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According to the latest data from the Real Estate Institute of Victoria (REIV), the eastern Melbourne suburb of Doncaster recorded the highest annual growth in unit prices.
The median sales price of units in Doncaster for 2013 was $652,000, up 33.7% from 2012.
Of the top 20 growth suburbs listed by the <a href="https://www.reiv.com.au/~/link.aspx?_id=4FF20028A7DB491F9728F6DB37B82EFD&amp;_z=z" target="_blank">REIV</a>, 15 recorded annual price growth for units of over 20%, with Doncaster, Bentleigh, Caufield North, Dandenong and Bentleigh East making up the top five. 
Doncaster's 2013 growth was sustained through to the final quarter of the year, with the suburb recording a 28.9% increase in median unit price from the September quarter.
This three bedroom, one bathroom Doncaster apartment at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/apt-29-81-83-tram-road-doncaster/Property-Details-buy-residential-5457965">29/81-83 Tram Road</a> (pictured below)  is currently selling with a minimum asking price of $599,000.
{yoogallery src=[images/stories/2014/02/06/don]}
 
<a href="https://www.realestateview.com.au/Real-Estate/5-7-curlew-court-doncaster/Property-Details-buy-residential-6667089" target="_blank">5-7 Curlew Court</a> in Doncaster is also selling off the plan. The three bedroom, two bathroom apartment has a minimum asking price of $590,000.
{yoogallery src=[images/stories/2014/02/06/don2]}
 
Another Doncaster apartment, one of the many newer units in the suburb, is currently selling with an asking price of $630,000. The two bedroom unit is at <a href="https://www.realestateview.com.au/Real-Estate/27-3-sovereign-point-doncaster/Property-Details-buy-residential-6386041" target="_blank">27/3 Sovereign Point</a>. 
{yoogallery src=[images/stories/2014/02/06/don3]}
 
