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A $130 million permit for a retail and residential development on Spencer Street in the Melbourne CBD helped drive the value of building permits issued in Victoria in August to the highest level for any August on record, according to the state’s Building Commission.
While there were fewer building permits issued in August 2011 than in the same month in 2010 and 2009, they were for bigger commercial and residential projects located close to the city.
More than 8,900 building permits were issued in August 2011 with a combined value of $2.3 billion, compared with about 9,500 issued in August 2010 with a combined value of $1.9 billion and an almost identical result achieved in August 2009.
Value of building permits issued
<img src="/images/stories/buildingpermits.gif">
Source: Victorian Building Commission
Deputy building commissioner Peter Donald says the record value of building permits issued in August was boosted by a significant rise in residential and commercial building activity with a number of very high value building permits issued including the development on Spencer Street.
“The strong August 2011 activity has also contributed to a strong calendar year to date, which is 5% ahead on the levels from last year,” Donald says.
Residential development permits including those for high-rise apartments rose 155% to $480 million while commercial permits jumped 119% to $349 million and retail rose 121% to $141 million. 
City locations accounted for more than three-quarters of the building permits issued, with Melbourne’s metropolitan regions registering an increase of 27% to $1.8 billion in the value of building permits issued in August 2011 when compared with the same month last year. Rural Victoria registered an increase of 5% to $432 million.
Nearly half of all building permits ($1.1 billion) were issued in the inner suburbs of Melbourne, which rose by 54.6%, while the north central (up 13% to $84 million), north west (up 30% to $73 million) and south west (up 28% to $432 million) regions all registered strong increases in building commitments.
The biggest drop in building permit activity occurred in Gippsland, with the value of permits falling 33% to $68 million.
The figures highlighted the downturn in the construction of new houses in the state with domestic housing permits falling 8% to $1.1 billion in August.
Public Buildings was the other sector to register a fall, with the value of permits down 34% to $160 million in August.
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lschlesinger-FZcF9M3vE6

Melbourne building permits value sets August record thanks to big-ticket projects

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A combination of steady population growth and weak home completions will ensure the national housing market continues to “simmer”, with Sydney market best placed to benefit from these market dynamics, according to ANZ’s latest Australian Housing Snapshot. 
The report says the Australian housing market will avoid a “boilover” (predicted by the likes of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=property%2Bobserver%2Bharry%2Bdent&amp;source=web&amp;cd=2&amp;ved=0CCUQFjAB&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Feconomy%2Fmark-bouris-tackles-harry-dent-s-bearish-claims-christopher-joye%2F2011101951989&amp;ei=TJmnTrrgJM-SiQee-amIDg&amp;usg=AFQjCNEU7X19tZ5Zi0w3ROIeMH8ljiuOEg&amp;sig2=_6r8lQN842PDWzQzyrKdsg" target="_blank">Harry Dent</a> and <a href="https://www.propertyobserver.com.au/economy/when-harry-met-steve-a-bears-breakfast/2011091551566" target="_blank">Steve Keen</a>) provided “domestic economic conditionsremain stable enough to support household finances”. 
The report, compiled by the bank’s property and economics team, led by its head of property research, Paul Braddick, says that despite weaker sentiment Sydney prices are expected to start rising slowly through the second half of the 2012 due to increasing rents and deteriorating rental affordability, which will encourage first-home buyers to enter the market and attract investors due to higher rental yields. 
“Sydney house prices have been the most resilient across the capital cities, with prices edging 0.3% higher over the year to August, compared to a 3.2% decline in the capital city average. This reflects a number of factors, including a degree of ‘catch up’ following many years of house price underperformance,” the report says.
 <img src="/images/stories/anzsydney.gif">
Source: ANZ
ANZ notes that NSW annual population growth is expanding at a relatively healthy 1.1%, which combined with a sustained period of under-building will mean the current NSW housing shortage “will worsen with just 58,000 dwellings forecast to be completed over the next two years [to June 2013], falling well short of underlying demand over the same period, which we estimate at 103,000”. 
It also notes tightening Sydney vacancy rates (1.3%) with rental growth starting to accelerate increasing by 5.9% over the year to June 2011, while advertised rents are already running at 8%. 
The recent pick-up in net arrivals in New South Wales should boost population growth and drive rental vacancies lower from mid-2012, according to the report. 
“With ongoing pressure from yield-seeking investors to increase rents and moderate house price falls making housing purchase affordability easier, housing finance to the first home buyer segment should begin to gain momentum. This will be fuelled by the added stimulus of first-home buyer stamp duty concessions that have been rolled out from 1 July 2011,” the report says.
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Sydney house prices to recover from next year: ANZ

