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A three level commercial building in Sydney's Chinatown has sold at auction for $19.9 million.
The property, 82-84 Dixon Street, Haymarket, is on land sized 342sqm and has 14 metres of Dixon street frontage with a total lettable space of 983sqm.The ground floor features retail spaces, with upper levels retail and residential. Current tenants include the Hingara Chinese Restaurant and Live Crafts Centre.
Dominic Ong, Knight Frank’s head of Asian markets, Australia said the premium location of the Dixon Street property, as well as its redevelopment potential, made it a highly attractive opportunity for investors.
“There were over a hundred people at the auction, with multiple competing bidders," he said.
"Chinatown is a tightly-held area and opportunities like this don’t come along very often.
"The last standalone property to sell on Dixon Street, Pedestrian Lane, was some 30 years ago, and this property has been with the same family for about 100 years." 
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jchancellor-FAypfDUnLy

First-in-a-century commercial property sale in Sydney’s Chinatown

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GUEST OBSERVER
The announcement by NSW Labor that in government they would lift surcharges for foreign investors on residential homes will slow down the supply of new homes.
Sydney needs more housing supply not less.
So Labor’s proposal to lift the stamp duty surcharge from 4 percent to 7 percent and to double the Land Tax surcharge for foreign investors will be a clear signal that these investors are not wanted. The result will be to minimise this sector of the market and to therefore reduce housing supply.
The Urban Taskforce believes that increasing supply is the key game changer that is needed to help with housing affordability and that this can be done by speeding up housing planning approvals and by minimising extra costs being put on developers by councils and state government agencies.
We recently asked our developer members for examples of where housing projects were stuck in the planning system and were surprised to get a list adding up to around 40,000 new homes that were in limbo.
These projects need to be speeded up to lift housing supply for Sydney. The Department of Planning says an average of 36,000 new homes a year is needed in Sydney over 20 years so in boom times we should be over 40,000 new homes a year. The best performance to-date has been 34,000 so clearly Sydney needs many more new homes.
It is concerning that in the media release by NSW Labor, Shadow Treasurer Ryan Park refers in a negative way to ‘developer mates’. The only industry that is going to provide the massive number of new homes needed for Sydney is the developers but they have to battle a slow and complex planning system and manage as a result holding costs that can reach $500,000 a month for large projects.
The Urban Taskforce is keen to be involved with all political parties in discussions on housing supply and affordability in a positive and constructive manner.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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NSW Labor housing proposals will slow supply: Chris Johnson

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GUEST OBSERVER
The Housing Industry Association, the voice of Australia’s residential building industry supports the Turnbull Government’s focus on first home buyer access and reducing the costs of new housing supply.
Housing affordability is a dominant policy issue in 2017, but it is also a complex one.
A suite of policies to address low housing affordability is required and these policies need to come from the Federal government, state governments, and from cooperation between the two levels.
Changes to negative gearing (and capital gains tax) are not the appropriate policy focus to addressing Australia’s housing affordability challenge. Reducing the cost of new housing supply and tackling the deposit gap faced by aspiring first home buyers is the appropriate core focus.
In this regard a ‘bond aggregator’ model to increase public and social housing supply is a good start. Consideration of allowing first home buyers to access super savings to support a housing deposit is another policy worthy of debate.
A well-designed housing infrastructure fund must also be part of the Federal government’s consideration. A Federal government-backed policy to reduce the price of non-essential infrastructure currently being paid for by new home buyers would play a crucial role in reducing the cost of new housing supply. 
Independent research conducted for HIA by Independent Economics, using the same model as that used by Commonwealth Treasury, provides compelling evidence that amending negative gearing provisions would be a retrograde step as it would reduce both Australian living standards and housing affordability.
In an ‘ideal’ world the two keys to fully addressing Australia’s housing affordability challenge are boosting residential land supply and eliminating stamp duty on residential property conveyances.
Both represent large policy challenges, and can be achieved with cooperation between state governments and the Federal government.
The Henry Tax Review ‘blueprint’ correctly recognised that reforms to housing supply and housing assistance need to come before everything else. Consideration of any policies to amend negative gearing or capital gains tax concessions forget this important finding, provide false hope to aspiring home buyers, and will lead to a deterioration in housing affordability. 
Kristin Brookfield is the Chief Executive Industry Policy at the Housing Industry Association (HIA). You can contact her <a href="https://hia.com.au/IndustryPolicy/PolicyTeam.aspx" target="_blank">here</a>.
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HIA supports housing policy focus from federal government: Kristin Brookfield