The REIV's top 20 growth suburbs for units
<table style="width: 470px;" cellspacing="0" cellpadding="0" border="0">
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<td width="522" colspan="5" height="20">Note: Only suburbs where a minimum of 25 sales recorded in the quarter are included.</td>
</tr>
<tr height="21">
<td colspan="2" height="21">
<h3>Top 20 Growth Suburbs (Quarterly)</h3>
</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="51">
<td height="51"></td>
<td width="180">Suburb</td>
<td width="77">Dec-13 Median</td>
<td width="77">Sep-13 Median</td>
<td width="80">Quarterly Change</td>
</tr>
<tr height="20">
<td align="right" height="20">1</td>
<td>HIGHETT</td>
<td align="right">$625,000</td>
<td align="right">$485,000</td>
<td align="right">28.9%</td>
</tr>
<tr height="20">
<td align="right" height="20">2</td>
<td>DONCASTER</td>
<td align="right">$652,000</td>
<td align="right">$546,500</td>
<td align="right">19.3%</td>
</tr>
<tr height="20">
<td align="right" height="20">3</td>
<td>CARNEGIE</td>
<td align="right">$496,000</td>
<td align="right">$417,544</td>
<td align="right">18.8%</td>
</tr>
<tr height="20">
<td align="right" height="20">4</td>
<td>DANDENONG</td>
<td align="right">$335,000</td>
<td align="right">$285,000</td>
<td align="right">17.5%</td>
</tr>
<tr height="20">
<td align="right" height="20">5</td>
<td>MELBOURNE</td>
<td align="right">$517,000</td>
<td align="right">$449,000</td>
<td align="right">15.1%</td>
</tr>
<tr height="20">
<td align="right" height="20">6</td>
<td>MALVERN EAST</td>
<td align="right">$707,500</td>
<td align="right">$620,000</td>
<td align="right">14.1%</td>
</tr>
<tr height="20">
<td align="right" height="20">7</td>
<td>BOX HILL</td>
<td align="right">$461,500</td>
<td align="right">$405,000</td>
<td align="right">14.0%</td>
</tr>
<tr height="20">
<td align="right" height="20">8</td>
<td>MENTONE</td>
<td align="right">$550,000</td>
<td align="right">$485,000</td>
<td align="right">13.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">9</td>
<td>CAULFIELD NORTH</td>
<td align="right">$676,000</td>
<td align="right">$597,500</td>
<td align="right">13.1%</td>
</tr>
<tr height="20">
<td align="right" height="20">10</td>
<td>ARMADALE</td>
<td align="right">$594,000</td>
<td align="right">$528,000</td>
<td align="right">12.5%</td>
</tr>
<tr height="20">
<td align="right" height="20">11</td>
<td>CHADSTONE</td>
<td align="right">$663,500</td>
<td align="right">$590,000</td>
<td align="right">12.5%</td>
</tr>
<tr height="20">
<td align="right" height="20">12</td>
<td>HAWTHORN</td>
<td align="right">$538,000</td>
<td align="right">$479,500</td>
<td align="right">12.2%</td>
</tr>
<tr height="20">
<td align="right" height="20">13</td>
<td>COBURG</td>
<td align="right">$525,000</td>
<td align="right">$469,000</td>
<td align="right">11.9%</td>
</tr>
<tr height="20">
<td align="right" height="20">14</td>
<td>ASCOT VALE</td>
<td align="right">$514,750</td>
<td align="right">$462,500</td>
<td align="right">11.3%</td>
</tr>
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<td align="right" height="20">15</td>
<td>KEW</td>
<td align="right">$650,000</td>
<td align="right">$584,850</td>
<td align="right">11.1%</td>
</tr>
<tr height="20">
<td align="right" height="20">16</td>
<td>ST KILDA</td>
<td align="right">$476,000</td>
<td align="right">$431,500</td>
<td align="right">10.3%</td>
</tr>
<tr height="20">
<td align="right" height="20">17</td>
<td>NOBLE PARK</td>
<td align="right">$340,000</td>
<td align="right">$309,500</td>
<td align="right">9.9%</td>
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<td align="right" height="20">18</td>
<td>DONCASTER EAST</td>
<td align="right">$720,000</td>
<td align="right">$656,500</td>
<td align="right">9.7%</td>
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<td align="right" height="20">19</td>