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NAB says a rate cut in November and one in February next year would provide only temporary stimulus to the slower parts of the economy and expects that if the RBA were to make these cuts, it would reverse them in 2013.
Before yesterday’s announcement of core inflation up 0.6% and underlying inflation up just 0.3% for the September quarter, the bank had forecast that there would be no rate change until November 2012.
However, it now expects the central bank to cut interest rates next week, with a second cut “likely” in February 2012.
“By then activity will be picking up and employment will be strengthening. Nonetheless, we have tentatively included a February cut in our forecasts very much driven by the near-term inflation outlook – we expect fourth-quarter underlying inflation (due late January) to rise a modest 0.6% with the year ended rate unchanged at 2.5%,” the bank’s economic team led by chief economist Alan Oster says.
In a note explaining its decision to dramatically change its interest rate forecast, NAB says the softer CPI outcome means the RBA can now “relatively safely provide some near-term stimulus to the underperforming interest-sensitive sectors of the economy”.
NAB stresses that the possible November February cuts would act as “temporary stimulus” measures and would not be the start of an “aggressive rate cutting cycle”.
“Market pricing, of around 100 points of cuts, is in our view too aggressive,” NAB says.
Westpac has brought forward its prediction of a rate cut from December to next week explaining that the September quarter figures show that the Australia's inflation picture has been overstated.
“From the Reserve Bank's perspective, this will come as a welcome outcome. Recall that in the August Statement on Monetary Policy the bank, relying on two recent prints of 0.9% quarterly growth for underlying inflation, forecast annual core inflation to print 3.25% for both 2011 and 2012,” says Westpac chief economist Bill Evans.
“We are now confronted with actual core inflation of 2.47% for the year to September 2011 with a benign fourth-quarter estimate of around 0.5% reasonable given the slowdown in the economy. That will allow the bank to lower its inflation forecast for 2011 to 2.5% with a similar outcome likely in 2012,” he adds. Evans says this “trend” in inflation also provides support for its view that this will not be a one-off cut.
“We have held the view that a total of 100 basis points will eventually be shaved from the cash rate. We reaffirm that view while anticipating that the second cut will come in February after the bank assesses the impact of its first cut on confidence and activity, gathers further evidence on this benign inflation environment and observes further developments in the global economy. “In line with our consistent view, we expect all these factors will make a very strong case for a further rate cut in February,” Evans says.
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NAB says rate cuts would only be a temporary stimulus

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All four major banks say the underlying inflation figure of just 0.3% in the third quarter has increased the prospect of the RBA cutting rates on Melbourne Cup Day.
NAB economist Alan Oster says the bank has changed its rate call and is now anticipating a rate cut next week and another one in February.
The bank had previously forecast no rate cut until November 2012.
However Oster says the rate cuts would not be part of a “cutting cycle”.
Headline inflation for the September quarter came out as expected at 0.6%.
ANZ says the underlying inflation data gives the RBA “the green light to cut next Tuesday”.
Westpac points to the underlying measure and the history of the RBA moving rates every November for the past five years as reasons for a possible Melbourne Cup rate cut.
The bank has forecast a December rate cut since July.
“This trend in inflation also provides further support for our view that this cycle will not be a one-off cut. We have held the view that a total of 100bps will eventually be shaved from the cash rate,” says Westpac chief economist Bill Evans.
Westpac expects the next rate cut after November to be in February.
CBA chief economist Michael Blythe said the chances of a rate cut had stepped up significantly, but was more circumspect.
“Clearly the odds on a rate cut next month have gone up a long way.  But the policy decision is more complicated than just assessing one number.  RBA deputy governor [Ric] Battellino stressed yesterday that the bank looks at a range of indicators when determining the policy stance.  And the key question is whether the economy needs some additional support.”
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Now all four big banks see stronger case for Melbourne Cup Day rate cut

