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House sales have trended higher while units sales have tapered according to CoreLogic RP Data's Housing Market and Economics Update for August.
The report found to May this this year 352,012 houses have been sold, up 2.5% from the same time last year.
131,922 units have been sold this year, a 7.7% decline from the same period in 2014.
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House sales still high, unit sales falling: CoreLogic RP Data

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GUEST OBSERVATION
The Submission to the Standing Committee on Economics Inquiry into Home Ownership by Judith Yates Honorary Associate Professor in Economics, University of Sydney, has documented the current rates of, and widespread declines in, home ownership by age and by household income. 
It explains the long-term decline in home ownership amongst younger households in terms of underlying structural trends in the Australian economy, arising from arise from social and demographic factors and from economic and institutional factors. 
In relation to the latter, it highlights the impact of demand from established households both as owner-occupiers and as investors in light of growing income inequality. 
It points, in particular, to the role of the system of housing finance that makes it relatively easier for better-off households to accumulate housing assets through debt finance; the income taxation system that provides them with an incentive to treat property as a means of accumulating wealth ahead of its more essential role as providing shelter; and the system of property rights in Australia that ensures that those who do own land are able to act as rent-seekers by expropriate for their own the increase in land values not of their own making. 
It suggests that increasing land values in urban locations are an inevitable outcome of the combined impact of the pressure of income and population growth; structural change which results in increasing urbanization and concentration of (knowledgebased) employment in its central locations a failure to invest in a rapid-transit transport infrastructure that facilitates cost-effective access to employment and essential services. 
It concludes that that attention needs to be paid to the underlying structural factors that have contributed to declining home ownership if trends over the past 50 years or so are to be reversed. Land-release and urban planning policies might ameliorate supply shortages when pressures on dwelling prices arise from increasing demand driven by population (or, more specifically, household) growth. 
They are less likely to be effective when pressures on dwelling prices arise from increasing demand for bigger and better located dwellings driven by economic growth and/or increasing inequality. In this instance, policies are needed to reduce demand from existing households. 
Although Australia’s home ownership rate has remained relatively stable at around 70% for half a century, much of this stability has arisen because of demographic change with an increase in the proportion of older households with a high incidence of home ownership offsetting a decline in the incidence of home ownership among households who have a reference person less than 45 years old. 
That this decline was already being observed in the late 1980s and has continued at a relatively steady rate since then suggests structural rather than cyclical drivers are critical.
This submission focuses on these trends and on the factors that explain declining rates amongst younger households. 
Home ownership in Australia expanded rapidly in the 1950s from a post-war level of 47% to reach its current level of around 70% by 1961, with much of its post war growth to economic and demographic drivers of the time.3 Home ownership was promoted as a means of solving housing shortages and substandard rental accommodation prior to the Second World War and has been underpinned by both explicit and implicit government policies in the post war period. 
These have included direct subsidies (such as grants to first time home purchasers and subsidized mortgage interest rates) and indirect subsidies (such as exemptions from federal income taxes and state land taxes and concessions on stamp duties). A long standing ideological commitment to home ownership added to these drivers.
Aggregate home ownership in Australia has been relatively stable for the past 50 years since reaching its current level of around 70 per cent in the 1960s. 