<td>BENTLEIGH</td>
<td align="right">$755,000</td>
<td align="right">$690,000</td>
<td align="right">9.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">20</td>
<td>CAMBERWELL</td>
<td align="right">$665,000</td>
<td align="right">$608,750</td>
<td align="right">9.2%</td>
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<h3>Top 20 Growth Suburbs (Annual)</h3>
</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="50">
<td height="50"></td>
<td width="180">Suburb</td>
<td width="77">Dec-13 Median</td>
<td width="77">Dec-12 Median</td>
<td width="80">Annual Change</td>
</tr>
<tr height="20">
<td align="right" height="20">1</td>
<td>DONCASTER</td>
<td>$652,000</td>
<td>$487,500</td>
<td align="right">33.7%</td>
</tr>
<tr height="20">
<td align="right" height="20">2</td>
<td>BENTLEIGH</td>
<td>$755,000</td>
<td>$566,250</td>
<td align="right">33.3%</td>
</tr>
<tr height="20">
<td align="right" height="20">3</td>
<td>DANDENONG</td>
<td>$335,000</td>
<td>$256,500</td>
<td align="right">30.6%</td>
</tr>
<tr height="20">
<td align="right" height="20">4</td>
<td>CAULFIELD NORTH</td>
<td>$676,000</td>
<td>$522,500</td>
<td align="right">29.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">5</td>
<td>BENTLEIGH EAST</td>
<td>$765,000</td>
<td>$597,500</td>
<td align="right">28.0%</td>
</tr>
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<td align="right" height="20">6</td>
<td>BRIGHTON EAST</td>
<td>$862,500</td>
<td>$680,000</td>
<td align="right">26.8%</td>
</tr>
<tr height="20">
<td align="right" height="20">7</td>
<td>ORMOND</td>
<td>$537,500</td>
<td>$428,500</td>
<td align="right">25.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">8</td>
<td>HAMPTON</td>
<td>$737,250</td>
<td>$592,500</td>
<td align="right">24.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">9</td>
<td>CHADSTONE</td>
<td>$663,500</td>
<td>$535,000</td>
<td align="right">24.0%</td>
</tr>
<tr height="20">
<td align="right" height="20">10</td>
<td>CARLTON</td>
<td>$395,000</td>
<td>$320,000</td>
<td align="right">23.4%</td>
</tr>
<tr height="20">
<td align="right" height="20">11</td>
<td>TOORAK</td>
<td>$760,000</td>
<td>$618,000</td>
<td align="right">23.0%</td>
</tr>
<tr height="20">
<td align="right" height="20">12</td>
<td>KENSINGTON</td>
<td>$545,000</td>
<td>$444,000</td>
<td align="right">22.7%</td>
</tr>
<tr height="20">
<td align="right" height="20">13</td>
<td>RICHMOND</td>
<td>$646,000</td>
<td>$527,500</td>
<td align="right">22.5%</td>
</tr>
<tr height="20">
<td align="right" height="20">14</td>
<td>HUGHESDALE</td>
<td>$554,000</td>
<td>$457,500</td>
<td align="right">21.1%</td>
</tr>
<tr height="20">
<td align="right" height="20">15</td>
<td>CARNEGIE</td>
<td>$496,000</td>
<td>$410,500</td>
<td align="right">20.8%</td>
</tr>
<tr height="20">
<td align="right" height="20">16</td>
<td>ST KILDA EAST</td>
<td>$537,000</td>
<td>$450,000</td>
<td align="right">19.3%</td>
</tr>
<tr height="20">
<td align="right" height="20">17</td>
<td>HIGHETT</td>
<td>$625,000</td>
<td>$524,000</td>
<td align="right">19.3%</td>
</tr>
<tr height="20">
<td align="right" height="20">18</td>
<td>KEW</td>
<td>$650,000</td>
<td>$550,000</td>
<td align="right">18.2%</td>
</tr>
<tr height="20">
<td align="right" height="20">19</td>
<td>CAMBERWELL</td>
<td>$665,000</td>
<td>$566,000</td>
<td align="right">17.5%</td>
</tr>
<tr height="20">
<td align="right" height="20">20</td>
<td>CROYDON</td>
<td>$440,000</td>
<td>$375,000</td>
<td align="right">17.3%</td>
</tr>
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<td colspan="2" height="21">Source: REIV</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
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<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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jrichardson-uRX5hFdKfN