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NAB has withdrawn an action in the Victorian Supreme Court to force the Victorian sheriff to evict tenants in two Ivanhoe East properties it has repossessed without 28 days’ notice.
A spokesperson for the bank says the court action was only aimed at “clarifying the legal process requirements for repossession” but the bank withdrew the action due to concerns over the “unintended consequences” it may have for tenants. The case, first heard on Monday, was set to resume on Thursday, October 27.
“We recognise and respect the rights of tenants and will always give them a minimum of 28 days’ notice. Often it is much more,” the spokesperson adds.
The action by the bank drew national coverage and a media backlash over concerns that a decision in favour of NAB would allow it and other lenders to evict tenants of properties in which the landlord has defaulted without any notice.
Media coverage of the action labelled the bank “cold-hearted” and “ruthless” in its actions, with reports pointing out it was at odds with its media campaign highlighting efforts to build “honest” relationships with its customers.
Toby Archer, a spokesman for the Tenants Union of Victoria, told Property Observer a ruling in favour of the bank would have led to the scenario where a lender did not have to secure a repossession order from VCAT to evict a tenant.
Archer says the ruling would have meant the bank could literally knock on the door and tell the tenant to get out.
“It’s a horrible proposition for a tenant who is paying rent and is blissfully unaware that the landlord has defaulted and has had their property repossessed,” he says.
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NAB withdraws court action to evict tenants of repossessed property

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The much-anticipated headline inflation figure for the September quarter has met economists' expectations at 0.6%, but it is the underlying inflation figure of 0.3% whch has made the prospect of a Melbourne Cup Day rate cut more likely. 
The September figure equates to 3.5% through the year to the September quarter 2011, compared with a rise of 3.6% through the year to the June quarter 2011.
Ben Jarman, economist at JP Morgan, says the inflation number is not enough to get the RBA over the line for a rate cut, though it gives the central bank scope to act if things worsen offshore.
But Shane Oliver at AMP Capital suggests the benign September quarter underlying inflation result is consistent with his expectations for a cut in interest rates.
"Today’s CPI figures came in on the low side of expectations which has opened the door for an RBA rate cut next week. The trimmed mean data showed an easing of inflation pressures which now gives the RBA room to move to the downside on Monetary Policy settings, now that they don’t need to be battling inflation like in days gone by," says Tim Waterer, senior FX Dealer at CMC Markets.
ANZ head of Australian economics Ivan Colhoun says the inflation figure suggests the RBA has room to reduce interest rates with the bank expecting to see a 25-basis-point cut in rates on Melbourne Cup day.
HIA senior economist Andrew Harvey says the inflation figure "leaves the RBA with plenty of space to cut rates by the end of this year".
Headline inflation rose 0.9% in the June quarter 2011 (3.6% for the year), compared with a rise of 1.6% in the March quarter 2011 (3.3% for the year.)
The most significant price rises this quarter were for electricity (+7.8%), international holiday travel and accommodation (+5.1%), rents (+1.2%), water and sewerage (+8.6%) and property rates and charges (+5.2%).
The most significant price falls this quarter were for pharmaceutical products (–5.0%), audio, visual and computing equipment (–3.3%), automotive fuel (–1.4%), vegetables (–2.5%), motor vehicles (–1.0%) and fruit (–1.2%).
A survey of 12 economists by AAP accurately forecast headline CPI to have risen by 0.6% in the September quarter and 3.5% in the 12 months to September.
The Commonwealth Bank also accurately forecast a 0.6% increase in headline CPI, with chief economist Michael Blythe noting that the September number had “extra significance” for the RBA in its decision about future interest cuts. 
Blythe also highlighted that the “not-seasonally adjusted CPI will remain the official measure of inflation”. 
The September quarter figure was the first to incorporate revised CPI weights and seasonal adjustment of a larger number of CPI components. Rental payments, household services, health services and education all received a greater weighting in CPI calculations. 
Blythe says changes to the way CPI inflation is calculated will “probably work against a lower inflation trajectory. Better inflation outcomes will rely instead on weaker global and domestic growth actually coming through”.
NAB economists noted the RBA’s acknowledgement that “an improved inflation outlook ‘would increase the scope for monetary policy to provide some support to demand, should that prove necessary’". 
Since 1993, the RBA has set monetary policy to achieve an inflation rate of 2% to 3%, on average over the economic cycle, “a rate of inflation sufficiently low that it does not materially distort economic decisions in the community”.
<img src="/images/stories/inflation.gif">
“The inflation target is also, necessarily, forward-looking. This approach allows a role for monetary policy in dampening the fluctuations in output over the course of the cycle. When aggregate demand in the economy is weak, for example, inflationary pressures are likely to be diminishing and monetary policy can be eased, which will give a short-term stimulus to economic activity,” the RBA explains.