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GUEST OBSERVER
NAB Economics have partnered with NSW Trade and Investment in utilising the NAB Quarterly Business Survey (QBS) to gain a better understanding of foreign multinationals operating in Australia, and especially NSW.
Commencing from the December quarter 2016, the NAB QBS asked firms an additional question on the location of their parent company.
That has allowed us to single out the performance of foreign multinationals operating within Australian borders, based on the numerous metrics available from the Survey. Attempts are currently underway to extrapolate a time series of business indicators for these firms, but for now available outcomes are restricted to Q4 2016.
In the final quarter of 2016, the NAB Multinational Business Survey revealed that business conditions – a composite of trading/sales conditions, profitability and employment – were strong for foreign multinationals, at +13 index points, and were higher than for those with an Australian-based headquarters (although conditions were quite positive despite ownership) (Chart 1, Table 1).
Given the importance of attracting foreign investment to the local economy, it is encouraging to see that foreign multinationals already operating within Australia are performing so well – and are especially strong in NSW (see below). Business confidence on the other hand is looking more balanced, at reasonably positive levels (+6 index points for all ownership types).
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" alt="">
By component, foreign multinationals are reporting very good sales activity, with our trading conditions index at 20 points, which was well above the (also solid) levels seen by other firms. Reflecting the apparently strong demand conditions, profitability was also quite high, at 15 index points, which was again higher than that reported by other firms. Employment conditions, however, were a little less encouraging (albeit still positive). The employment conditions index meanwhile was at +3 index points, which is slightly below the level recorded by firms with headquarters located within Australia.
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" alt="">
Concentrating on NSW, foreign multinationals reported very strong business conditions in Q4 2016 (+16 points), albeit slightly lower than for firms with an Australian-owned headquarters (Charts 2). By component, foreign multinationals saw the best trading conditions, but were noticeably softer on employment conditions relative to other firms in NSW. They also performed better in NSW than in other states (Chart 3), outperforming in two out of three components (employment again being the exception). 
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" alt="">
The outperformance of business conditions for foreign multinationals at the national level is not quite replicated across all the other key financial and forward indicators from the Survey (Chart 4). They are, however, leading when it comes to profit margins, which suggests that these firms are experiencing a relatively favourable business environment, both in terms of costs and revenue.
That would tend to suggest that the positive inventory index points to voluntary restocking by firms – although that seems counter to forward orders, which are noticeably lower for foreign multinationals than for other firms. Capacity utilisation outcomes suggest similar levels of spare capacity, regardless of ownership, but investment activity by foreign multinationals appears relatively lower, while their intentions to invest in the next 12 months are significantly lower than for some other firms (more details below).
Focussing on NSW, foreign multinationals are performing better than in other states on a number of measures, including profit margins and forward orders (Chart 5). However, the investment outlook is perhaps not quite as encouraging as it is in other states – despite foreign multinationals enjoying much better demand conditions (business conditions and forward orders) in NSW than elsewhere.
KEY RESULTS BY INDUSTRY
The sample from the Business Survey allows us to deconstruct responses by industry, at the national level. On balance, foreign multinationals within the construction industry experienced the best business conditions in Q4 2016, while conditions in the mining industry look extremely poor (Chart 6).
That said, mining confidence was a clear standout in the quarter, which probably reflects improvements in project viability due to a rally in commodity prices. Transport was the only other industry where foreign multinationals reported negative business conditions (and even weaker confidence). While that may partly reflect mixed conditions in distributional services more generally, higher energy costs are probably contributing to the weak result.
Unsurprisingly, foreign multinationals in services industries have performed relatively well, which is a trend reflected in the broader economy. Solid conditions in retail are also encouraging given mixed indications from other data sources.
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" alt="" width="302" height="768">
