboards, out of their reach. Highly toxic items such as chemical cleaners, pesticides and garden chemicals should be tightly sealed and stored in a locked cupboard at all times.
Always clean up sawdust and oil spills after working in the garage
As many garages are also used as workshops, ensure that all sawdust, woodchips and oil spills are immediately cleaned up after the work is complete, as these are not only a slipping hazard, but are also combustibles that can fuel a fire.
Ensure your automatic garage door opener has a safety reverse function
Garage doors – whether automatic or manually operated – are heavy and large objects that can potentially cause serious injury or even death. To reduce the likelihood of injury, ensure your garage door is installed with an automatic garage door opener equipped with an automatic safety reverse. 
Protect your child from vehicles
When reversing out of your garage, always conduct a thorough check of your surroundings and regularly scan the area for small children and pets. Avoid leaving your keys inside your vehicle to prevent children from accidently starting the vehicle in a closed garage. Ensure motorcycles and bicycles are secure to prevent them from falling on children.
Store flammable items in the correct location
Many house fires start in the garage due to the presence of the flammable items generally stored there. Fire requires three things: fuel, oxygen and heat, so if you keep incendiary items away from heat sources such as water heaters, fridges and battery chargers, you are taking the first preventative step in avoiding a garage fire.
Keep a fire extinguisher close by
A fire extinguisher is an essential item to have in a garage and should be kept close to an entry point to the garage. A CLASS 10B:E extinguisher is the most suitable for garages and uses a nontoxic dry powder extinguisher to combat fires involving oil, flammable liquids and electrical equipment.
Install a heat detector inside the garage
Due to the nature of garages (often filled with smoke fumes from the car or from the workshop) smoke detectors often give false alarms and a heat detector is a more suitable option for the garage space. A heat detector will detect rapid rises in temperature and alert you of a fire in your garage.
Source: <a target="_blank" href="https://www.gomerlin.com.au/">Merlin</a> 
<a href="https://mce_host/jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au </a>
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Top tips for a safer garage: Merlin

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For the first time in 20 years, the historic Block Arcade on Collins Street in Melbourne’s CBD is being listed for sale.
The arcade was constructed in 1892 after a fire destroyed the site’s original building. Designed to replicate Milan’s Galleria Vittoria, the L-shaped arcade features mosaic-tile flooring, glass skylights, wrought iron features and a large dome. It has an entrance to Collins Street and another to Elizabeth Street, with a third entrance on Block Place.
Selling through Colliers International and Allard Shelton, the Block Arcade houses a number of boutique retailers (including the Hopetoun Tea Rooms, which has remained a tenant since the arcade’s opening in 1892) on the ground floor, with commercial tenants on the upper levels. There are currently 27 tenants in the arcade. Anchor tenants currently include Telstra, Haigh’s Chocolates and Crabtree &amp; Evelyn. The property has a net lettable area of 8,124 square metres.
Colliers International managing director of capital markets and investment services John Marasco expects interest from local and international buyers from Asia, Europe and the US.
“The Block Arcade is a blue chip Melbourne CBD investment,” Marasco said. “It also offers a number of exciting value-add opportunities including repositioning the asset to attract luxury retail brands to the precinct.”
Patrick Barnes, director of Allard Shelton, has managed the property for 20 years. He noted the historic significance of the Block Arcade, which is part of Melbourne’s “Golden Mile” heritage walk.
“The Block Arcade has an unprecedented 120-year successful retail trading history and there is a waiting list of tenants trying to secure space in the centre. It is much-loved by Melbournians and has a loyal following of local shoppers,” said Barnes.
“It is also a popular tourist destination for interstate and international tourists, attracting more than 3.5 million visitors during 2013.”
The Block Arcade is expected to achieve a sales price of about $100 million. Offers of interest are being accepted until 4pm on April 3.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
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Melbourne's Block Arcade on the market with $100 million price expectations

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

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.

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>

Jessie Richardson

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