The RBA has kept the cash rate at 4.75% since November 2010.

It will next make a decision about interest rates on Melbourne Cup Day, November 1.
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Third-quarter inflation of 0.6% means rates could be cut on Cup Day

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Freshly fired celebrity apprentice Warwick Capper is unlikely to ever get a job as a bank manager at Yellow Brick Road following reports that the wealth management business set up by Mark Bouris will apply for a banking licence.
However, the likelihood of Yellow Brick Road actually challenging the major banks as a deposit-taking institution may be some time off.
Rather Celebrity Apprentice host Bouris appears to be milking the media exposure his wealth management business is receiving from the prime-time show on Channel 9 – which owns almost a fifth of Yellow Brick Road – by suggesting it could become a bank some time in the future.
Celebrity Apprentice attracted more than 1.3 million viewers for the first two episodes of the latest series.
Former NAB banking executive Matt Lawler, hired by Bouris as CEO of Yellow Brick Road in July, hinted at the possibility of applying for a banking licence in an interview with The Australian Financial Review.
Lawler says the company is aiming for 150 branches by the end of December 2012. The Yellow Brick Road website list 70 branches, with the majority of these located in NSW.
Lawler, who led NAB’s mortgage broking division before joining Yellow Brick Road, says as the business grows it would become big enough to make decisions about whether to write its own mortgages or become an authorised deposit-taking institution.
He claims Yellow Brick Road managers are better placed to sell mortgage credit than the major banks because its branches do not have targets and are more client focused.
Yellow Brick Road currently distributes mortgages via a partnership with Gateway Credit Union.
Bouris made his money from his Wizard mortgage broking business, which he eventually sold to GE Money for about $500 million in 2004.
He founded Yellow Brick in 2007 to sell investment services in former Wizard Branches.
Aussie Home Loans bought the Wizard brand and franchise network from GE Money in December 2008, changing the stores to the John Symond brand.
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Mark Bouris' Yellow Brick Road hints at intentions to become a bank

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Stockland has lifted some of the current gloom surrounding retail by highlighting that the asset class has proven to be a better investment than both industrial and offices over the last two decades.



Retail property has delivered total returns of 11.9% over the last 10 years while offices have managed 9.4% and industrial 10% over the past 10 years.



The gap in total returns between retail and offices is even wider over a 20-year period, with retail property delivering investors 11.4% growth and offices delivering 7.1%.



Equally noteworthy for commercial investors, retail property returns have been far less volatile than office and industrial property over both the past 10 years and the past 20 years.
<img src="/images/stories/stocklandretail.gif">


Managing director Matthew Quinn told shareholders at the Stockland AGM in Sydney that office and industrial ownership and management “has little synergy” with its other business lines, and did not add to the competitive advantages it had gained in its dealings with government and its broader customer base



The developer will continue to sell office and industrial assets to fund the growth of retail, residential communities and retirement developments and has raised its target of industrial and office sales from an initial range of between $400 million and $500 million to $600 million for the 2012 financial year.



“We are constantly looking for ways to improve our return on funds employed, and selling office and industrial assets is presently a much more cost-effective source of capital than traditional debt or equity, which are likely to remain scarce and expensive for some time to come,” Quinn said.



For the three months to September, Stockland’s portfolio of shopping centres delivered a 3.4% increase on moving annual turnover in the September quarter compared with the previous year.



Quinn called this return a “creditable result, given the current difficult retail environment” reflecting the retail mix in Stockland centres, “which focuses on day-to-day value and convenience, as well as the location of many centres in strongly performing regional locations”.