Similar to domestically-owned firms, foreign multinationals are reporting capital expenditure intentions that vary significantly across industries (Chart 7). Foreign multinationals appear more keen to invest than other firms in wholesale, construction, retail, and professional services.
Construction is unsurprising given the strength of the residential boom, but the high level for wholesale (and to some extent manufacturing) is interesting given the significant structural changes underway within the industry. Investment intentions are also high for personal services (RPS), just not as high as locally-owned business. 
OTHER INDICATORS OF BUSINESS EXPECTATIONS
Aside from capital expenditure expectations, the Survey also asks firms about their outlook for factors such as sales, profits and employment. On balance, foreign multinationals are noticeably more upbeat on their 12-month outlook for sales and profits than they are for employment (Chart 8).
This might normally suggest that firms are looking to undertake a more capital intensive expansion of their operations, and/or reduce spare capacity, but also in this instance is hard to square away with current levels of capacity utilisation and capex expectations (discussed above). Therefore, this outcome may point to an anticipated improvement in efficiency/productivity?
In terms of the outlook for foreign multinationals operating in NSW, these firms tended to point to a better outlook for the next 12 months than foreign multinationals in other states. Sales, profit and employment expectations (12-months ahead) were all higher for these firms (Chart 9). Once again, employment conditions are lagging behind, although the net balance is still quite positive at +20 index points.
BORROWING &amp; REQUIRED RETURNS
To get a better idea of what is affecting decisions on capital expenditure, the Survey asks about credit conditions and the required rate of return for potential investments. On credit demand, the Survey shows that foreign multinationals tended to require less borrowing in the quarter than other types of firms (Chart 10, black bars). A similar observation can be made for foreign multinationals operating in NSW (Chart 11, black bars).
The lower demand for credit could reflect a number of potential factors. Perhaps foreign multinationals have greater access to other sources of finance. Another possibility is that foreign multinationals are still more reluctant to take on debt than solely domestic firms, given the higher degree of disruption in foreign debt markets over recent years.
Overall borrowing conditions (i.e. supply side constraints) might be another factor that is limiting firms borrowing. Differences in regulation and risk assessment can affect the willingness of banks to lend to foreign firms relative to solely domestic ones.
To measure this, the Survey produces a borrowing index, which compares those firms who found it easier to borrow versus those who found it harder. Interestingly, at the national level, foreign multinationals found it no harder than other firms to borrow, but they did find it harder in NSW (Charts 9 &amp; 10, grey lines).
Finally, required rates of return on investment appear to be a little higher for foreign multinationals, which could be a limiting factor on capex given the uncertain growth outlook for the economy (Charts 10 &amp; 11, red lines). 
CONSTRAINTS ON BUSINESS OUTPUT
When asked about the main constraints on the firm’s output, aggregate demand tends to be the most common response. Foreign multinationals are no different, with more than half of these firms indicating that demand was either a minor or major constraint on their output (Chart 13, red bars).
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" alt="">
However, a significant proportion of foreign multinationals (more than a third), also indicated that a lack of suitable labour is playing a role as well. Given that the unemployment rate is elevated in Australia (5.8%), and the underemployment rate is close to record highs, there certainly seems to be an adequate supply of workers in the market. Therefore, this result could suggest that firms consider the available workers to be underqualified, inexperienced or not qualified in the skills that are required. The availability of materials and physical capital is much less of a concern, but around 10% of foreign multinationals consider them a minor constraint.
At the state level, similar observations can be made for NSW, although the availability of suitable labour features more prominently – nearly half of foreign multinationals see it as a minor constraint (Chart 13, black bars). Additionally, although demand is still the largest constraint for NSW foreign multinationals, a smaller proportion see it as a significant constraint compared to foreign multinationals in other states (Chart 13, red bars). 
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Alan Oster is group chief economist, National Australia Bank, and can be contacted <a href="https://business.nab.com.au/author/alan-oster/" target="_blank">here</a>.
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Multinationals operating in NSW a clear standout: NAB's Alan Oster