Home ownership rates for those in the 25-34 year old group peaked in the mid-1970s and have declined more or less steadily since then, falling by 9 percentage points from 60 per cent to 51 per cent between 1976 and 2001 and by a further 4 percentage points to 47 per cent to 2011 – in other words, by 13 percentage points in 35 years.
The decline for those in the 35-44 year old group followed in the mid-1980s as the earlier cohort aged, falling from 74 per cent in 1986 to 64 per cent in 2011. 
Many studies have shown that age, marital status and family composition are key demographic determinants of home ownership.6 They also have shown that home ownership is significantly constrained by economic factors, such as household income (both current and permanent) and wealth and affected by economic factors (such as housing subsidies and taxation) that affect the relative cost of owning vis a vis renting.
In broad terms, these tenure choice studies show that, for the past 50 years or so, home ownership rates in Australia have been higher for older than for younger households, higher for couples than for single person households and, for each of these household types in each age group, higher for households with children than without children. On an age specific basis, home ownership rates are higher for higher income and higher wealth households. At least since the 1990s, the declines in home ownership rates for younger households have been greatest for lower income households. 
Changes in these socio-demographic and economic drivers over time explain the relative stability of the aggregate home ownership rate in light of declining rates for younger households. In other words, it is the ageing of the population that has been the dominant factor that has kept Australia’s aggregate home ownership rate stable at around 70%.
More complex explanations are required to explain the declining rates for younger households. 
Explaining the decline in home ownership rates amongst younger households in Australia can be broadly categorised into demand factors driven by social and demographic or institutional and economic factors and supply factors that affect the structure of Australia’s urban housing markets.
Socio-demographic factors appear to be the primary drivers of decline from the mid-1970s through to the 1980s with economic and market structure factors and being the primary reasons for this decline being sustained through the 1990s and 2000s. 
Key socio-economic drivers that affected the home ownership rates of younger households from the 1970s arise through changes in household composition of these households and to a growth in single person and single parent households.
These include: An increase in the proportion of two income households 
A decline in marriage rates and an increase in divorce and separation 
A decline in fertility rates
An increasing share of migrants in population growth 
The combined effect of these changes contributed to a relative increase in the proportion of single person and childless couple households amongst those in the 25-44 year age group with lower home ownership propensities than other household types. 
These social changes had two significant but offsetting economic impacts. An increase in the number of two earner households resulted in a move away from the traditional model of a single (male) breadwinner family household and increased the number of potential first home buyers who were higher income households. 
Changes in social attitudes, however, also meant many younger people deferred partnering, and many who had been partnered, divorced or separated which increased the number of single adult households, many of whom had relatively low incomes. 
The combined effect of these changes contributed to changes in income distribution and to market pressures that impeded access for lower income households. Because of the social changes that were occurring, there was some disagreement over whether the decline in home ownership observed from the mid-1970s until the 1990s was simply a temporary deferral or whether it was a result of economic changes that increasingly constrained access so that the decline would more likely be permanent.
This is an edited transcript.
Judith Yates is honorary associate professor in economics, University of Sydney.
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Judith Yates' submission to the Standing Committee on Economics Inquiry into Home Ownership