Doncaster units up 28.9% in December quarter, tops Melbourne growth suburbs: REIV

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A judge has ruled against an appeal launched by Taras Pty Ltd, the former land owners of a plot that now houses part of the Victoria Gardens complex in Richmond, regarding an objection decision issued by the Commissioner of Taxation.
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YOU MIGHT ALSO WANT TO READ: <a target="_blank" href="https://www.propertyobserver.com.au/tax/understanding-capital-gains-tax-terry-hayes/2013040353251">Understanding capital gains tax</a> with Terry Hayes Ask Margaret: <a target="_blank" href="https://www.propertyobserver.com.au/tax/ask-margaret-can-i-avoid-cgt-when-i-sell-my-home/2013020759235">Can I avoid CGT when I sell my home?</a>


<hr>
In the ruling, the judgement stated that Taras made a capital gain in the 1999 financial year after it transferred its land to a joint venture involving the adjacent land holders that would become the Victoria Gardens complex. As such, Taras owed capital gains tax for the transaction, and was also liable for an administrative penalty for claiming a net loss for 2000 and 2002.
In 1995, Taras purchased four lots of land at 27/45 Burnley Street, Richmond, running east from Burnley Street to the Yarra River for $8.5 million, including stamp duty. Two years later, Taras began discussions with two adjacent land holders, about the “possibility of combining the three properties and having them rezoned to permit a multi-use development” which would include a combination of industrial, residential, retail and commercial components.
In 1998 a joint venture agreement – the Victoria Gardens Property Trust – was executed between the three land holders. Taras agreed to execute a transfer of its land to the newly formed Victoria Garden Developments Pty Ltd as a trustee, for a price of $28.5 million (none of the parties involved disputed the fact that $28.5 million greatly exceeded market value).
For the 1999 year, Taras claimed a tax loss of $1.7 million, on the basis that the its transfer of land to Victoria Gardens Developments was on the basis of the new company as a trustee, so no capital gains tax event occurred. They also filed tax returns for subsequent years claiming losses carried forward from 1999.
The Commissioner disagreed. Auditing Taras, the Commissioner of Taxation decided that a capital gains tax event did occur when the joint venture agreement was formed in August 1998, when Taras ceased to become the outright owner of their portion of the land land, and instead became entitled to interest in the land.
Noting that the $28.5 million figure for the Taras land was far above market value, the Commissioner, after some revision, assessed the land’s value as $16.6 million – resulting in a capital gain of $7.6 million for the 1999 tax year.
Taras has objected to the Commissioner’s decision a number of times.
In this appeal, it argued against the market value assessed by the Commissioner, and also claimed that no actual proceeds were made from capital gains until the entire land was later sold to a third party outside of the Victoria Gardens joint venture.
Victoria Gardens Developments, argued Taras, was merely a mechanism to allow the parties to develop the land. Once the land was transferred from Taras to the Victoria Gardens Developments, Taras still remained the sole beneficiary of the trust over that land, and Victoria Gardens Developments held the land solely for Taras.
The Commissioner has claimed that Taras did make a commercial gain from the transfer of its land to the trust, although cash payments were spread out over a number of years. It also argued that capital gains tax legislation must be used according to ordinary interpretations of its terms, rather than “views of ‘commercial reality’”.
<a target="_blank" href="mailto:richardson@propertyobserver.com.au">richardson@propertyobserver.com.au</a>
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Victoria Gardens capital gains tax appeal defeated in court

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Apartments are now available to purchase as construction commences at the Hing Loong development in Sydney’s Chinatown.
The 17 storey development will be situated on the pedestrian-only Dixon Street, and is set to be Dixon Street Plaza’s first residential tower. Hing Loong will have 47 one, two and three bedroom apartments, each with European stainless-steel appliances, stone kitchen benches and timber flooring. It will also include a three bedroom penthouse apartment which will have access to rooftop decks, barbecue facilities and a 'Dragon Pavilion' which is set over the building.
Set on a corner plot, the building’s exterior will feature large open screens with a “cracked” effect. Residents will live within walking distance of Sydney’s new Westfield complex.
Constructed by Chinese developer War Hing, the building was designed by Allen Jack + Cottier. The design firm has worked on residential and commercial projects in both Sydney and Beijing.
Apartments are available from this week. Prices begin at $690,000.
Back in 2012, The Quay development, a 270-apartment complex, was seeing intense interest as <a href="https://www.propertyobserver.com.au/developments/the-quay-development-on-long-dormant-sydney-chinatown-site-sells-well-in-first-weekend/2012042954320" target="_blank">one of the last of 20 'black holes' in the area</a>.
Sydney's Chinatown is located in <a href="/news">Haymarket</a>, between Central Station and Darling Harbour. <a href="https://www.propertyobserver.com.au/news/lend-lease-haymarket-redevelopment-gets-green-light/2013121066864" target="_blank">Lend Lease has also been active in the area</a> recently, with the new Sydney International Convention, Exhibition and Entertainment Precinct attracting interest.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">Investor Showcase</a>.
Images are artist impressions.
 
 
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Construction begins at Sydney Chinatown development Hing Loong

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At Property Observer, we see a lot of beautiful property listings. The best inspire feelings of awe, appreciation and a little bit of covetousness. But at <a href="https://looneylisting.com/">Looney Listing</a>, the featured properties are more likely to evoke confusion, and sometimes, fear. We’ve picked our favourite five looney listings.
After we featured a property with the <a href="https://www.propertyobserver.com.au/new-south-wales/a-toilet-in-the-kitchen-a-strange-unit-layout/2014012067267">toilet in the kitchen</a>, it was only a matter of time before somebody raised the stakes, with a <a href="https://looneylisting.com/2013/10/07/because-dinner-with-horse-thats-why-so-shut-up/" target="_blank">taxidermied horse watching over the dining table</a>. From the pictures, it appears that the property’s 12 stall stable is directly attached to the main house.
If you like your chips served with dead horse, this is the home for you.
{yoogallery src=[images/stories/2014/01/28/loon1]}
Article continues on next page. Please click below.
 