The developer has three major retail projects underway, including: a $275 million redevelopment of its Merrylands shopping centre in Sydney’s west including the addition of a fresh food precinct and an 800-seat food court; an expansion and redevelopment of its Townsville shopping centre; and a $330 million redevelopment of its Shellharbour shopping centre on the NSW South Coast.



“These projects are all going well, and we expect returns to be in line with or ahead of our feasibilities. We have several other key projects set to commence in the next year or two and we are putting our efforts into achieving development approvals, locking down our construction costs and signing agreements for lease with the major retailers,” Quinn told shareholders.



Stockland has also secured development approvals for the redevelopment of its Green Hills and Wetherill Park shopping centres, “both very highly productive retail assets that are ripe for expansion”.



“While these approvals are a big step forward, we are mindful that many retailers are cautious in their expansion plans and, coupled with the volatility in global financial markets, we don’t plan to start these projects unless we are confident we can achieve returns above our cost of capital and comfortably fund them through to completion,” he said.



“We are also mindful of the potential changes to the retail environment from e-commerce, and we are putting a lot of effort into researching these trends to ensure our centres remain resilient and our development plans appropriate.”

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Retail outperformed office and industrial over past decade or two: Stockland

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Property developer Stockland is upbeat about the outlook for new residential housing after it achieved 499 net deposits in September for its residential community projects out of a total of 1,092 deposits taken for the three month to September 30.



The September result was the best monthly result since October last year and follows Stockland’s annual spring marketing campaign.



The figures reflected strong sales in recently launched projects at <a target="_blank" href="https://www.stockland.com.au/home-and-land/vic/allura.htm">Allura </a>in Melbourne, <a target="_blank" href="https://www.stockland.com.au/home-and-land/qld/vale.htm">Vale </a>in Queensland and<a target="_blank" href="https://www.stockland.com.au/home-and-land/wa/whiteman-edge.htm"> Whiteman Edge </a>in Perth. In addition, Stockland says there is “strong interest in its Brooks Reach development in NSW, to be launched next week. 



“Improved momentum has continued this month and while two months doesn’t represent a trend, the figures are encouraging,” the developer reported at its AGM in Sydney.
It also highlighted a “positive shift in market sentiment”, which started in late August, “particularly in the key south-east Queensland market, which was soft following the floods earlier this year”. 
Stockland says the Queensland government $10,000 Building Boost Grant (available to anyone building or buying a new home in Queensland under $600,000 between August 1, 2011 and January 31, 2012) had improved sentiment and activity in this market.  



“While sales in Victoria are down from the very high levels of a year ago, they seem to be stabilising,” it adds.



Managing director Matthew Quinn says the first-quarter figures firstly demonstrate a recent general improvement in customer sentiment and buying activity at Stockland projects and secondly shows that the focus on high-quality, affordable products is bearing fruit with outperformance against key benchmarks.  

“Our goal is to cater for diverse groups [of customers], providing affordable housing solutions built around community hubs with high-quality retail centres, social infrastructure and employment generating facilities,” he told shareholders.
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September uptick for Stockland residential offerings

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Property investors who manage their own tax affairs have less than a week to submit their tax returns and <a href="https://www.propertyobserver.com.au/property-depreciation-101/2011061450484" target="_blank">accompanying property depreciation</a> schedules.
The ATO deadline for taxpayers who file their own returns is October 31.
Under Australian tax rules investors can also claim the depreciation of their investment properties against their taxable income
According to quantity surveyor Washington Brown, there are two types of allowances available: depreciation on plant and equipment, and depreciation on building allowance.
“Plant and equipment refers to items within the building like ovens, dishwashers, carpet and blinds while building allowance refers to construction costs of the building itself, such as concrete and brickwork,” the firm explains.
“Both these costs can be offset against your assessable income.”
Depreciation can be claimed even if a property has been renovated.
Depreciation schedules can only be completed by a qualified quantity surveyor.
Tax returns can also be amended up to two years back to claim for property depreciation over these periods.
As there are some exceptions, property investors are advised to seek clarification from their tax agent or the ATO.
For more on property depreciation read <a href="https://www.propertyobserver.com.au/property-depreciation-101/2011061450484" target="_blank">Property Depreciation 101</a> prepared by Tyron Hyde, director at <a title="Washington Brown" target="_blank" href="https://www.washingtonbrown.com.au/">Washington Brown</a>.
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October 31 tax return deadline looms for property investors

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Joel Robinson

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Newstead apartment boom continues with Longland Street tower plans

ALAND has taken the next major step in delivering its vision for Leppington Town Centre, lodging State Significant Development plans for a $549 million residential precinct that would bring more than 1,200 new homes within walking distance of Leppington Station.