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Capital city rents are climbing at the slowest pace recorded since December 1995, with the annual rate of rental appreciation now 0.9% and continuing to fall.
According to CoreLogic RP Data's July Rental Index Results weakly rents over the past three months have fallen in every capital city except Melbourne.
CoreLogic RP Data head of research Tim Lawless said with home values continuing to rise, gross rental yields are trending lower. 
"Dwelling rental rates across the combined capital cities are sitting at $486 per week and fell by -0.3% over the month of July. However, weekly rents are up by 0.3% over the first seven months of the year and have increased by just 0.9% over the past 12 months," Mr Lawless said.
“Rental appreciation continues to be sluggish and can be largely attributed to the ongoing boom in dwelling construction across Australia’s capital cities accompanied by record high participation in the housing market from investors.
“With capital growth likely to continue outpacing rental growth, we expect that rental returns could push even lower over the coming months. From an investment perspective it means that capital growth is going to be much more important for a return on investment.”
Combined capital city gross rental yields were 3.4% for houses in July and 4.3% for units. Last year gross rental yields for houses was 3.8% for houses and 4.6% for units.
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Capital city rents climbing slowest since 1995: CoreLogic RP Data

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ASIC has acted against companies associated with Perth-based property developer, the Nicheliving group, for misleading advertising.
ASIC has issued infringement notices on Australian Property Alliance Pty Ltd (APA) and imposed new licence conditions on the Australian credit licence of Wealth WA Pty Ltd (WWA), which provided financial services in the course of the Nicheliving group's primary business, property development and real estate sales.
Four  infringement notices were issued to APA, resulting in payment of $40,800, for misleading advertisements published on various websites administered by APA, the Nicheliving Facebook page, YouTube, as well as on television channels 1, 9, 10, 11 and GEM during the period 14 May 2014 to 16 October 2014. 
The advertisements represented that consumers could obtain an investment property from "just $59 per week". ASIC was concerned that the advertisements were misleading because they did not disclose the detailed assumptions and qualifications which underpinned a negative gearing investment strategy, requiring the consumer to enter into a mortgage to finance the purchase of the property and to pay an upfront amount of $35,000.  
ASIC was also concerned by the accuracy of other historical advertising published by WWA which included headline claims to the effect that its financial services could assist consumers to:
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<li>pay off their mortgages in eight years instead of 30;</li>
<li>legally reduce their tax to nil; and</li>
<li>increase their net worth by $100,000 by investing $59 per week.</li>
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In response to ASIC's concerns, APA and WWA have agreed to:
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<li>engage an independent compliance consultant to review their respective advertising policies and procedures; and</li>
<li>adopt training procedures to ensure their staff are informed of legal requirements in relation to marketing undertaken in connection with financial products or financial services. </li>
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The requirement to engage an independent compliance consultant will be included as a condition of WWA's credit license. 
Deputy Chairman Peter Kell said, 'The advertising of credit products and services must be clear, accurate and balanced, particularly in relation to the sale of real estate which may involve borrowing significant sums of money.
'ASIC wants to ensure consumers have a clear understanding of the commitments they are entering into and are not misled by grand claims. We will act against companies where we consider their advertising is potentially misleading or deceptive'.
WWA and APA withdrew the advertising after being informed of ASIC's concerns.
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Perth-based Nicheliving companies penalised for misleading advertising

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New South Wales auction results for week ending Sunday August 9 show a preliminary clearance rate of 78% from 1008 scheduled auctions.
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<div class="num">According to data from realestate.com.au, 477 were sold at auction within NSW, 119 passed in and 173 selling prior.</div>
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<div class="num">Victoria had a clearance rate of 79% from 1057 total scheduled auctions, Queensland a clearance rate of 62% from 141 total scheduled auctions, South Australia 81%, and Western Australia 44%.</div>
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<div class="num">One standout property in Sydney's Bardwell Park was an 986 sqm block complete with brick <a href="https://www.realestate.com.au/property-house-nsw-bardwell+park-120236393" target="_blank">three bedroom home which sold for </a><a href="https://www.realestate.com.au/property-house-nsw-bardwell+park-120236393" target="_blank">$1,775,000</a>.
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<a href="https://www.realestate.com.au/auction-results/" target="_blank">Click here to see the full national breakout</a>.</div>
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Sydney's preliminary clearance rate at 78% Realestate.com.au

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A $75 million complex of 80 terraces is slated for Brisbane's West End, with the project released to the public on August 22.
Properties within Manhattan Terraces, located on 24 Bailey Street, will be for sale from between $799,000 - $999,000. One four bed, five bathroom trophy estate will be available for $1.59 million. 
Urban Construct managing director Todd Brown said research shows strong demand for high-end, owner-occupier targeted homes in West End and until now there has been no new product catering to this market.
“These are the only new terrace homes of this scale within seven kilometres of the CBD and we expect significant inquiry given that we are offering something so refreshing and different for the local market," Mr Brown said.
“The terraces are tailored to suit those who don’t necessarily want a freestanding home, but also don’t want to live in congested living spaces with high community fees such as apartments which have proliferated throughout Brisbane in recent years."
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$75 million development slated for Brisbane's West End