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Putting your family home up on the market is tough for anyone. There are meetings with the real estate agent, the matter of finding a new house, organising the move and letting go of the place you live in.
In the midst of all that, no one would blame you if there are a few toys left out when the photographer comes past to take pictures for your listing.
But there’s something about <a href="https://looneylisting.com/2013/06/21/so-wrong/" target="_blank">this particular toy</a> which marries so perfectly with the plastic bed protectors, the mustard carpet and the low resolution photography to make the creepiest real estate photo we’ve seen in a long time.
{yoogallery src=[images/stories/2014/01/28/loon2]}
Article continues on next page. Please click below.
 
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While some would argue that a good real estate photo will impart a sense of drama, not science-fiction, we at Property Observer find <a href="https://looneylisting.com/2012/11/05/money-cant-buy-taste/" target="_blank">this particular listing</a> quite endearing, if not to everyone’s taste.
The floor to ceiling marble (or, more likely, marble-effect painted porcelain) might be a bit much for some, and there’s a strong argument to be made against a fur throw that covers an entire king sized bed, but when we look at this property, we see a home that’s probably given its owners a lot of joy.
That being said, it’s hard to defend the war weapons hanging over the side by side urinals.
{yoogallery src=[images/stories/2014/01/29/loo1]}
And we're not really sure what some of the objects in these photos actually are.
{yoogallery src=[images/stories/2014/01/29/loo2]}
Article continues on next page. Please click below.
 
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We’ve seen more than our fair share of objectively <a href="https://www.propertyobserver.com.au/residential/the-strangest-real-estate-photographs-add-yours-to-the-collection/2014012167282">bad real estate photos</a> at Property Observer. 
But sometimes listing photos are so terrible that you wonder whether the seller has committed some awful sin against their real estate agent.
The finger over the lens, the blacked out bathroom, Whoopi – we’d say <a href="https://looneylisting.com/2013/07/15/giving-whoopi-the-finger/" target="_blank">this agent has exacted their revenge</a>.
{yoogallery src=[images/stories/2014/01/28/loon4]}
Article continues on next page. Please click below.
 
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At first glance,<a href="https://looneylisting.com/2013/09/11/what-happens-underground-stays-underground/" target="_blank"> this house looks a little peculiar</a>.
Scroll back for another look and you’ll realise that why – it’s built in a man-made cave sitting 26-feet underground.
The pastoral murals around the “garden” have a certain nostalgic (pre-apocalypse) charm, while the 1950s-style interior can soothe your Cold War anxieties. This elaborate bunker was on the market for US$1.7 million.
{yoogallery src=[images/stories/2014/01/28/loon5]}
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
 
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Five of the most bizarre property listings from Looney Listing

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Two retail spaces in Mirvac’s Waverley Park Stadium have been listed through Colliers International.
The food and beverage outlets are expected to sell for over $1.5 million total. Shop Seven is currently leased to The Last Piece Café until October 2023, with a five year option, and Shop One is the Stadium Fish and Chippery. Colliers International’s Jeremy Gruzewski says that Shop Seven provides about $90,000 in net rental income, while he expects that Shop One will attract interest above $350,000.
“The retail component of the former VFL stadium, and current Hawthorn Football Club training ground, provides a variety of amenity to the local community as well as surrounding business parks and industrial estates,” Gruzewski said.
“There is a strong appetite for low-risk investments which have been apparent in recent suburban retail results,” he said. “By far, retail is the most sought after and affordable commercial investment in the current market."
Tom Noonan of Colliers International, who is also handling the sale with Gruzewski, expects interest from private investors and self-managed super funds.
Mirvac’s Waverley Stadium in <a target="_blank" href="/news">Mulgrave</a> is the home of the Hawthorn Football Club. The properties will be auctioned on March 19.
jrichardson@propertyobserver.com.au
 
 
 
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Waverley Park Stadium shops on the market