The proposal, now on public exhibition, forms the Residential Core Precinct of the broader Leppington Town Centre masterplan and would transform a 4.3-hectare site at <a href="https://www.apartments.com.au/new-apartments/156-166-rickard-road-leppington-nsw-2179">156-166 Rickard Road</a> into a high-density mixed-use neighbourhood comprising nine residential buildings rising between six and 25 storeys.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="fc20982d-a0a9-4989-8fb3-680ca9fdcd10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.44%E2%80%AFAM.png?VersionId=l5EEyS6Dkf_SLDQkwDeyAU2nXkSZP2RW" />

The development has been designed by Rothelowman and is being pursued through a State Significant Development Application alongside a concurrent rezoning request under the NSW Government's Housing Delivery Authority pathway.

If approved, the project would deliver 1,206 dwellings, including 784 build-to-sell apartments, 208 build-to-rent apartments, 189 affordable housing units and a nine-storey serviced apartment building containing 112 rooms. The proposal also includes around 7,400 sqm of non-residential floor space, new public open space, communal recreation areas and a new internal street network.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="c4f80d3b-cb05-4068-8a87-808317807a99" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.36%E2%80%AFAM.png?VersionId=KfPqh1JBuxc53IWntEzGHAeBaCLmRmum" />

<h2 data-end="1990" data-section-id="s6350" data-start="1941">A key piece of Leppington's future town centre</h2>

The site sits around 250 metres from Leppington Station, which opened in 2015 as the terminus of the South West Rail Link and has long been earmarked as the catalyst for the suburb's transformation from a rural fringe location into a major strategic centre for Western Sydney.

Leppington has become increasingly important following the announcement of the Western Sydney International Airport and the emergence of Bradfield City Centre, with government planning identifying the precinct as a significant location for future housing and employment growth.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="8ca0f098-affc-48c0-80d3-468ea090a20c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.26%E2%80%AFAM.png?VersionId=o3mwgBFT6H9YUllI0JR.JfLsUYQy1CTa" />

According to Rothelowman, the proposal responds directly to Leppington's unique position between its agricultural past and its urban future.

"The site offers an opportunity to weave together multiple layers of history, from its ancient connections to Country along the ridgeline between two waterways and its origins as part of the Cumberland woodland, to its more recent agricultural uses, and its future as a new residential community," the architects said in the design report.

The architects said the project aims to establish a high-density residential typology that combines apartment living with extensive landscaping and public open space.

"The design responds by establishing a high-density typology that combines the convenience and amenity of contemporary apartment living with a renewed native landscape."

<h2 data-end="3541" data-section-id="1ko88s2" data-start="3485">Nine buildings arranged around parks and public space</h2>

The proposal has been designed around a landscape-led framework rather than a traditional podium-and-tower approach.

Across the site, approximately 7,500 sqm of public open space would be delivered through a network of north-south and east-west linear parks, connecting into the wider Leppington Town Centre open space network. A further 8,000 sqm of communal open space would be provided for residents.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f5113abf-5440-4610-9cdc-60a0d41a407e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.12.55%E2%80%AFAM.png?VersionId=k8zLMj4yZS4hStmGzZJfosjj5iArwIek" />

Rothelowman said the design seeks to maximise landscaping at ground level by concentrating development into compact tower footprints.

"Buildings are carefully lifted and distributed to minimise disturbance to the natural terrain, allowing the ground plane to remain open, permeable, and led by landscape," the design report states.

Rather than creating a continuous podium edge, the design team has focused on allowing landscaping to extend beneath and around the buildings.