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<img src="https://counter.theconversation.edu.au/content/72351/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
There are few more telling signs of conflict in urban spaces than calls to send in the police.
Geelong’s Little Malop Street Mall has been the subject of many such calls, as regular incidents keep the space in the media spotlight.
But Geelong-based writer Ross Mueller’s 2015 call for the police to be called in to investigate “criminal neglect of our public place” comes at the problem from a new angle.
“That’s right,” Mueller began. “We need a whole division to investigate exactly who approved the brilliant idea of building two massive shopping (centres) right next door to each other.” He proposed “the biggest working bee in our history” to rip up the space and start from scratch.
Even if said working bee came to pass, the spatial issues behind the mall’s malaise need to be understood. While an influx of police has often been seen as a way to “fix” the mall, such approaches deal with symptoms rather than the causes of conflicts in such spaces.
The mall’s story has vital lessons for cities around Australia. Chief among them is that public spaces not designed for all can become stages of conflict and alienation. While the centre may hold the focus, the edges of these spaces hold the key.
Haven of the ‘mall rat’
In the 1860s, the area comprising today’s Little Malop Street Mall was part of Market Square, then a large public reserve in the east of the city centre. Its story has been controversial, with privatisation for commercial interests gradually eroding the space over time.
In 1985, what remained of the square and a network of streets was replaced by the Market Square Shopping Centre. This left the narrow rump of public space to the south that is now the mall.
The shopping centre, and another built on the other side of the mall soon after, closed over a connected network of streets similar in form to Melbourne’s celebrated Hoddle Grid. This loss of lively streets and laneways has made this section of Geelong’s city centre less permeable and less pedestrian-friendly.
While the introverted centres have prospered, the mall has become a space as feared and fretted over as the people locally derided as “mall rats” who have become associated with it.
Public perceptions of the space have declined in spite of various interventions, including redevelopments and communications campaigns targeting antisocial behaviour.
Conflicted messages and purposes
The conflict between users of Little Malop Street Mall is rooted in two larger interrelated conflicts. One is between the operation of space as a public common and space for profit. The other stems from the conflicted messages that the space sends to users.
People interpret spaces, and the messages we receive are shaped by several factors. These range from our interaction with physical factors like objects within the space, the space’s edges and how we navigate through spaces, through to discourses or texts that French philosopher Henri Lefebvre identified as “representations of space”.
A successful public space or commons sends messages that make it welcoming to all. The space encourages interaction and invites people to linger.
In this context, defensive interventions aimed at excluding particular groups, such as playing loud classical music to deter so-called “mall rats”, are particularly problematic. Measures that seek to exclude one group often generate a space that deters all.
More successful interventions to activate the mall have involved organised programs of events such as food trucks and live entertainment. But when the carnival moves on, the design problems remain.
Conflict by design
The shopping centre’s opening was clearly a decisive blow in favour of privatised space. Even more significant, though, is the way the centre is designed to turn its back on the public spaces and streets around it.
This speaks to the importance of edges in urban design. While the centre’s boxy form and bulky scale overshadow the mall, the biggest issue is at street level. Here, long stretches of blank concrete walls, loading docks, tagged shopfronts and security grilles form the centre’s face to the mall.
This stark edge sends a message that the space is unsafe and unwelcoming, positioning the mall’s public function as secondary to the profit-driven centre. While in theory the mall is a public space, these hard edges send the clear message that it is not a place for people.
Contrast this with a lively space where the edges between streetfronts and shops are open, with lots to attract eyes and people. Danish architect Jan Gehl, a key figure in the reinvigoration of inner-city Melbourne, writes in his 2010 book Cities for People:
When the city’s edges work, they reinforce city life. Activities can supplement each other, the wealth of experience increases, walking becomes safer and distances seem shorter.
The good news is that hints for creating a better mall are literally metres away. In Little Malop Street, west of the mall, narrow shopfronts on both sides of a one-way street and pedestrianised area form lively edges. These have laid the foundation for a renaissance of city life: dining, activity and a totally new vibe.
The mall’s edges are not the only issue confronting the space, but they are fundamentally important. Other interventions such as streetscape works will be of little use if the inactive edges remain.
Matt Novacevski is research fellow, Deakin University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/matt-novacevski-312329" target="_blank">here</a>.
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Contested spaces: living off the edge in a city mall where design fuels conflict