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The sale of a waterfront property in Brisbane’s inner east has reached the record price for a Brisbane residence in 2013.
Negotiated by Place, the Hawthorne property sold through an extensive campaign, with tenders received by international and local investors.
The six bedroom home was completed on a 1,654 square metre block in 2008. With three storeys, it includes five bathrooms, a pool, a designated media room and a six-car garage with lift access. The riverfront property at <a href="https://www.realestate.com.au/property-house-qld-hawthorne-114475147" target="_blank">114 Virginia Avenue</a> also features a boat shed and patio.
{qtube vid:=TX5PIRRPdMU}
According to Place chief executive Damien Hackett, there was significant movement in Brisbane’s residential market last year.
“We saw great strength in the market over the last few months of the year, which has continued into 2014, with properties selling quickly as confidence markedly improves amongst both buyers and sellers,” he said.
“The sub-$1 million price bracket led the way in Brisbane’s regaining strength, but we have also seen a significant improvement in the top end, which started towards the end of 2013.”
Hackett says that the city’s prestige market had a stronger performance than expected, with the $7.5 million Virginia Avenue sale one of four properties that sold for more than $4 million each in a single week in December. He noted that the market for top end properties is generally linked to activity in the stock market.
“As long as the stock market keeps performing it will be positive for the higher end of the property market,” he said.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
 
 
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Waterfront Brisbane home makes late run to take out Brisbane's most expensive sale of 2013

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About 120 Gold Coast properties will be taken to auction next week, in what is widely regarded as Australia’s largest in-room auction showcase.
The one-day event by Ray White Surfers Paradise Group will open at 11am on January 27 with a market report presentation by auctioneer Andrew Bell, the group’s CEO. Dubbed “The Event”, it will be the 21st annual real estate auction showcase for the group.
<a href="https://www.propertyobserver.com.au/news/gold-coast-seeing-the-best-real-estate-market-conditions-in-more-than-eight-years/2013120566642" target="_blank">The Event will be hosted at the Gold Coast Turf Club in Bundall</a>. A prestige auction event will also be held by the group on Thursday January 30.
Property Observer readers will be able to read about all the highlights next week.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Gold Coast to host Australia’s biggest real estate auction from Monday

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Archers Body Corporate Management has released a list of Australia Day party dos and don’ts following complaints regarding over-zealous partiers during last month’s holiday season.
To avoid conflict with your neighbours and bodies corporate, Archers director Andrew Staehr said it’s important to be prepared when throwing a party.
“Your body corporate may allow you to hold parties on certain areas of common property but you must ensure that it is booked and is large enough for the number of guests invited,” Staehr said.
“Emergency actions are not something people generally think about when planning a party but it’s crucial to be prepared in case something does go wrong.”
Staehr recommends that hosts double check smoke detectors and make sure that any partygoers have a handle on the building’s exits and evacuation plans. And remember – your guests are your responsibility.
“Ensure guests do not lean over or against balustrades and no rubbish is thrown over the balcony,” said the safety-conscious Staehr.
Here are Staehr’s other tips for hosting a body corporate-friendly Australia Day party:
1. Communicate with your body corporate and be aware of the common by-laws and house rules in regards to the number of people permitted in various common areas and what time noise must be reduce
2. Utilise a booking system for common facilities such as BBQs to avoid overcrowding and argument
3. Ensure all rules are enforced for facilities with closing times or other restrictions, like the pool
4. Be aware of the body corporate procedures to report a complaint if a party does get out of hand
5. Communicate with your neighbours and let them know party details so they are aware of what is going on
6. Communicate with guests and ensure they know the rules of your complex, including where to park, noise restrictions and common property restrictions.
They won’t save you from burnt sausages, or that one guest who’s a little too excited about their sense of national pride, but Staehr’s tips will hopefully ensure that you’re still getting along with the body corporate (and your neighbours) the morning after.
What are some of your party dos and don'ts?
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
 
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Tips for your Australia Day party, courtesy of the body corporate