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HomeStart Finance, the home ownership assistance program established by the SA government in 1989, urges the House of Representatives Standing Committee on Economics Inquiry into Home Ownership in Australia to consider the impact of access to affordable, sustainable home finance as an essential component of ensuring home ownership remains within the reach of Australians on low to moderate incomes.
"The demand for home ownership has remained constant for many years, particularly amongst would-be first home buyers. Our research has found that the majority of this segment think home ownership is ‘very important’ (60%), primarily for financial security, however an even greater majority think it is harder to buy a home now than 12 months ago (69%)." Numbers are according to HomeStart’s ‘Home Truths’ research of 499 South Australian first homebuyers in 2015.
"The primary reasons hindering these aspiring home owners are both financial (deposit, start-up costs), and inability to borrow enough to buy a home in their price range – which can be attributed to both supply of housing priced in the low-moderate range, and securing enough funds to make a purchase. 
"Would-be homebuyers facing such issues represent a growing proportion of the potential buying market. While supply issues certainly prevent some from purchase, another sizable portion could become sustainable, wealth-building homeowners if they could find suitable home finance."
When comparing home ownership in Greater Adelaide to Playford between 1991 and 2011, data from ABS Census shows that in 1991 home ownership in Playford was at 53.8% compared to 68.4% for Greater Adelaide households. "By 2011 the gap had narrowed with Playford reporting home ownership of 58.7% (+4.9 pp) and Greater Adelaide 66.1% (-2.3pp)."
"HomeStart’s experience and results demonstrate there is a role of government to play in providing a stepping stone for customers to move from private rental or other accommodation into assisted home ownership. 
"The success of KeyStart in Western Australia provides further evidence of a need for such assistance. Both programs are constrained to operating within their respective states, and not unreasonably so given the states provide capital and ongoing funding. The consequence of this limitation is that the vast majority of Australia’s population is unable to access a valuable pathway to home ownership. 
"We believe offering this bridge from rental to buying in the private market represents a sound policy instrument by which government can help bring the Australian dream of home ownership to fruition, along with the myriad of associated benefits such as increased wellbeing, stability, community connection and financial security."
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HomeStart Finance calls for affordable home finance

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Perth's median house price fell 3.6% in the June quarter, the largest median house price fall since the September 2013 quarter.
David Airey, president of the REIWA said the median price units and apartments also fell and the soft market he had forewarned for 2015 had arrived.
“The metropolitan median house price dropped from $550,000 to $530,000, and units, apartments, villas and townhouses saw their median price drop from $440,000 to $420,000," Mr Airey said. 
“It was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price in the country dipping by around $4,500 to $325,000.
Mr Airey said there is a market correction underway in WA and many sellers are having to discount to find a buyer, however some of this fall can be attributed to the composition of sales, with a greater turnover of more affordable properties pulling the median downwards.
“Across the metropolitan area, almost 60% of sellers reduced their asking price to seal the deal, and where that happened a discount of around 6% was the average reduction," MR Airey said.
“There were 10,200 sales in the June quarter, down by 900 in the previous quarter, but more significantly, down 21.5% in turnover from the same time last year."
At the end of the quarter rental property vacancy increased 23% from the March quarter to 8,128 properties - 40% more than the corresponding period in 2014.
Metropolitan median rent dropped $10 to $420 per week, with overall median rent falling by $55 over the last two years.
The Office of State Revenue took 4,820 First Home Owners Grant applications, down 21% from the same period last year.
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Perth's median house price falls in June quarter: REIWA

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Melbourne's house rental yields have dipped to 3%, according to the latest CoreLogic RP Data Home Value Index.
Units, as could be expected, sit a little higher for investors.
 
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Melbourne's house rental yields dip to 3%: Corelogic RP Data

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<div class="page" title="Page 1">The New South Wales property market has driven the state into a large operating surplus, with stamp duty revenue on property transfers forecast to have grown 20.6% in 2014/15 and elected to grow a further 7.6% in 2015/16.</div>
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<div class="page" title="Page 1">According to Commonwealth Bank economist Gareth Aird, property transaction related revenue typically, around 10% of total government revenue, has significantly boosted some state budgets. 
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<div class="page" title="Page 1">Like NSW, Victoria is anticipating a surplus in 2015/16 which, if realised, will mean that it extends its run of surpluses that began in the mid-1990s.</div>
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<div class="page" title="Page 1">Strong growth in property transfer duty revenue is offsetting some weakness in income and consumption-based taxes such as payroll and gambling. </div>
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Property purchases drive state government surplus: Gareth Aird

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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