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GUEST OBSERVER
Cash is no longer king. Well, certainly the physical version of cash is out of favour with Aussie consumers with more using cards for all variety of transactions.
The number of withdrawals from ATMs has hit a 15-year low while cash-out transactions with debit cards are falling at the fastest annual rate on record. Use of both credit and debit cards is soaring with more people using the cards for small purchases.
Aussie consumers aren’t short of funds on their credit cards. But only a third of credit card limits are being used on average and around 60 per cent of people pay off their credit card debt each month.
Credit cards are also being used more often – in fact smoothed transactions per account each month are at 13-year highs. No doubt the versatility of ‘tap and go’ has caused people to use cards more often for smaller transactions but credit card debt is still falling compared with a year ago at a time when wages are up near 2 percent.
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-14%20at%208.24.25%20AM.png" target="_blank" style="font-size: 12.16px;">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-14%20at%208.24.25%20AM.png" alt="">
In southern and eastern capital cities the petrol discounting cycle has lengthened. It now takes around a month for pump prices to ease from the cycle highs to the low point in the cycle. So motorists have fewer opportunities to fill up at the lows. Given that the gross retail margin is now averaging around 13 cents a litre, up from 10 cents a litre five years ago, it is even more important for motorists to shop around for the best prices. Adelaide motorists are getting the best deals at present with pump prices near $1.14 a litre.
What do the figures show?
Petrol prices
Due to a holiday in Canberra, the Australian Institute of Petroleum will release the weekly retail price report on Tuesday. The national average petrol price has eased 6.5 cents from recent highs.
The national average wholesale (terminal gate) unleaded petrol price stands at 114.7 cents a litre, down by 1.0 cent a litre over the week.The wholesale price has fallen 4.6 cents a litre from recent highs. The terminal gate diesel price stands at 114.9 cents a litre, down by 0.5 cents a litre over the previous week.
Last week the key Singapore gasoline price fell by US65 cents or 1.0 percent to a 3-month low of US$64.20 a barrel. In Australian dollar terms the Singapore gasoline price fell by 41 cents a barrel or 0.5 percent to a 3-month low of $85.35 a barrel or 53.7 cents a litre.
MotorMouth records the following retail prices for capital cities today: Sydney 121.2c; Melbourne 137.4c; Brisbane 120.1c; Adelaide 114.1c; Perth 122.1c; Canberra 138.3c; Darwin 138.5c; Hobart 141.6c.
Credit &amp; debit card lending:
The average credit card balance recorded a seasonal decline of $84.00 to $3,083.30 in January. Compared with a year ago, the average credit card balance was down by 0.4 percent. In smoothed terms (12 month average) the average balance was down by 1.3 percent.
Of credit cards attracting interest charges, the average outstanding balance rose by $54.80 in January to a 7-month high of $1,968.70. The average balance accruing interest was down by 2.1 per cent on a year ago. In smoothed terms (12 month average) the average balance was down by 0.2 per cent on a year ago.
The average credit card limit recorded a rise of $14.00 to $9,056.30 in January to be down 0.2 per cent over the year. Usage of credit card limits eased from 35 per cent to 34 per cent and therefore just above the lowest usage for over 14 years (33.9 per cent in October 2016).
On average, there were 13.2 transactions made per each credit card account in January, up from 11.3 transactions of a year ago. The average value of purchases was $126.93 with the rolling annual average of purchases falling to a 13-year low of $120.42 in January. Cash-out only transactions by debit cards were 9.1 per cent lower than a year ago – the biggest decline on record.
The number of ATM withdrawals in January was down by 7.7 per cent on a year ago to a 15-year low with the value down by 3.9 per cent. Transactions at own ATMs were down by 10.4 per cent on a year ago.
There were 15.3 debit card purchases per account in January, up from 11.8 transactions a year ago. Average purchase size was $49.97 with the annual average down from $51.37 to a record low of $51.20.
The number of debit cards stood at 44.55 million in January, down 0.3 per cent and the first monthly decline in 29 months. But accounts were up 6.6 per cent on a year ago. Credit card accounts stood at 16.7 million, up 1.6 per cent over the year – the slowest growth in two years.
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What is the importance of the economic data?
Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory's metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.
The Reserve Bank releases data on credit and debit card transactions each month. The credit card figures are useful in highlighting consumer borrowing and spending trends.
What are the implications for interest rates and investors?
The petrol price is going in the right direction for motorists, and in turn, retailers. World crude prices are near 3-month lows and the extra dollars saved at the petrol pump may serve to boost revenues of discretionary retailers.
The challenge for financial institutions is how to efficiently configure bricks-and-mortar branches. Retail customers can do most transactions digitally or remotely. And customers even aren’t coming in to branches to get cash, instead making transactions with cards more often.
CommSec expects no change to interest rates in the foreseeable future.
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx">CommSec</a>.
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ATM use hits 15-year low: Craig James