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Ahead of the Reserve Bank of Australia’s (RBA) February announcement, Property Observer asks the experts what they predict will happen to the interest rate – with a single answer across the board.
Shane Oliver – Head of investment strategy and chief economist, <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a>  <img width="125" height="150" src="/images/stories/2013/10/25/shane-oliver-profile.jpg" alt="shane-oliver-profile" style="float: right;">
WE’VE SEEN CLEAR EVIDENCE THAT INTEREST RATE CUTS HAVE STARTED TO GAIN TRACTION
I think they’ll leave the rate on hold – and there are several reasons. Firstly, the last rate cut was now back in August – it’s been about six months with rates on hold. Given that the Reserve Bank has already cut interest rates to record lows, it’s unlikely that they’ll like to drop them further.
I think the reality is that over recent months, we’ve seen clear evidence that interest rate cuts have started to gain traction. Housing prices picked up in the last quarter of last year, and there’s now evidence that interest rate cuts have flowed through to housing construction activity. Consumer and business confidence has also bottomed out, while retail is beginning to pick up. The strong Australian dollar was a concern, but we have seen that weaken – in fact, last week we saw the Australian dollar drop below US 88 cents, for the first time since 2010. That coupled with strong indicators in the economy will leave the Reserve Bank feeling confident.
We might see rate hikes in the December quarter, perhaps around October. Right now, the economy is still probably not strong enough for an interest rate increase. We’ll be looking at at least 12 months of rates on hold.
 
Angie Zigomanis  – Senior manager, residential, <a href="https://www.bis.com.au" target="_blank">BIS Shrapnel</a> <img style="float: right;" alt="Angie-Zigomanis--porfile" height="150" width="125" src="/images/stories/2013/10/25/Angie-Zigomanis--porfile.jpg">
UNDERLYING INFLATION IS STILL LIKELY TO BE AT A COMFORTABLE LEVEL FOR THE RESERVE BANK
We do not expect the Reserve Bank to change interest rates at its February meeting. Headwinds still face the Australian economy. Resource sector investment is estimated to have peaked and is now tapering off, while growth in other sectors of the economy is not yet picking up at a pace to sufficiently offset this decline in the short term.
Nevertheless, there are signs that the current levels of interest rates are doing their job. After declining in 2011 and 2012, house prices have stabilised and have been growing in some cities in 2013. This is encouraging new dwelling activity, with an upturn in residential construction nationally now appearing to be entrenched.
While inflation for December was a little higher than most analysts expected, there were some “one-off” factors that helped to drive the numbers, and underlying inflation is still likely to be at a comfortable level for the Reserve Bank. As a result, we expect the cash rate to be held at current levels for now.
Article continues on next page. Please click below.
 
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Cameron Kusher – Senior research analyst, <a href="https://www.rpdata.com/" target="_blank">RP Data</a> <img style="float: right;" alt="cameron_kusher_new" height="156" width="125" src="/images/stories/2014/01/28/cameron_kusher_new.jpg">
WE COULD SEE AN INCREASE IN THE INTEREST RATE LATER THIS YEAR
Obviously [the other week] we had some pretty confronting results. I think inflation is a lot higher than people expected. But I think generally rates will be on hold for the next few months. The RBA will want further evidence that inflation is growing, and that the economy is picking up.
They’ve said all along that what they’ve wanted to see from interest rate cuts is a handover from the resources boom to the housing sector, which they’re getting. We’re seeing higher home values.
So the likelihood is that rates will stay still for the next few months. But we could see an increase in the interest rate later this year. The RBA are pretty concerned with just how quickly Melbourne and Sydney have been growing over the past year. If home values continue to accelerate, that could move them to increase rates.
At the moment we’re seeing 2.7% annual inflation. If that starts heading up to the higher end of their target band, that would also impact interest rates. And with the Australian dollar dropping, we might start importing inflation from overseas.
Any increase in the interest rate won’t happen til the second half of the year at the absolute earliest – most probably late in the year.
 
Alex Parsons – Chief executive officer of <a href="https://www.ratecity.com.au/" target="_blank">RateCity</a>  <img alt="alex-parsons-profiel" height="150" width="125" src="/images/stories/2013/11/15/alex-parsons-profiel.png" style="float: right;">
A CUT IS OFF THE CARDS
I hate to be boring, but there will be no change in February. I think based on the inflationary figures that just came out, coupled with the property market, particularly in Sydney, a cut’s off the cards.
If we do see any movement, it’ll be a rise, but it’s too early for that – that will happen towards the end of the year. But obviously a lot can happen between now and then, in Australia’s economy and internationally.
For now though, the interest rate will stay put. Especially if we see the positivity in the market continue, and now that the dollar’s back in the range they’d like to see. Interest rates are at record lows – the RBA won’t be making any cuts over the next six to eight months.
But overall, consumers shouldn’t worry about RBA changes – they aren’t always passed on by the institutions anyway. Get out there and find out what rate you’re on, and compare it with what else is out there. You can save yourself some money, both on the borrowing side and the lending side.
And if you don’t have a four in front of your home loan interest rate today – get out and get a better one.
Article continues on next page. Please click below.
 