"The ground plane is conceived as an extension of the surrounding environment, allowing landscape to flow up to and beneath the built forms."

The architectural language also draws on the area's natural landscape, with Rothelowman describing a material palette influenced by local gum trees, bark textures, creek systems and sandstone tones.

<h2 data-end="4971" data-section-id="s69utu" data-start="4922">Affordable housing and build-to-rent component</h2>

One of the more significant aspects of the proposal is the diversity of housing typologies.

In addition to traditional apartments for sale, the scheme includes a dedicated 25-storey build-to-rent building with 208 apartments and a 22-storey affordable housing building containing 189 homes.

The affordable housing component represents almost 16 per cent of the total dwellings proposed within the Residential Core Precinct.

<img alt="ALAND" data-entity-type="file" data-entity-uuid="f87e6808-e462-44c6-bfa8-a3de1816f2e3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.33.36%E2%80%AFAM.png?VersionId=WTsRKiUAyWw18S5S98yQB5oVuDcnJTxB" />

Community consultation undertaken ahead of the lodgement found support for additional housing in the area, particularly given ongoing affordability challenges across South West Sydney. Survey work conducted with local residents found housing affordability was one of the poorest-rated aspects of living in Leppington, while a majority of respondents were open to additional housing within the local government area.

The site's proximity to Leppington Station was identified as the most positively viewed aspect of the proposal, while public open space and affordable housing provisions also received majority support.

<h2 data-end="6184" data-section-id="1ngkie4" data-start="6140">Part of Leppington's broader expansion</h2>

ALAND will be a significant contributor to the broader vision for Leppington Town Centre, which is expected to accommodate more than 25,000 residents as the precinct evolves over the coming decades.

Located within Sydney's South West Growth Area, the 440-hectare Leppington Town Centre has been identified by the NSW Government as a strategic centre spanning both the Liverpool and Camden local government areas.

In 2023, Liverpool City Council and Camden Council, supported by the NSW Department of Planning and Environment, prepared a draft planning proposal to rezone land and amend development controls across a number of sites within the town centre.

The proposal outlines a new vision for Leppington Town Centre, reducing the amount of land allocated for business park uses while increasing land zoned for commercial development, housing and open space. The changes are designed to optimise land use across the precinct and support the delivery of a more walkable, transit-oriented centre anchored by Leppington Station.

&nbsp;

ALAND plots 1,200-home Leppington masterplan

Brisbane-based developer <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a>&nbsp;has enlisted renowned architecture firm Koichi Takada Architects to design its latest new apartment development.

The new 34-storey tower at <a href="https://www.apartments.com.au/new-apartments/57-berwick-street-fortitude-valley-qld-4006">57 Berwick Street, Fortitude Valley</a>,&nbsp;will have 189 apartments, complete with interiors by <a href="https://www.apartments.com.au/architects/byculprit">byCULPRIT</a>. The upper levels&nbsp;capturing views across the Story Bridge, city skyline, ranges, bay and river.

Residents will have access to a rooftop amenity floor with facilities including a pool, spa, sauna, hot and cold treatment, meditation garden, gym, yoga studio, private dining, BBQ, games lounge, wine display wall, work library, meeting rooms and outdoor work areas.

<a href="https://www.apartments.com.au/developers/trk-property-group">TRK</a> Founder and Managing Director, Arpan Kohli, said it will be a project "Brisbane hasn't seen before."

&nbsp;

"To deliver a project of this calibre, you need the right people involved," Kohli said.

"Koichi Takada Architects and byCULPRIT set the benchmarks for design excellence, and this project reflects that - a building of genuine architectural significance in one of Brisbane's most coveted locations, sitting between Howard Smith Wharves and the James Street precinct."

TRK recently launched <a href="https://www.apartments.com.au/new-townhouses/laya-residences-taigum-203-beams-road-taigum-qld-4018">LAYA Residences in Taigum</a>, 88 three-bedroom townhouses starting from $1,495,000. They have another apartment site in Indooroopilly, at <a href="https://www.apartments.com.au/new-apartments/140-central-avenue-indooroopilly-qld-4068">140 Central Avenue</a>. That will have 131 apartments.&nbsp;

&nbsp;

Larry Schlesinger

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