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GUEST OBSERVER
The plane crash at Essendon Airport showed the folly of allowing runways to co-exist with commercial development.
Tullamarine Airport opened in 1970 partly because of the risk to housing from aircraft at Essendon. Why, then, have authorities allowed extensive new development within Essendon Airport’s boundaries between housing and runways?
Between 1997 and 2003, the federal government provided 99-year airport leases to private consortia, raising A$8.5 billion. This process illustrates how privatisation can lead to unaccountable incremental actions and impacts that public authorities didn’t anticipate.
Since then, in effect, lessees have enjoyed the privileged position in Australian planning law of being able to decide their own futures. The exclusion of such large areas as airports from broader metropolitan planning threatens orderly planning on a grand scale.
Planning academics Robert Freestone and Douglas Baker have argued:
The prospect of market opportunities from property development and commercial initiatives was a key factor in the high prices secured for airport leases.
This process was compromised if higher prices than those justified by leases were reciprocated by commercial approvals. Any future development assessment would be predetermined towards approval. This would prevent fair consideration of objections, resulting in a lack of proper scrutiny in the public interest.
Airport business is booming
Commercial development is now integrated with traditional airport operations across Australia. But aside from possible reciprocal financial expectations, privatisation has provided extraordinary bargains to lessees through large capital and operational returns.
Linfox Group and Beck Corporation, for example, made a reported payment in 2001 of $22 million for a lease on 305 hectares of prime inner-urban land at Essendon Airport. They have turned this into a projected $1 billion enterprise over the next decade. One-quarter of the airport is leased to commercial tenants.
Business zones adjoin or wrap around runways. The plane crashed into a large retail DFO complex. An eight-storey 150-bed hotel, conference centre, a five-storey office block, private hospital, supermarket, auto centre and much else have also been built or are planned. Projected employment in the precinct is 18,000.
Air traffic has expanded significantly too. Essendon is home to executive air, charter, freight, media and regional air services, air ambulance, police and private aircraft. Essendon is Australia’s largest corporate jet base.
All this activity reinforces the public danger from the incompatibility of air and commercial land uses under privatised governance arrangements.
Operators bypass state planning rules
Under the Airports Act, Essendon Airports Pty Ltd must prepare a management plan outlining airport development for 20 years. The privatised management of airports inherited the Commonwealth’s constitutional overriding of state and territory land-use planning provisions. Master plans must only address “consistency” with state and local planning schemes.
However, airport lessees are not required to act on submissions. Essendon Airport Pty Ltd gave “due regard to all written comments”, then forwarded submissions and its master plan to the federal government. The Commonwealth approved the plan in 2014 regardless of broader urban planning considerations.
Victorian government planning policy has attempted to concentrate commercial development in mixed-use centres well served by public transport. Essendon Airport is a classic road-based, out-of-centre location. It was not identified as an activity centre in Melbourne metropolitan planning. But, for 30 years, no Victorian government has shown an appetite for curbing out-of-centre development.
The 2014 metropolitan plan, Plan Melbourne, proposed to “investigate opportunities for… increased development and employment” at Essendon. Airport management submitted a case to the revised metropolitan strategy process for recognition as an activity centre.
State and local authorities originally expressed concern at the proposal to construct the DFO at Essendon Airport. However, more recently, local and state attitudes have changed.
In 2014, the Liberal planning minister, Matthew Guy, announced a new airport employment precinct and a partnership between the developers, Metropolitan Planning Authority and state and local governments. The airport was identified as both a key transport gateway and important commercial area.
Labor Niddrie MP Ben Carroll also welcomed the expansion of commercial activities. Moonee Valley Council expressed concerns but did not oppose the major proposed land uses. Councillors expressed the view that Essendon Fields is “an important economic hub” and a “vibrant business precinct”.
The then federal infrastructure minister, Warren Truss, said in 2015 that:
Airports are now business destinations in their own right and provide a powerful economic engine for their home region and local communities.
In similar language, Essendon Airport Pty Ltd CEO Chris Cowan said that:
Essendon Airport [provides] a unique opportunity to reinforce its activity centre function by realising non-aviation development potential.
Everybody is now speaking from the same script.
State and local policy has increasingly become aligned with the Commonwealth helping to further the private interests of airport operators at increasing risk to the public.
Instead, airport governance should redefine Commonwealth responsibilities to its citizens and be integrated with broader metropolitan planning. This ultimately may mean closing down airport operations at Essendon.
Michael Buxton is professor of Environment and Planning, RMIT University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/michael-buxton-1381" target="_blank">here</a>.
 