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Andrew Wilson – Senior economist, <a href="https://apm.com.au/" target="_blank">Australian Property Monitors  <img alt="AndrewWilson-profile" height="150" width="125" src="/images/stories/2013/10/04/AndrewWilson-profile.jpg" style="max-width: 480px; float: right;"></a>
THE IMPROVEMENT TO ECONOMIC ACTIVITY REMAINS A WORK IN PROGRESS
Interest rates settings have been a critical element driving the ongoing revival of Australian housing markets over the past year. Cuts to interest rates in May and August 2013 to the lowest levels in 60 years fuelled home buyer and investor activity with prices growth accelerating in all capital city markets over the second half of the year.
The easing of interest rates over the past two years has been a monetary policy initiative designed to stimulate economic activity in the face of the decline in the construction phase of the mining boom that has underscored economic growth in recent years.
Easier interest rate policy was also designed to reduce the relatively high value of the Australian dollar and increase the competitiveness of Australian goods and services in export markets.
Although lower interest rates are typically a catalyst for house price growth through improved affordability,  this is designed to be offset by an increase in dwelling construction to ameliorate short-term supply-demand imbalances that adds to prices growth – and also to add to economic activity.
The improvement to economic activity through lower interest rates remains very much a work in progress which leaves further scope for another easing in monetary policy through lower interest rates.
Employment in the major states of New South Wales and Victoria continues to deteriorate. Latest ABS data reports that the number of people with jobs in both those states has declined disturbingly over the past year and continues to trend downwards.
Dwelling construction as expected has improved recently although most of the increase in activity has been in planned apartment construction in Sydney and Melbourne which will not add to the stock of housing or economic activity in the short-term. The number of new houses approved remains underwhelming considering the level of stimulus in the market.
The Reserve Bank will likely wait until more data becomes available on the unfolding underlying nature of the economy in 2014 so an interest rate cut is unlikely in February. Although interest rates are likely to remain stable over the short-term the risks remain for another easing in monetary policy particularly if the New South Wales unemployment rate climbs above 6%.
There is certainly no realistic prospect in the foreseeable future of a rise in official interest rates despite the emergence of rising inflation.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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February's RBA rate decision: The experts make their predictions

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More than 200,000 RACV Insurance policy holders will receive refunds totalling over $11 million, following the announcement of a court enforceable undertaking from RACV Insurance’s underwriter, Insurance Manufacturers of Australia (IMA). Consumer Affairs Victoria has released a statement warning customers against possible scams that may target the refund process.
The refund agreement was negotiated by the Office of the Fire Services Levy Monitors, after it found that IMA increased its base building premiums by 11% in June 2013. The June premium hike followed two other increases that year, with IMA’s Fire Services Levy (FSL) rates reaching 26% in metropolitan areas and 36% in country areas.
The increase of base premiums by IMA offset the impact of the removal of the FSL, causing total building premiums on average to rise. In increasing its base premiums, IMA did not pass on the benefits of reforms to Victoria’s fire services to its policy holders.
According to Victoria’s Fire Services Levy monitor Allen Fels, "IMA stood out as the only major insurer to increase total building premiums over the last half of 2012–13. Parliament passed very strict laws to prevent insurers from taking advantage of this situation.”
The monitors also noted their disappointment that RACV did not make the premium increase transparent to its customers.
"RACV Insurance policyholders could not easily discern increases in base premiums as fire services levies were removed," said Fels.
The refund will be delivered to customers in the form of a cheque, with an explanation from IMA. The government body notes that neither RACV nor the IMA will be requesting a fee or any personal information from customers when delivering the refund. Any policy holders who are concerned about contact from callers claiming to represent IMA or RACV who request this information are encouraged to contact RACV directly.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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RACV customers warned of scams as insurer issues refunds

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Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Joel Robinson

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

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]

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.

Jessie Richardson

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