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Airport privatisations have put profit before public safety and good planning: Michael Buxton

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A Melbourne strip retail at Sorrento has been sold for $3.71 million at weekend auction.
Located at <a href="https://www.realcommercial.com.au/property-retail-vic-sorrento-502246230" target="_blank">157-163 Ocean Beach Road</a>, the property is at the heart of the beachside destination.
It is a Commercial Zone 1 landholding of 554 sqm on a major corner with over 200 car spaces available.
There is strong holding income from two retail buildings, Happy Days Sorrento and Patrick's, totalling $103,941 per annum with no further options after 2019.
There is potential to create a mixed-use development with views over Pioneer Memorial Gardens.
It last sold in 2004 for $1.5 million and $475,000 in 2000.
It was offered by CBRE Melbourne Strip Retail Investments in conjunction with Jellis Craig.
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Sorrento shops sell for $3.71 million

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A house at Hawthorn East has been sold for $3.05 million, the most expensive sale in Melbourne over the Moomba long weekend.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-hawthorn+east-124726850" target="_blank">18 Carlyle Street</a>, the 1891 Victorian house sits on 710 sqm.
The property offers three bedrooms plus study, two bathrooms as well as fireside sitting room, large home-office and elegant formal lounge.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/12/18%20Carlyle%20Street-2.jpg" alt="">
Fine dining, kitchen/living areas and garden-set studio, or fourth bedroom/third bathroom and adjoining separate gym/rumpus is also available.
Amenities are within close proximity to the property including tram, train, parklands, Auburn Village and Junction shopping.
It last sold for $120,100 in 1984.
The property was offered through Kay and Burton agents Walter Dodich and Will Russell.
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Hawthorn East sale secures Moomba weekend's top result

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A $9.4 million Elsternwick building block with permission for five homes looks set to be the location for this year’s series of The Block.
Its been the backup option given the rundown Gatwick Private Hotel, St Kilda offering has proved difficult to secure.
<a href="https://www.garypeer.com/search/view/46-regent-street-elsternwick/1053#.WMWz4oSaoU0" target="_blank">The vacant block</a> which was the Regent Lodge hostel in Elsternwick is not far from the historic Ripponlea homestead.
The 46 Regent Street property was reportedly purchased mid December by a company linked to Channel 9, with Nine CEO Hugh Marks listed as one of the directors.
The company has since had plans for a five lot subdivision approved this week by Glen Eira City Council.
<img src="https://www.urban.com.au/images/2017/03/13/Screen%20Shot%202017-03-13%20at%2011.31.50%20AM.png" alt="">
Workmen moved on to the site on Friday with fencing erected, according to the Herald Sun.
The from scratch project will be a departure for the renovation program
The paper said several of the tradesmen on site were wearing fluoro vests branded with the name of a company that specialises in relocating homes.
The Block has previously worked renovation magic in Richmond, South Melbourne, South Yarra, Albert Park, Prahran and most recently Port Melbourne.
Filming is tipped to get underway on the new series late next month with the show typically airing from August.
Several years ago Kate Ceberano and Gina Riley have won a five-year development dispute preventing a private boys' school opening a campus on the block.
The Yesodei HaTorah College wanted 46 Regent Street to be a three storey, 325-student campus. They paid $3 million in 2006 selling at $4.75 million in 2010.
At a council meeting in 2010, Ceberano argued the proposed school would ruin the neighbourly atmosphere of Elsternwick.
Another local celebrity mum, comedian Gina Riley – famous for Kath And Kim – opposed the development on the basis of traffic and parking.
Several other schools, including Caulfield Grammar Senior School, are in or around Regent Street.
Meanwhile The Gatwick could still be a location for future series of the show, should a sale go through.
The property remains on the market with residents having been given four months to find alternative accommodation.
For an e-book on house removal click here.
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The Block set for Elsternwick building from scratch in 2017 series

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Jonathan Chancellor

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